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Bank of America Platinum Plus Mastercard Business Card Review

Bank of America Platinum Plus Mastercard Business Card Review

*Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through a credit card issuer partnership.

This article was last updated Jun 23, 2020. Terms and conditions may have changed. For the most accurate information, please consult the issuer website.

Sometimes simple is best – and business owners looking for a no-frills, low-interest business credit card will appreciate the simplicity of the Bank of America® Platinum Plus® Mastercard® Business card. This card charges a $0 annual fee and offers a solid intro APR period.

We break down the pros and cons of the Bank of America® Platinum Plus® Mastercard® Business card and who it’s best for, as well as look at two alternative options.

Bank of America® Platinum Plus® Mastercard® Business card pros

Sign-up bonus. Earn a $300 statement credit when you make at least $3,000 in net purchases within 60 days of your account opening..

Intro APR. The Bank of America® Platinum Plus® Mastercard® Business card offers an intro purchase APR of 0% for 7 billing cycles. After, a 10.24% - 21.24% Variable APR applies – which is a very reasonable range if you find yourself needing to revolve a balance month-to-month on occasion after the intro period.

No annual fee. The annual fee is $0.

Additional benefits:

  • Travel and emergency services. Pay for your travel with this card and receive up to $100,000 in travel accident insurance and auto rental insurance, emergency ticket replacement, lost-luggage assistance and the option to get extended protection.
  • Cash flow management tools. Running a business is made simpler by tools including automatic payments, transfers and the ability to download transactions into QuickBooks.
  • Free employee cards. No matter how many employee credit cards you need to issue, it’s free.

Read: Best Business Travel Credit Cards

Bank of America® Platinum Plus® Mastercard® Business card cons

No rewards. Many business credit cards offer rewards, whether in the form of cash back, miles or points. However, the Bank of America® Platinum Plus® Mastercard® Business card does not.

Foreign transaction fee. When you travel abroad, be aware this card charges a fee of 3% of the U.S. dollar amount of each transaction.

Alternative small business credit cards to consider

For business owners who want a longer intro APR period, as well as the opportunity to earn rewards, two cards worth looking at are the Bank of America® Business Advantage Cash Rewards Mastercard® credit card and the American Express Blue Business Cash™ Card.

Here’s how they compare:

Bank of America® Platinum Plus® Mastercard® Business card vs. the Bank of America® Business Advantage Cash Rewards Mastercard® credit card and the American Express Blue Business Cash™ Card

 Bank of America® Platinum Plus® Mastercard® Business cardBank of America® Business Advantage Cash Rewards Mastercard® credit card American Express Blue Business Cash™ Card
Welcome offer$300 statement credit when you make at least $3,000 in net purchases within 60 days of your account opening.$300 statement credit when you make at least $3,000 in net purchases within 90 days of your account opening.None.
RewardsNon-rewards card.Earn 3% cash back in the category of your choice, 2% cash back on dining and unlimited 1% cash back on all other purchases. You'll get 3% and 2% cash back on the first $50,000 in combined choice category/dining purchases each calendar year, 1% thereafter. Earn 2% cash back on all eligible purchases on up to $50,000 per calendar year, then 1%.
Intro APR0% for 7 billing cycles on purchases, then a 10.24% - 21.24% Variable APR will apply.0% for 9 billing cycles on purchases, then a 12.24% - 22.24% Variable APR on purchases will apply.0% on purchases for 12 months from date of account opening, then an APR of 13.24% - 19.24% Variable will apply.
Annual fee$0$0No annual fee

To see rates & fees for American Express Blue Business Cash™ Card please click here.

If your business spends heavily in one of the 3% categories offered by the Bank of America® Business Advantage Cash Rewards Mastercard® credit card, you can earn a respectable amount of cash back by using that card for your everyday business spending.

However, if your business doesn’t have well-defined spend categories, the American Express Blue Business Cash™ Card offers a competitive flat rate on all eligible purchases, but no welcome bonus.

  • 0% on purchases for 12 months from date of account opening

  • Earn 2% cash back on all eligible purchases on up to $50,000 per calendar year, then 1%

  • 13.24% - 19.24% Variable

Highlights
  • Earn 2% cash back on all eligible purchases on up to $50,000 per calendar year, then 1%. Cash back earned is automatically credited to your statement.
  • From workflow to inventory to floor plans, your business is constantly changing. That’s why you’ve got the power to spend beyond your credit limit with Expanded Buying Power.
  • Just remember, the amount you can spend above your credit limit is not unlimited. It adjusts with your use of the Card, your payment history, credit record, financial resources known to us and other factors.
  • 0.0% intro APR on purchases for 12 months from the date of account opening, then a variable rate, 13.24% - 19.24%, based on your creditworthiness and other factors as determined at the time of account opening.

See additional details for American Express Blue Business Cash™ Card

More Info

Both cards offer a longer intro APR period on purchases than the Bank of America® Platinum Plus® Mastercard® Business card. But where that card stands out is in its ongoing APR – which can be much lower than either of the competing options. Note that your APR will be based on a variety of factors once approved for the card and you’re not guaranteed to get the lowest rate.

If you are looking for a card with a bigger sign-up bonus, consider the Ink Business Cash® Credit Card, issued by Chase. Cardholders can earn $750 bonus cash back after you spend $7,500 on purchases in the first 3 months from account opening.

  • 0% Intro APR on Purchases for 12 months, then 13.24% - 19.24% Variable

  • Earn $750 bonus cash back

  • Earn 5% cash back in select business categories

Highlights
  • Earn $750 bonus cash back after you spend $7,500 on purchases in the first 3 months from account opening
  • Earn 5% cash back on the first $25,000 spent in combined purchases at office supply stores and on internet, cable and phone services each account anniversary year
  • Earn 2% cash back on the first $25,000 spent in combined purchases at gas stations and restaurants each account anniversary year. Earn 1% cash back on all other purchases
  • With Fraud Protection your card transactions will be monitored for possible signs of fraudulent activity using real-time fraud monitoring
  • With Zero Liability you won't be held responsible for unauthorized charges made with your card or account information
  • No Annual Fee
  • Redeem rewards for cash back, gift cards, travel and more through Chase Ultimate Rewards®
  • 0% introductory APR for 12 months on purchases

See additional details for Ink Business Cash® Credit Card

More Info

Is the Bank of America® Platinum Plus® Mastercard® Business card right for you?

Whether using a consumer credit card or a business credit card, best practice is to pay the card off in full every billing cycle. This allows you to avoid incurring interest charges and prevents the buildup of expensive credit card debt.

However, there may be times when paying in full isn’t feasible and you have to carry a balance for a month or even longer – and that’s where a low-interest card such as the Bank of America® Platinum Plus® Mastercard® Business card can help if you’re approved for the lower end of the APR range.

That said, many competing cards offer cash back, points or miles. For business owners who don’t need to carry a balance, going with a card that offers more lucrative rewards is likely a better choice. For more recommendations, check out our list of the best small business credit cards.

The information related to the Bank of America® Platinum Plus® Mastercard® Business card has been independently collected by CompareCards and has not been reviewed or provided by the issuer of this card prior to publication.


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  • Earn 125,000 bonus points plus a Reward Night after spending $3,000 on purchases within the first three months of account opening

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  • Earn 125,000 bonus points plus a Reward Night after spending $3,000 on purchases within the first three months of account opening
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