CREDIT CARDS - BUSINESS CREDIT CARDS
The Bank of America® Platinum Plus® Mastercard® Business card is a decent option for small business owners who want a low-interest credit card. But you can find better cards for earning rewards.
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By Ben Walker, CEPF, CFEI®
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Edited by Melinda Sineriz, ABFP™
Updated Jan. 22, 2024
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The Bank of America® Platinum Plus® Mastercard® Business card is a decent option if you’re a small business owner and want an introductory annual percentage rate (APR) offer, a $0 annual fee, and a generous welcome bonus.
But we think there are better options available that can match what the Platinum Plus offers while going much further in terms of providing value. This is apparent when you notice the Platinum Plus doesn’t earn any rewards for purchases and it has a short introductory APR period.
Let’s dig into the details of our Bank of America Platinum Plus Business card review to see how this card works and what alternatives might make more sense for you.
Key takeaways
- It has a welcome bonus but doesn’t earn any rewards.
- The intro APR offer period is shorter than most.
- The $0 annual fee is nice, but we generally wouldn’t recommend this card over better options that earn valuable rewards.
Low Interest for Small Businesses
Bank of America® Platinum Plus® Mastercard® Business card
Bank of America® Platinum Plus® Mastercard® Business card
Apply Now
Annual Fee
$0
Benefits and Drawbacks
Benefits
- Earn a $300 online statement credit after you make at least $3,000 in purchases in the first 90 days of your account opening
- 0% introductory APR on purchases for 7 billing cycles (then 16.49% - 27.49% Variable APR)
- $0 annual fee
Drawbacks
- No rewards for spending
Card Details
- Get a $300 online statement credit after you make at least $3,000 in purchases in the first 90 days of your account opening.
- Save on interest with a competitive purchase APR.
- No annual fee.
- 0% Introductory APR on purchases for the first 7 billing cycles. After the intro APR offer ends, a Variable APR that's currently 16.49% to 27.49% will apply.
- Get employee cards at no additional cost to you and with credit limits you set.
- Contactless Cards - The security of a chip card, with the convenience of a tap.
- This offer may not be available if you leave this page or visit our website. You can take advantage of this offer when you apply now.
In this Bank of America Platinum Plus review
- Who should get the Bank of America Platinum Plus?
- Bank of America Platinum Plus basics
- Why we like the Bank of America Platinum Plus: benefits and perks
- What we don’t like about the Bank of America Platinum Plus
- FAQ
- Other cards to consider
- Bank of America Platinum Plus review: bottom line
Who should get the Bank of America Platinum Plus?
The Bank of America Platinum Plus Mastercard Business card makes sense if you want a $0-annual-fee small business credit card with an intro APR offer and important travel and purchase protections. This includes extended warranty coverage and purchase protection for certain items.
But this isn’t a great travel credit card, as you have to pay 3% in foreign transaction fees. And you can’t earn any ongoing rewards on your eligible purchases, so you could miss out on loads of cash back, points, or miles if you have a high-spending business.
We generally don’t recommend the Bank of America Platinum Plus if you’re able to qualify for a similar credit card that also earns rewards. You can find other business cards with low annual fees, intro APR offers, and purchase coverages that also have rewards programs.
Bank of America Platinum Plus basics
| Card type | Business/Low-interest |
| Card issuer | Bank of America |
| Credit card network | Mastercard |
| Annual fee | $0 |
| Intro bonus | Earn a $300 online statement credit after you make at least $3,000 in purchases in the first 90 days of your account opening |
| Intro APR | 0% intro APR for 7 billing cycles on purchases (then 16.49% - 27.49% Variable) |
| Recommended credit score | Excellent |
| Foreign transaction fee | 3% |
Why we like the Bank of America Platinum Plus: benefits and perks
- Generous welcome bonus: Earn a $300 online statement credit after you make at least $3,000 in purchases in the first 90 days of your account opening.
- $0 annual fee: Avoid paying an annual cost with this card’s $0 annual fee.
- Unlimited employee cards: Issue an unlimited number of employee cards for no additional cost.
- Intro APR: Receive 0% intro APR for 7 billing cycles on purchases, (then 16.49% - 27.49% Variable).
- Travel coverage: Receive travel accident insurance, auto rental insurance, emergency ticket replacement, and lost luggage assistance services.
What we don’t like about the Bank of America Platinum Plus
- No rewards program: You don’t earn any cash rewards, bonus points, or miles on your purchases. For better rewards cards, check out our list of the best rewards credit cards.
- Short intro APR period: The intro APR period is a bit shorter than average, giving you less time to avoid interest charges on purchases. Find credit card offers with better intro APR periods in our list of the best 0% intro APR business credit cards.
- Foreign transaction fees: You have to pay 3% in foreign transaction fees if you make any foreign purchases, making this a poor travel credit card. The best business credit cards for travel generally have no foreign transaction fees.
- Credit score requirements: You typically need excellent credit to qualify for the Bank of America Platinum Plus, which is at least a 740 on the FICO scoring model. Keep in mind that credit card issuers, including Bank of America, use multiple factors to determine card eligibility, so having a certain credit score alone doesn’t guarantee approval.
Earning and redeeming Bank of America Platinum Plus rewards
The Bank of America Platinum Plus doesn’t earn any rewards for purchases. Unfortunately, this means there’s no effective way to earn and redeem rewards with this card since it doesn’t have a rewards program.
But you can check out other Bank of America credit cards to find cards that do earn rewards. Note that many Bank of America cards that earn rewards can participate in the Preferred Rewards program, which could boost your earning by 25% to 75%. This is a unique benefit you won’t find anywhere else.
Bank of America business cards that can participate in the Preferred Rewards for Business program include the:
- Bank of America® Business Advantage Customized Cash Rewards Mastercard® credit card
- Bank of America® Business Advantage Unlimited Cash Rewards Mastercard® credit card
- Bank of America® Business Advantage Travel Rewards World Mastercard® credit card
FAQ
What is the interest rate on the Bank of America Platinum Plus Mastercard?
The Bank of America Platinum Plus Mastercard has an APR of 16.49% - 27.49% Variable. But you can take advantage of 0% intro APR for 7 billing cycles on purchases, (then 16.49% - 27.49% Variable) as a new cardholder. Note that this card doesn’t typically have an intro APR offer for balance transfers.
Does the Bank of America Platinum Plus Mastercard have foreign transaction fees?
Yes, the Bank of America Platinum Plus Mastercard charges 3% foreign transaction fees for any foreign purchases you make. You would need a credit card with no foreign transaction fees if you want to avoid these additional charges on any purchases you make abroad.
What is the Bank of America Platinum Plus Mastercard contact information?
You can call the number on the back of your Platinum Plus Mastercard or call the Bank of America credit card customer service line at 1-800-732-9194. Other Bank of America numbers for credit cards include:
- Credit card activation: 1-800-276-9939
- Credit card billing inquiries: 1-866-266-0212
What credit score is needed for the Bank Of America® Platinum Plus® Mastercard® Business Card?
The Bank of America Platinum Plus Mastercard generally requires an excellent credit score (750 or higher) in order to qualify. If your score is lower than that, you may want to consider a different business credit card.
Other cards to consider
The Bank of America Platinum Plus Business Mastercard isn’t a good choice if you want to earn cash back, rewards points, or miles on your business expenses. It provides a sign-up bonus, but there’s no rewards program. For credit cards with better earning potential, we recommend the Capital One Spark Miles for Business and Ink Business Cash® Credit Card.
| Welcome bonus | Rewards rate | Annual fee | |
| Bank of America® Platinum Plus® Mastercard® Business card | Earn a $300 online statement credit after you make at least $3,000 in purchases in the first 90 days of your account opening | None | $0 |
| Capital One Spark Miles for Business | Earn 50,000 miles after spending $4,500 in the first 3 months | 5X miles on rental cars and hotels booked through Capital One Travel, and 2X miles on every purchase, every day | $95 (waived first year) |
| Ink Business Cash® Credit Card | Earn $750 bonus cash back after you spend $6,000 on purchases in the first 3 months from account opening | 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; 2% cash back on the first $25,000 spent in combined purchases at gas stations and restaurants each account anniversary year; and 1% cash back on all other purchases | $0 |
The Capital One Spark Miles makes sense if you want to earn travel rewards on your business expenses. It has a $95 (waived first year) annual fee and no intro APR offers, but you don’t have to worry about foreign transaction fees.
Learn more in our Capital One Spark Miles for Business review.
The Ink Business Cash makes sense if your business expenses align with its elevated earning categories. It’s rare to have earning rates this high, especially on a $0-annual-fee card. The Ink Business Cash also has a better intro APR offer than the Bank of America Platinum Plus, providing 0% intro APR for 12 months on purchases, (then 18.49% - 24.49% Variable).
Read our Chase Ink Cash Business Credit Card review.
Low Interest for Small Businesses
Bank of America® Platinum Plus® Mastercard® Business card
Bank of America® Platinum Plus® Mastercard® Business card
Apply Now
Why We Like It
Earn a $300 online statement credit after you make at least $3,000 in purchases in the first 90 days of your account opening
Apply Now
See how these cards compare:
- Earn 50,000 miles after spending $4,500 in the first 3 months
- Unlimited 2X miles on every purchase, every day
- Free employee cards
- No foreign transaction fees
- Earn $750 bonus cash back after you spend $6,000 on purchases in the first 3 months from account opening
- $0 annual fee
- 0% intro APR on purchases for 12 months (then 18.49% - 24.49% Variable)
- Up to 5% cash back
Bank of America Platinum Plus review: bottom line
The Bank of America Platinum Plus makes sense if you want a business credit card that provides important purchase and travel protections, as well as an intro APR offer on purchases. It also doesn’t hurt that you can earn a valuable welcome bonus as a new cardmember.
But the lack of earning potential on your business purchases and the short intro APR period mean you might be better served looking into other options.
For more of our top recommendations, check out our list of the best business credit cards.
