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Bank of America® Platinum Plus® Mastercard® is known for its relatively low ongoing APR compared with most other business credit cards, making it a great option if you need to carry a balance. It comes with a $0 annual fee and 0% APR on purchases for the first seven months. While it does not offer ongoing rewards on purchases, you’ll receive a $300 online statement credit when you meet the spending requirements.
Bank of America® Platinum Plus® Mastercard® Business card
BEST FOR:
Low-interest credit card for business purchases
7 billing cycles
- 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.
Pros
- Low ongoing APR
- 0% introductory APR
- $0 annual fee
- Sign-up bonus of $300
Cons
- No ongoing rewards
- 0% APR excludes balance transfers
- No-interest period is shorter than other cards
- Zero liability protection: Bank of America offers liability protection for unauthorized transactions, added protection for certain purchases against loss, damage, theft, or fire, and extended warranty coverage.
- Balance Connect for overdraft protection: This is an optional overdraft protection service that helps prevent declined purchases, returned checks, or other overdrafts. You need to link your Bank of America Business Advantage Travel Rewards World Mastercard® to a Bank of America business checking account.
- Free access to business credit score: You can view and monitor your Dun & Bradstreet business credit score for free within Business Advantage 360.
7 billing cycles
- 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.
Pros
- Low ongoing APR
- 0% introductory APR
- $0 annual fee
- Sign-up bonus of $300
Cons
- No ongoing rewards
- 0% APR excludes balance transfers
- No-interest period is shorter than other cards
- Zero liability protection: Bank of America offers liability protection for unauthorized transactions, added protection for certain purchases against loss, damage, theft, or fire, and extended warranty coverage.
- Balance Connect for overdraft protection: This is an optional overdraft protection service that helps prevent declined purchases, returned checks, or other overdrafts. You need to link your Bank of America Business Advantage Travel Rewards World Mastercard® to a Bank of America business checking account.
- Free access to business credit score: You can view and monitor your Dun & Bradstreet business credit score for free within Business Advantage 360.
When grading low-interest business credit cards like the Bank of America Platinum Plus® Mastercard®, we first consider the introductory and ongoing APRs. We also take into consideration the card’s additional features, other fees, ongoing rewards, and introductory rewards.
Grading Criteria | Card Score | Highest Possible Score |
|---|---|---|
Introductory APR | 20 | 30 |
Ongoing APR | 26 | 30 |
Additional Features | 8 | 10 |
Other Fees | 8 | 10 |
Ongoing Rewards | 0 | 10 |
Introductory Rewards | 8 | 10 |
Total Score | 70 | 100 |
Who the Bank of America® Platinum Plus® Mastercard® Business Credit Card Is Best For
- Those who need to carry a balance: It offers a low ongoing APR, making it an excellent option if you need to carry a balance.
- Those who don’t need to earn ongoing rewards: It lacks ongoing rewards on purchases.
Bank of America® Platinum Plus® Mastercard® Business Credit Card Rewards
- $300 statement credit after spending at least $3,000 in net purchases within 90 days of opening an account
Bank of America® Platinum Plus® Mastercard® Business Credit Card Features
Protection
- Zero liability protection: Get protected against unauthorized transactions, loss, damage, theft, or fire.
- Fraud monitoring: Get notified of any suspected fraudulent activity and any potential fraud blocked in case the bank detects abnormal patterns in your transactions.
Cash Management
- Balance ConnectTM for overdraft protection: Avoid declined purchases, returned checks, or overdrafts with this optional service. To use it, you need to link this card to a Bank of America business checking account. Read our Bank of America business checking review for more details.
- Cash flow management tools: Manage your business with a suite of online cash management services including automatic payments, fund transfers, and downloading transactions into QuickBooks.
- Paperless statement option: Choose paperless credit card statements and increase account security while reducing paper consumption.
Other Services
- Travel and emergency services: Receive up to $100,000 in travel accident insurance, auto rental insurance, emergency ticket replacement, lost luggage assistance, and legal and medical referrals when away from home.
- Free access to business credit score: View and monitor your Dun & Bradstreet business credit score for free within Bank of America’s small business online banking platform, Business Advantage 360.
Bank of America® Platinum Plus® Mastercard® Business Credit Card Fees
APR
- Introductory: 0% Introductory APR on purchases for the first 7 billing cycles.
- Ongoing and balance transfers: 16.49% to 27.49% variable, which adjusts with the prime rate
- Cash advance: 29.49% variable, which adjusts with the prime rate
- Penalty: None
Fees
- Annual: $0
- Balance transfer and cash advance: 4% of each transaction amount
- International transaction: 3% of the US dollar amount of each transaction
- Late payment:
- $0 if the balance is less than or equal to $100
- $29 if the balance is from $100.01 to $1,000
- $39 if the balance is from $1,000.01 to $5,000
- $49 if the balance is more than $5,000
Your due date is at least 25 days after the close of each billing cycle.
- Mobile app: Log in to the app, select your business credit card, then click “Make a payment.”
- Phone: Call (800) 236-6497 and follow the prompts. There’s no fee to make a payment by phone.
- Financial center or ATM: Drop off your payment at any Bank of America financial center or an ATM near you.
- Online: Log in to Bank of America’s Online Banking site, select the “Bill Pay” tab, then follow the prompts.
- Mail: Pay using the following address:
Business Card Payments
Bank of America Business Card
PO Box 15710
Wilmington, DE 19850-5710
Bank of America® Platinum Plus® Mastercard® Business Credit Card Alternatives
U.S. Bank Business Platinum Card
U.S. Bank Business Platinum Card
BEST FOR:
Extended 0% APR period on purchases
- 0% Intro APR on purchase and balance transfers for 12 billing cycles. After that, a variable APR currently 16.99% - 25.99%.
- Save on interest when you transfer balances from higher rate credit cards.
- Take control of your card spend with U.S. Bank Spend Management—a game-changing platform for monitoring and managing business expenses and employee spending.
- No annual fee.
- Terms and conditions apply.
Pros
- With a long 0% introductory APR period on purchases
- Enjoy $0 annual fees
- Offers ExtendPay® Plan
Cons
- No introductory and ongoing rewards
- No 0% APR offer on balance transfers
- Needs Excellent/Good credit score to qualify
- SinglePoint® Essentials: SinglePoint® Essentials is U.S. Bank's one-stop tool for viewing account balances and transaction details, transferring funds between existing U.S. Bank accounts, downloading statements, and making payments.
- Fraud protection: U.S. Bank offers fraud protection to ensure the safety and security of all cardholders. To learn more about U.S. Bank's fraud protection services, you can set up a virtual appointment, call U.S. Bank, or go to the nearest U.S. Bank branch.
- ExtendPay® plan: This allows you to pay off balances over time by dividing eligible credit card purchases into affordable monthly payments with no interest—you only need to pay a fixed monthly fee. Visa Spend Clarity: Another tool that cardholders can use to track spending and manage finances is Visa Spend Clarity.
- 0% Intro APR on purchase and balance transfers for 12 billing cycles. After that, a variable APR currently 16.99% - 25.99%.
- Save on interest when you transfer balances from higher rate credit cards.
- Take control of your card spend with U.S. Bank Spend Management—a game-changing platform for monitoring and managing business expenses and employee spending.
- No annual fee.
- Terms and conditions apply.
Pros
- With a long 0% introductory APR period on purchases
- Enjoy $0 annual fees
- Offers ExtendPay® Plan
Cons
- No introductory and ongoing rewards
- No 0% APR offer on balance transfers
- Needs Excellent/Good credit score to qualify
- SinglePoint® Essentials: SinglePoint® Essentials is U.S. Bank's one-stop tool for viewing account balances and transaction details, transferring funds between existing U.S. Bank accounts, downloading statements, and making payments.
- Fraud protection: U.S. Bank offers fraud protection to ensure the safety and security of all cardholders. To learn more about U.S. Bank's fraud protection services, you can set up a virtual appointment, call U.S. Bank, or go to the nearest U.S. Bank branch.
- ExtendPay® plan: This allows you to pay off balances over time by dividing eligible credit card purchases into affordable monthly payments with no interest—you only need to pay a fixed monthly fee. Visa Spend Clarity: Another tool that cardholders can use to track spending and manage finances is Visa Spend Clarity.
If you intend to finance a large purchase, you can benefit from this card’s 12-month-long 0% APR offer, making it our best 0% APR business credit card. It has a $0 annual fee and lets you pay your eligible balance over time without interest through the U.S. Bank ExtendPay® Plan. Note that this card does not offer introductory and ongoing rewards.
For more options from the same issuer, check out our roundup of the leading U.S. Bank business credit cards.
The Blue Business® Plus Credit Card from American Express
The Blue Business® Plus Credit Card from American Express
BEST FOR:
Pocketing 2x points per $1 and 0% introductory APR for 12 months
- Earn 15,000 Membership Rewards® points after you spend $3,000 in eligible purchases on the Card within your first 3 months of Card Membership.
- 0.0% intro APR on purchases for 12 months from the date of account opening, then a variable rate, 17.49% - 27.49%, based on your creditworthiness and other factors at account opening. APR will not exceed 29.99%
- Earn 2X points on everyday business purchases such as office supplies or client dinners. 2X applies to the first $50,000 in purchases per year, 1 point per dollar thereafter. Terms and limitations apply.
- You’ve got the power to spend beyond your credit limit* with Expanded Buying Power. *The amount you can spend above your credit limit is flexible, so it adapts with your use of the Card, your payment history, credit record, financial resources known to us, and other factors. Just remember, the amount you can spend with Expanded Buying Power is not unlimited.
- No Annual Fee
- Terms Apply.
Pros
- $0 annual fee
- 0% APR for 12 months on purchases
- Welcome offer
- Expanded buying power
- Fixed-rate rewards
Cons
- Cash advances aren’t allowed
- Charges foreign transaction fees
- 2x points rewards are capped at $50,000 in spending
- Expanded buying power: The card lets you spend beyond your credit limit through this feature. The amount you can spend above your credit limit adjusts with your card usage, payment history, credit record, financial resources, and other factors.
- Purchase protection: Items purchased using this card are covered in case they’re damaged or stolen within 90 days of the date of purchase. American Express will reimburse you for the amount charged to your eligible card, up to $1,000 per claim and $50,000 per cardmember, per year.
- Extended warranty protection: American Express provides cardholders with an extended warranty for one additional year, which applies to items with original manufacturer warranties of five years or less.
(Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company.)
- Earn 15,000 Membership Rewards® points after you spend $3,000 in eligible purchases on the Card within your first 3 months of Card Membership.
- 0.0% intro APR on purchases for 12 months from the date of account opening, then a variable rate, 17.49% - 27.49%, based on your creditworthiness and other factors at account opening. APR will not exceed 29.99%
- Earn 2X points on everyday business purchases such as office supplies or client dinners. 2X applies to the first $50,000 in purchases per year, 1 point per dollar thereafter. Terms and limitations apply.
- You’ve got the power to spend beyond your credit limit* with Expanded Buying Power. *The amount you can spend above your credit limit is flexible, so it adapts with your use of the Card, your payment history, credit record, financial resources known to us, and other factors. Just remember, the amount you can spend with Expanded Buying Power is not unlimited.
- No Annual Fee
- Terms Apply.
Pros
- $0 annual fee
- 0% APR for 12 months on purchases
- Welcome offer
- Expanded buying power
- Fixed-rate rewards
Cons
- Cash advances aren’t allowed
- Charges foreign transaction fees
- 2x points rewards are capped at $50,000 in spending
- Expanded buying power: The card lets you spend beyond your credit limit through this feature. The amount you can spend above your credit limit adjusts with your card usage, payment history, credit record, financial resources, and other factors.
- Purchase protection: Items purchased using this card are covered in case they’re damaged or stolen within 90 days of the date of purchase. American Express will reimburse you for the amount charged to your eligible card, up to $1,000 per claim and $50,000 per cardmember, per year.
- Extended warranty protection: American Express provides cardholders with an extended warranty for one additional year, which applies to items with original manufacturer warranties of five years or less.
(Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company.)
You can earn up to 2x points per dollar on purchases and 15,000 Membership Rewards® points when you meet the spending requirements. You can also take advantage of the 0% APR on purchases for the first 12 months from the account opening date. On top of that, it allows you to spend over your credit limit through its Expanded Buying Power feature. The amount you can spend adjusts based on your credit usage, credit score, payment history, and other financial considerations.
Check our list of the best American Express business credit cards for more options from the same provider.
Frequently Asked Questions (FAQs)
When you apply for a Bank of America business credit card, you need to provide your personal and business information and information about any additional cardholders you designate. This should include your business tax ID or Social Security number if you’re a sole proprietor.
You need a small business credit card to easily separate your business expenses from your personal finances. Using a dedicated credit card for your business can also help build your business credit, allowing you to access a wide selection of business financing options later on.
Bottom Line
Bank of America® Platinum Plus® Mastercard® is an excellent choice if you need a card that offers a low ongoing APR and a $0 annual fee. While it comes with a $300 online statement credit as a welcome offer, it doesn’t have ongoing rewards.
Fit Small Business has partnered with CardRatings for our coverage of credit card products. Fit Small Business and CardRatings may receive a commission from card issuers.
