The Bank of America Platinum Plus® Mastercard® is an excellent low-interest credit card that charges no annual fee. It offers a 0% introductory annual percentage rate (APR) for the first seven months and a sign-up bonus of up to $300. This small business credit card also offers features such as cash flow management tools, online access, and travel and emergency services.
Bank of America® Platinum Plus® Mastercard® Business card
BEST FOR:
Low-interest financing on business purchases
7 billing cycles
- Get a $300 statement credit when you make at least $3,000 in net purchases within 90 days of your account opening.
- Save on interest with a competitive purchase APR.
- No annual fee.
- 0% Introductory APR on purchases for your first 7 billing cycles.
- Employee cards at no additional cost to you and with credit limits you set.
Pros
- Low ongoing APR
- 0% introductory APR
- No annual fee
- Sign-up bonus of $300
Cons
- No ongoing rewards
- 0% APR excludes balance transfers
- No-interest period is shorter than other cards
- Bank of American does not disclose details of its additional card features. To find out more about these additional features, review your guide to benefits when you receive your card in the mail.
7 billing cycles
- Get a $300 statement credit when you make at least $3,000 in net purchases within 90 days of your account opening.
- Save on interest with a competitive purchase APR.
- No annual fee.
- 0% Introductory APR on purchases for your first 7 billing cycles.
- Employee cards at no additional cost to you and with credit limits you set.
Pros
- Low ongoing APR
- 0% introductory APR
- No annual fee
- Sign-up bonus of $300
Cons
- No ongoing rewards
- 0% APR excludes balance transfers
- No-interest period is shorter than other cards
- Bank of American does not disclose details of its additional card features. To find out more about these additional features, review your guide to benefits when you receive your card in the mail.
Want to compare the features of one card to another? We’ve made it easy for you to do just that! Simply check off up to three cards on this page to add them to your cart. This will allow you to view the details in a side-by-side comparison.
How We Evaluate Low-interest Business Credit Cards
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, ongoing rewards, and introductory rewards.
Grading Criteria | Card Score | Highest Possible Score |
|---|---|---|
Introductory APR | 25 | 35 |
Ongoing APR | 35 | 35 |
Additional Features | 8 | 10 |
Ongoing Rewards | 0 | 10 |
Introductory Rewards | 10 | 10 |
Total Score | 78 | 100 |
Who the Bank of America Platinum Plus® Mastercard® Is Best For
- Business owners who want a low-interest credit card: The Bank of America Platinum Plus® Mastercard® offers a low ongoing APR that’s well below the average APR. This is an excellent option if you need to carry a balance.
- Business owners who are planning to make a large purchase: The Bank of America Platinum Plus® Mastercard® offers a 0% APR on purchases for the first seven billing cycles, making it a great option if you plan to make a large purchase.
- Business owners who don’t need to earn ongoing rewards: The Bank of America Platinum Plus® Mastercard® doesn’t offer ongoing rewards on purchases.
Bank of America Platinum Plus® Mastercard® Business Card Fees
- Introductory APR: 0% on purchases for the first seven billing cycles after opening an account
- Ongoing APR: 10.24% to 21.24% variable, which adjusts with the prime rate
- Annual fee: None
- Balance transfer fee: $10 or 4% of the amount of each transaction, whichever is greater
- Foreign transaction fee: 3%
- Cash advance fee: $10 or 4% of the amount of each transaction, whichever is greater—APR is 24.24%
Bank of America Platinum Plus® Mastercard® Business Card Rewards
- Welcome offer: Get a $300 statement credit after spending at least $3,000 in net purchases within 90 days of opening an account
The Bank of America Platinum Plus® Mastercard® Business Card doesn’t offer ongoing rewards for business-related purchases.
Bank of America Platinum Plus® Mastercard® Additional Features
Purchase Security
Purchased items are protected if they’re stolen or damaged within 90 days of the purchase date. This feature allows your items to be replaced or repaired, or you can be reimbursed up to an amount determined by Bank of America. After applying, you can refer to your benefits guide for detailed information on this coverage.
Extended Protection
When you purchase an item that has an original manufacturer’s warranty, Bank of America will provide additional warranty coverage. Refer to the Bank of America benefits guide to learn about the levels of coverage and exclusions.
Auto Rental Collision Damage Waiver
When you use your Bank of America business credit card for rental vehicle transactions, you’ll receive auto coverage for damage due to collision or theft. To learn more about the specific coverage levels and exclusions, refer to your benefits guide after receiving your card.
Overdraft Protection
You can link your Bank of America Platinum Plus® Mastercard® to your existing Bank of America business checking account to mitigate the risk of declined transactions, returned checks, or other overdrafts. If you opt to have this coverage, funds in denominations of $100 will be transferred from your account automatically to protect you from any overdrafts.
There’s an overdraft protection cash advance fee of $10 or 4% of the transaction, whichever is greater. Your cash advance will have an APR of 24.24%.
Travel & Emergency Assistance Services
When you’re traveling or working anywhere in the world, your Bank of America Platinum Plus® Mastercard® gives you access to a 24-hour call center for travel and emergency assistance, such as medical and legal referral services, emergency transportation assistance, emergency ticket replacement, and lost luggage locator services. The specific services included in this feature are listed in detail in the Bank of America benefits guide.
Roadside Assistance Program
As a cardholder, you’ll have access to a pay-per-use roadside assistance program. This is a 24/7 roadside dispatch that can send out a tow truck or locksmith. You can check the services included and their corresponding prices in your Bank of America benefits guide.
Pros & Cons Explained
Pros of Bank of America Platinum Plus® Mastercard®
- Low ongoing APR: The Bank of America Platinum Plus® Mastercard® offers one of the lowest APRs available on a business credit card. This is a great option if you need to carry a balance from time to time.
- No annual fee: Aside from offering a low APR, the Bank of America Platinum Plus® Mastercard® charges no annual fee. This will help lessen your overall annual credit card cost.
- 0% introductory APR: The Bank of America Platinum Plus® Mastercard® offers a 0% introductory APR on purchases for the first seven months after opening an account. This allows you to enjoy interest-free financing during this period.
- Sign-up bonus of $300: With Bank of America Platinum Plus® Mastercard®, you can get a $300 statement credit when you meet the spending requirements.
Cons of Bank of America Platinum Plus® Mastercard®
- No ongoing rewards: With Bank of America Platinum Plus® Mastercard®, you won’t earn any cash back or points rewards for your purchases. This may be a disadvantage if you need rewards, such as travel rewards or cash back for your business.
- No 0% intro APR on balance transfers: The 0% introductory APR for seven months excludes balance transfer transactions. If you need to transfer a balance from another credit card, you’ll be charged an APR ranging between 10.24% and 21.24% automatically.
- Short no-interest period: The 0% introductory APR period offered by the Bank of America Platinum Plus® Mastercard® is only seven months, which is shorter than most other business credit cards.
Bank of America Platinum Plus® Mastercard® Alternatives
American Express Blue Business® Plus Credit Card
The American Express Blue Business® Plus is another low-interest credit card that’s a good alternative if you prefer earning ongoing rewards. This small business credit card is best for businesses that spend less than $50,000 per year, as it offers 2x points on the first $50,000 spent each year. It offers 1x points on all other purchases after that.
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.
- Earn 2X Membership Rewards® 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.
- You’ve got the power to use your Card beyond its credit limit* with Expanded Buying Power.
- *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 American Express, 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 at account opening.
- No Annual Fee
- Terms Apply
Pros
- No annual fee
- 0% APR for 12 months on purchases and balance transfer
- Welcome offer bonus points
- Expanded buying power
- Fixed-rate rewards
Cons
- Cash advances aren’t allowed
- No zero foreign transaction fee
- 2x points rewards are capped at $50,000 in spending
- Extended warranty protection: American Express will match the length of the original manufacturer’s warranty if it’s less than 2 years. It provides an additional 2 years if the original manufacturer’s warranty is between 2 and 5 years. Coverage is limited to $10,000 per occurrence and $50,000 per account each year.
- Purchase protection: The issuer will repair, replace, or reimburse you for an item purchased with the card that was damaged or stolen within 120 days of purchase. Coverage is limited to $1,000 per occurrence and $50,000 per account each year.
- 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.
- Earn 2X Membership Rewards® 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.
- You’ve got the power to use your Card beyond its credit limit* with Expanded Buying Power.
- *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 American Express, 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 at account opening.
- No Annual Fee
- Terms Apply
Pros
- No annual fee
- 0% APR for 12 months on purchases and balance transfer
- Welcome offer bonus points
- Expanded buying power
- Fixed-rate rewards
Cons
- Cash advances aren’t allowed
- No zero foreign transaction fee
- 2x points rewards are capped at $50,000 in spending
- Extended warranty protection: American Express will match the length of the original manufacturer’s warranty if it’s less than 2 years. It provides an additional 2 years if the original manufacturer’s warranty is between 2 and 5 years. Coverage is limited to $10,000 per occurrence and $50,000 per account each year.
- Purchase protection: The issuer will repair, replace, or reimburse you for an item purchased with the card that was damaged or stolen within 120 days of purchase. Coverage is limited to $1,000 per occurrence and $50,000 per account each year.
Chase Ink Business PreferredSM Credit Card
If your business frequently spends on office supplies, the Chase Ink Business Cash® card may be a good fit for you. It offers 5% cash back on the first $25,000 spent in combined purchases at office supply stores and on internet, cable, and phone services each year. It also offers no annual fee and a low ongoing APR.
Ink Business Cash℠ Credit Card
BEST FOR:
Office-based businesses that want top cash back rewards
- Earn $500 bonus cash back after you spend $3,000 on purchases in the first three 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 card purchases with no limit to the amount you can earn
- 0% introductory APR for 12 months on purchases
- Employee cards at no additional cost
- No annual fee
Pros
- Top rewards for office supply spending
- Introductory APR on purchases
- Cash sign-up bonus
Cons
- 0% APR doesn’t apply to balance transfers
- High balance transfer fee of 5%
- Designed mainly for office-oriented companies
- Auto rental collision damage waiver: Coverage is primary—meaning it replaces any coverage your personal insurance might offer—when renting for business purposes. It provides reimbursement up to the actual cash value of the vehicle for theft and collision damage for most cars in the U.S. and abroad.
- Purchase protection: Covers your new purchases for 120 days against damage or theft up to $10,000 per claim and $50,000 per account per year.
- Extended warranty protection: Extends the time period of the U.S. manufacturer’s warranty by an additional year on eligible warranties of three years or less.
- Earn $500 bonus cash back after you spend $3,000 on purchases in the first three 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 card purchases with no limit to the amount you can earn
- 0% introductory APR for 12 months on purchases
- Employee cards at no additional cost
- No annual fee
Pros
- Top rewards for office supply spending
- Introductory APR on purchases
- Cash sign-up bonus
Cons
- 0% APR doesn’t apply to balance transfers
- High balance transfer fee of 5%
- Designed mainly for office-oriented companies
- Auto rental collision damage waiver: Coverage is primary—meaning it replaces any coverage your personal insurance might offer—when renting for business purposes. It provides reimbursement up to the actual cash value of the vehicle for theft and collision damage for most cars in the U.S. and abroad.
- Purchase protection: Covers your new purchases for 120 days against damage or theft up to $10,000 per claim and $50,000 per account per year.
- Extended warranty protection: Extends the time period of the U.S. manufacturer’s warranty by an additional year on eligible warranties of three years or less.
U.S. Bank Business Platinum Card
The U.S. Bank Business Platinum card is also a low-interest business credit card that charges no annual fee. This small business credit card is an excellent alternative if you need a longer 0% introductory APR period. It offers interest-free financing on purchases and balance transfers for 18 billing cycles.
U.S. Bank Business Platinum Card
BEST FOR:
Extended 0% APR period on purchases and balance transfers
- 0% Intro APR* on purchases and balance transfers for the first 18 billing cycles. After that, variable APR, which is currently 11.99% to 20.99%*
- No annual fee*
- Free employee cards
- Zero fraud liability* protects you against unauthorized transactions
Pros
- Offers a long 0% APR introductory period
- 0% APR applies to both purchases and balance transfers
- No annual fee
Cons
- No introductory and ongoing rewards
- Balance transfer fee is charged even during the introductory period
- Extended warranty protection: U.S. Bank will double an original manufacturer’s warranty up to an additional one year for warranties of three years or less. Coverage is limited to $10,000 per item.
- Purchase protection: U.S. Bank offers purchase protection for items that are damaged or stolen within 90 days of purchase. The coverage is limited to $500 per claim and up to $50,000 per cardholder, per year.
- 0% Intro APR* on purchases and balance transfers for the first 18 billing cycles. After that, variable APR, which is currently 11.99% to 20.99%*
- No annual fee*
- Free employee cards
- Zero fraud liability* protects you against unauthorized transactions
Pros
- Offers a long 0% APR introductory period
- 0% APR applies to both purchases and balance transfers
- No annual fee
Cons
- No introductory and ongoing rewards
- Balance transfer fee is charged even during the introductory period
- Extended warranty protection: U.S. Bank will double an original manufacturer’s warranty up to an additional one year for warranties of three years or less. Coverage is limited to $10,000 per item.
- Purchase protection: U.S. Bank offers purchase protection for items that are damaged or stolen within 90 days of purchase. The coverage is limited to $500 per claim and up to $50,000 per cardholder, per year.
Bottom Line
The Bank of America Platinum Plus® Mastercard® is an excellent choice if you need a card that offers a low ongoing APR and no annual fee. It’s important to note that this card doesn’t offer ongoing rewards. If you want to earn rewards, visit our credit card marketplace to find a card that’s right for your business.
