Bank of America Platinum Plus® Mastercard® Review

Bank of America® Platinum Plus® Mastercard® Business card

On Bank of America's Secure Website

Rating 3.5 3.5

Best For: Low-interest financing on business purchases

Intro APR	Regular APR	Annual Fee	Credit Needed
0% 7 billing cycles	10.24% - 21.24% Variable APR on purchases	$0.00	Excellent

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

One of the lowest APRs available on a business credit card
0% APR period
No annual fee

Cons

No cash back or points 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.

The Bank of America Platinum Plus® Mastercard® is an excellent low-interest credit card that offers additional perks like purchase security, extended warranty, roadside assistance, and overdraft protection. This small business credit card is best for business owners who want a credit card with no annual fee and low ongoing annual percentage results (APRs).

Who the Bank of America Platinum Plus® Mastercard® Is Best For

Owners looking for low-interest financing: The Bank of America Platinum Plus® Mastercard® offers a low ongoing APR that’s well below the average APR.
Owners who are planning to make a large purchase: The Bank of America Platinum Plus® Mastercard® is also a great option for business owners who are planning to make a large purchase because it offers interest-free financing on purchases for the first seven billing cycles.
Owners who don’t mind not earning ongoing rewards: The Bank of America Platinum Plus® Mastercard® does not offer ongoing rewards on purchases.

How We Evaluate Low-interest Business Credit Cards

When grading low-interest business credit cards like the Bank of America Platinum Plus® Mastercard®, we weigh the introductory and ongoing APR heaviest. 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

Bank of America Platinum Plus® Mastercard® Business Card Fees

Introductory APR: 0% on purchases for the first seven billing cycles from account opening
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

The Bank of America Platinum Plus® Mastercard® Business Card does not offer ongoing rewards for every day business-related purchases.

Welcome offer: Get a $300 statement credit after spending at least $3,000 in net purchases within 90 days of account opening

Bank of America Platinum Plus® Mastercard® Features

Purchase Security

Purchased items are protected if they are stolen or damaged within 90 days from the purchase date. This feature allows your items to be replaced, repaired, or reimbursed for 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 will 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 is an overdraft protection cash advance fee of $10 or 4% of the transaction, whichever is greater. Furthermore, 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 call center 24 hours a day. 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 will have access to a pay-per-use roadside assistance program. This is a 24 hours a day, seven days a week roadside dispatch that can send out a tow truck operator or locksmith. You can check the services included and their corresponding prices in your Bank of America benefits guide after applying.

Bank of America Platinum Plus® Mastercard® Alternatives

American Express Blue Business® Plus Credit Card

The Blue Business® Plus Credit Card from American Express

Apply Now

on The Blue Business® Plus Credit Card from American Express's secure website.

See Rates and Fees

Fit Small Business Review

Rating 4.5 4.5

Best For: Pocketing 2x points per $1 and 0% introductory APR for 12 months

Intro APR ^?0% introductory APR for 12 months on purchases	Regular APR	Annual Fee	Credit Needed
0% on purchases	13.24% - 19.24% Variable	No annual fee	Good, Excellent

Earn up to $300 back to boost your business. You can earn up to $100 in the form of statement credits at each of the following merchants: Dell Technologies, DocuSign or FedEx after you make an eligible purchase on your new Card within the 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.
Enjoy the flexibility to put more purchases on the Card and earn rewards when you buy above your credit limit*.
You’ve got the power to use your Card beyond its credit limit* with Expanded Buying Power.
More buying power for your business means more opportunities to earn points. That’s everyday business with the Blue Business Plus Card.
*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 at account opening.
No Annual Fee
Terms Apply

Pros

0% APR for 12 months on purchases and balance transfer
Earn 2x points on all spending

Cons

No lucrative welcome offer
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 two years. It provides an additional two years if the original manufacturer’s warranty is between two and five 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 Preferred^SMCredit Card

Ink Business Cash℠ Credit Card

Apply Now

On Chase's Secure Website

Fit Small Business Review

Rating 5 5

Best For: Office-based businesses that want top cash back rewards

Intro APR ^?0% APR for 12 months on purchases	Regular APR	Annual Fee	Credit Needed
0% Intro APR on Purchases	13.24% - 19.24% Variable	$0	Good - Excellent

Earn $500 bonus cash back after you spend $3,000 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 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

Note: The information related to the ChaseInk Business Cash℠ Credit Card Card has been collected by fitsmallbusiness.com and has not been reviewed or provided by the issuer of this card.

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

U.S. Bank Business Platinum Card

Apply Now

On US Bank's Secure Website

See Rates and Fees

Fit Small Business Review

Rating 3.5 3.5

Best For: Extended 0% APR period on purchases and balance transfers

Intro APR ^?0% APR for 20 billing cycles on purchases and balance transfers	Regular APR	Annual Fee	Credit Needed
0%*	9.99% - 17.99% Variable	$0	Excellent

0% Intro APR* on purchases and balance transfers for the first 20 billing cycles. After that variable APR currently 9.99% - 17.99%*
No annual fee*
Free employee cards
Zero fraud liability* protects you against unauthorized transactions

Pros

One of the longest 0% APR period offered
No annual fee

Cons

Comes without rewards

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 best for business owners who want a card that offers a low ongoing APR and no annual fee. It’s important to note that this card does not offer ongoing rewards. If you want to earn rewards, compare the best business credit cards to find a card that may be better for your business.

Bank of America Platinum Plus® Mastercard® Review

Bank of America® Platinum Plus® Mastercard® Business card

Pros

Cons

Who the Bank of America Platinum Plus® Mastercard® Is Best For

How We Evaluate Low-interest Business Credit Cards

Bank of America Platinum Plus® Mastercard® Business Card Fees

Bank of America Platinum Plus® Mastercard® Business Card Rewards