Bank of America Platinum Plus® Mastercard® Business Card Review 2019

The Bank of America Platinum Plus® Mastercard® Business Card is best for business owners who want to receive an ongoing annual percentage rate (APR) as low as 11.74%. With this competitive purchase APR, you can to save big on potential interest charges. You’ll also have interest-free financing on purchases for the first seven billing cycles.

The best 0% APR business credit cards provide introductory 0% APR periods up to 12 months. You can also earn up to 5% cash back on bonus category spending and introductory rewards up to $500. This Bank of America business credit card falls short in all three categories. It does offer low ongoing interest after the introductory 0% APR period ends. We give this card 3.5 stars out of 5 stars possible.

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How We Evaluated the Bank of America Platinum Plus® Mastercard® Business Card

The Bank of America Platinum Plus® Mastercard® Business Card offers a decent introductory statement credit but provides no ongoing rewards. Plus, this Bank of America business credit card is not ideal for balance transfers because the 0% APR period is only for purchases. For balance transfers, we recommend the American Express Blue Business® Plus, which offers 12 months of interest-free financing (see rates & fees).

We considered the following criteria when grading this small business credit card, based on business owner wants and needs:

• Introductory APR: Whether the card offers an introductory 0% APR period on purchases or balance transfers. The Bank of America Platinum Plus® Mastercard® Business Card offers an introductory 0% APR period for seven billing cycles on purchases.
• Ongoing APR: How much it will cost to finance purchases on the card. This Bank of America business credit card charges an ongoing APR between 11.74% – 22.74% Variable.
• Annual fee: How much it costs to own the card each year. The Bank of America Platinum Plus® Mastercard® Business Card charges no annual fee.
• Additional benefits: Whether the card comes with free additional card features that may increase its value. Free perks on the Bank of America Platinum Plus® Mastercard® Business Card include purchase protection, extended protection, overdraft protection, roadside assistance, and more.
• Ongoing rewards: The cash back or points rewards you’ll earn by using the Bank of America Platinum Plus® Mastercard® Business Card. This Bank of America business credit card does not offer any ongoing rewards for your business-related purchases.
• Introductory rewards: The welcome offer you’ll earn by reaching minimum spending requirements during the first few months of card ownership. The Bank of America Platinum Plus® Mastercard® Business Card offers a $300 statement credit when you spend $3,000 within 90 days of opening your account.

If you want free financing on purchases and to earn top ongoing rewards, the Bank of America Platinum Plus® Mastercard® Business Card isn’t the best card for you. Instead, choose a 0% APR business credit card like the Chase Ink Business Cash^SM. It offers bonus category rewards of up to 5% cash back and 0% APR on purchases for 12 months.

How We Evaluate Low-interest Business Credit Cards

When grading low-interest business credit cards like the Bank of America Platinum Plus® Mastercard® Business Card, we weight the introductory and ongoing APR heaviest. We also take into account the card’s additional features, ongoing rewards, and introductory rewards. This Bank of America business credit card ranks perfectly in the ongoing APR criteria, and its introductory APR falls short of the best cards in this class.

We graded the Bank of America Platinum Plus® Mastercard® Business Card using the following methodology.

Based on our 5-star rating system, where 20 points equal 1 star, the Bank of America Platinum Plus® Mastercard® Business Card fell short of receiving 4 stars. In cases where cards receive excellent scores in most categories, we may award bonus points to boost the card’s rating by half a star.

This Bank of America business credit card can be best described as average. It offers good, but not great, introductory rewards and doesn’t provide ongoing rewards for business-related purchases. It offers a no-interest period on purchases for seven billing cycles, but it offers no introductory APR on balance transfers. Other business credit cards, including the Chase Ink Business Cash^SM, offer both 0% APR periods and ongoing cash back rewards.

Who the Bank of America Platinum Plus® Mastercard® Business Card Is Right For

The Bank of America Platinum Plus® Mastercard® Business Card is best for business owners who want low ongoing APRs starting at 11.74% and a free financing period on purchases. This card doesn’t offer a no-interest period for balance transfers. If you want a card that offers no interest on both purchases and balance transfers, consider the American Express Blue Business® Plus. That card offers 0% APR on both purchases and balance transfers for 12 months.

Alternatives to Bank of America Platinum Plus® Mastercard® Business Card

Other small business credit cards offer longer introductory financing periods and stronger rewards when compared to the Bank of America Platinum Plus® Mastercard® Business Card. You can also find business credit cards that offer both a welcome offer and ongoing cash back rewards of up to 5%. You may want to choose an alternative if a low ongoing APR isn’t crucial.

The best alternatives to the Bank of America Platinum Plus® Mastercard® Business Card are the American Express Blue Business® Plus credit card, Chase Ink Business Cash^SM credit card, and U.S Bank Business Platinum Card.

American Express Blue Business® Plus Credit Card

The American Express Blue Business® Plus credit card is designed for business owners who want an introductory 0% APR period on both purchases and balance transfers. Plus, you can earn rewards on just about all of your purchases. If you’d like to learn more about this card, our American Express Blue Business® Plus review explains the card’s value in detail.

Chase Ink Business Cash^SM Credit Card

We believe the Chase Ink Business Cash^SM credit card is one of the best cash-back rewards business credit cards on the market. Additionally, it provides an introductory 0% APR period on purchases. To learn more about this credit card, check out our Chase Ink Business Cash^SM review.

U.S Bank Business Platinum Card

The U.S Bank Business Platinum Card is best for business owners who want to limit the cost of carrying a balance and don’t need a rewards credit card. It offers an introductory 0% APR period on purchases and balance transfers, and it has a low ongoing APR. You can learn more about what this card offers in our detailed U.S Bank Business Platinum Card review.

Bank of America Platinum Plus® Mastercard® Business Card Costs

The Bank of America Platinum Plus® Mastercard® Business Card offers an introductory 0% APR period for seven billing cycles on purchases. Once the promotional period ends, this Bank of America business credit card will have ongoing APRs starting at 11.74%. This is much lower than other low-interest business credit cards, including the Chase Ink Business Cash^SM credit card, which charges ongoing APRs about 4 percentage points higher.

Financing costs and fees on the Bank of America Platinum Plus® Mastercard® Business Card include:

• Introductory APR: 0% APR for seven billing cycles on purchases
• Ongoing APR: 11.74% – 22.74% Variable, which will adjust 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
• Late payment fee: Up to $49
• Returned payment fee: $39
• Penalty APR: None

If you make a late payment, Bank of America will charge a late fee based upon your credit card balance. You’ll owe $19 if your balance is less than or equal to $100, $29 if your balance is between $100.01 and $1,000, $39 if your balance is between $1,000.01 and $5,000, and $49 if your balance is more than $5,000.

This Bank of America business credit card charges a foreign transaction fee for purchases made outside the United States. If you frequently travel overseas, consider one of the best travel business credit cards, which waive the foreign transaction fee.

How to Avoid Paying Interest on the Bank of America Platinum Plus® Mastercard® Business Card

Your payment due date on the Bank of America Platinum Plus® Mastercard® Business Card is at least 25 days from your statement closing date. As long as you pay your balance in full by your due date each month, you will not be charged interest. Other small business credit cards have shorter potential due date windows. For example, the Chase Ink Business Cash^SM has a due date of at least 20 days after the billing period ends.

Bank of America Platinum Plus® Mastercard® Business Card Rewards

The Bank of America Platinum Plus® Mastercard® Business Card offers an introductory reward worth $300. You will not earn ongoing rewards for your every day business-related purchases like other cash-back business credit cards offer. There are a handful of other small business credit cards that offer better introductory and ongoing rewards.

Introductory Rewards

You’ll earn a $300 statement credit after spending $3,000 on purchases within the first 90 days of your account opening. The introductory rewards on this Bank of America business credit card fall short of other small business credit cards. For example, the Chase Ink Business Cash^SM offers a $500 welcome bonus after you spend $3,000 on purchases within the first three months.

Bank of America Platinum Plus® Mastercard® Business Card Additional Features

The Bank of America Platinum Plus® Mastercard® Business Card includes various additional card features, such as purchase security, extended protection, and overdraft protection. However, this Bank of America business credit card offers fewer features than other credit card issuers, including American Express. That card also offers global assistance hotlines, return protection, and baggage insurance.

Also unlike other issuers, Bank of America doesn’t publish benefits details before applying. We’ll show you the types of benefits you’ll receive, but for coverage levels and exceptions, look to the guide for benefits you’ll receive upon approval.

You’ll receive the following additional benefits with your Bank of America Platinum Plus® Mastercard® Business Card.

Purchase Security

When you use the Bank of America Platinum Plus® Mastercard® Business Card, your purchased items are protected if they are stolen or damaged within 90 days from the purchase date. Purchase security can replace, repair, or reimburse you for the item up to an amount determined by Bank of America. After applying, you can refer to your benefits guide for detailed information on this coverage.

The best low-interest business credit cards offer excellent purchase security protection. For example, the American Express Blue Business® Plus credit card provides protection for the first 120 days from the purchase date and 90 days for New York residents. American Express limits the coverage to $1,000 per claim and $50,000 per year.

Extended Protection

When you purchase an item on your Bank of America Platinum Plus® Mastercard® Business Card that has an original manufacturer’s warranty, Bank of America will provide additional warranty coverage. Once you’ve received your card, refer to the Bank of America benefits guide to learn about the levels of coverage offered on this card.

Other low-interest business credit cards, such as the U.S Bank Business Platinum Card, provide extended warranty protection. Specifically, U.S. Bank will double the manufacturer’s warranty up to an additional one year from the expiration of warranties of three years or less. This coverage is limited to $10,000 per claim.

Auto Rental Collision Damage Waiver

When you use your Bank of America Platinum Plus® Mastercard® Business 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.

In comparison, the Chase Ink Business Unlimited^SM credit card provides an auto rental collision damage waiver for the first 31 days of a vehicle rental. With this coverage, you may be reimbursed up to the cash value of the car. The cash value of the vehicle is determined by factors known to Chase.

Overdraft Protection

The Bank of America Platinum Plus® Mastercard® Business Card provides overdraft protection if you have an existing Bank of America business checking account. By linking your credit card account with your business checking account, you can mitigate the risk of declined transactions, returned checks, or other overdrafts. In our reviews of other credit card issuers, we have not come across any other cards that provide this protection.

If you request overdraft protection and are approved, funds in denominations of $100 will be transferred from your account automatically to protect you from any overdrafts. For the money to be transferred, Bank of America requires that you have enough cash and credit available to cover the transaction.

However, this protection is not free. Your account will be charged an overdraft protection cash advance fee of $10 or 4% of the transaction, whichever is greater. Your cash advance will also have an APR of 26.49%.

Travel & Emergency Assistance Services

When you’re traveling or working anywhere in the world, your Bank of America Platinum Plus® Mastercard® Business Card gives you access to a call center 24 hours a day. The specific services included in this feature can be found in detail when you receive your Bank of America benefits guide.

Other low-interest business credit cards, such as the Chase Ink Business Cash^SM, also include a similar service. The Chase Ink Business Cash^SM offers a 24 hours a day dispatch that is mostly a concierge service. Cardholders have access to travel, emergency, medical, and legal assistance. However, they will be responsible for the cost of any services provided by a third party.

Roadside Assistance Program

As a Bank of America Platinum Plus® Mastercard® Business Card 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. The services included and their prices can be found in your Bank of America benefits guide after applying.

The American Express Blue Business® Plus credit card also offers a similar roadside assistance service. American Express business credit card cardholders can also call a hotline that can send out tow trucks or locksmiths in an emergency. Although the hotline is free, cardholders will be responsible for the costs of any services or goods provided.

Adding Bank of America Platinum Plus® Mastercard® Business Card Employee Credit Cards

You can issue additional Bank of America Platinum Plus® Mastercard® Business Card employee credit cards at no additional cost. Most business credit cards come with free employee credit cards, even if the primary card has an annual fee. Bank of America allows you to issue unlimited employee cards, but you can only add up to nine employee cards when you apply online. Once you’re approved, you can call Bank of America to add more employee cards.

What Bank of America Platinum Plus® Mastercard® Business Card Is Missing

The Bank of America Platinum Plus® Mastercard® Business Card doesn’t provide cardholders with the opportunity to earn any ongoing cash back or points rewards. Several other low-interest business credit cards offer ongoing rewards. For example, the American Express Blue Business® Plus credit card offers points rewards on just about all of your purchases up to the first $50,000.

Bank of America Platinum Plus® Mastercard® Business Card Reviews

Online user reviews are both positive and negative for the Bank of America Platinum Plus® Mastercard® Business Card. Most cardholders like the introductory 0% APR period and the fact that there is no annual fee. However, other cardholders say the introductory rewards aren’t as high as other low-interest cards and complain about the lack of ongoing cash back rewards.

How to Apply for Bank of America Platinum Plus® Mastercard® Business Card

You can apply for the Bank of America Platinum Plus® Mastercard® Business Card online. To get a business credit card, you’ll be required to provide both your business and personal information. If you’re not approved right away, the process could take 10 to 12 business days to complete. Once approved, you’ll receive your card in the mail within seven to 10 days.

How to Log In to Your Bank of America Platinum Plus® Mastercard® Business Card Account

You can log in to your Bank of America Platinum Plus® Mastercard® Business Card account online by providing your user ID and password. If you run into problems, you can call customer service through the phone number on the back of your credit card.

Other Bank of America Business Credit Cards

Bank of America offers three other business credit cards, which are best for business owners who travel often or want to earn cash rewards. You may consider one of these cards if the lack of ongoing rewards or short introductory 0% APR period of the Bank of America Platinum Plus® Mastercard® Business Card don’t fit your business needs.

The other Bank of America business cards include the:

• Bank of America® Business Advantage Travel Rewards World Mastercard® credit card: Best for business owners who travel frequently. This Bank of America business credit card offers excellent ongoing rewards on a rental car, hotel, and airline expenses.
• Alaska Airlines Visa® Business credit card: Best for business owners who are loyal Alaska Airlines flyers. You can receive one free checked bag on each flight and one companion fare certificate yearly.
• Bank of America® Business Advantage Cash Rewards Mastercard® credit card: Best for business owners who want to earn cash-back rewards and have access to an introductory 0% APR period on purchases. This credit card also offers an introductory statement credit.

For rates and fees on the American Express Blue Business® Plus, please click here.