Bank of America® Platinum Plus® Mastercard® Business card
Best For: Low-interest financing on business purchases
|Intro APR||Regular APR||Annual Fee||Credit Needed|
7 billing cycles
|10.24% - 21.24% Variable APR on purchases||$0.00||Excellent|
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.
Highest Possible Score
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
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.
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.
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
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|
Chase Ink Business PreferredSM Credit Card
Ink Business Cash℠ Credit Card
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|
U.S Bank Business Platinum Card
U.S. Bank Business Platinum Card
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|
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.