Bank of America Platinum Plus® Mastercard® Review 2022
Tricia has nearly two decades of experience in commercial and federal government lending. Her expertise is highlighted throughout small business loan content on Fit Small Business.
Nancy Fernandez is a Credit Card and Insurance Expert at Fit Small Business, specializing in business credit cards and business insurance.
This article is part of a larger series on Best Small Business Credit Cards.
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 like cash flow management tools, online access, and travel and emergency services.
If you wish to compare one card over another, choose a maximum of three cards on this page and click Add to compare to view the details in a side-by-side comparison.
Bank of America® Platinum Plus® Mastercard® Business card
Fit Small Business's ratings are calculated by industry experts of our editorial team. Our grading rubric considers the type of credit card (such as cash back or travel), and the card's rates, fees, rewards, and additional features like insurance.
BEST FOR:
Low-interest financing on business purchases
Intro APR
0%
7 billing cycles
7 billing cycles
Regular APR
10.24% - 21.24% Variable APR on purchases
Annual Fee
$0.00
Credit Needed
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
- 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.
Intro APR
0%
7 billing cycles
7 billing cycles
Regular APR
10.24% - 21.24% Variable APR on purchases
Annual Fee
$0.00
Credit Needed
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
- 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.
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 | 8 | 10 |
Total Score | 76 | 100 |
Also, if you prefer another credit card from Bank of America, check out our review of the best Bank of America business credit cards. Alternatively, you may also want to look at our list of the best small business credit cards to find other options.
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. This is an excellent option if you need to carry a balance.
- Business owners who plan 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: 10.49% to 21.49% variable, which adjusts with the prime rate
- Annual fee: None
- Cash advance APR: 24.49% variable, which adjusts with the prime rate
- Penalty APR: None
- Balance transfer fee: $10 or 4% of the amount of each transaction, whichever is greater
- Cash advance fee: $10 or 4% of the amount of each transaction, whichever is greater
- International transaction: 3% of the U.S. dollar amount of each transaction
- Penalty fee: $19 if balance less than or equal to $100 / $29 if $100.01 to $1,000 / $39 if $1,000.01 to $5,000 / $49 if greater than $5,000
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.
How To Make Payments in the Bank of America Business Advantage Travel Rewards World Mastercard®
- Mobile device: Log in to the Bank of America’s mobile app, select your business credit card and click “Make a payment.”
- Website: Login to the Bank of America’s Online Banking site and select the “Bill Pay” tab and follow the prompts.
- 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 make a payment at one of the ATMs available.
- Mail: Pay your business credit card bill 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® Additional Features
Travel & Emergency Services
The Bank of America services your business needs, including $100,000 in travel accident insurance, auto rental insurance, emergency ticket replacement, lost luggage assistance, and legal and medical referrals while being away from home.
Balance ConnectTM for Overdraft Protection
One of the optional services Bank of America offers is overdraft protection through Balance ConnectTM. This helps you prevent declined purchases, returned checks, or other overdrafts after linking your Bank of America Business Advantage Travel Rewards World Mastercard® to a Bank of America business checking account.
Paperless Statement Option
Business owners can choose paperless credit card statements and increase account security while reducing paper consumption.
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.
Pros & Cons of the Bank of America Platinum Plus® Mastercard®
| PROS | CONS |
|---|---|
| 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 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 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. | 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 10.49% and 21.49% automatically. |
| 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. | 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. |
| 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. | |
Bank of America Platinum Plus® Mastercard® Alternatives
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 20 billing cycles. It’s no surprise that this is our top pick for the best 0% APR business credit cards and leading business balance transfer credit cards.
U.S. Bank Business Platinum Card
Fit Small Business's ratings are calculated by industry experts of our editorial team. Our grading rubric considers the type of credit card (such as cash back or travel), and the card's rates, fees, rewards, and additional features like insurance.
BEST FOR:
Extended 0% APR period on purchases and balance transfers
Intro APR
0% for first 20 billing cycles
Regular APR
13.49% to 22.49% (Variable)
Annual Fee
$0
Credit Needed
Good/Excellent
- Limited time offer: 0% Intro APR on purchases and balance transfers for 20 billing cycles. After that, a variable APR currently 13.49% to 22.49%.
- Pay over time by splitting eligible purchases of $100-plus into equal monthly payments with U.S. Bank ExtendPay ™Plan.
- Expense management tool Visa Spend Clarity is free to access and sync expenses, set employee card controls, generate reports, and more.
- Great Offer from U.S. Bank, a 2022 World's Most Ethical Company® - Ethisphere Institute, February 2022
- Terms and conditions apply
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
- Excellent/good credit score needed to qualify
- 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.
Intro APR
0% for first 20 billing cycles
Regular APR
13.49% to 22.49% (Variable)
Annual Fee
$0
Credit Needed
Good/Excellent
- Limited time offer: 0% Intro APR on purchases and balance transfers for 20 billing cycles. After that, a variable APR currently 13.49% to 22.49%.
- Pay over time by splitting eligible purchases of $100-plus into equal monthly payments with U.S. Bank ExtendPay ™Plan.
- Expense management tool Visa Spend Clarity is free to access and sync expenses, set employee card controls, generate reports, and more.
- Great Offer from U.S. Bank, a 2022 World's Most Ethical Company® - Ethisphere Institute, February 2022
- Terms and conditions apply
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
- Excellent/good credit score needed to qualify
- 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.
American Express Blue Business® Plus
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. These features and rewards landed it a spot in our guides to the best credit cards for new businesses with no credit history.
If you prefer another credit card from American Express, see our guide on the leading American Express business credit cards.
The Blue Business® Plus Credit Card from American Express
Fit Small Business's ratings are calculated by industry experts of our editorial team. Our grading rubric considers the type of credit card (such as cash back or travel), and the card's rates, fees, rewards, and additional features like insurance.
BEST FOR:
Pocketing 2x points per $1 and 0% introductory APR for 12 months
Intro APR
0% on purchases
Regular APR
14.74% - 22.74% Variable
Annual Fee
No annual fee
Credit Needed
Good, Excellent
- 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, 14.74% - 22.74%, 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
- Charges foreign transaction fees
- 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.
Intro APR
0% on purchases
Regular APR
14.74% - 22.74% Variable
Annual Fee
No annual fee
Credit Needed
Good, Excellent
- 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, 14.74% - 22.74%, 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
- Charges foreign transaction fees
- 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®
The Chase Ink Business Preferred® is best for business owners who don’t want to pay expensive annual fees but want to maximize rewards they’re getting. While this business credit card has a higher minimum regular APR at 16.24%, this is made up with the high rewards rate cardholders can receive, which is at 3 points per dollar spent on the first $150,000 spent in combined purchases in four categories for each account anniversary year. It’s no surprise that this is one of our top picks for the best credit cards for real estate agents.
If you prefer another credit card from Chase, check out our top-recommended Chase business credit cards.
Ink Business Preferred® Credit Card
Fit Small Business's ratings are calculated by industry experts of our editorial team. Our grading rubric considers the type of credit card (such as cash back or travel), and the card's rates, fees, rewards, and additional features like insurance.
BEST FOR:
Maximizing travel rewards at a lower annual fee
Intro APR
N/A
Regular APR
16.74% - 21.74% Variable
Annual Fee
$95
Credit Needed
- Earn 100k bonus points after you spend $15,000 on purchases in the first 3 months from account opening. That's $1,000 cash back or $1,250 toward travel when redeemed through Chase Ultimate Rewards®
- Earn 3 points per $1 on the first $150,000 spent on travel and select business categories each account anniversary year. Earn 1 point per $1 on all other purchases
- With Fraud Protection your card transactions will be monitored for possible signs of fraudulent activity using real-time fraud monitoring.
- With Zero Liability you won't be held responsible for unauthorized charges made with your card or account information.
- Redeem points for cash back, gift cards, travel and more - your points don't expire as long as your account is open
- Points are worth 25% more when you redeem for travel through Chase Ultimate Rewards®
- Purchase Protection covers your new purchases for 120 days against damage or theft up to $10,000 per claim and $50,000 per account.
Pros
- Opportunity to boost the value of reward points
- Offers cellphone protection and trip cancellation insurance
Cons
- Doesn’t offer an interest-free financing period
- Charges an annual fee
- 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.
- Cellphone protection: You and the employees named on the phone bill you pay for with your card are covered for up to $600 in theft or damages per claim. You are limited to three claims per 12-month period, with a $100 deductible per claim.
- Trip cancellation and delay insurance: If your trip is canceled, you can be compensated up to $15,000 for prepaid expenses such as airfare or hotels. If your trip is delayed for 12 hours or more, you can be reimbursed up to $500 for your hotel room, meals, and transportation.
Intro APR
N/A
Regular APR
16.74% - 21.74% Variable
Annual Fee
$95
Credit Needed
Good, Excellent
- Earn 100k bonus points after you spend $15,000 on purchases in the first 3 months from account opening. That's $1,000 cash back or $1,250 toward travel when redeemed through Chase Ultimate Rewards®
- Earn 3 points per $1 on the first $150,000 spent on travel and select business categories each account anniversary year. Earn 1 point per $1 on all other purchases
- With Fraud Protection your card transactions will be monitored for possible signs of fraudulent activity using real-time fraud monitoring.
- With Zero Liability you won't be held responsible for unauthorized charges made with your card or account information.
- Redeem points for cash back, gift cards, travel and more - your points don't expire as long as your account is open
- Points are worth 25% more when you redeem for travel through Chase Ultimate Rewards®
- Purchase Protection covers your new purchases for 120 days against damage or theft up to $10,000 per claim and $50,000 per account.
Pros
- Opportunity to boost the value of reward points
- Offers cellphone protection and trip cancellation insurance
Cons
- Doesn’t offer an interest-free financing period
- Charges an annual fee
- 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.
- Cellphone protection: You and the employees named on the phone bill you pay for with your card are covered for up to $600 in theft or damages per claim. You are limited to three claims per 12-month period, with a $100 deductible per claim.
- Trip cancellation and delay insurance: If your trip is canceled, you can be compensated up to $15,000 for prepaid expenses such as airfare or hotels. If your trip is delayed for 12 hours or more, you can be reimbursed up to $500 for your hotel room, meals, and transportation.
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 it doesn’t offer ongoing rewards, so if you want to earn rewards, then visit our Credit Card Marketplace to find one that’s right for your business.
