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Bank of America Platinum Business Review: Bare-Bones in Every Way

This
$0
-annual-fee small business credit card has a short 0% APR period, a modest sign-up bonus and no ongoing rewards.
By Melissa Lambarena, Robin Saks Frankel
Last updated on October 1, 2024
Edited by Kenley Young
Fact checked and reviewed

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Our Take

2.3

NerdWallet rating 

The bottom line:

Its most notable feature is the potential for a lower-than-average ongoing APR for those who qualify, but other small-business cards can offer a lot more value.
Full review

Bank of America® Platinum Plus® Mastercard® Business card

Annual fee
$0
Regular APR
15.99%-26.99% Variable APR
Intro APR
0% intro APR on Purchases for 7 billing cycles
Apply now

on Bank of America's website

More details from Bank of America

  • Get a $300 online statement credit after you make at least $3,000 in purchases in the first 90 days of your account opening.
  • Save on interest with a competitive purchase APR.
  • No annual fee.
  • 0% Introductory APR on purchases for the first 7 billing cycles. After the intro APR offer ends, a Variable APR that's currently 15.99% to 26.99% will apply.
  • Get employee cards at no additional cost to you and with credit limits you set.
  • Contactless Cards - The security of a chip card, with the convenience of a tap.
  • This offer may not be available if you leave this page or visit our website. You can take advantage of this offer when you apply now.

Pros & Cons

Pros

  • No annual fee
  • New cardholder bonus offer

Cons

  • Requires excellent credit
  • No rewards
  • Foreign transaction fee
  • Short Intro APR period

Compare to Other Cards

at Bank of America

at Chase

at American Express

Annual fee

$0

Annual fee

$95

Annual fee

$0

Regular APR

15.99%-26.99% Variable APR

Regular APR

20.74%-26.74% Variable APR

Regular APR

17.74%-25.74% Variable APR

Rates & Fees

Intro APR

0% intro APR on Purchases for 7 billing cycles

Intro APR

N/A

Intro APR

0% intro APR on purchases for 12 months from the date of account opening

Recommended credit score

720-850excellent

Recommended credit score

690-850good - excellent

Recommended credit score

690-850good - excellent

Full Review

The
Bank of America® Platinum Plus® Mastercard® Business card
doesn’t offer a lot of value for your business expenses. You won't earn ongoing rewards on your spending, and the features that the issuer touts — like fraud monitoring and an EMV chip — are standard on virtually all credit cards.
The only reason you might want to consider this product is if you have excellent credit. With a credit score of 720 or higher, you could potentially qualify for a relatively low ongoing APR that saves you money if you carry a balance. But there’s no certainty that you’ll get that rate, since issuers also evaluate other factors such as debts and income to determine eligibility.
Other business credit cards can provide more value and benefits.

Bank of America® Platinum Plus® Mastercard® Business card
: Basics

Card type: Small business.
Annual fee:
$0
.
Sign-up bonus:
Get a $300 online statement credit after you make at least $3,000 in net purchases in the first 90 days of your account opening.
Ongoing rewards: None.
Intro APR:
0% intro APR on Purchases for 7 billing cycles, and then the ongoing APR of 15.99%-26.99% Variable APR
.
Other benefits:
  • Overdraft protection: If you link your card to an eligible Bank of America® business checking account, you'll be covered in case you accidentally overspend.
  • Travel and emergency services: As a cardholder, you're eligible for up to $100,000 in travel accident insurance and auto rental insurance, emergency ticket replacement, lost–luggage assistance and the option to get extended protection.

Why you're better off passing on the
Bank of America® Platinum Plus® Mastercard® Business card

No ongoing rewards

Other business cards on the market have similar attributes to the
Bank of America® Platinum Plus® Mastercard® Business card
, but many of them also earn rewards on your ongoing spending. One example is the
Ink Business Unlimited® Credit Card
. It comes with an annual fee of
$0
, free employee cards, and this intro APR offer:
0% intro APR on Purchases for 12 months, and then the ongoing APR of 17.99%-23.99% Variable APR
. Plus you'll earn an unlimited 1.5% cash back on every purchase, not to mention a better sign-up bonus:
Earn $750 bonus cash back after you spend $6,000 on purchases in the first 3 months from account opening.

A short 0% intro APR

The
Bank of America® Platinum Plus® Mastercard® Business card
offers an intro APR:
0% intro APR on Purchases for 7 billing cycles, and then the ongoing APR of 15.99%-26.99% Variable APR
. (You’ll get a potentially low ongoing interest rate if you can qualify for it, but even with an excellent credit score, that's not a given.)
The Blue Business® Plus Credit Card from American Express
could be a better choice, as it comes with an intro APR of
0% intro APR on Purchases for 12 months, and then the ongoing APR of 17.74%-25.74% Variable APR
. It earns rewards, too, at a rate of 2 points per dollar spent up to an annual spending cap of $50,000, then 1 point per dollar. Terms apply (see rates and fees. The annual fee is
$0
.

A foreign transaction fee

If you plan on making any purchases from overseas, don't charge them to the
Bank of America® Platinum Plus® Mastercard® Business card
. The card carries a foreign transaction fee of 3% for every international purchase you make. The
$0
-annual-fee
Capital One Spark Cash Select
skips those fees, and it offers 1.5% cash back on all spending. You can also earn 5% cash back on hotels and rental cars booked through Capital One Travel. It also has a solid sign-up offer:
Earn a $500 bonus when you spend $4,500 in the first 3 months of account opening.

Is the
Bank of America® Platinum Plus® Mastercard® Business card
right for you?

Probably not. Plenty of other $0-annual-fee business cards can offer ongoing rewards and more generous incentives, so it's worth exploring your options. A good place to start is by browsing NerdWallet's roundup of best credit card offers.
To view rates and fees of
The Blue Business® Plus Credit Card from American Express
, see this page.

Apply now

on Bank of America's website

New elevated offer

 
American Express® Business Gold Card
American Express

American Express® Business Gold Card

Rates and Fees

NerdWallet Rating  
4.6
Bonus Amount  

100,000

Read Review
Apply now

on American Express' website

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Looking to earn rewards or build your credit? We’ll help match you to the perfect business credit card based on your qualifications.

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Find a business credit card that works as hard as you do

Looking to earn rewards or build your credit? We’ll help match you to the perfect business credit card based on your qualifications.