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.
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%-25.74% Variable APR | Regular APR 17.99%-25.99% Variable APR |
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 $900 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 17.99%-25.99% 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
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NerdWallet Rating
5.0
