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The Bank of America® Platinum Visa® Business Credit Card is a no-frills business credit card with no annual fee and a solid sign-up bonus.
Though you won’t find it on our list of the best small business credit cards, this card has some attractive features, including a sign-up bonus worth $300 in statement credits.
Alas, the Platinum Visa® Business Credit Card isn’t perfect. It lacks an ongoing rewards program, meaning there’s no way to earn a return on your spending once the sign-up bonus period ends. And beyond a basic cash flow management system and some common Visa®-backed benefits, it offers no deal-sweetening perks.
Still, the Platinum Visa® Business Credit Card offers a great opportunity to finance large purchases without incurring interest charges and grab some extra cash with relatively little effort. Here’s what you need to know about its features, advantages, disadvantages, and overall suitability.
You get $300 statement credit as a bonus when you spend at least $3,000 within the first 90 days of card membership. The bonus comes as a statement credit to your account. It’s a great way to reduce your business expenses and save money on a tight budget.
Enjoy 0% APR on purchases for the first 7 billing cycles.
The regular purchase and balance transfer APR ranges from 11.24% to 22.24%, depending on creditworthiness and prevailing rates. The balance transfer APR applies from day one.
The Platinum Visa® Business Credit Card has no annual fee or fees for additional employee cards. Balance transfers and cash advances both cost the greater of $10 or 4% of the transaction amount. Late payments cost up to $49. Returned payments cost $39. International transactions cost 3% of the transaction amount.
Overdraft Protection Transfers for Bank of America® Deposit Account Holders
Like all Bank of America® business credit cards, the Platinum Visa® Business Credit Card has an opt-in overdraft protection transfer program (Overdraft Cash Advance) for Bank of America® deposit account holders who wish to protect their checking accounts from overdraft fees. When you opt into the transfer program and attempt a checking account transaction that would normally result in an overdraft, a cash advance is automatically drawn on your credit line. The transaction then goes through as intended.
All overdraft cash advances are drawn in increments of $100 – so a $150 overdraft incurs a $200 transfer – and accrue interest at the regular cash advance rate. Each transfer costs $10 or 3%, whichever is greater.
Cash Flow Management Tools for Business
This card comes with some useful cash flow management tools for business, including an automatic online payment system, QuickBooks integration, and transaction categorization/tracking through the online MyReport system.
Visa®-Backed Cardholder Benefits
The Platinum Visa® Business Credit Card has a decent lineup of basic benefits for travelers, including emergency ticket replacement, travel accident insurance, lost luggage replacement, and complimentary loss and damage coverage for rental cars paid in full with the card.
The Platinum Visa® Business Credit Card is meant for business owners with excellent credit.
- No Annual Fee. The Platinum Visa® Business Credit Card does not have an annual fee. Given the lack of rewards (after the sign-up bonus period ends), this is a crucial benefit for frugal business owners.
- Generous, Easy to Attain Sign-Up Bonus. For a credit card with no annual fee, the Platinum Visa® Business Credit Card’s $300 sign-up bonus statement credit is generous. And it only requires $3,000 in spending within 90 days of account opening. That shouldn’t be a heavy lift for most business owners.
- Overdraft Protection for BoA Deposit Account Holders. Clients with Bank of America® business checking accounts can opt into the Platinum Visa® Business Credit Card’s overdraft protection program. This is a great way to reduce (or entirely eliminate) worries about overdrafts, which can result in embarrassing and potentially credibility-sapping problems with clients and vendors. The $10 (or 3%) fee per transfer may be well worth the peace of mind.
- Nice 0% APR Promotion. This card comes with a nice 0% APR purchase promotion. That’s relatively rare for an entry-level business credit card.
- No Ongoing Rewards. Once the sign-up bonus window has passed, the Platinum Visa® Business Credit Card doesn’t earn rewards on an ongoing basis. This is a big downside relative to other no-annual-fee Bank of America® business credit cards, such as the Business Advantage Cash Rewards credit card. Other issuers offer cash back business cards too, though some have annual fees: Capital One Spark Cash for Business has an annual fee, but earns unlimited 2% cash back on all purchases. For additional cash back ideas, check out our best cash back credit cards list.
- Has a 3% International Transaction Fee. The Platinum Visa® Business Credit Card from Bank of America® has a 3% international transaction fee. That’s bad news for cardholders who routinely travel outside the United States on business. The problem is exacerbated by the fact that this card has no rewards program. The optimal solution: a no-international-transaction-fee business credit card with a generous rewards program. Chase Ink Business Preferred Credit Card fits the bill perfectly.
Even if you don’t consider yourself a small business owner, you could qualify for this credit card. Many people don’t know that independent professionals and freelancers can qualify as business owners in the eyes of the law.
Though every credit card company is different, most issuers allow you to open a business credit card account if you pay self-employment tax (typically using Schedule C or Schedule C-EZ) and affirm that you will only use your card to finance business purchases.
Before you assume that you’re not eligible for the Bank of America® Platinum Visa® Business Credit Card (or any other small business credit card), take a closer look at your situation. You might be surprised by what you find.