Bank of America® Platinum Plus Mastercard® Business Card
- Sign-Up Bonus: $300 statement credit bonus after spending $3,000 in the first 90 days
- Rewards: None
- Overdraft Protection: Optional for Bank of America deposit account clients (may involve fees)
- Intro APR: 0% APR on purchases for the first 7 billing cycles, then variable regular APR applies
- Regular APR: See terms for the latest APR information
- Annual Fee: $0
- Other Fees: 3% international transaction fee
The Bank of America® Platinum Plus Mastercard® Business 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 with qualifying spend ($3,000 in eligible purchases in the first 90 days).
Alas, the Platinum Plus 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 Mastercard-backed benefits, it offers no deal-sweetening perks.
Still, the Platinum Plus 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.
What Sets the Bank of America Platinum Plus Mastercard Business Card Apart
The Bank of America Platinum Plus Mastercard Business Card is a straightforward credit card with only a handful of true selling points. They are:
- An Unusually Generous Sign-up Bonus. For a no-annual-fee business credit card without a regular rewards program, this card has a very generous sign-up bonus offer. It’s worth $300 when you spend at least $3,000 on eligible purchases in the first 90 days your account is open — better than many new cardmember offers from otherwise-more-generous business cards.
- A Solid 0% APR Intro Promotion for Purchases. This card offers 0% APR on eligible purchases during the first 7 billing cycles. That’s not particularly long as 0% intro offers go, but it’s worth mentioning because such offers are comparatively rare in the business credit card space. They’re more common on the consumer side.
- No Fees for Employee Cards. This is another low-key benefit that should be a lot more common in the business credit card space but isn’t (yet, at least). Enjoy it.
Is the Bank of America Platinum Plus Mastercard Business Card Legit?
Yes, the Bank of America Platinum Plus Mastercard Business Card is legitimate.
Though this is a Bank of America business credit card — not exactly an unknown quantity as banks go — this question is relevant because let’s be honest, the Bank of America Platinum Plus Mastercard Business Card is not a very well-known credit card. It’s reasonable to wonder why it’s not more popular, and if maybe some hidden downsides are to blame?
As far as I can tell, that’s not the case. This card is backed by the same assurances that come with any other Bank of America credit card, and it has a pattern of decent-to-good reviews from fellow users. If you feel like it’s a good fit for your business spending needs, I see no reason why you shouldn’t apply.
Key Features of the Bank of America Platinum Plus Mastercard Business Card
Let’s dive into the details of the Bank of America Platinum Plus Mastercard. As you can see, it’s not a complicated piece of plastic, but it does its job.
You get $300 statement credit as a bonus when you spend at least $3,000 in eligible purchases within the first 90 days of card membership. The bonus comes as a statement credit to your account.
Note that this specific offer might not be available if you apply for this card in a Bank of America Branch or over the phone, and it may not be available to all applicants.
Enjoy 0% APR for the first 7 billing cycles on purchases. There’s no corresponding balance transfer APR.
See terms for the latest variable APR information.
The Bank of America Platinum Plus Mastercard Business Card has no annual fee or fees for additional employee cards. 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 Plus 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
- Transaction categorization/tracking through the online MyReport system
Additional Cardholder Benefits
The Platinum Plus Card has a decent lineup of basic benefits for travelers, including:
- Emergency ticket replacement
- Travel accident insurance
- Lost luggage reimbursement
- Complimentary loss and damage coverage for rental cars paid in full with the card
The travel insurance benefits are subject to limits and exclusions, so be sure to check the fine print on your cardholder agreement and statement of benefits before proceeding.
The Bank of America Platinum Plus Mastercard Business Card is meant for business owners with excellent credit.
Advantages of the Bank of America Platinum Plus Mastercard Business Card
These are the top highlights of the Platinum Plus Mastercard Business Card.
- No Annual Fee. The Platinum Plus 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.
- No Fee for Employee Cards. This card doesn’t charge one-time or annual fees for additional employee cards either.
- 0% APR Offer on Purchases. It’s not exceptionally long and it doesn’t apply to balance transfers, but we have to take what we can get in the business credit card space.
- Generous, Easy to Attain Sign-Up Bonus. For a credit card with no annual fee, the Platinum Plus 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 Plus 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.
Disadvantages of the Bank of America Platinum Plus Mastercard Business Card
Consider these downsides before you apply for the Bank of America Platinum Plus Mastercard Business Card.
- No Ongoing Rewards. Once the sign-up bonus window has passed, the Platinum Plus 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 Plus Card 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. The Chase Ink Business Preferred Credit Card fits the bill perfectly.
How the Bank of America Platinum Plus Mastercard Business Card Stacks Up
Before you investigate the Bank of America Platinum Plus Mastercard Business Card any further, see how it stacks up against another business credit card with a 0% APR offer on purchases: the U.S. Bank Business Platinum Card.
|BofA Platinum Plus||U.S. Bank Business Platinum|
|Sign-up Bonus||$300 when you spend $3,000 in the first 90 days||None|
|Intro Purchase Offer||0% APR for 7 billing cycles||0% APR for 18 billing cycles|
|Intro Balance Transfer Offer||None||0% APR for 18 billing cycles|
|Employee Card Fee||$0||$0|
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 Plus Mastercard® Business Card (or any other small business credit card), take a closer look at your situation. You might be surprised by what you find.