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Bank of America® Platinum Plus Mastercard® Business Card Review


At a Glance
Bofa Platinum Plus Card Art
3.8 / 5

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
  • Benefits: Optional overdraft protection service for Bank of America® deposit account clients
  • Intro APR: See terms for the latest APR information.
  • Regular APR: See terms for the latest APR information.
  • Fees: 3% international transaction fee; $10 or 4% (whichever is greater) balance transfer and cash advance fee (except $10 or 3%, whichever is greater, for overdraft cash advances)
  • Annual Fee: $0
  • Credit Needed: Excellent

Advertiser Disclosure: This post includes references to offers from our partners. We receive compensation when you click on links to those products. However, the opinions expressed here are ours alone and at no time has the editorial content been provided, reviewed, or approved by any issuer.

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.

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.

Key Features

Sign-Up Bonus

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.

Introductory APR

See terms for the latest APR information.

Regular APR

See terms for the latest APR information.

Important Fees

The Bank of America Platinum Plus Mastercard Business 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 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, and 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 replacement, and complimentary loss and damage coverage for rental cars paid in full with the card.

Credit Required

The Bank of America Platinum Plus Mastercard Business Card is meant for business owners with excellent credit.


  1. 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.
  2. 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.
  3. 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.


  1. 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.
  2. 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. Chase Ink Business Preferred Credit Card fits the bill perfectly.

Final Word

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.

Bofa Platinum Plus Card Art
3.8 / 5

Bank of America® Platinum Plus Mastercard® Business Card

The Bank of America® Platinum Plus Mastercard® Business Card is a no-frills product that’s great for business owners looking to catch a break on interest charges or capture an easy $300 by spending at least $3,000 within 90 days of account opening. Plus, with no annual fee, there’s no financial downside to keeping it around for occasional use (provided you pay off your balance in full each month).

However, as Platinum Plus doesn’t have an ongoing rewards program or perks to interest more discerning clients, many new cardholders will likely set it aside once the sign-up bonus opportunity passes.

Key benefits include the lack of an annual fee, the $300 statement credit sign-up bonus,  and the overdraft protection transfer plan for Bank of America® deposit account clients.

Major drawbacks include the lack of rewards and the 3% international transaction fee.

Overall, this is a great card to hold temporarily while you capture the sign-up bonus or finance a large, interest-free purchase.

Editorial Note: The editorial content on this page is not provided by any bank, credit card issuer, airline, or hotel chain, and has not been reviewed, approved, or otherwise endorsed by any of these entities. Opinions expressed here are the author's alone, not those of the bank, credit card issuer, airline, or hotel chain, and have not been reviewed, approved, or otherwise endorsed by any of these entities.

Brian Martucci
Brian Martucci writes about credit cards, banking, insurance, travel, and more. When he's not investigating time- and money-saving strategies for Money Crashers readers, you can find him exploring his favorite trails or sampling a new cuisine. Reach him on Twitter @Brian_Martucci.

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