Bank of America® Platinum Plus® Mastercard® Business Credit Card
- Best for: Businesses that will still owe a large balance a year after a big purchase
- What Sets It Apart: A longer 0% period on purchases than Bank of America’s cash back business cards give, and a lower regular rate after it
- Features: Employee cards at no extra cost; purchase protection and extended warranty; $100,000 of travel accident insurance; Mastercard Easy Savings rebates at participating merchants
- Annual Fee: $0
- Intro APR: 0% for 15 billing cycles on purchases, an online offer; none on balance transfers
- APR: 14.99% to 25.99% variable
- Cost: Balance transfer fee 5%; foreign transaction fee 3%; cash advance fee 5%; late fee up to $49; no penalty APR
- Eligibility: Business owners and officers 18 or older; a sole proprietor can apply with a Social Security number
- Pros: Long 0% period on purchases; no annual fee or penalty APR; a lower regular rate than the bank’s cash back business cards
- Cons: No cash back or points from Bank of America, and no welcome offer; no 0% period on balance transfers, which cost 5%; 3% foreign transaction fee
Get the Bank of America® Platinum Plus® Mastercard® Business Credit Card only if your business will still owe a large balance a year after a big purchase. When you apply online, it charges 0% for 15 billing cycles on purchases, with no annual fee. If you’ll pay it off sooner, take a no-fee card that pays cash back instead.
Paying off a $15,000 equipment purchase at $1,000 a billing cycle costs nothing in interest here, while a no-fee card with 12 cycles at 0% would charge about $92 at 18% on the $3,000 left after its offer ends. Its 1% cash back would pay $150 on the purchase, $58 more than that interest, so this card comes out ahead only when you’ll still owe a large balance after a year.
Key Features
- 0% for 15 billing cycles on purchases when you apply online, then a 14.99% to 25.99% variable rate
- No annual fee, and employee cards at no extra cost
- Purchase protection, extended warranty, and $100,000 of travel accident coverage
- Open to owners and officers 18 or older, including sole proprietors with a side business, who can apply with a Social Security number
Pros
- More time at 0% than the U.S. Bank Business Shield Visa Card’s online offer of 0% for 12 billing cycles
- A regular rate below the 16.99% to 26.99% on Bank of America’s cash back business cards
- No higher penalty rate after a late payment
Cons
- No cash back or points from Bank of America, and no welcome offer
- No 0% period for balance transfers, which cost 5% and charge interest from the day of the transfer
- 3% fee on purchases in a foreign currency
- Not for personal spending, which the BankAmericard covers at 0% for 21 billing cycles
- Bank of America may turn you down if your business holds or has held another of its business cards in the past 24 months
It suits owners who’ll still owe a large balance a year after a big purchase and want no annual fee. Owners who’ll pay purchases off within a year should take a no-fee card that pays cash back, such as U.S. Bank’s Triple Cash Rewards business card, which also gives 0% for 12 billing cycles.
Learn more about the Bank of America® Platinum Plus® Mastercard® Business Credit Card or see how it compares to the best small-business credit cards.
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