Bank of America® Platinum Plus® Mastercard® Business card review
You might get a low interest rate — but no rewards.
- Get this card if you have excellent credit and want to shoot for a very low interest rate.
- Pick something else if you want rewards.
- Apply with a good to excellent credit score of 740 or higher.
Intro purchase APR
for the first 7 billing cycles (then 10.24% to 21.24% variable)
Recommended credit score
|Product Name||Bank of America® Platinum Plus® Mastercard® Business card|
|Purchase APR||0% intro for the first 7 billing cycles (then 10.24% to 21.24% variable)|
|Balance transfer APR||10.24% to 21.24% variable|
|Balance transfer fee||$10 or 4% of the transaction, whichever is greater|
|Cash advance rate||24.24% variable|
|Cash advance fee||$10 or 4% of the cash advance amount, whichever is greater|
|Foreign transaction fee||3% of the transaction value|
|Interest free period||Up to 25 days|
|Late payment fee||Up to $49|
|Late payment fee conditions||$19 if balance less than or equal to $100; $29 if $100.01 - $1,000; $39 if $1,000.01 - $5,000; $49 if greater than $5,000.|
|Returned payment fee||$39|
Kevin Joey Chen is a credit cards writer whose work and analysis have appeared on CNN, U.S. News & World Report, The Dallas Morning News, Lifehacker and CreditCards.com. He's passionate about helping you get your finances in order and expertly navigate the cutting-edge financial tools available -- including credit cards, apps and budgeting software.
The Bank of America® Platinum Plus® Mastercard® Business card is a $0-annual-fee business credit card with a purchase and balance transfer APR as low as 10.24% variable. It comes with a signup bonus of $300 in statement credit if you spend at least $3,000 within the first 90 days of account opening.
You’ll also find a good, but not great, intro APR on purchases and balance transfers and the ability to request unlimited employee cards at no cost. However, the card offers no rewards, which is a severe weakness given they’re so common among business cards. You’ll find other no-annual-fee business products that offer cash back, points or miles.
Ultimately, the biggest reason to get the card is if you think you’ll qualify for one of its lowest interest rates. Otherwise, there are better options available for the same price.
- Annual fee: None.
Many other business credit cards come with annual fees of $95 and above.
- You might qualify for a very low APR.
This card’s lowest possible purchase and balance transfer APR is 10.24% variable, which you might qualify for with excellent credit. In addition to serving as the card’s key feature, it’s a good rate. You’ll often find business cards whose lowest APRs are around 14% to 15% variable.
Of course, there is a flip side: Your normal purchase and balance transfer APR can reach as high as 21.24% variable.
- A good, but not amazing, signup bonus.
You’ll receive a $300 statement credit after you make at least $3,000 in purchases with your card within the first 90 days of account opening. This isn’t a bad deal for a no-annual-fee card. However, Chase’s no-annual-fee business cards have signup bonuses worth $500. And you’ll find bonuses worth even more with annual-fee products.
- Pay no interest on purchases for a short period.
Get a 0% intro APR on purchases for the first 7 billing cycles after account opening, then 10.24% to 21.24% variable. While this is a welcome benefit since relatively few business cards have intro APRs, you can find 12-month intro APRs from Chase and Amex.
If you’re shooting for the best deal on the market, consider the U.S. Bank Business Platinum. It offers 0% intro APR on purchases and balance transfers for the first 20 billing cycles, then 9.99% to 17.99% variable.
- Unlimited employee cards.
You can request as many employee cards as you want, and you’ll pay no annual fees for them.
- Travel and purchase protections.
Your card comes with perks such as travel accident insurance, lost-luggage assistance, auto rental insurance and emergency ticket replacement.
You’ll also find purchase protection for most items you buy with your card.
What to watch out for
- No rewards.
You’ll find rewards with other no-annual-fee business cards, such as Bank of America’s Bank of America® Business Advantage Travel Rewards World Mastercard® credit card credit card and Bank of America® Business Advantage Cash Rewards Mastercard® credit card. Chase’s no-annual-fee business cards also offer rewards.
- Potentially higher-than-average fee for late payments.
Late-payment fees are usually a maximum of $39. However, you could pay a $49 late fee with the Bank of America® Platinum Plus® Mastercard® Business card if your balance is greater than $5,000.
How to apply for the Bank of America® Platinum Plus® Mastercard® Business card
- Visit the Bank of America website, then click Apply now.
- Fill out the application form with your business and personal details.
- Look over your application and submit it.
How long will it take to get my Bank of America® Platinum Plus® Mastercard® Business card?
it’s likely you’ll receive an immediate decision on your application. In unusual circumstances, you may need to wait a few business days or weeks for Bank of America to review your application.
Unchanged: If you’re approved, look for your card and welcome materials in the mail within seven to 10 days.
Compare business credit cards
The Bank of America® Platinum Plus® Mastercard® Business card has no annual fee and a potentially low interest rate, which can be helpful if you want to keep costs down. However, it lacks rewards, which is a severe omission.
If you’re not sure the Bank of America® Platinum Plus® Mastercard® Business card is right for you, look into other business credit cards.