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Platinum Plus® for Business Mastercard® review

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You won’t find rewards, but you might like it for its low APR and simplicity.

  • Get this card if you want an easy-to-obtain signup bonus and a potentially low purchase and balance transfer APR.
  • Pick something else if you want rewards or a large signup bonus.
  • Apply with a good to excellent credit score of 670 or higher.

$300

Welcome offer

$0

Annual fee

0%

Intro Purchase APR

for the first 7 billing cycles (then 10.99% to 21.99% variable)

670

Recommended credit score

Details

Product NamePlatinum Plus® for Business Mastercard®
Card typeMastercard
Annual fee$0
Purchase APR0% intro for the first 7 billing cycles (then 10.99% to 21.99% variable)
Balance transfer APR10.99% to 21.99% variable
Balance transfer fee$10 or 4% of the transaction, whichever is greater
Cash advance rate25.99% variable
Cash advance fee$10 or 4% of the cash advance amount, whichever is greater
Foreign transaction fee3% of the transaction value
Interest free periodUp to 25 days
Late payment feeUp 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

The basics

The Platinum Plus® for Business Mastercard® is slightly underpowered, as it doesn’t offer rewards. However, it has an easy-to-obtain signup bonus and a decent intro purchase APR. If you have excellent credit, you might also qualify for a low ongoing purchase and balance transfer APR.

Ultimately, the card is most useful if you don’t spend much and want a card you can use occasionally.

Consider this business rewards card

Universal Premium Mastercard®

  • Accepted at nearly 160,000 fueling locations throughout the United States
  • Choose the most convenient and cost saving sites for your business
  • Prevent unwanted non-fuel spending by limiting purchases only to the pump
  • Open cards to make purchases at over 400,000 maintenance locations
  • Save up to 6¢ per gallon with volume rebates on purchases within the Retail Savings network
  • Save up to 15% on fuel management costs
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The perks

  • Annual fee: None.

    Get started with your business card without paying an initial fee. This is especially helpful if you want to keep business expenses low.

  • Signup bonus: $300 in statement credit.

    To earn this bonus, make at least $3,000 in net purchases within the first 60 days of your account opening. This is a standard bonus size among no-annual-fee business cards.

    Note that with the Platinum Plus® for Business Mastercard®, you get only 90 days to reach the spending threshold versus the 90 you get with many other cards.

  • Intro APR: 0% on purchases for 7 billing cycles following your account opening.

    After that, receive a standard APR of 10.99% to 21.99% variable.

    This is a decent intro APR. However, other cards offer 0% intro APR for up to 15 months on both purchases and balance transfers.

  • Potentially low APR.

    With excellent credit, you may qualify for a purchase and balance transfer APR as low as 10.99%, which is a good deal when you consider the average credit card APR is around 16%. Relatively few business cards offer a potential interest rate this low.

Compare business balance transfer credit cards

You’ll also like

  • Receive as many employee cards as you want, at no cost.

    This is especially helpful if you have many employees you want to entrust with your business spending. Some providers might charge annual fees for additional cards, so this is an exciting perk.

  • Travel and purchase benefits.

    Receive $100,000 in travel accident insurance. Also, get auto rental insurance, lost-luggage assistance and emergency ticket replacement. According to Bank of America, you have the option to receive extended protection — such as extended warranties — on eligible purchases.

What to watch out for

  • Late-payment fees as high as $49.

    The late-payment fee is $49 if your balance is greater than $5,000. This is unusual, as most providers cap this fee at around $37. On the flip side, your fee could be as low as $19 if your balance is less than or equal to $100.

  • Cash advance APR.

    The card has a 25.99% variable APR for cash advances. This is standard across most credit cards. Still, avoid cash advances as they’ll accrue interest at a high rate. Plus, they don’t have a grace period on interest.

  • Normal purchase and balance transfer APR as high as 21.99% variable.

    The lower your credit score, the more likely you are to receive a higher APR.

Compare business credit cards

Name Product Rewards Purchase APR Annual fee
2% cash back on all purchases on up to $50,000 per calendar year, then 1%
0% intro for the first 12 months (then 14.99% to 20.99% variable)
$0
Earn 2% cash back on all purchases on up to $50,000 per calendar year, then 1%. Rates & fees
2x points on everyday business purchases on up to $50,000 annually, then 1x points
0% intro for the first 12 months (then 14.99% to 20.99% variable)
$0
Earn 2x Membership Rewards® points on everyday business purchases on up to $50,000 with no category restrictions. Rates & fees
3x points on the first $150,000 on travel and select business categories annually, then 1x after and on all other purchases
17.99% to 22.99% variable
$95
100,000 bonus points after you spend $5,000 on purchases in the first 3 months after account opening. That's $1,000 toward travel rewards when you redeem through Chase Ultimate Rewards®
3 cents off per gallon when you buy 30,000 or more gallons in a month plus 3 cents off at the Retail Savings Network
29.24% variable
Up to $120
Earn 3 cents off per gallon when you buy 30,000 or more gallons in a month plus 3 cents off at the Retail Savings Network.
2x miles on Delta purchases and 1x miles on all other purchases
17.49% to 26.49% variable
$0 intro annual fee for the first year ($95 thereafter)
Earn 30,000 miles after spending $1,000 in the first 3 months plus $50 after making a direct Delta purchase in the same timeframe. Rates & fees
2% cash back on all purchases
18.74% variable
$0 intro annual fee for the first year ($95 thereafter)
Earn $500 after spending $4,500 in the first 3 months.
1.5% cash back on all purchases
0% intro for the first 9 months (then 14.74%, 18.74% or 22.74% variable)
$0
Unlimited 1.5% cash back on every purchase, every day.
2x miles on all purchases
18.74% variable
$0 intro annual fee for the first year ($95 thereafter)
Earn unlimited 2x miles on every purchase for your business, with no blackouts or seat restrictions, and no minimum to redeem.
1.5x miles on all purchases
0% intro for the first 9 months (then 14.74%, 18.74% or 22.74% variable)
$0
Unlimited 1.5x miles on every purchase, every day.
4x points on two categories on up to $150,000 combined annually, then 1x points after that and on all other purchases
15.99% to 23.99% variable
$295
Up to $500 back in the form of statement credits by purchasing qualifying services with FedEx using your American Express® Business Gold Card within the first 3 months, offer ends November 6, 2019. Rates & fees
5x points on flights and prepaid hotels through Amex Travel, 1.5x points if you spend $5,000 on a single eligible purchase on up to 1 million additional points per year and 1x points on all other purchases
N/A
$595
Earn 50,000 points after spending $10,000 and an extra 50,000 points after spending an additional $15,000 on purchases in the first 3 months from account opening. Rates & fees
1.5% cash back on all purchases
0% intro for the first 12 months (then 15.24% to 21.24% variable)
$0
$500 bonus cash back after you spend $3,000 on purchases in the first 3 months after account opening.
5% at office supply stores, on Internet, cable and phone up to $25,000 combined annually (then 1%), 2% on gas and dining up to $25,000 combined annually then 1% after that and on all other purchases
0% intro for the first 12 months (then 15.24% to 21.24% variable)
$0
$500 bonus cash back after you spend $3,000 in the first 3 months.
N/A
0% intro for the first 12 billing cycles (then 12.24% to 20.24% variable)
$0
Enjoy a 0% intro APR on purchases and balance transfers for the first 12 billing cycles, reverting to a variable 12.24% to 20.24% APR. Rates & Fees
1% cash back on all purchases
24.74% variable
$0
Get the credit you want for your business and unlimited 1% cash back on every purchase, every day.
3% cash back on gas, cell phone services, and office supply stores and 1% back on all other purchases
0% intro for the first 15 billing cycles (then 14.24% to 25.24% variable)
$0
Earn $500 cash back after you spend $4,500 on purchases in the first 150 days from account opening.
3x points in a chosen category and 1x points on all other purchases
0% intro for the first 9 billing cycles (then 14.24% to 25.24% variable)
$0
Earn 20,000 bonus points when you spend $1,000 in net purchases within the first 90 days after opening your account.
2x points in the category you spend the most each month - gas stations, office supply stores or airlines, plus on cellular providers and 1x on all other purchases
14.24% to 25.24% variable
$0 intro annual fee for the first year ($55 thereafter)
Earn 25,000 bonus FlexPoints worth $375 on airfare, hotel stays, car rentals and more when you spend $2,000 in purchases within the first 4 months of account opening.
2x points in the two categories you spend the most in each month and 1x points on all other purchases
18.74% variable
$0 intro annual fee for the first year ($95 thereafter)
Earn up to 100,000 bonus points in the first 365 days of account opening with an additional point on all eligible net purchases.
1.5% discount when you pay early
N/A
$0 intro annual fee for the first year ($250 thereafter)
Get a 1.5% discount when you pay early, with no cap on what you can earn back. Rates & fees
3x points at U.S. restaurants and direct hotel and airfare purchases on up to $50,000 (then 1x), 2x points on purchases through Amex Travel and 1x points on all other purchases
N/A
$95
Earn 3x points at U.S. restaurants and direct hotel and airfare purchases on up to $50,000 (then 1x), 2x points on purchases through Amex Travel and 1x points on all other purchases. Rates & fees
12x points at Hilton, 6x points on select business and travel and 3x points on all other purchases
17.49% to 26.49% variable
$95
Earn 125,000 Hilton Honors Bonus Points after you spend $3,000 in eligible purchases on the card within the first 3 months of card membership. Rates & fees
2x points on Southwest Airlines and 1x points on all other purchases
17.99% to 24.99% variable
$99
Earn 60,000 points after spending $3,000 in the first 3 months and 6,000 points after your card anniversary.
3x points on Southwest Airlines, 2x points on social media and search engine advertising, Internet, cable, and phone services and 1x points on all other purchases
17.99% to 24.99% variable
$199
Earn 80,000 points when you spend $5,000 on purchases in the first 3 months.
6x points at Marriott Bonvoy, 4x points at US restaurants, US gas stations and on US wireless telephone and shipping services, 2x points on all other purchases
17.49% to 26.49% variable
$125
Earn 75,000 bonus points after you use your new card to make $3,000 in purchases within the first 3 months of card membership. Rates & fees
2x miles on direct Delta purchases and 1x miles on all other purchases
17.49% to 26.49% variable
$450
Earn 40,000 bonus miles and 10,000 Medallion Qualification Miles (MQMs) after you spend $3,000 in purchases on your new card in your first 3 months. Rates & fees
2x miles on direct Delta purchases and 1x miles on all other purchases
17.49% to 26.49% variable
$195
Earn 35,000 miles and 5,000 MQMs after spending $1,000 in the first 3 months plus $100 after making a direct Delta purchase in the same timeframe. Rates & fees
7x points on rideshares, 4x on Brex Travel, 3x at restaurants, 2x on software subscriptions and 1x points on all other purchases
N/A
$0
The first corporate card for startups. No personal liability or security deposit needed, meaning your personal credit score won't be affected.
N/A
N/A
$0
60-day interest-free financing for e-commerce businesses.
2x miles at restaurants, gas stations and office supply stores, 2x miles on United and 1x miles on all other purchases
17.74% to 24.74% variable
$95
Earn 50,000 miles after spending $5,000 in the first 3 months. Earn another 50,000 miles after spending $25,000 total in the first 6 months.

Compare up to 4 providers

What size business is the Platinum Plus® for Business Mastercard® good for?

Consider the Platinum Plus® for Business Mastercard® if your business has low spending and you don’t care for rewards. Beyond a signup bonus and intro APR on purchases, the card doesn’t offer standout benefits.

What should I know before I apply?

You must be 18 years old to apply for the Platinum Plus® for Business Mastercard®.

Required information

  • The business’ legal name, address and contact information.
  • The business’ legal and financial information, such as its business structure, tax ID number, industry and gross annual sales.
  • Your personal information, such as your contact information, citizenship status, date of birth, total household income and percentage ownership of your business.

What credit score do I need?

Providers typically approve business owners with good or better credit scores — 670 or higher. This is likely the case with the Platinum Plus® for Business Mastercard®.

What do customers say about the Platinum Plus® for Business Mastercard®?

Bank of America has been accredited by the Better Business Bureau (BBB) since 1949, and it currently enjoys an A rating. However, as of this writing, it has nearly 6,000 customer complaints.

Some reviewers say they’ve received unhelpful customer support with long wait times. Others say Bank of America has incorrectly recorded payments on their accounts. For many other reviews, details are unavailable because Bank of America has answered or resolved the issues.

How to apply for the Platinum Plus® for Business Mastercard®

  1. Visit the Bank of America website, then click Apply now.
  2. Fill out the application form with your business and personal details.
  3. Look over your application and submit it.

How long will it take to get my Platinum Plus® for Business Mastercard®?

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.

If you’re approved, look for your card and welcome materials in the mail within seven to 10 days.

I got the card. Now what?

  • Keep up with payments. Register an account on the Bank of America site to conveniently make and set up autopay. Keep track of your billing due date — making payments on time will benefit your business credit score.
  • Avoid late and returned payments. Each returned payment comes with a fee of $39. Bank of America also charges a higher-than-average $49 fee per late payment if your balance is greater than $5,000.
  • Avoid interest. When you receive your card in the mail, check your terms and note your purchase and balance transfer APR. Consider paying off your balances each month to help you avoid interest.
  • Contact customer support. Call the number on the back of your card if you need help. You can also call 800-432-1000 to reach the general support line.

Bottom line

If your business has high spending, you might benefit more from a rewards card. However, the Platinum Plus® for Business Mastercard® is a good choice for a quick signup bonus. Plus, with excellent credit, you may qualify for a low purchase and balance transfer APR.

Frequently asked questions

Images: Bank of America

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