Platinum Plus® for Business Mastercard® review |

Platinum Plus® for Business Mastercard® review – January 2019

We value our editorial independence, basing our comparison results, content and reviews on objective analysis without bias. But we may receive compensation when you click links on our site. Learn more about how we make money from our partners.

Platinum Plus® for Business Mastercard®

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

30-second take

  • 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.
Product NamePlatinum Plus® for Business Mastercard®
Card TypeMastercard
Annual Fee$0
APR (Annual Percentage Rate) for Purchases11.49% to 22.49% variable
Introductory Purchase APR0% for the first 7 billing cycles (then 11.49% to 22.49% variable)
Balance Transfer APR11.49% to 22.49% variable
Introductory Balance Transfer APR


Balance Transfer Fee$10 or 4% of the transaction, whichever is greater
Cash Advance Rate26.49% variable
Foreign Transaction Fee3% of the transaction value
Cash Advance Fee$10 or 4% of the cash advance amount, whichever is greater
Interest Free PeriodUp to 25 days
Late Payment FeeUp to $49
Returned Payment Fee$39
Minimum Age18 years of age

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.

Our pick for business cash back

Ink Business Unlimited℠ Credit Card

  • Earn $500 bonus cash back after you spend $3,000 on purchases in the first 3 months from account opening
  • Earn unlimited 1.5% cash back on every purchase made for your business
  • 0% introductory APR for 12 months on purchases and balance transfers
  • Employee cards at no additional cost
  • No annual fee
Read less
Read more

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: $200 in statement credit.

    To earn this bonus, make at least $500 in net purchases within the first 60 days of your account opening.

    This is a standard bonus size among no-annual-fee business cards. However, you have to spend relatively little to receive the $200 in statement credit. With other cards, you might need to spend $3,000 or more on purchases to qualify for the bonus.

    Note that with the Platinum Plus® for Business Mastercard®, you get only 60 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 11.49% to 22.49% 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 11.49%, 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 26.49% 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 22.49% variable.

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

Consider other cards if …

Compare business credit cards

Name Product APR (Annual Percentage Rate) for Purchases Introductory Purchase APR Annual Fee
17.99% to 22.99% variable


80,000 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®
15.24% to 21.24% variable
0% for the first 12 months (then 15.24% to 21.24% variable)
$500 bonus cash back after you spend $3,000 on purchases in the first 3 months after account opening
15.49% to 21.49% variable
0% for the first 12 months (then 15.49% to 21.49% variable)
$500 bonus cash back after you spend $3,000 in the first 3 months
None (Charge Card)


The first corporate card for startups. No personal liability or security deposit needed, meaning your personal credit score won't be affected.
17.99% to 25.99% variable


$0 annual fee for the first year ($99 thereafter)
70,000 AAdvantage® miles after making $4,000 in purchases in first 4 months of account opening
None (Charge Card)


Earn 75,000 Membership Rewards® bonus points by spending $10,000 on purchases for the first 50,000 points and then another $10,000 for the next 25,000 points on their new card in the first 3 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

Kevin Joey Chen

Kevin Chen is a world-travelin', copy-writin', Game of Thrones-watchin' credit cards writer for When he's not crunching the numbers on bonus points and comparing APRs, you can find him flying around the world in search of the perfect beer.

Was this content helpful to you? No  Yes

Ask an Expert

You are about to post a question on

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and Terms of Use.

Questions and responses on are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.
Go to site