Platinum Plus® for Business Mastercard® review | finder.com

Platinum Plus® for Business Mastercard® review

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Platinum Plus® for Business Mastercard®

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.
Product NamePlatinum Plus® for Business Mastercard®
Card typeMastercard
Annual fee$0
Standard purchase APR11.49% to 22.49% variable
Intro purchase APR0% for the first 7 billing cycles (then 11.49% to 22.49% variable)
Standard balance transfer APR11.49% to 22.49% variable
Intro balance transfer APR

N/A

Balance transfer fee$10 or 4% of the transaction, whichever is greater
Cash advance rate26.49% 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
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.

Another business card with an intro APR

U.S. Bank Business Platinum

  • 0% Intro APR on purchases and balance transfers for the first 12 billing cycles. After that variable APR currently 12.24% - 20.24%
  • No annual fee
  • Free employee cards
  • Zero fraud liability protects you against unauthorized transactions
  • This product is available in the following states: AR,AZ,CA,CO,IA,ID,IL,IN,KS,KY,MN,MO,MT,ND,NE,NM,NV,OH,OR,SD,TN,UT,WA,WI,WY
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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: $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.

Compare business credit cards

Name Product Rewards Purchase APR Annual fee
5% back at US office supply stores and on US wireless telephone services on up to $50,000 annually (then 1%). 3% on a chosen category on up to $50,000 annually, then 1% after and on everything else
0% intro for the first 15 months (then 14.49% to 21.49% variable)
$0
Save on interest with a 0% intro APR on purchases for 15 months. After that your APR will be variable. Rates & fees
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.
2x points on everyday business purchases on up to $50,000 annually, then 1x points
0% intro for the first 12 months (then 15.49% to 21.49% variable)
$0
Earn 2x Membership Rewards® points on everyday business purchases on up to $50,000 with no category restrictions. Rates & fees
12x points at Hilton, 6x points on select business and travel and 3x points on all other purchases
17.99% to 26.99% 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 miles on Delta purchases and 1x miles on all other purchases
17.99% to 26.99% variable
$0 intro annual fee for the first year ($95 thereafter)
Earn 30,000 bonus miles after you make $1,000 in purchases on your new card within your first 3 months. Plus earn $50 after you make your first Delta purchase in the same timeframe. Rates & fees
4x points on two categories on up to $150,000 combined annually, then 1x points after that and on all other purchases
16.49% to 24.49% variable
$295
Earn 35,000 Membership Rewards® points after you spend $5,000 on eligible purchases with the Business Gold Card within the first 3 months of card membership. 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 35,000 points after spending an additional $10,000 on purchases in the first 3 months from account opening. Rates & fees
2x points on purchases through Amex Travel and x points on all other purchases
N/A
$0 intro annual fee for the first year ($95 thereafter)
Earn 5,000 Membership Rewards® points after your first purchase on the card within the first year of card membership. Rates & fees
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
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
17.99% to 26.99% 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
17.99% to 26.99% 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
17.99% to 26.99% variable
$195
Earn 5,000 Medallion Qualification Miles (MQMs) plus 35,000 bonus miles after spending $1,000 in the first 3 months. In addition, earn a $100 statement credit after you make a Delta purchase with your new card within your first 3 months. Rates & fees
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.
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
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.
3x points on travel, shipping, Internet, cable, phone and online ads up to $150,000 combined annually, then 1x after and on all other purchases
18.24% to 23.24% variable
$95
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®
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 15.49% to 21.49% variable)
$0
$500 bonus cash back after you spend $3,000 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

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