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 Name||Platinum Plus® for Business Mastercard®|
|APR (Annual Percentage Rate) for Purchases||11.49% to 22.49% variable|
|Introductory Purchase APR||0% for the first 7 billing cycles (then 11.49% to 22.49% variable)|
|Balance Transfer APR||11.49% to 22.49% variable|
|Intro Balance Transfer APR|
|Balance Transfer Fee||$10 or 4% of the transaction, whichever is greater|
|Cash Advance Rate||26.49% variable|
|Foreign Transaction Fee||3% of the transaction value|
|Cash Advance Fee||$10 or 4% of the cash advance amount, whichever is greater|
|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|
|Minimum Age||18 years of age|
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
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.
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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 …
You want rewards.
Many business cards offer strong rewards. If you don’t want an annual fee, try the Ink Business Cash℠ Credit Card or Ink Business Unlimited℠ Credit Card. If you can make an annual fee worth it, you might like the Spark® Cash from Capital One® or Business Platinum Card® from American Express.
You want a larger signup bonus.
You’ll likely find one with a business card with an annual fee. Consider starting your search with the Ink Business Preferred℠ Credit Card, which offers a stellar bonus.
You have average credit.
You may have difficulty getting approved for this card if you feel your credit score needs work. For better approval odds, consider the Spark® Classic for Business. Capital One targets this card to customers with average credit.
You want a longer intro APR period on purchases and balance transfers.
The market leader is the Blue Business℠ Plus Credit Card from American Express, which offers 0% intro APR for 15 months on purchases and balance transfers. After that, a 13.49%, 17.49% or 21.49% variable APR applies. The Ink Business Unlimited℠ Credit Card and Ink Business Cash℠ Credit Card are also good choices.
Compare business credit cards
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®.
- 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®
- 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 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.
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