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Platinum Visa® Business Credit Card review

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The Bank of America Platinum Visa® Business Credit Card is best for the small business owner who wants a credit card with low APR on purchases and no annual fee.

  • Get this card if you’re looking for a low purchase APR credit card.
  • Pick something else if you want to earn travel rewards or cashback rewards for your business purchases.
  • Apply with a good to excellent credit score of 680 or higher.

$300

Welcome offer

$0

Annual fee

0%

Intro Purchase APR

for the first 7 billing cycles (then 11.49% to 22.49% variable)

740

Recommended credit score

Details

Product NamePlatinum Visa® Business Credit Card
Card typeVisa
Annual fee$0
Purchase APR0% intro for the first 7 billing cycles (then 11.49% to 22.49% variable)
Balance transfer APR11.49% to 22.49% variable
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 fee$49
Returned payment fee$39
Additional cardholder fee$0

The basics

The 0% purchase intro APR for the first 7 billing cycles could help you carry a balance on a large initial purchase for your small business without paying interest. After the intro period passes, you’ll get a variable APR for purchases of 11.49% to 22.49% variable , depending on your personal or your business’s creditworthiness. This is lower than the usual purchase APR of 12.74% to 22.74% that many business credit cards in the US offer.

The Platinum Visa® Business Credit Card comes with $0 annual fee and with a signup bonus of $300 in statement credit after you spend $3,000 in purchases within the first 90 days your account is open.

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

  • Signup bonus

    You can earn $200 in statement credit after you spend $500 in net purchases within the first 60 days of your account opening.

  • Low intro APR for purchases.

    The Platinum Visa® Business Credit Card offers a 0% intro purchase APR for the first 7 billing cycles, and then 11.49% to 22.49% variable APR. This is one of the lowest available for small business credit cards given the usual purchase APR is 12.74% to 22.74%.

  • $0 annual fees.

    This credit card comes with $0 annual fees, which makes it a good option for your business if you’re looking to minimize your card fees — especially if you have more than a few employees.

You’ll also like

  • 0% penalty APR.

    You don’t have to worry about a penalty APR if you miss out on a payment with this card. Other cards usually have a penalty APR, which can be up to 30% and last for six or more months.

  • Travel Services.

    The Platinum Visa® Business Credit Card services your travel needs with $100,000 in travel accident insurance and auto rental insurance, emergency ticket replacement and lost luggage assistance.

  • Zero liability protection.

    The Platinum Visa® Business Credit Card offers you a set of security features such as zero liability protection for unauthorized transactions, protection from misuse by terminated employees and protection against loss, theft, damage or fire. Knowing that the money you don’t want to spend is safe can help keep your mind at ease.

What to watch out for

  • Late payment fees.

    Try to make your payments on time to avoid paying unnecessary penalty fees, which can be up to $49 for late payments.

  • Foreign transaction fees.

    You may want to refrain from using this card abroad if you want to save on travel expenses — its 3% international transaction fee can quickly add up.

  • No introductory balance transfer APR.

    There’s no intro balance transfer APR for this card, which means you start off with a 11.49% to 22.49% variable balance transfer 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 15.24% to 21.24% variable)
$0
Earn 2% cash back on all purchases on up to $50,000 per calendar year, then 1%. Rates & fees
2% cash back on all purchases
19.24% 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 15.24%, 19.24% or 23.24% variable)
$0
Unlimited 1.5% cash back on every purchase, every day.
2x points on everyday business purchases on up to $50,000 annually, then 1x points
0% intro for the first 12 months (then 15.24% to 21.24% variable)
$0
Earn 2x Membership Rewards® points on everyday business purchases on up to $50,000 with no category restrictions. Rates & fees
2x miles on all purchases
19.24% 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 15.24%, 19.24% or 23.24% 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
16.24% to 24.24% 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
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®
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
25.24% 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
17.74% to 26.74% 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.
2x miles on Delta purchases and 1x miles on all other purchases
17.74% to 26.74% 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
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
17.74% to 26.74% 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
17.74% to 26.74% 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
17.74% to 26.74% 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
17.99% to 24.99% 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 Visa® Business Credit Card good for?

This card is aimed at small businesses that want to pay lower APR for all business purchases. After the intro 0% purchase APR for the first 7 billing cycles is up the Platinum Visa® Business Credit Card has a low 11.49% to 22.49% variable purchase APR. Most small business credit cards in the US have an APR for purchases that start from 12.74% up to 22.74%.

A $5,000 purchase made upon opening the account would gain 0% in interest over the first 7 billing cycles. We’ll compare this against two cards that don’t have an introductory APR. The interest charged assumes $200 monthly payments towards the balance and no new purchases.

Platinum Visa® Business Credit CardCard 1Card 2
APR0%12.74%22.74%
Interest charged over 7 billing cycles$0$333.45$611.02

What should I know before I apply?

Bank of America will ask you for information about yourself, your company and about any employee you want to designate as a card holder when you apply for the Platinum Visa® Business Credit Card. This information includes:

  • Business name and address
  • Federal Tax ID Number, also known as Employment Identification Number (EIN)
  • Country in which the business was legally formed
  • What type of company your business is
  • Which countries you conduct your business operations in
  • Type of industry
  • Gross annual sales
  • Date when your business was established
  • Personal information of the credit card owner, including household income, source of income and housing status

How to apply for the Platinum Visa® Business Credit Card

  1. Go to the Bank of America website.
  2. Select the Platinum Visa® Business Credit Card from the list and click Apply now.
  3. Complete the application form with all the requested information about your business and the employee who will receive the card.
  4. Review your application and submit it.

How long will it take to be approved?

Applications can be processed in as little as 24 hours, but generally it takes 10 to 12 business days. If Bank of America requires other documents or has questions regarding your application you will be contacted via phone.

If approved, you will receive your credit card within 7 to 10 business days from when your application was received.

I got the card. Now what?

  • Use the online cash flow management tools. Bank of America offers a set of online tools where you can manage your account 24 hours a day, 7 days a week. You can set up automatic payments and transfers, and you can track your employees’ spending in the MyReport Center.
  • Avoid paying finance charges on purchases. Your due date is 25 days from your statement closing date. Try to pay your entire balance by the due date to avoid finance charges on purchases.
  • Avoid penalty fees. You can avoid penalty fees if you make timely payments.
  • Customer service. If you have questions, call Bank of America at 800-732-9194, email using an online secure form, or connect on Twitter @BankofAmerica or on Facebook @BankofAmerica.

Bottom line

If you’re running a small business and want a credit card with competitive APR on purchases and with no annual fees, then Platinum Visa® Business Credit Card is a credit card worth considering.

What this card lacks in balance transfer promotions, it makes up for in other introductory deals. Purchases have an intro APR of 0% for the first 7 billing cycles and a reasonable variable rate of 11.49% to 22.49% variable after. You’ll also get a signup bonus of $200 in statement credit if you spend $500 in net purchases within the first 60 days of your account opening.

Make sure to compare all of your business credit card options before applying for this one. You may find one with features better tailored to your business if this one doesn’t tick all the boxes.

Frequently asked questions

images: bankofamerica.com

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