Platinum Visa® Business Credit Card Review - May 2018 | finder.com

Platinum Visa® Business Credit Card review – May 2018

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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.
Product NamePlatinum Visa® Business Credit Card
Balance Transfer Rate (not intro)10.74% to 21.74% variable
APR for Purchases ( Purchase Rate )10.74% to 21.74% variable
Annual fee$0
Cash Advance Rate25.74% variable
Card TypeVisa
Interest Free Period
The interest-free period on purchases is the period or number of days you do not have to pay interest on your card purchases. You will be charged interest either from the day you make a purchase or from the statement date, unless you pay the closing balance in full by the due date (or within the interest-free period) on your statement.
Up to 25 days
Returned Payment Fee$39
Foreign Currency Conversion Fee (VISA)
Foreign currency conversion fees are charged when you make a transaction that is converted by a credit card network, such as MasterCard, Visa or American Express, from Australian dollars to a foreign currency. You’ll also incur a currency conversion fee if you make a purchase or obtain a cash advance in Australian dollars while overseas or shopping online with a foreign merchant or financial institution.
3% of transaction value
Minimum Interest$1
Minimum Credit ScoreFair (660-699)
Minimum Age18 years of age
Annual fee$0
Returned Payment Fee$39
Late Payment Fee$49
Cash Advance Fee$10 or 4% of the amount of each transaction, whichever is greater

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 10.74% to 21.74% 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 $200 in credit statement after you spend at least $500 in net purchases within the first 60 days of your account opening.

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. In comparison, the American Express SimplyCash® Plus Business Credit Card offers you $250 in statement credit after you spend $5,000 in the first 180 days of the account opening. That’s ten times more spending for only $50 more in rewards

  • 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 10.74% to 21.74% 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 p.a. 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 10.74% to 21.74% variable balance transfer APR.

Consider other cards if…

  • You want cash back rewards. You may consider another card if you want a credit card with cashback rewards for all your business purchases. One option, Business Advantage Cash Rewards Mastercard® credit card by Bank of America, offers you 3% cash back on gas and office supplies up to the annual limit of $250,000 and 1% thereafter, 2% on restaurant purchases and 1% on all other purchases.
    Or you may consider American Express SimplyCash® Plus Business Credit Card, which offers 5% cash back on office supplies and wireless telephone services and 3% on a category of your choosing from a specified list. The 5% and 3% cash back applies for the first $50,000 spent per year and 1% thereafter.
  • You want travel rewards. The Business Advantage Travel Rewards World Mastercard® credit card by Bank of America may be a better choice for a company that spends thousands on travel. You get 1.5 points per $1 spent on all purchases, and 3 points per $1 spent through Bank of America Travel Center. You can redeem points for statement credits toward travel purchases. Or you can consider the Capital One Spark Miles Select for Business, which offers you a 1.5 bonus points per $1 spent.

Compare business credit cards

Rates last updated May 20th, 2018
Name Product APR for Purchases ( Purchase Rate ) Intro Purchase APR Intro Purchase APR Period Annual fee Product Description
Applied Bank® VISA® Business
23.99% variable
$0 (One time $125 account origination fee)
Turn your hobby or passion into a business with a new Applied Bank® VISA® Business card! This Visa Business card is perfect for sole proprietors and entrepreneurs.
Chase Ink Business Cash credit card
14.24% to 20.24% variable
0%
first 12 billing cycles
$0
$300 bonus cash back after you spend $3,000 on purchases in the first 3 months after account opening
Chase Ink Business Preferred credit card
17.24% to 22.24% variable
$95
80000 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®
Capital One Spark® Classic for Business
24.24% variable
$0
Get the credit you want for your business, and unlimited 1% cash back on every purchase, every day
Capital One Spark Miles Select for Business
14.24%, 18.24% or 22.24% variable
0%
first 9 months
$0
Unlimited 1.5X miles per dollar on every purchase, every day
Capital One Spark Miles for Business
18.24% variable
$0 annual fee for the first year ($95 thereafter)
Unlimited 2X miles per dollar on every purchase, every day
Capital One Spark® Cash Select for Business
14.24%, 18.24% or 22.24% variable
0%
first 9 months
$0
Unlimited 1.5% cash back on every purchase, every day.
Capital One Spark Cash for Business
18.24% variable
$0 intro for the first year, $95 thereafter
Unlimited 2% cash back from Spark Cash could mean thousands of dollars each year going back into your business. No minimum to redeem.
Marriott Rewards® Premier Business credit card
17.24% to 24.24% variable
$99
75000 Bonus points after you spend $3,000 on purchases in your first 3 months from your account opening with your Marriott Rewards Premier Business credit card.
United MileagePlus® Explorer Business card
17.24% to 24.24% variable
$0 annual fee for the first year ($95 thereafter)
50000 bonus miles after you spend $3,000 on purchases in the first 3 months your account is open.
Southwest Rapid Rewards® Premier Business Credit Card
17.24% to 24.24% variable
$99
Earn 2x points on Southwest® purchases and points on all other purchases. Plus 6,000 anniversary bonus points.
CitiBusiness® / AAdvantage® Platinum Select® World Mastercard®
16.74% to 24.74% variable
$0 annual fee for the first year ($95 thereafter)
Earn 60000 American Airlines AAdvantage® bonus miles after you spend $3,000 in purchases within the first 3 months of account opening.
American Express Business Platinum Card®
19.74% variable
$450
Earn 50000 Membership Rewards® points after you spend $10,000 and an extra 25,000 points after you spend an additional $10,000 all on qualifying purchases on the Business Platinum Card within your first 3 months of Card Membership.
American Express SimplyCash® Plus Business Credit Card
American Express SimplyCash® Plus Business Credit Card
13.49% to 20.49% variable
$0
Earn cash back with buying power to help pay for business needs.

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 variable purchase APR of 10.74% to 21.74% variable. 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

Always consider your options and your financial situation before you apply for a credit card.

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.

The Platinum Visa Business Credit Card Step 1

The Platinum Visa Business Credit Card Step 2

The Platinum Visa Business Credit Card Step 3

The Platinum Visa Business Credit Card Step 4

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 10.74% to 21.74% 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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