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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.
You can earn $200 in statement credit after you spend $500 in net purchases within the first 60 days of your account opening.
The Bank of America® Platinum Visa Business credit card offers a 0% intro purchase APR for the first 7 billing cycles, and then 11.74% to 22.74% 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%.
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 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.
The Bank of America® 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.
The Bank of America® 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.
Try to make your payments on time to avoid paying unnecessary penalty fees, which can be up to $49 for late payments.
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.
There’s no intro balance transfer APR for this card, which means you start off with a 11.74% to 22.74% variable balance transfer APR.
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 Bank of America® Platinum Visa Business credit card has a low 11.74% to 22.74% 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.
Bank of America® Platinum Visa Business credit card | Card 1 | Card 2 | |
---|---|---|---|
APR | 0% | 12.74% | 22.74% |
Interest charged over 7 billing cycles | $0 | $333.45 | $611.02 |
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 Bank of America® Platinum Visa Business credit card. This information includes:
If you’re running a small business and want a credit card with competitive APR on purchases and with no annual fees, then Bank of America® 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 11.74% to 22.74% 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.
images: bankofamerica.com
Review by
Kliment Dukovski is a credit cards writer. He's written over 600 articles to help readers find and compare the best credit cards. Kliment has also written on money transfers, home loans and more. Previously, he ghostwrote guides and articles on foreign exchange, stock market trading and cryptocurrencies.