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Bank of America® Platinum Visa Business credit card review
Last updated:
Please note: This card has been discontinued, and it is not available on our site.
- 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.
Discontinued product
This card has been discontinued, and it is not available on our site. Compare other credit cards or take Finder's credit card quiz to find one that fits your needs.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 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%.
$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.
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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 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.
Zero liability protection.
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.
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 11.74% to 22.74% variable balance transfer APR.
What size business is the Bank of America® 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 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 |
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 Bank of America® 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 Bank of America® Platinum Visa Business credit card
- Go to the Bank of America website.
- Select the Bank of America® Platinum Visa Business credit card from the list and click Apply now.
- Complete the application form with all the requested information about your business and the employee who will receive the card.
- 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.
Compare business credit cards
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 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.
Frequently asked questions
images: bankofamerica.com
Expert review
Review by
Kliment Dukovski
kliment.dukovski@findercrew.comKliment 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.