How to Maximize the Platinum Plus Mastercard Business Card

This card doesn't earn rewards, so making the most of it mainly involves earning the sign-up bonus.
Sally FrenchMar 16, 2021
How to Get the Most from the Bank of America Platinum Business Card

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The Bank of America® Platinum Plus® Mastercard® Business card is a no-annual-fee credit card aimed at small businesses. While there’s not a ton in the name of perks (you won’t earn rewards for spending), between the lack of annual fee, a tidy little sign-up bonus and a few other benefits, the Bank of America® Platinum Plus® Mastercard® Business card might be a useful tool for your business.

If you’ve committed to applying for the Bank of America® Platinum Plus® Mastercard® Business card — or perhaps you already have it — here are five things to do to make the most out of it.

Earn the welcome bonus

The Bank of America® Platinum Plus® Mastercard® Business card has a modest welcome bonus, and it shouldn’t be too difficult to reach for small-business owners. Get a $300 statement credit after you make at least $3,000 in net purchases in the first 90 days of your account opening. Make sure you hit that spending threshold in time so you don’t miss out on that extra money. You might even consider setting a calendar reminder.

Have a plan for taking advantage of the 0% introductory APR

The Bank of America® Platinum Plus® Mastercard® Business card offers a 0% intro APR on Purchases for 7 billing cycles, and then the ongoing APR of 10.24% - 21.24% Variable APR. That’s useful if you need to get your business up and running with purchases that you’ll pay off eventually, but aren’t ready to do so now.

Keep in mind that the regular interest rate kicks in after seven billing cycles, so make a plan for how you’ll pay down that debt later, whether it’s writing calendar reminders in your paper planner or taking advantage of Bank of America®’s automatic payment tool.

Separate your personal and business expenses

If you’ve previously been putting expenses for your small business on your personal credit card, it’s time to separate them. Separating business from personal expenses can help you better manage business cash flow, protect you from fraudulent charges, allow you to maintain better control over employee spending and also help make tax preparation easier.

Look through your monthly payments and see if you have recurring business expenses, such as Wi-Fi or professional association memberships that are set for autopay, which you can now shift to your new credit card.

Get set up with Bank of America®’s cash flow management tools

The Bank of America® Platinum Plus® Mastercard® Business card unlocks access to Bank of America®’s suite of cash flow management tools, including the ability to make automatic payments or show automatic cash flow projections.

Plus, integration with QuickBooks Online allows you to automatically track and sort expenses ahead of tax season. To use that feature, you’ll have to be enrolled in QuickBooks Online, which, at time of publication, starts at $15 per month (though the fee is waived when you have Business Advantage Checking with Bank of America®). From there, sign in to your Bank of America® account to integrate the two.

Request cards for your employees

If you want to allow your employees to have access to the company credit card, Bank of America® makes it fairly easy. Even if you didn’t list additional cardholders during your initial application, you can add them by signing in to your online account, navigating to the "Information & Services" tab, and selecting "Add cardholder," under the "Services" section. There’s no limit to the number of cards you can request.

The bottom line

The Bank of America® Platinum Plus® Mastercard® Business card isn't exactly jam-packed with benefits, but sometimes less is more. Rather than getting sidetracked by earning rewards, finding the airport lounge and signing up for TSA Precheck — as is the case with some other business credit cards — this credit card makes it simple to do the things you need, like paying off your balance on time or getting cards for your employees. That said, there are other no-fee business card options that may better serve your needs if you're interested in more perks.

Making the most of the Bank of America® Platinum Plus® Mastercard® Business card doesn’t have to take a lot of effort, allowing you to focus your energy on the things that really matter: your business.

The information related to  Bank of America® Platinum Plus® Mastercard® Business card has been collected by NerdWallet and has not been reviewed or provided by the issuer or provider of this product or service.

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