Underrated Reasons to Get a Platinum Plus Mastercard Business Card

This "bare-bones" business credit card isn't necessarily a bad thing.

Sally FrenchNovember 2, 2020
On a similar note...
On a similar note...
Underrated Reasons Why You Need A Platinum Plus Mastercard Business Card

Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own.

The Bank of America® Platinum Plus® Mastercard® Business credit card is a no-frills, no-nonsense credit card for small-business owners. It’s certainly far from the best business credit card you’ll see; even if you’re not willing to pay an annual fee, you can do better. But if you’re looking for no annual fee with an attractive intro APR period and a modest sign-up bonus, the Bank of America® Platinum Plus® Mastercard® Business credit card may fit your needs.

Here are some of the better-known and lesser-known benefits of this card.

The well-known reasons

  • Welcome bonus: The Bank of America® Platinum Plus® Mastercard® Business credit card is currently offering a modest welcome bonus: Get a $300 statement credit when you make at least $3,000 in net purchases within 90 days of your account opening. It’s not the highest you’ll find on small-business credit cards, but it’s a tidy sum of money that you wouldn’t have otherwise.

  • Intro APR offer on purchases: The card offers a 0% on Purchases for 7 billing cycles, and then the ongoing APR of 10.24% - 21.24% Variable APR. That’s a decent period where you can make purchases to get your business up and running before you start owing interest.

Underrated reasons

No penalty APRs

If you find yourself in a situation where you can’t make your minimum payment, some credit card issuers will slap an even bigger penalty rate on your account. Some issuers also charge penalty APRs for situations like exceeding your credit limit or making a payment that doesn’t go through.

The good news: If this happens to you with your Bank of America® Platinum Plus® Mastercard® Business credit card, you won’t need to worry about your APR increasing, because there are no penalty APRs.

But keep in mind you can’t continue to miss payments — you’ll still owe interest on any outstanding balance, as well as applicable late or returned payment fees.

Access to Bank of America’s cash flow management tools

Managing small-business cash flow can be tough. Bank of America® makes it a bit more straightforward with its suite of cash flow management tools, including the ability to make automatic payments, integration with QuickBooks Online (which allows you to track and sort expenses ahead of tax season) and features that show cash flow projections.

Chip technology

Increasingly, more credit cards come with chip technology, and the Bank of America® Platinum Plus® Mastercard® Business credit card is no exception. Chip technology is designed to make credit card transactions more secure by preventing thieves from stealing your information — aka "skimming" — when you swipe the magnetic strip on the back of the card, and it's now the security standard in the U.S.

The bottom line

The Bank of America® Platinum Plus® Mastercard® Business credit card isn't the most exciting credit card. But despite the lack of eye-popping perks, it’s a straightforward, no-annual-fee credit card that might be right for you.

We call it a bare-bones credit card in our review, but bare-bones isn't bad. For small-business owners who want to keep their credit card life simple (because owning a business can be complicated enough), the Bank of America® Platinum Plus® Mastercard® Business credit card delivers.

If you’re looking for something a bit more eye-catching, consider some other small business credit cards. The American Express Blue Business Cash™ Card offers rewards (2% cash back on all eligible purchases on up to $50,000 per calendar year, then 1%) without an annual fee. Terms apply. The Blue Business® Plus Credit Card from American Express offers an even longer introductory APR on purchases than what you’ll find on the Bank of America® Platinum Plus® Mastercard® Business credit card, plus you’ll earn points for your spending.

How to Maximize Your Rewards

You want a travel credit card that prioritizes what’s important to you. Here are our picks for the best travel credit cards of 2020, including those best for:

We want to hear from you and encourage a lively discussion among our users. Please help us keep our site clean and safe by following our posting guidelines, and avoid disclosing personal or sensitive information such as bank account or phone numbers. Any comments posted under NerdWallet’s official account are not reviewed or endorsed by representatives of financial institutions affiliated with the reviewed products, unless explicitly stated otherwise.