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The Bank of America® Platinum Plus® Mastercard® Business 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 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 card is currently offering a modest welcome bonus: Get a $300 statement credit after you make at least $3,000 in net purchases in the first 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% intro APR 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.
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 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.
Increasingly, more credit cards come with chip technology, and the Bank of America® Platinum Plus® Mastercard® Business 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 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 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 card, plus you’ll earn points for your spending.
To view rates and fees of the American Express Blue Business Cash™ Card, see this page.
To view rates and fees of The Blue Business® Plus Credit Card from American Express, see this page.
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 2021, including those best for:
Flexibility, point transfers and a large bonus: Chase Sapphire Preferred® Card
No annual fee: Bank of America® Travel Rewards credit card
Flat-rate travel rewards: Capital One Venture Rewards Credit Card
Bonus travel rewards and high-end perks: Chase Sapphire Reserve®
Luxury perks: The Platinum Card® from American Express
Business travelers: Ink Business Preferred® Credit Card