Bank of America Platinum Business Review: Bare-Bones in Every Way
This $0-annual-fee small business credit card has a short 0% APR period, a modest sign-up bonus and no ongoing rewards.
Some card info may be outdated
This page includes information about the Bank of America® Platinum Plus® Mastercard® Business credit card currently unavailable on NerdWallet.
Our Take
2.0
The bottom line: Its most notable feature is the potential for a lower-than-average ongoing APR for those who qualify, but other small-business cards can offer a lot more value.
Full Review
Bank of America® Platinum Plus® Mastercard® Business credit card
Annual Fee
$0
Regular APR
10.24% - 21.24% Variable APR
Intro APR
0% Introductory APR on purchases for your first 7 billing cycles.
Recommended Credit Score
Quick Facts
Pros & Cons
Pros
No Annual Fee
Has Bonus Offer
Cons
No Rewards
Alternate Pick: Ongoing rewards with no annual fee
The Blue Business® Plus Credit Card from American Express
Generous intro APR offer
The Blue Business® Plus Credit Card from American Express has an annual fee of $0 and earns double points on purchases up to the first $50,000 in spending per year (1X back thereafter). Terms apply.
Compare to Other Cards
Annual Fee$95 | Annual Fee$0 | Annual Fee$0 |
Regular APR15.99% - 20.99% Variable APR | Regular APR13.24% - 19.24% Variable APR | |
Intro APRN/A | Intro APR0% intro APR on purchases for 12 months from the date of account opening | Intro APR0% intro APR on Purchases for 12 months |
Recommended Credit Score |
Recommended Credit Score |
Recommended Credit Score |
Get more smart money moves — straight to your inbox
Become a NerdWallet member, and we’ll send you tailored articles we think you’ll love.
Full Review
The Bank of America® Platinum Plus® Mastercard® Business credit card doesn’t offer a lot of value for your business expenses. You won't earn ongoing rewards on your spending, and the features that the issuer touts — like fraud monitoring and an EMV chip — are standard on virtually all credit cards.
The only reason you might want to consider this product is if you have excellent credit. With a credit score of 720 or higher, you could potentially qualify for a relatively low ongoing APR that saves you money if you carry a balance. But there’s no certainty that you’ll get that rate, since issuers also evaluate other factors such as debts and income to determine eligibility.
Other business credit cards can provide more value and benefits.
Bank of America® Platinum Plus® Mastercard® Business credit card: Basics
Card type: Small business.
Annual fee: $0.
Sign-up bonus: Get a $300 statement credit when you make at least $3,000 in net purchases within 90 days of your account opening.
Ongoing rewards: None.
Intro APR: 0% on Purchases for 7 billing cycles, and then the ongoing APR of 10.24% to 21.24% (as of May 2020).
Other benefits:
Overdraft protection: If you link your card to an eligible Bank of America® business checking account, you'll be covered in case you accidentally overspend.
Travel and emergency services: As a cardholder, you're eligible for up to $100,000 in travel accident insurance and auto rental insurance, emergency ticket replacement, lost–luggage assistance and the option to get extended protection.
Why you're better off passing on the Bank of America® Platinum Plus® Mastercard® Business credit card
no ONGOING rewards
Other business cards on the market have similar attributes to the Bank of America® Platinum Plus® Mastercard® Business credit card, but many of them also earn rewards on your ongoing spending. One example is the Ink Business Unlimited® Credit Card. It comes with an annual fee of $0, free employee cards, and this intro APR offer: 0% intro APR on Purchases for 12 months, and then the ongoing APR of 13.24% - 19.24% Variable APR. Plus you'll earn an unlimited 1.5% cash back on every purchase, not to mention a better sign-up bonus: Earn $750 bonus cash back after you spend $7,500 on purchases in the first 3 months from account opening.
A SHORT 0% INTRO APR
The Bank of America® Platinum Plus® Mastercard® Business credit card offers an intro APR: 0% on Purchases for 7 billing cycles, and then the ongoing APR of 10.24% - 21.24% Variable APR. (You’ll get a potentially low ongoing interest rate if you can qualify for it, but even with an excellent credit score, that's not a given.) The Blue Business® Plus Credit Card from American Express could be a better choice, as it comes with an intro APR of 0% intro APR on Purchases for 12 months, and then the ongoing APR of 13.24% - 19.24% Variable APR. It earns rewards, too, at a rate of 2 points per dollar spent up to an annual spending cap of $50,000, then 1 point per dollar. Terms apply. The annual fee is $0.
a foreign transaction fee
If you plan on making any purchases from overseas, don't charge them to the Bank of America® Platinum Plus® Mastercard® Business credit card. The card carries a foreign transaction fee of 3% for every international purchase you make. The $0-annual-fee Capital One Spark Cash Select for Business skips those fees, and it offers 1.5% cash back on all spending. It also has a modest sign-up offer: Earn a one-time $200 cash bonus once you spend $3,000 on purchases within the first 3 months from account opening. The introductory APR offer is also slightly longer: 0% intro APR on Purchases for 9 months, and then the ongoing APR of 13.99% - 23.99% Variable APR.
Is the Bank of America® Platinum Plus® Mastercard® Business credit card right for you?
Probably not. Plenty of other $0-annual-fee business cards can offer ongoing rewards and more generous incentives, so it's worth exploring your options. A good place to start is by browsing NerdWallet's roundup of best credit card offers.
To view rates and fees of The Blue Business® Plus Credit Card from American Express, please visit this page.
NerdWallet reviews are the result of independent research by our editorial team while cardholder reviews are contributions from independent users not affiliated with NerdWallet. Banks, issuers and credit card companies are not responsible for any content posted on the NerdWallet site, nor do they endorse or guarantee any posted comments or reviews.
Write a review
Read Our Posting GuidelinesSome of the reviews on the NerdWallet site were purchased through a third party provider. Users who post a review directly on the NerdWallet site will not be compensated in any way. Please see our Terms of Use and Posting Guidelines for more information.