Bank of America Platinum Business Review: Bare-Bones in Every Way

It may have "platinum" in its name, but there's not a lot of flash to the Bank of America® Platinum Plus® Mastercard® Business credit card.

The annual fee is $0, but there are no ongoing rewards, nor any perks like lounge access or cell phone insurance. Many of the card's features touted by the issuer are standard on virtually all credit cards, like fraud monitoring and an EMV chip.

But there is one feature that might catch your eye: For those who qualify, it can offer a relatively low ongoing APR. If you plan on carrying a balance on the card, that could save you money over time.

Bank of America® Platinum Plus® Mastercard® Business credit card: Basics and benefits

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 11.74% - 22.74% Variable APR.

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 might want the Bank of America® Platinum Plus® Mastercard® Business credit card

it's uncomplicated

This is as bare-bones a business card as you can find. There are no rewards to track, no perks to use before they expire. The card doesn't even penalize you with a sky-high APR if you pay late or miss a payment. (It does, however, charge late fees.)

Solid sign-up bonus

The welcome offer on the Bank of America® Platinum Plus® Mastercard® Business credit card shouldn't be too much of a stretch to attain for many business owners: Get a $300 statement credit when you make at least $3,000 in net purchases within 90 days of your account opening.

Relatively Low ongoing APR

The card offers an intro APR: 0% on Purchases for 7 billing cycles, and then the ongoing APR of 11.74% - 22.74% Variable APR. If you know you're going to carry a balance for a while, even after the card's 0% APR offer expires, this card could save you money over another option, assuming you qualify for the lowest end of the ongoing range.

employee cards are free

Since you get an unlimited number of employee cards at no charge, you can afford to give one to everyone on the payroll. It's a nice perk, to be sure, but not unique among small-business cards. Take the Capital One® Spark® Cash Select for Business, for example. It also carries an annual fee of $0 and offers free employee cards. And it earns easy-to-understand flat-rate rewards of 1.5% cash back on all spending, including charges made to any employee cards.

Why you might want another card

There are no 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% on Purchases for 12 months, and then the ongoing APR of 14.74% - 20.74% Variable APR. Plus you'll earn an unlimited 1.5% cash back on every purchase, not to mention a generous sign-up bonus: Earn $500 bonus cash back after you spend $3,000 on purchases in the first 3 months from account opening.

There's no intro APR offer on balance transfers

The Bank of America® Platinum Plus® Mastercard® Business credit card offers an intro APR period only on purchases, not on balance transfers. The Blue Business® Plus Credit Card from American Express could be a better choice, as it comes with an intro 0% APR for 12 months on purchases and balance transfers, 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.

There's 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.

Should I get the Bank of America® Platinum Plus® Mastercard® Business credit card?

The Bank of America® Platinum Plus® Mastercard® Business credit card is a straightforward card with a few decent side perks, but plenty of other $0-annual-fee business cards have much more to offer. It's worth exploring your options.

A good place to start is by browsing NerdWallet's roundup of best credit card offers.