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

The Platinum Plus® Mastercard® Business 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.

Platinum Plus® Mastercard® Business 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 Platinum Plus® Mastercard® Business card

no ONGOING rewards

Other business cards on the market have similar attributes to the Platinum Plus® Mastercard® Business 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 $500 bonus cash back after you spend $3,000 on purchases in the first 3 months from account opening.

A SHORT 0% INTRO APR

The Platinum Plus® Mastercard® Business 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 Platinum Plus® Mastercard® Business 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% on Purchases for 9 months, and then the ongoing APR of 13.99% - 23.99% Variable APR.

Is the Platinum Plus® Mastercard® Business 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.