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.

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Our Take

2.1

NerdWallet rating 
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.

Jump to: Full Review
Bank of America® Platinum Plus® Mastercard® Business credit card
Annual fee
$0
Regular APR
10.49%-21.49% Variable APR
Intro APR
0% intro APR on Purchases for 7 billing cycles
Rec. credit score
720-850 (Excellent)
Apply now

on Bank of America's website

Quick Facts

Pros & Cons

Pros

  • No annual fee

  • New cardholder bonus offer

  • Intro APR period

Cons

  • Requires excellent credit

  • No rewards

  • Foreign transaction fee

  • Relatively short intro APR period

Alternate Pick: Ongoing rewards with no annual fee
American Express The Blue for Business® Credit Card
NerdWallet rating 
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.

Read our review

Compare to Other Cards

NerdWallet rating 
NerdWallet rating 
NerdWallet rating 
Annual fee

$0

Annual fee

$95

Annual fee

$0

Regular APR

10.49%-21.49% Variable APR

Regular APR

16.24%-21.24% Variable APR

Regular APR

13.99%-21.99% Variable APR

Intro APR

0% intro APR on Purchases for 7 billing cycles

Intro APR

N/A

Intro APR

0% intro APR on purchases for 12 months from the date of account opening

Recommended Credit Score
Recommended Credit Score
Recommended Credit Score
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Full Review

The Bank of America® 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.

Bank of America® Platinum Plus® Mastercard® Business card: Basics

Card type: Small business.

Annual fee: $0.

Sign-up bonus: Get a $300 statement credit online bonus after you make at least $3,000 in net purchases in the first 90 days of your account opening.

Ongoing rewards: None.

Intro APR: 0% intro APR on Purchases for 7 billing cycles, and then the ongoing APR of 10.49%-21.49% 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're better off passing on the Bank of America® Platinum Plus® Mastercard® Business card

No ongoing rewards

Other business cards on the market have similar attributes to the Bank of America® 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 13.49%-19.49% 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 card offers an intro APR: 0% intro APR on Purchases for 7 billing cycles, and then the ongoing APR of 10.49%-21.49% 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 13.99%-21.99% 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 (see rates and fees. 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 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 - $500 Cash Bonus skips those fees, and it offers 1.5% cash back on all spending. It also has a solid sign-up offer: Earn a $500 bonus when you spend $4,500 in the first 3 months of account opening.

Is the Bank of America® 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.

To view rates and fees of The Blue Business® Plus Credit Card from American Express, see this page.

on Bank of America's website

Methodology

NerdWallet reviews credit cards with an eye toward both the quantitative and qualitative features of a card. Quantitative features are those that boil down to dollars and cents, such as fees, interest rates, rewards (including earning rates and redemption values) and the cash value of benefits and perks. Qualitative factors are those that affect how easy or difficult it is for a typical cardholder to get good value from the card. They include such things as the ease of application, simplicity of the rewards structure, the likelihood of using certain features, and whether a card is well-suited to everyday use or is best reserved for specific purchases. Our star ratings serve as a general gauge of how each card compares with others in its class, but star ratings are intended to be just one consideration when a consumer is choosing a credit card. Learn how NerdWallet rates credit cards.