Credit Cards Business Credit Cards

Bank Of America® Platinum Plus® Mastercard® Business Card Review 2024: Is It Worth It?

The Bank of America® Platinum Plus® Mastercard® Business card is a decent option for small business owners who want a low-interest credit card. But you can find better cards for earning rewards.

Updated May 15, 2024
Fact checked

We receive compensation from the products and services mentioned in this story, but the opinions are the author's own. Compensation may impact where offers appear. We have not included all available products or offers. Learn more about how we make money and our editorial policies.

Bank of America® Platinum Plus® Mastercard® Business card

Bank of America® Platinum Plus® Mastercard® Business card
3.5

OUR VIEW

We think that the Bank of America® Platinum Plus® Mastercard® Business card can be a decent fit for small business owners who want access to an introductory APR offer and a generous welcome offer while paying $0 annual fee.

However, we don’t like that the Bank of America Platinum Plus Business card doesn’t earn rewards and offers a relatively short introductory APR compared to other small business cards. This is why we recommend the Ink Business Cash® Credit Card and Capital One Spark Miles for Business as two alternatives that offer rewards and better benefits.

Pros

Earn a $300 online statement credit after you make at least $3,000 in purchases in the first 90 days of your account opening
0% introductory APR on purchases for 7 billing cycles (then 16.49% - 27.49% Variable APR)
$0 annual fee

Cons

No rewards for spending
How we evaluate products

Key takeaways

Who should get the Bank of America Platinum Plus Business card?

We think the Bank of America Platinum Plus Business card can be a good fit for small business owners who want to avoid an annual fee and would benefit from the following intro APR offer:

  • 0% intro APR for 7 billing cycles on purchases (then 16.49% - 27.49% Variable)

Plus, the Bank of America Platinum Plus Business card offers a generous welcome offer. You can earn a $300 online statement credit after you make at least $3,000 in purchases in the first 90 days of your account opening. You can also enjoy extended warranty coverage and purchase protection for qualified purchases.

Keep in mind
Bank of America used to offer Bank of America® Platinum Plus® Visa® Card, which had similar benefits to the Bank of America® Platinum Plus® Mastercard® Business card. However, that Visa card is now retired.

However, we don't recommend this card for business owners who would like to earn ongoing rewards on their purchases. The Bank of America Platinum Plus Business card lacks a rewards program, this is why we recommend exploring alternatives like the Ink Business Cash® Credit Card and Capital One Spark Miles for Business if you’d like to earn rewards.

The Ink Business Cash® Credit Card also offers this intro APR offer:

  • 0% intro APR for 12 months on purchases (then 18.49% - 24.49% Variable)

Bank of America Platinum Plus Business card basics

Card type Business/Low-interest
Card issuer Bank of America
Credit card network Mastercard
Annual fee $0
Intro bonus Earn a $300 online statement credit after you make at least $3,000 in purchases in the first 90 days of your account opening
Intro APR 0% intro APR for 7 billing cycles on purchases (then 16.49% - 27.49% Variable)
Recommended credit score Excellent
Foreign transaction fee 3%

Why we like the Bank of America Platinum Plus Business card: benefits and perks

  • Generous welcome bonus: Earn a $300 online statement credit after you make at least $3,000 in purchases in the first 90 days of your account opening.
  • $0 annual fee: Avoid paying an annual cost with this card’s $0 annual fee.
  • Unlimited employee cards: Issue an unlimited number of employee cards for no additional cost.
  • Intro APR: Receive 0% intro APR for 7 billing cycles on purchases, (then 16.49% - 27.49% Variable).
  • Travel coverage: Receive travel accident insurance, auto rental insurance, emergency ticket replacement, and lost luggage assistance services.

What we don’t like about the Bank of America Platinum Plus Business card: drawbacks

  • No rewards program: You don’t earn any cash rewards, bonus points, or miles on your purchases. For better rewards cards, check out our list of the best rewards credit cards.
  • Short intro APR period: The intro APR period is a bit shorter than average, giving you less time to avoid interest charges on purchases. Find credit card offers with better intro APR periods in our list of the best 0% intro APR business credit cards.
  • Foreign transaction fees: You have to pay 3% in foreign transaction fees if you make any foreign purchases, making this a poor travel credit card. The best business credit cards for travel generally have no foreign transaction fees.
  • Credit score requirements: You typically need excellent credit to qualify for the Bank of America Platinum Plus, which is at least a 740 on the FICO scoring model. Keep in mind that credit card issuers, including Bank of America, use multiple factors to determine card eligibility, so having a certain credit score alone doesn’t guarantee approval.

Earning and redeeming Bank of America Platinum Plus Business card rewards

The Bank of America Platinum Plus doesn’t earn any rewards for purchases. Unfortunately, this means there’s no effective way to earn and redeem rewards with this card since it doesn’t have a rewards program.

But you can check out other Bank of America credit cards to find cards that do earn rewards. Note that many Bank of America cards that earn rewards can participate in the Preferred Rewards program, which could boost your earnings by 25% to 75%. This is a unique benefit you won’t find anywhere else.

Bank of America business cards that can participate in the Preferred Rewards for Business program include the:

Other cards to consider

We don't recommend the Bank of America Platinum Plus Business card if your goal is to earn cash back, rewards points, or miles on your business expenses. You can earn a $300 online statement credit after you make at least $3,000 in purchases in the first 90 days of your account opening, but you can’t earn ongoing rewards.

Instead, we recommend the Ink Business Cash® Credit Card and Capital One Spark Miles for Business for better earning potential.

Ink Business Cash® Credit Card

We recommend the Ink Business Cash® Credit Card because it offers elevated rewards earning categories. It's rare to find a $0-annual-fee card that offers 5% cash back on the first $25,000 spent in combined purchases at office supply stores and on internet, cable and phone services each account anniversary year; 2% cash back on the first $25,000 spent in combined purchases at gas stations and restaurants each account anniversary year; and 1% cash back on all other purchases.

Additionally, we like that the Ink Business Cash® Credit Card provides a longer 0% intro APR for 12 months on purchases, (then 18.49% - 24.49% Variable).

Find out more in our Ink Business Cash® Credit Card review.

Capital One Spark Miles for Business

We think the Capital One Spark Miles for Business is a great choice if you want to earn travel rewards on your business spending. Although it has an annual fee of $95 (waived first year), you won't have to worry about foreign transaction fees when making purchases abroad.

The card earns 5X miles on rental cars and hotels booked through Capital One Travel, and 2X miles on every purchase, every day. However, it doesn’t have any intro APR offers.

Find out more in our Capital One Spark Miles for Business review.

Low Interest for Small Businesses

3.5

Bank of America® Platinum Plus® Mastercard® Business card

Why We Like It

Earn a $300 online statement credit after you make at least $3,000 in purchases in the first 90 days of your account opening

See how these cards compare:

Capital One Spark Miles for Business
Capital One Spark Miles for Business
  • Earn 50,000 miles after spending $4,500 in the first 3 months
  • Unlimited 2X miles on every purchase, every day
  • Free employee cards
  • No foreign transaction fees
Ink Business Cash® Credit Card
Ink Business Cash® Credit Card
  • Earn $350 when you spend $3,000 on purchases in the first three months and an additional $400 when you spend $6,000 on purchases in the first six months after account opening
  • $0 annual fee
  • 0% intro APR on purchases for 12 months (then 18.49% - 24.49% Variable)
  • Up to 5% cash back

FAQ

What is the interest rate on the Bank of America Platinum Plus Mastercard?

The Bank of America Platinum Plus Mastercard has an APR of 16.49% - 27.49% Variable. But you can take advantage of 0% intro APR for 7 billing cycles on purchases, (then 16.49% - 27.49% Variable) as a new cardholder. Note that this card doesn’t typically have an intro APR offer for balance transfers.

Does the Bank of America Platinum Plus Mastercard have foreign transaction fees?

Yes, the Bank of America Platinum Plus Mastercard charges 3% foreign transaction fees for any foreign purchases you make. You would need a credit card with no foreign transaction fees if you want to avoid these additional charges on any purchases you make abroad.

What is the Bank of America Platinum Plus Mastercard contact information?

You can call the number on the back of your Platinum Plus Mastercard or call the Bank of America credit card customer service line at 1-800-732-9194. Other Bank of America numbers for credit cards include:

  • Credit card activation: 1-800-276-9939
  • Credit card billing inquiries: 1-866-266-0212

What credit score is needed for the Bank Of America® Platinum Plus® Mastercard® Business Card?

The Bank of America Platinum Plus Mastercard generally requires an excellent credit score (750 or higher) in order to qualify. If your score is lower than that, you may want to consider a different business credit card. 

Bank of America Platinum Plus Business card review: bottom line

We think the Bank of America® Platinum Plus® Mastercard® Business card could be a decent choice for small business owners seeking an intro APR credit card with added benefits like purchase protection and travel coverage. The ability to earn a $300 online statement credit after you make at least $3,000 in purchases in the first 90 days of your account opening is also a nice perk for new cardmembers.

However, we generally don't recommend this card due to its lack of an ongoing rewards program and relatively short intro APR period. For businesses looking to maximize their earning potential and take advantage of a longer intro APR offer, we recommend the Ink Business Cash® Credit Card instead.

For more of our top recommendations, check out our list of the best business credit cards.

Low Interest for Small Businesses

3.5

Bank of America® Platinum Plus® Mastercard® Business card

Annual Fee

$0

Benefits and Drawbacks
Card Details

Author Details

Yahia Barakah, CEPF

Yahia Barakah, CEPF, is a Senior Editor at FinanceBuzz and has created finance-focused content since 2011. As a Certified Educator of Personal Finance, he has a background in institutional investment and asset management, as well as a deep passion for financial literacy.

Author Details

Ben Walker, CEPF, CFEI®

Ben Walker, CEPF, CFEI®, is credit cards specialist. For over a decade, he's leveraged credit card points and miles to travel the world. His expertise extends to other areas of personal finance — including loans, insurance, investing, and real estate — and you can find his insights on The Washington Post, Debt.com, Yahoo! Finance, and Fox Business.