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Key takeaways
- The Bank of America® Platinum Plus® Mastercard® Business card helps you earn a $300 online statement credit after you make at least $3,000 in purchases in the first 90 days of your account opening.
- The $0 annual fee makes this card accessible for businesses on a tight budget.
- The lack of a rewards program is a significant drawback, as you won't earn any cash back, points, or miles on your business expenses. Alternatives, such as the Ink Business Cash® Credit Card and The American Express Blue Business Cash™ Card, earn rewards.
- While the card offers a 0% intro APR for 7 billing cycles on purchases (then 15.74% - 26.74% Variable), the intro APR period is short compared to alternatives like the Ink Business Cash® Credit Card.
Card basics
| Card type | Business |
| 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 15.74% - 26.74% Variable) |
| Recommended credit score | Excellent |
| Foreign transaction fee | 3% |
Who should get the Bank of America Platinum Plus Business card?
The Bank of America Platinum Plus Business card could 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 15.74% - 26.74% Variable).
Plus, the Bank of America Platinum Plus Business card offers a 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.
This card isn’t for business owners who want to earn ongoing rewards on their purchases. Consider exploring alternatives like the Ink Business Cash® Credit Card and The American Express Blue Business Cash™ Card 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 17.74% - 25.74% Variable).
Other benefits and perks
- Unlimited employee cards: Issue an unlimited number of employee cards for no additional cost. Some other business cards have a fee. For example, The Business Platinum Card® from American Express charges $350 per additional Business Platinum card!
- Travel coverage: Receive travel accident insurance, auto rental insurance, emergency ticket replacement, and lost luggage assistance services.
Drawbacks
In addition to the card lacking a rewards program and the short introductory APR period on purchases, there are a couple more drawbacks to keep in mind.
- 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.
Other cards to consider
Ink Business Cash Credit Card
The Ink Business Cash® Credit Card 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, the Ink Business Cash® Credit Card provides a longer 0% intro APR for 12 months on purchases, (then 17.74% - 25.74% Variable).
Find out more in our Ink Business Cash® Credit Card review.
The American Express Blue Business Cash Card
This card’s welcome offer is less than the Bank of America Platinum Plus Business card’s, as you earn a $250 statement credit after spending $3,000 on purchases in the first 3 months.
The Amex Blue Business Cash Card’s ongoing rewards make up for the welcome offer, though: earn 2% cash back on the first $50,000 in eligible purchases each year, then 1% after that. And while that might not be an earth-shattering rate, it’s on all eligible purchases, not just on purchases in a certain category. Note that there is a spending limit on the higher rate, though.
Learn more in our American Express Blue Business Cash Card review.
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 15.74% - 26.74% Variable. But you can take advantage of 0% intro APR for 7 billing cycles on purchases, (then 15.74% - 26.74% 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 foreign purchases. 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.
Bottom line
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 available to new cardmembers.
However, this card lacks an ongoing rewards program and has a relatively short intro APR period. For businesses looking to maximize their earning potential and take advantage of a longer intro APR offer, the Ink Business Cash® Credit Card is a better choice.
For more of our top recommendations, check out our list of the best business credit cards.
Low Interest for Small Businesses
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Bank of America® Platinum Plus® Mastercard® Business card
Current Offer
Earn a $300 online statement credit after you make at least $3,000 in purchases in the first 90 days of your account opening
Annual Fee
$0
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