Bank Of America^® Platinum Plus^® Mastercard^® Business Card Review 2023: Is It Worth It?

The Bank of America^® Platinum Plus^® Mastercard^® Business card is a decent option if you’re a small business owner and want an introductory annual percentage rate (APR) offer, a $0 annual fee, and a generous welcome bonus.

But we think there are better options available that can match what the Platinum Plus offers while going much further in terms of providing value. This is apparent when you notice the Platinum Plus doesn’t earn any rewards for purchases and it has a short introductory APR period.

Let’s dig into the details of our Bank of America Platinum Plus Business card review to see how this card works and what alternatives might make more sense for you.

Key takeaways

• It has a welcome bonus but doesn’t earn any rewards.
• The intro APR offer period is shorter than most.
• The $0 annual fee is nice, but we generally wouldn’t recommend this card over better options that earn valuable rewards.

Who should get the Bank of America Platinum Plus?

The Bank of America Platinum Plus Mastercard Business card makes sense if you want a $0-annual-fee small business credit card with an intro APR offer and important travel and purchase protections. This includes extended warranty coverage and purchase protection for certain items.

But this isn’t a great travel credit card, as you have to pay 3% in foreign transaction fees. And you can’t earn any ongoing rewards on your eligible purchases, so you could miss out on loads of cash back, points, or miles if you have a high-spending business.

We generally don’t recommend the Bank of America Platinum Plus if you’re able to qualify for a similar credit card that also earns rewards. You can find other business cards with low annual fees, intro APR offers, and purchase coverages that also have rewards programs.

Bank of America Platinum Plus 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 16.24% - 27.24% Variable)
Recommended credit score	Excellent
Foreign transaction fee	3%

Why we like the Bank of America Platinum Plus: 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 16.24% - 27.24% 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

• 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 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 earning 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:

• Bank of America^® Business Advantage Customized Cash Rewards Mastercard^® credit card
• Bank of America^® Business Advantage Unlimited Cash Rewards Mastercard^® credit card
• Bank of America^® Business Advantage Travel Rewards World Mastercard^® credit card

FAQ

Other cards to consider

The Bank of America Platinum Plus Business Mastercard isn’t a good choice if you want to earn cash back, rewards points, or miles on your business expenses. It provides a sign-up bonus, but there’s no rewards program. For credit cards with better earning potential, we recommend the Capital One Spark Miles for Business and Ink Business Cash^® Credit Card.

	Welcome bonus	Rewards rate	Annual fee
Bank of America® Platinum Plus® Mastercard® Business card	Earn a $300 online statement credit after you make at least $3,000 in purchases in the first 90 days of your account opening	None	$0
Capital One Spark Miles for Business	Earn 50,000 miles after spending $4,500 in the first 3 months	5X miles on rental cars and hotels booked through Capital One Travel, and 2X miles on every purchase, every day	$95 (waived first year)
Ink Business Cash® Credit Card	Earn $750 bonus cash back after you spend $6,000 on purchases in the first 3 months from account opening	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	$0

The Capital One Spark Miles makes sense if you want to earn travel rewards on your business expenses. It has a $95 (waived first year) annual fee and no intro APR offers, but you don’t have to worry about foreign transaction fees.

Learn more in our Capital One Spark Miles for Business review.

The Ink Business Cash makes sense if your business expenses align with its elevated earning categories. It’s rare to have earning rates this high, especially on a $0-annual-fee card. The Ink Business Cash also has a better intro APR offer than the Bank of America Platinum Plus, providing 0% intro APR for 12 months on purchases, (then 17.99% - 23.99% Variable).

Read our Chase Ink Cash Business Credit Card review.

Bank of America Platinum Plus review: bottom line

The Bank of America Platinum Plus makes sense if you want a business credit card that provides important purchase and travel protections, as well as an intro APR offer on purchases. It also doesn’t hurt that you can earn a valuable welcome bonus as a new cardmember.

But the lack of earning potential on your business purchases and the short intro APR period mean you might be better served looking into other options.

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