Credit Cards Credit Card Reviews

Bank of America Platinum Plus Mastercard Business Review

overall rating
2.9

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The Bank of America Platinum Plus Mastercard Business card provides no rewards, but does offer an unusually low APR for those that qualify. The card has no annual fee and offers both a cash bonus and 0% APR introductory offer.

Platinum Plus® Mastercard® Business card

overall rating
2.9
Platinum Plus® Mastercard® Business card
On Bank of America's Secured Site.

Current Offer:

$300 statement credit bonus after making at least $3,000 in purchases in the first 90 days of your account opening.

Recommended Credit Score Our recommended ranges are based off of the FICO® Score 8 credit-scoring model. Credit score is one of the many factors lenders review in considering your application.
350 579
580 669
670 739
740 799
800 850
Good - Excellent
Regular APR (%) 10.24% - 21.24% variable
Annual Fee $0
Rewards Earning Rate This card does not offer a rewards program.
INTRO PURCHASE APR 0% for 7 Billing Cycles
Balance Transfer Fee Either $10 or 4% of the amount of each transaction, whichever is greater.
Cash Advance APR (%) 24.24%
Cash Advance Fee Either $10 or 4% of the amount of each transaction, whichever is greater
how this card stacks up
When compared among all business cards in our database:
Rewards
Benefits
Low Fees
Security/Customer Experience
Low Interest
worst best

The Bank of America Platinum Plus Mastercard Business is not one of our top-rated business credit cards. You can review our list of the best business credit cards for what we think are better options.

Full Review of Bank of America Platinum Plus Mastercard Business

Pros
  • Attractive APR terms

  • $300 bonus

Cons
  • No rewards

  • Minimal card benefits

Pros Explained

  • Attractive APR Terms: This card's interest-rate advantages begin with its introductory offer of a 0% introductory APR on purchases for the first 7 billing cycles. While balance transfers are not eligible, the offer is helpful in providing more than half a year in which you can carry business expenses on the card without incurring interest charges. After that 0% APR period expires, and a regular APR takes effect, your interest rate may increase by less with the Bank of America Platinum Plus Mastercard Business card than with most other cards. That’s especially true for businesses with excellent credit, for which this card makes the most sense. The card’s lowest regular APR of 10.24% variable, typically granted to those with the best credit, is significantly lower than the typical minimums for business credit cards. As examples, the variable APR for the Chase Ink Business Preferred begins at 15.99% and the Spark Cash from Capital One has an 20.99% variable APR for all cardholders.
  • $300 Bonus: New cardmembers are eligible to earn a $300 introductory statement credit if they spend $3,000 in net purchases within 90 days of account opening. It’s true that $300 is not the biggest bonus for a no-annual-fee business card for spending $3,000 within 90 days; the Chase Ink Business Cash, for example, offers $500. Nonetheless, it’s still an easily earned windfall if you normally spend at least $1,000 per month for your business. 

Cons Explained

  • No Rewards: Since this is not a business-rewards credit card, you won't earn points, miles, or cash back when you make purchases with the card. That applies even if you do your business banking with Bank of America, and qualify for the Preferred Rewards for Business rewards bonuses available with some of the bank's credit cards. The absence of rewards could be a major disadvantage when you compare this card against others.

This Card is Best For

  • Avatar for Annual Fee Averse Persona
    Resists or refuses an annual fee on principle or due to cost
    Annual Fee Averse
  • Avatar for Business Owner Persona
    Earning a primary or side income from a small business
    Business Owner

The Bank of America Platinum Plus Mastercard Business card is best suited to businesses with excellent credit who anticipate needing to carry a balance on a credit card, and so have the priority to keep the cost of doing so as low as possible. The card's 7-billing cycle 0% APR offer assists in that goal, but more important are its ongoing low APR rates, which could reduce interest costs on a sizable balance by hundreds, even thousands, of dollars a year for those with favorable credit scores.

The Bank of America Platinum Plus Mastercard Business card also has appeal for businesses that have a small or nonexistent accounting staff and could benefit from some assistance to stay on top of their books. As with cards from competitors including Wells-Fargo, this card allows access to a suite of online accounting services. Those includes tools that facilitate automatic payments and transfers, and that download transactions into QuickBooks. 

Bank of America Platinum Plus Mastercard Business Card Bonus

Since Bank of America Platinum Plus Mastercard Business has no rewards program, it isn't among the cards that uses tens of thousands of bonus points as an inducement to apply. Instead, like some of its key competitors, it provides an introductory cash bonus. You earn a statement credit of $300 if you spend at least $3,000 with the card over the first 90 days after you open an account. 

Bank of America Premium Rewards Credit Card's Outstanding Benefits

  • Cash flow management tools: The card allows access to a suite of online accounting services, including tools that facilitate automatic payments and transfers, and that download transactions into QuickBooks. 

Standard Benefits

  • Unlimited employee cards at no additional cost
  • Travel and emergency services
  • $0 fraud liability protection
  • Fraud monitoring
  • Online and mobile account access
  • Paperless statement option

Cardholder Experience

Bank of America received a 798 rating in J.D. Power's 2019 U.S. Credit Card Satisfaction Survey. While that falls just below the average score of 806 for national credit-card issuers, the survey ranking includes Bank of America in a sizable group of issuers with average satisfaction, including Capital One, Chase, Citi, and—just above Bank of America—Citibank. 

The bank offers 24/7 customer service, which is common among major financial institutions. There’s also a live chat option on the website, and it’s available even if you’re not a customer of the company who is logged into your account—a level of accessibility that isn’t offered by the customer service portals of all card issuers. 

Security Features

This card comes with the security features that are typical of other business credit cards. Those features include:

  • Chip protection
  • $0 fraud liability protection
  • Fraud monitoring
  • Overdraft protection
  • Paperless statements

You can also set up security alerts and notifications when you log in to your online account. That can make it easier to monitor account activity, such as purchases or wire transfer requests, to help you detect and avoid fraud. 

Fees to Watch Out For

These fees are fairly standard, with the exception of the regular APR, which is less than is charged by many business credit cards, especially at the lower end—as in the interest rate charged to customers with the best credit records and scores.  

Our Verdict

The Bank of America Platinum Plus Mastercard Business card is a true basic credit card, in the sense that it’s deliberately designed to forgo frills—most notably, any rewards—in service of delivering unusually low APRs. 

Those interest rates are especially appealing at the low end of the range, for businesses that have the best credit records. Those rates begin at just 10.24%, which is five or more percentage points less than a number of this card's key competitors charge.

That emphasis reflects an apparent desire by Bank of America to attract the target businesses for this card: enterprises with excellent credit who seek a business credit card they can use as needed to address short-term cash-flow needs without racking up the customary high interest charges.

If that isn't a priority for your business, you're better off looking to other cards that offer rewards and a more rounded lineup of benefits. Of course, you're not confined to choosing a single card for use by your business. You could, for example, choose to acquire both the Bank of America Platinum Plus Mastercard Business card along with another card or two with strengths that fill in the weak spots of this one. 

Such a combination would allow you to charge the Bank of America Platinum Plus Mastercard Business card expenses you anticipate carrying for a month or more, especially during your initial seven billing cycles with the card, when a 0% APR applies to new purchases. And then using another card for expenses you plan to pay off promptly, and so earn rewards on those purchases. 

Within Bank of America's card lineup, the choice of an additional card might include the Bank of America Business Advantage Cash Rewards Mastercard credit card which offers 3% and 2% cash back on the first $50,000 in combined choice-category and dining purchases each calendar year, and then 1% cashback thereafter. If you're a high roller, with a five or six-figure balance in a Bank of America or Merrill account, this card offers the added benefit of being able to get a rewards bonus as a Bank of America Preferred Rewards for Business member.

Apply Now
For Platinum Plus® Mastercard® Business card
on Bank of America's Secured Site.
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CURRENT CARD
Platinum Plus® Mastercard® Business card
overall rating
2.9
Recommended Credit Score Our recommended ranges are based off of the FICO® Score 8 credit-scoring model. Credit score is one of the many factors lenders review in considering your application.
350 579
580 669
670 739
740 799
800 850
Good - Excellent
Regular APR (%) 10.24% - 21.24% variable
Annual Fee $0
Rewards Earning Rate This card does not offer a rewards program.
Investopedia Credit Card Rating Methodology
Investopedia is committed to delivering the best credit card recommendations in the industry. We’ll tell you when a card is good, we’ll tell you when a card is bad, and we’ll only call a card the best if we would recommend it to our friends or family members.
Overall Star Rating Explained
To rate credit cards we objectively assess, score and weight nearly 100 individual card features which roll up into five major feature sets: fees, interest, rewards, benefits and security/customer service. Here’s how we weighted those feature sets for the overall star rating of a card:
We have applied our proprietary rating methodology to every generally-accepted credit card in the U.S. domestic market to allow consumers to make fully informed choices. It’s important to note that for our overall score that we make a number of assumptions about how you would be using your credit card:
  1. While we make no assumption as to whether balances are carried on a given card we do assign varying weights to all credit cards’ introductory APR (if present) in addition to the regular, long term purchase and balance transfer interest rates.
  2. We utilize BLS (U.S. Bureau of Labor Statistics) income and average category spending data to calculate annual earnings rates for rewards cards that offer cash back, points or miles rewards at a set rate on all spending or in consideration of bonus rewards for certain spending categories, like gasoline, groceries, restaurants or travel.
  3. We determine the maximum points value of rewards cards by dividing the points, cash back or miles required to exchange for the retail price of the most valuable redemption option (for example, in the case of a card that offers a domestic roundtrip airline ticket as a redemption option vs. another redemption option of lesser value that requires the same amount of points or miles to acquire, we would base the rewards value on the airline ticket).
  • Cards that are selected best overall in their respective categories generally feature most if not all of the following attributes:
  • Low or Reasonable Fees Credit card fees come in many forms but the primary ones involve those for annual card membership and balance transfer. There are a myriad of reward and non-reward card options that charge no annual fee but for the many that do assess an annual fee the cost is often justified by their lucrative ongoing rewards and initial signup bonuses. Balance transfer fees are occasionally waived during introductory periods with certain cards, a factor which is heavily and positively weighted in our scoring model for cards offering this benefit. When charged, balance transfer fees range between 3% - 5%, which we grade accordingly. Other standard fees can generally be avoided, such as those for paying late or taking cash advances but we rate those relative to other cards in the market for reference, though with less weight assigned
  • Competitive Interest Many cards offer 0% introductory APR on purchases and balance transfers for varying lengths and then revert to a permanent or regular APR (based on a variable rate tied to the prime rate) that applies to any balances not paid in full. We rate both introductory APR percentage and length (in months) along with the midpoint of the variable regular APR interest rate range.
  • Valuable Rewards Credit card reward programs can be based on cash back, points or travel rewards (which can be generic or travel partner-specific, as with airline and hotel co-brand card programs). For cards that offer rewards we determine the value per dollar spent along with average redemption values and assign more favorable ratings to cards that offer superior consumer value. We also assign value to sign-up bonus offers and their initial spending requirements, when present.
  • Excellent Benefits Credit card benefits cover a range of offerings like concierge service, TSA Pre-check, auto rental coverage, travel accident insurance, lost luggage assistance and free credit scores. We rate cards on the number and level of over a dozen standard and upscale benefits and provide extra weighting emphasis for those travel-related perks that apply to premium travel cards when present.
  • Solid Security/Customer Service Security and customer service features like lost or stolen card replacement, being able to lock one’s card from an issuer app and 24 hour customer support are becoming more standard across the card market and we provide a significant amount of weighting to features in this area.
  • You can also read the full version of our methodology for a more in-depth look at how we assess cards and award them the best in various categories.