Bank of America® Platinum Plus® Mastercard® Business card is best for higher-staffed companies that want to provide company credit cards to their employees, as there’s no limit on the number of employee cards you can open. In the first 90 days of opening your account, you'll also get a $300 statement credit if you spend $3,000 in net purchases.
MoneyGeek’s Take
Bank of America® Platinum Plus® Mastercard® Business Card Review
Updated: October 21, 2024
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Bank of America® Platinum Plus® Mastercard® Business card
On Issuer's Site
Rewards Summary
N/AThis card doesn't offer cash back, miles, or points
APR
15.99% to 26.99% variableAnnual Fee
$0Recommended Credit
740-850 (Excellent)Moneygeek.com credit ranges are a variation of FICO® Score 8, one of many types of credit scores lenders may use when considering your credit card application.
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Bank of America® Platinum Plus® Mastercard® Business card Overview
Quick Take
- $0 annual fees
- Earn $300 as a statement credit if you spend $3,000 on purchases in the first 90 days
- Intro 0% APR offer on purchases for the first 7 billing cycles, then a variable APR of 16.49% – 27.49% after that
- Set up automatic bill payments
- Free access to cash management tools
- Complimentary travel accident insurance, auto rental insurance, emergency ticket replacement and lost luggage assistance
- Zero liability protection
Important Card Details
Before applying for any credit card, it's important to read the terms and conditions to confirm that it's a suitable card for you.
- Balances less than or equal to $100 will accrue a late payment fee of $19.
- Balances between $100.01 and $1,000 will accrue a late payment fee of $29.
- Balances between $1,000.01 and $5,000 will accrue a late payment fee of $39.
- Balances more than $5,000 will accrue a late payment fee of $49.
Regular APR
When you open your account, the Bank of America® Platinum Plus® Mastercard® Business card provides a regular APR ranging from 16.49% – 27.49% for purchases and balance transfers based on your personal or business creditworthiness. This APR may change based on the prevailing prime rate.
Balance Transfer APR and Fees
This card's variable APR for balance transfers ranges from 16.49% – 27.49%. This provider also charges balance transfer fees of $10 or 4% of the amount of each transaction, whichever is greater.
Cash Transfer APR and Fees
The variable APR for cash transfers on this card is 29.49% and varies with the market based on the Prime Rate. This company also charges 4% of the transaction amount, whichever is higher.
Foreign Fees
This provider charges 3% of the U.S. dollar amount for each transaction.
Late Payment Fees
Late payment penalties are charged by the Bank of America® Platinum Plus® Mastercard® Business card based on your balance.
Additional Benefits
There are other features of the Bank of America® Platinum Plus® Mastercard® Business card that may make it a worthwhile addition to your wallet.
- Paperless statements: Bank of America offers paperless credit card statements to improve account security.
- Overdraft protection: When you connect your credit card to a Bank of America business checking account for overdraft protection through Balance Connect, you can prevent declined transactions, returned checks or other overdrafts.
- $0 fraud liability: Bank of America takes liability for unauthorized transactions.
- Fraud monitoring: This provider frequently monitors your account for fraudulent activity, freezes your account if strange trends and alerts you of the possible fraudulent activity.
How the Bank of America® Platinum Plus® Mastercard® Business card Compares To Other Cards
This credit card stands out from the crowd when compared to others in its class. In the end, your decision should be dependent on how much you will be using your credit card.
How the Bank of America® Platinum Plus® Mastercard® Business card Compares
Bank of America® Platinum Plus® Mastercard® Business card
- Reward: No rewards
- Regular APR: 16.49% – 27.49% Variable
- Late Payment: Up to $49
- Best for: Small businesses looking to save money on interest rates
Capital One® Spark® Classic for Business
- Reward: Unlimited 1% cash back on every purchase
- Regular APR: 30.74%
- Late Payment: Up to $39
- Best for: Small businesses that want to enjoy unlimited cash back on purchases
Frequently Asked Questions
What is the average credit score needed to get approved for the Bank of America® Platinum Plus® Mastercard® Business card?
This card requires a good to excellent credit score.
Does Bank of America® Platinum Plus® Mastercard® Business card report to all three credit bureaus?
Yes, it does.
Is the Bank of America® Platinum Plus® Mastercard® Business card application process lengthy? Can you prequalify?
The application process is not lengthy, it takes 5 to 10 minutes on average to complete the online application form.
What information is needed to apply for the Bank of America® Platinum Plus® Mastercard® Business card?
You need to provide your personal information as well as your business information.
Does Bank of America® Platinum Plus® Mastercard® Business card have good customer service or helpful information online?
Yes, they rank high in customer satisfaction and their call center is available 24/7.
Does Bank of America® Platinum Plus® Mastercard® Business card have a mobile app or the option to pay or manage your account online?
Yes, you can use the Bank of America mobile app to manage your expenses and make payments.
Does Bank of America® Platinum Plus® Mastercard® Business card raise credit limits automatically or charge for limit increases?
You can request a credit limit increase by contacting the toll-free number on the back of your card or logging in to Online Banking and selecting your credit card account, followed by the information & services option.
Does Bank of America® Platinum Plus® Mastercard® Business card offer the option to freeze your credit/account or have other security features?
You can deactivate your card in the event of theft or misplacement and reactivate it when you are sure that your card is safe.
Does Bank of America offer other credit cards besides, Bank of America® Platinum Plus® Mastercard® Business card?
Yes, it does. Some other popular Bank of America credit cards include the Bank of America® Customized Cash Rewards credit card, the Bank of America Unlimited Cash Rewards, the BankAmericard and the Bank of America® Premium Rewards® credit card®.
For Capital One products listed on this page, some of the benefits may be provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply.
About Doug Milnes, CFA
Doug Milnes is a CFA charter holder with over 10 years of experience in corporate finance and the Head of Credit Cards at MoneyGeek. Formerly, he performed valuations for Duff and Phelps and financial planning and analysis for various companies. His analysis has been cited by U.S. News and World Report, The Hill, the Los Angeles Times, The New York Times and many other outlets.
Milnes holds a master’s degree in data science from Northwestern University. He geeks out on helping people feel on top of their credit card use, from managing debt to optimizing rewards.
sources
- Bank of America. "Platinum Plus Mastercard Business Card." Accessed April 13, 2022.
- Capital One. "Capital One® Spark® Classic for Business." Accessed April 13, 2022.
- Bank of America. "Credit Card Account Management FAQs." Accessed April 13, 2022.
- Consumer Finance Protection Bureau. "Credit card agreement database." Accessed May 3, 2022.
*Rates, fees or bonuses may vary or include specific stipulations. The content on this page is accurate as of the posting/last updated date; however, some of the offers mentioned may have expired. We recommend visiting the card issuer’s website for the most up-to-date information available.
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Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, credit card issuer, hotel, airline, or other entity. Learn more about our editorial policies and expert editorial team.
Advertiser Disclosure: MoneyGeek has partnered with CardRatings.com and CreditCards.com for our coverage of credit card products. MoneyGeek, CardRatings and CreditCards.com may receive a commission from card issuers. To ensure thorough comparisons and reviews, MoneyGeek features products from both paid partners and unaffiliated card issuers that are not paid partners.