The content on this page is accurate as of the posting date; however, some of the offers mentioned may have expired.

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.

Card Details to Know Up Front
  • Bonus, Fee or Feature
    Has or Not
  • Has Annual Fee
  • Has Balance Transfer Offer
  • Has APR Offer
  • Has Rewarding Welcome Offer
  • Recommended Credit
    Good–Excellent
Click to see this card’s rates, fees and how they compare to other cards in our dataset.
OUR REVIEW AT A GLANCE

Bank of America® Platinum Plus® Mastercard® Business card at a Glance

Bank of America offers unlimited employee cards at no extra cost, so if your company has a large number of workers, you may save money. In addition, when the introductory APR offer expires after the first 7 billing cycles, a variable APR of 15.99% – 26.99% will take effect based on either your personal or the business's creditworthiness when you opened your account.


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

    A good no-annual-fee business card with unlimited employee cards

    • $0Annual Fee
    • 15.99% – 26.99%VariableAPR
    • 7 billing cyclesAPR Offer Duration
    Bank of America® Platinum Plus® Mastercard® Business card

    Terms, rates and fees apply

    Compare this credit card with other top-rated credit cards.

Pros & Cons Explained

The Platinum Plus Mastercard Business Card offers lower interest rates compared to other cards in the same category, but there are some downsides you should be aware of before applying.

Pros

  • Benefits
    Description
  • Annual fees
    This card doesn’t have annual fees.
  • Employee cards
    Bank of America offers unlimited employee cards for this product at no additional cost.
  • Sign-up bonus
    Bank of America will give you a $300 statement credit when you spend $3,000 within the first 90 days of opening your account.
  • Lower interest rates
    Bank of America provides a 0% introductory APR for the first 7 billing cycles after you open your account. After that, your APR will range from 15.99% – 26.99%, depending on your personal or business creditworthiness at the time you open your account. When compared to similar cards from other issuers, this APR is quite low.

Cons

  • Drawbacks
    Description
  • No rewards
    When you use this card to perform transactions, you will not earn points, miles or cashback.
  • Foreign transaction fees
    Bank of America charges 3% of the U.S. dollar amount of each international transaction.
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INTERESTED IN COMPARING THE BEST CREDIT CARDS OF 2022?

Bank of America® Platinum Plus® Mastercard® Business card is a solid business credit card, according to our credit card research. But despite its lower interest rates, it’s not our top pick for the best business credit cards. Review our best business credit cards to find the best option for you.

Other Features Explained

There are other features of the Bank of America® Platinum Plus® Mastercard® Business card that may make it a worthwhile addition to your wallet.

  • Card Feature
    Description
  • 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.
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MONEYGEEK QUICK TIP

To receive the Bank of America® Platinum Plus® Mastercard® Business card online statement credit offer of $300, you must make at least $3,000 in purchases in the first 90 days of opening your account.

Understanding the Fine Print

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.

  • Card Feature
    Amount or Rate
  • APR
    15.99% – 26.99%Variable
  • Annual Fee
    $0
  • Balance Transfer Fee
    4%
  • Balance Transfer APR
    15.99% – 26.99% Variable
  • Late Fees
    $39
  • highInterestAPR icon

    Regular APR

    When you open your account, the Bank of America® Platinum Plus® Mastercard® Business card provides a regular APR ranging from 15.99% – 26.99% for purchases and balance transfers based on your personal or business creditworthiness. This APR may change based on the prevailing prime rate.

  • balanceTransfer icon

    Balance Transfer APR and Fees

    This card's variable APR for balance transfers ranges from 15.99% – 26.99%. This provider also charges balance transfer fees of $10 or 4% of the amount of each transaction, whichever is greater.

  • contactlessPayment icon

    Cash Transfer APR and Fees

    The variable APR for cash transfers on this card is 28.99% and varies with the market based on the Prime Rate. This company also charges a $10 cash transfer fee or 4% of the transaction amount, whichever is higher.

  • noForeignTransactionFee icon

    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.

    • 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.
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WHERE TO FIND THIS INFORMATION?

When comparing this card to other business credit cards, consider the bonus points, perks and any extra fees that may be associated with it. If you're comparing it to a card you already have, go through your most recent billing statement or visit your card issuer's website or app. Alternatively, you may search the Consumer Financial Protection Bureau's (CFPB) credit card agreement database for information regarding credit card agreements.

Who Should & Shouldn’t Consider Bank of America® Platinum Plus® Mastercard® Business card?

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Other Considerations for Bank of America® Platinum Plus® Mastercard® Business card

The Bank of America® Platinum Plus® Mastercard® Business card may not be suitable for everyone, so think about how you want to use it before applying. There are certain key factors to consider depending on whether this will be your first or only card, or whether it will be an extra card in your wallet.

Things to Consider if This Will Be Your First or Only Credit Card

If you carry over balances, the Bank of America® Platinum Plus® Mastercard® Business card may save you money on interest rates due to its relatively low APR and generous sign-up bonus. If you plan to pay your balance in full when it’s due, you should look into alternative cards that provide rewards.

Things to Consider if This Will Be an Additional Card in Your Wallet

As an additional card with low interest, the Bank of America® Platinum Plus® Mastercard® Business card is ideal for use if you intend to carry a balance from month to month. However, you still need to account for the card’s high fees for late payments.

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WHY TRUST OUR REVIEWS:

We use a well-defined and standardized methodology for reviewing credit cards. Our approach includes gathering data from the CFPB database, standardizing data points for easy comparison, predicting average spending patterns, determining long-term value and doing periodic re-rankings.

How 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.

Quick Comparison of Bank of America® Platinum Plus® Mastercard® Business card
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Bank of America® Platinum Plus® Mastercard® Business card

  • Reward: No rewards
  • Regular APR: 15.99% – 26.99% Variable
  • Late Payment: Up to $49
  • Best for: Small businesses looking to save money on interest rates
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Capital One® Spark® Classic for Business

  • Reward: Unlimited 1% cash back on every purchase
  • Regular APR: 29.74%
  • Late Payment: Up to $39
  • Best for: Small businesses that want to enjoy unlimited cash back on purchases

Other Helpful Decision-Making Q&As

Before you apply for the Bank of America® Platinum Plus® Mastercard® Business card, MoneyGeek answers some questions you should consider to ensure the card is a good fit for your needs.

Still not sure about this card? Consider these options.

If you’re unsure if the Bank of America® Platinum Plus® Mastercard® Business card is for you, you may consider other categories of credit cards such as cash back credit cards or balance transfer credit cards.

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*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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