MoneyGeek’s Take

Bank of America® Platinum Plus® Mastercard® Business Card Review

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Updated: June 13, 2024

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Bank of America® Platinum Plus® Mastercard® Business card

Rewards Rate
This card doesn't offer cash back, miles, or point...
APR
16.49% - 27.49% variable
Annual Fee
$0
Recommended Credit
740-850 (Excellent)
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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.

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.

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.

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    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.

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    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.

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    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.

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    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.

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

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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
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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?
Does Bank of America® Platinum Plus® Mastercard® Business card report to all three credit bureaus?
Is the Bank of America® Platinum Plus® Mastercard® Business card application process lengthy? Can you prequalify?
What information is needed to apply for the Bank of America® Platinum Plus® Mastercard® Business card?
Does Bank of America® Platinum Plus® Mastercard® Business card have good customer service or helpful information online?
Does Bank of America® Platinum Plus® Mastercard® Business card have a mobile app or the option to pay or manage your account online?
Does Bank of America® Platinum Plus® Mastercard® Business card raise credit limits automatically or charge for limit increases?
Does Bank of America® Platinum Plus® Mastercard® Business card offer the option to freeze your credit/account or have other security features?
Does Bank of America offer other credit cards besides, Bank of America® Platinum Plus® Mastercard® Business card?

About Doug Milnes, CFA


Doug Milnes, CFA headshot

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.


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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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