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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 FeatureHas or Not
- Has Annual Fee
- Has Balance Transfer Offer
- Has APR Offer
- Has Rewarding Welcome Offer
- Recommended CreditGood–Excellent
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
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.
- Annual feesThis card doesn’t have annual fees.
- Employee cardsBank of America offers unlimited employee cards for this product at no additional cost.
- Sign-up bonusBank 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 ratesBank 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.
- No rewardsWhen you use this card to perform transactions, you will not earn points, miles or cashback.
- Foreign transaction feesBank of America charges 3% of the U.S. dollar amount of each international transaction.
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 FeatureDescription
- Paperless statementsBank of America offers paperless credit card statements to improve account security.
- Overdraft protectionWhen 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 liabilityBank of America takes liability for unauthorized transactions.
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 FeatureAmount or Rate
- APR15.99% – 26.99%Variable
- Annual Fee$0
- Balance Transfer Fee4%
- Balance Transfer APR15.99% – 26.99% Variable
- Late Fees$39
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.
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.
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.
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.
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?
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.
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
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
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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Learn more about credit cards in general
- 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.
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