The Bank of America® Platinum Plus® Mastercard® Business Card is a no-frills, entry-level business credit card that offers a low APR and no annual fee. Designed for business owners who prefer simplicity and low interest rates, this card may appeal to those who value cost savings over rewards accumulation.
While the Bank of America Platinum Plus Mastercard Business Card lacks ongoing reward structures commonly found in other business credit cards, it does offer a generous welcome bonus to entice new cardholders. Bankrate and CreditCards.com mention the card’s attractive sign-up bonus that can help offset initial expenses. So, it is worth considering for those starting a new business or looking for a straightforward credit card option.
Features and Benefits
The Bank of America® Platinum Plus Mastercard® Business Card is designed for small business owners seeking a credit card with a competitive interest rate and minimal extra perks. One of the card’s main features is the relatively low interest rate for cardholders with excellent credit. This can be particularly beneficial for businesses that may occasionally carry a balance.
New cardholders can take advantage of a $300 sign-up bonus after spending $3,000 within the first 90 days of opening the account. While the Platinum Plus Mastercard® Business Card does not offer ongoing rewards or cashback, the sign-up bonus can be an attractive incentive for businesses that anticipate making large purchases within the first few months.
The card also comes with no annual fee, which can be a considerable advantage for small businesses looking to minimize overhead costs. Additionally, the card can provide some expense management tools, such as the ability to track and separate business expenses, which can be helpful for accounting purposes.
Although the Platinum Plus Mastercard® Business Card lacks comprehensive rewards or travel benefits, it does include basic features such as purchase protection and zero liability for unauthorized transactions. These features can offer some peace of mind for businesses using the card for everyday purchases.
Interest Rates and Fees
The Bank of America® Platinum Plus Mastercard® Business Card is designed for business owners seeking a card with low interest rates and fees. One of its key features is its competitive APR, which may be an attractive option for those who need to carry a balance. The card also has no annual fee, making it cost-effective for businesses looking to minimize expenses.
The Platinum Plus Mastercard® Business Card offers a 0% introductory APR for the first 9 billing cycles on purchases, providing an opportunity for businesses to finance their expenses without incurring interest charges during this period. After the introductory period, the APR adjusts to a variable rate based on the Prime Rate, which depends on the cardholder’s creditworthiness.
Here are some important fees to consider:
- Balance transfer fee: 4% of each transaction (minimum $10)
- Cash advance fee: 4% of each transaction (minimum $10)
- Foreign transaction fee: 3% of the U.S. dollar amount of each transaction
- Late payment fee: Up to $49
- Returned payment fee: Up to $39
It’s essential to review these fees and ensure that the card aligns with your business’s needs and spending habits. For example, businesses with frequent international transactions may want to consider a card with no foreign transaction fee to save on costs.
The Bank of America® Platinum Plus Mastercard® Business Card is primarily designed for business owners who are looking for a low APR and no annual fee. However, potential cardholders should be aware that this card does not offer a traditional rewards program on purchases like many other business credit cards do.
Instead of providing points, miles, or cashback rewards, the Platinum Plus Mastercard® Business Card focuses on a generous welcome bonus and other non-reward card benefits. New cardholders may receive a welcome bonus upon meeting the specified spending requirement within the first few months of account opening.
While the lack of ongoing rewards may be a drawback for some businesses, it’s important to consider this card’s other features that might add value to your company. These may include:
- Low APR for those who qualify, which can help save on interest costs for businesses that frequently carry a balance
- No annual fee, meaning you won’t need to worry about an additional yearly expense
- Access to useful business-oriented tools, such as account management and expense tracking features
In summary, the Bank of America® Platinum Plus Mastercard® Business Card does not offer a conventional rewards program for everyday spending. However, the card’s low APR, absence of an annual fee, and other practical benefits may be suitable for some business owners who prioritize these features over earning rewards on purchases.
Pros and Cons
The Bank of America® Platinum Plus® Mastercard® Business Card has both advantages and drawbacks that prospective cardholders should consider.
- Low starting interest rate for cardholders with excellent credit.
- Appealing sign-up bonus for new cardmembers.
- 0% intro APR can be useful for initial business expenses.
- No annual fee, making it a cost-effective option for small businesses.
- No rewards program for ongoing spending.
- Short intro APR period compared to some competitors.
- Limited extra benefits compared to other small business credit cards.
Comparison to Competitors
The Bank of America® Platinum Plus® Mastercard® Business Card stands out for its competitive APR and $0 annual fee, making it an attractive option for businesses focused on minimizing interest costs and fees. However, it’s essential to compare it to other business credit cards to understand how it truly stacks up.
One noteworthy competitor is the Chase Ink Business Cash℠ Credit Card. This card offers 5% cash back on the first $25,000 spent in combined purchases at office supply stores and on internet, cable, and phone services each account anniversary year. It also provides 2% cash back on the first $25,000 spent in combined purchases at gas stations and restaurants. While the Chase Ink Business Cash℠ card comes with a similar $0 annual fee, its introductory APR offer is shorter than the Bank of America option, lasting only 12 months.
Additionally, the American Express Blue Business® Plus Credit Card is another competitor worth considering. This card earns 2X Membership Rewards® points on everyday business purchases up to $50,000 each year, with no category restrictions. While it also has a $0 annual fee, its introductory APR period is shorter at 12 months, compared to the longer 0% APR period offered by the Bank of America Platinum Plus Mastercard.
When comparing these cards to the Bank of America® Platinum Plus® Mastercard® Business Card, it’s clear that while the latter may have a more extended introductory APR period and competitive ongoing APR, it lacks rewards on spending. While the other cards mentioned offer cashback or points for purchases, the Bank of America card does not have a rewards program. This could potentially make it less appealing for businesses seeking additional value through rewards.
Who Should Apply?
The Bank of America® Platinum Plus® Mastercard® Business Card is best suited for business owners who prioritize a low interest rate and are not concerned with earning rewards on their purchases. If you frequently carry a balance on your business credit card, this card’s unusually low APR might be attractive.
Additionally, if you prefer a simple, no-annual-fee card without the complexities of rewards programs or high annual fees, the Bank of America® Platinum Plus® Mastercard® Business Card can be a good fit. It offers a modest welcome bonus and a fairly short intro APR period for new cardholders.
However, if you’re a business owner seeking to maximize rewards and benefits from your credit card, you might want to explore other options. In this case, the Bank of America® Platinum Plus® Mastercard® Business Card may not be the most appropriate choice, as it doesn’t offer ongoing rewards beyond the introductory bonus.
In summary, these are the main types of business owners who could benefit from this card:
- Those who prioritize low interest rates
- Owners who prefer a no-annual-fee card
- Businesses not interested in rewards programs
The Bank of America® Platinum Plus® Mastercard® Business Card is a valuable choice for business owners looking to save on interest charges with its low APR and no annual fee. This card is well-suited for those who prioritize reduced expenses and straightforward features over earning rewards.
Some of the benefits that come with this card include a selection of travel perks, which can provide added value for businesses with frequent travel requirements. However, businesses focused on earning rewards may want to explore other options within the Bank of America lineup.
In conclusion, the Bank of America® Platinum Plus® Mastercard® Business Card stands out for its cost-saving features and select travel benefits, making it a solid choice for business owners focused on minimizing expenses while enjoying some added perks.