The Bank of America® Platinum Plus® Mastercard® Business Card Review for 2020

Use this no-fee, low-interest business credit card to simplify your business spending.

Overview

Quick Summary

The Platinum Plus® Mastercard® Business card from Bank of America® offers both a 7-month 0% intro APR period and sustained competitive APRs beyond those first 7 months. That said, this card doesn’t have a rewards program, so you won’t be able to earn for your business spending.

Platinum Plus® Mastercard® Business card Intro Rates

Your rates for the Platinum Plus® Mastercard® Business card will start with seven months of 0% intro APR. As long as you make your minimum monthly payments on time for these seven months, you’ll be able to carry an interest-free balance.

After these first seven months, a competitive APR will set in that will depend on your creditworthiness and on the market Prime Rate. So, be sure to see the issuer’s rates and fees to get the latest APR information for the Platinum Plus® Mastercard® Business card.

That said, one of the most notable perks that the Platinum Plus® Mastercard® Business card boasts is its competitive APRs, so if you’re looking for sustained low-interest business spending, then this card is worth looking into.

Platinum Plus® Mastercard® Business card Rewards: Welcome Offer

The Platinum Plus® Mastercard® Business card also offers one of the most accessible welcome bonuses on the market. You’ll have to spend $3,000 during the first 90 days after opening your account.

If you’re able to reach that spending threshold, you’ll receive a $300 statement credit to your account which you’ll be able to redeem on a future Platinum Plus® Mastercard® Business card bill.

The Platinum Plus® Mastercard® Business card won’t require you to spend big in order to access a welcome bonus as a new cardholder.

Platinum Plus® Mastercard® Business card Rewards: Ongoing Offer

One notable downside to this Bank of America business credit card?

It comes with no rewards program at all. So, as you spend with the Platinum Plus® Mastercard® Business card, Bank of America won’t reward you for that spending. Meanwhile, almost any other business credit card will reward your spending in some form or fashion.

If you want to find a business credit card that will reward your spending with cash back or points, then you might want to look beyond the Platinum Plus® Mastercard® Business card.

Platinum Plus® Mastercard® Business card Annual Fee

The Platinum Plus® Mastercard® Business card’s bare-bones nature might disappoint when it comes to its rewards program—or lack thereof. That said, the card’s barebones approach to fees is certainly something to celebrate.

That’s because the Platinum Plus® Mastercard® Business card comes with no annual fee at all. So, though you won’t be earning through a rewards program with the Platinum Plus® Mastercard® Business card, you can rest easy knowing that you also won’t have to be paying to be a cardholder.

Is the Platinum Plus® Mastercard® Business card Right for You?

Get the Platinum Plus® Mastercard® Business card if:

  • You want sustained, competitive APRs.
  • You want an easy-to-access welcome bonus.
  • You don’t want to pay an annual fee.

Skip the Platinum Plus® Mastercard® Business card if:

  • You want access to a longer 0% intro APR period.
  • You want to be rewarded for your business spending.

Why the Platinum Plus® Mastercard® Business card?

Competitive APRs

The biggest draw of the Platinum Plus® Mastercard® Business card will be its sustained APRs. Though the perks that the Platinum Plus® Mastercard® Business card offers otherwise might not be so exciting, it focuses all of its energy on getting you the lowest interest rates possible.

And though these rates will vary depending on your creditworthiness and will shift with market interest rates, the Platinum Plus® Mastercard® Business card will reliably provide some of the lowest interest rates possible for the market conditions and your creditworthiness.

So, though the 0% intro APR that the Platinum Plus® Mastercard® Business card offers might not be the longest available, the variable APR that sets in afterwards could potentially be the lowest that you’ll be able to access.

Easy-to-Access Welcome Offer

On top of competitive interest rates, the Platinum Plus® Mastercard® Business card will also offer you one of the easiest-to-access welcome bonuses on the market.

You’ll simply have to spend $3,000 within your first 90 days with the card, and you’ll earn a $300 statement credit. That’s an average spend of just $250 a month.

Meanwhile, the Platinum Plus® Mastercard® Business card’s competitors will require that you spend upwards of $5,000 within three months to access their welcome bonuses.

No Annual Fee

The third indisputable upside to the Platinum Plus® Mastercard® Business card will be that it won’t charge you an annual fee to be a cardholder.

This $0 annual fee becomes more remarkable when you consider the industry standard in which it exists—other business cards can charge you upwards of $450 to be a cardholder.

If you’re not looking to pay an annual fee to do your business spending, then the Platinum Plus® Mastercard® Business card can cater to this preference.

Keep in Mind With the Platinum Plus® Mastercard® Business card

No Rewards Program

First and foremost, one of the main flaws to the Platinum Plus® Mastercard® Business card cardholder experience is its complete lack of rewards program.

While most business credit cards will reward your business spending in some form or fashion, the Platinum Plus® Mastercard® Business card offers neither cash back or points for the dollars you spend on the card.

Though a rewards program might seem like a shiny add-on that’s not crucial to your business finances, every dollar you spend that doesn’t earn you value back is value lost.

Unless you’re set on the Platinum Plus® Mastercard® Business card, we suggest you explore the world of rewards credit cards, which will allow you to earn as you spend.

Short 0% Intro APR Period

Not to mention, one of the very few perks that the Platinum Plus® Mastercard® Business card offers—its 0% intro APR period—is actually one of the shortest available on the market.

Put simply, seven months of 0% intro APR is nominal when you compare it to industry standards for 0% intro APR periods. The Platinum Plus® Mastercard® Business card’s competitors will be able to offer you intro APR periods that stretch as long as 15 months.

And the longer the 0% intro APR period you’re able to access, the longer you’ll have to gradually pay down any balance you carry without accumulating any interest at all.

Foreign Transaction Fee

Finally, you’ll need to keep an eye out for the foreign transaction fee that the Platinum Plus® Mastercard® Business card will charge you.

For every transaction you make abroad, you’ll have to pay Bank of America® 3% of the transaction value. And if you’re doing any of your business spending abroad, this foreign transaction can seriously add up.

So, if you’re going overseas for business, we suggest you look for another business credit card that won’t saddle you with a foreign transaction fee.

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