Bank of America Platinum Plus Mastercard Business Card Review

Andrew Reyes
A person in business attire hands a store clerk a credit card.
  • Annual percentage rate (APR): 10.24% to 21.24%;
  • Purchase intro APR: 0% for seven billing cycles;
  • Rewards: None;
  • Sign-on bonus: $300 for $3,000 in purchases;
  • Annual fee: $0;
  • Late fee: $19 to $49, depending on balance;
  • Credit score: Good to Excellent (700-850).
  • Compare cards here.

Table of Contents


  • Statement credit offer: If you or your business qualifies for a Platinum Plus Business card, you’ll receive a $300 statement credit bonus after your first $3,000 in purchases within the first 90 days of getting approved. You can use the credit towards paying off your next month’s statement balance.
  • Unlimited employee cards: No matter the size of your business, Bank of America’s card will grow with your company. You can order as many additional credit cards as you need for your employees for no additional fee.
  • Compatible with Quickbooks: Running a small business is easier when you use tools such as Quickbooks accounting software. Manage and track your company’s credit card spending faster by automatically downloading transactions into Quickbooks.
  • Travel insurance perks: The Platinum Plus Mastercard comes with a variety of travel coverage features for yourself and your employees. You’ll have $100,000 in travel accident insurance, emergency plane ticket replacement, vehicle rental insurance and lost–luggage assistance.
  • Introductory offer: If you need to purchase some equipment or pay business taxes, take advantage of the card’s introductory no-interest offer to finance large purchases for free. The card comes with no interest on purchases for the first seven billing cycles.


  • Lack of rewards: The Bank of America Platinum Plus Business card doesn’t provide cardholders with rewards such as miles accrual or cash back. If you plan on spending quite a bit on your business card, it can feel like a missed opportunity. However, many cardholders are willing to trade rewards for a low-cost business credit card with low interest and no annual fee, offering great flexibility for business spending and the option to add multiple cardholders.
  • The introductory offer is a bit short: Cards that typically provide an introductory offer tend to extend the no-interest period for at least 12 months. Seven months isn’t industry-leading but still valuable.
  • Charges foreign transaction fees: If you or your employees travel overseas, be aware that all purchases abroad are subject to a 3% foreign transaction fee.

What Can You Expect From the Bank of America Platinum Plus Mastercard Business Card?

The Bank of America Platinum Plus Mastercard Business card is a solid, no-frills business credit card. You don’t have to be a banking customer of Bank of America to qualify for the card, but business account holders would find it convenient to have their credit card and bank accounts with one financial institution.

The card’s strongest feature is its low cost. The current APR starts at 10.24%, comparatively low for a business card. In addition, not having to worry about an annual fee — or multiple ones if you have several card-holding employees — can save your small business some money.

Managing your card and spending is fairly straightforward. Both the online platform and mobile app are user friendly. Check in at any time to monitor your company’s expenditures. You can schedule your payments through the mobile app or website to make sure your payments are always on time.

If you work with Quickbooks, you can link your card to download your monthly statements and transactions for a faster, automated way to stay on top of your company’s spending, which will save you from having to sort and categorize receipts at tax time.

Who Should Get the Bank of America Platinum Plus Mastercard Business Card?

The Bank of America Platinum Plus Mastercard Business card is a great credit card for new businesses and lean startups looking for credit at a low cost. The card comes with no annual fee, a low APR, and unlimited employee cards for no additional fee.

There are many business credit cards on the market that come with rewards and perks, such as cash back or the chance to earn miles or points for free travel, but they usually come with steep annual fees. If you’re just starting out, an annual fee of $200 to $500 can mean the difference between covering payroll taxes or having the privilege of having a high-status business card in your wallet.

The Bank of America Platinum card is a good, old-fashioned, sensible credit card with minimal costs so you can spend your operating dollars on growing your small business instead.

Compare other business cards and learn more here.

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