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

No matter how much planning is done, business owners have to expect the unexpected – especially when it comes to credit card expenses. If unexpected bills do arise, it helps to leverage a low rate while knocking those costs off. If this sounds appealing, the Bank of America® Platinum Plus® Mastercard® Business card might be right up your alley. 

The card welcomes you to the fold with a reasonable bonus, and as far as purchases go, an eye-opening APR waits for businesses with excellent credit that may need to carry a balance in a pinch. The usual spectrum of BoA card features enters into the mix, including cash flow management tools, travel and emergency services and paperless statement options for those owners who want online consolidation.

Down to business with the Bank of America Platinum Plus Mastercard Business Credit Card 

  • APR: This card charges a standard variable APR of 11.74-22.74%, with a 0% introductory rate offer on new purchases that lasts for seven months.
  • Annual Fee: None
  • Reward Rates: None
  • Intro Offer: Receive a $300 statement credit after you spend $3,000 in the first three months of ownership.

Perks and features of Bank of America Platinum Plus Mastercard Business Credit Card 

  • Flexible redemption options: When the time comes to cash in your initial reward, you can accept the cash bonus via a statement credit, physical check or an electronic deposit into a Bank of America checking or savings account.
  • Overdraft protection: BoA customers can spare themselves some potential issues by linking credit cards accounts and checking accounts to prevent check card declines and avoid overdraft fees.
  • Cash flow management: View your account details instantly and download transactions into QuickBooks to stay in sync with your accounting needs throughout the year and at tax time.
  • Automatic bill payment: You can schedule vendors or suppliers to be paid automatically with the card, removing a step or two from your administrative duties.
  • Travel and emergency services:  If you make purchases on the card, up to $100,000 in coverage exists for things like travel accident and car rental insurance and replacement of lost or stolen tickets.

Is the Bank of America Platinum Plus Mastercard Business Credit Card right for my business? 

The perfect business for the Bank of America Platinum Plus Mastercard Business Credit Card is likely a small business or one-person operation. You could benefit from owning the card in a couple different ways. Paying off a small balance each month in its entirety will boost your credit standing and keep your utilization rate low.

If you have employees who find themselves on the road in a business capacity, the card could provide them with an emergency reserve. Employee cards are free also, so if used properly, it won’t cost you to be safe rather than sorry to equip a worker who needs roadside assistance, for instance.

If you did nothing else with the card for the rest of the year, you’d be $300 ahead of the game after spending modestly in the first three months. But, failing to take advantage of the special introductory 0% APR would probably be unwise if you’re seeking to make a sizable purchase around the time you’re approved. 

Even after the intro period ends, the corresponding rate for new purchases is below the average APR for top-tier credit, so your business won’t get hit hard with finance charges if you move forward with a manageable balance. You also won’t have an annual fee to cut into your bonus credit or add to your overall cost of ownership.

With no reward platform, it might be difficult to justify the use of the card after the bonus is secured. It wouldn’t make much sense to continually rack up charges on the Platinum Plus card and receive no points, miles or cash back in return. And annual fees are usually only a concern for organizations that won’t earn enough rewards to recoup the yearly cost. Typically, a generous welcome bonus is more than enough to compensate for the highest fees affixed to any card on the market. Thus, a business owner who wants luxury travel accommodations or has many employees could find a card with more luster, despite the yearly cost of membership.

Even if you own a small business, you could get something more for your loyalty than a welcome bonus and short-lived intro offer. The Capital One Spark Cash Select for Business is a no-fee, basic card that earns you 1.5% cash back on every purchase you make, and you’ll get a starter bonus of $200 to boot. This card would even work for larger-spending business that don’t want to fuss with categories, caps and program signups. And the rate for excellent credit isn’t much higher than the BoA Platinum Plus Card, if responsible balance management factors into the equation.

The bottom line

Some credit cards aren’t designed to do it all for every type of business. Sole proprietorships or freelancers can often get by with a basic card option to fall back on when surprise expenses pop up, and under these circumstances, the Bank of America Platinum Plus Mastercard Business fills that gap when and if it opens.

More complex business that use credit cards for a broad range of expenses won’t find much utility with this option, however. A complete lack of rewards doesn’t offer any ongoing incentives to businesses that routinely spend six figures or more in areas such as travel, fuel and dining. And if you’re growing and going big from month to month, you’ll want a little something in exchange for your patronage. Many cards meet that standard, and the Platinum Plus card currently isn’t one of them.