If you’re a small business owner looking for a reliable credit card to manage expenses and gain access to practical benefits, the Bank of America® Platinum Plus® Mastercard® Business card might be a strong contender.

This card offers a mix of competitive features with no annual fee, making it an appealing option for businesses aiming to streamline their financial management. In this post, we will explore the card’s essential details, qualification requirements, benefits, pros and cons, and provide insight into whether it’s a worthwhile choice for your business.

Main information about the card

The Bank of America® Platinum Plus® Mastercard® Business card stands out for its introductory offers and fee structure. Cardholders benefit from 0% APR on purchases for the first seven billing cycles, which is particularly helpful for businesses that need short-term financing without incurring interest charges. Once the introductory period ends, the APR will range between 16.49% and 27.49%, depending on your creditworthiness.

Additionally, businesses that meet the requirements can take advantage of a $300 statement credit after spending $3,000 within the first 90 days of account opening. There’s no annual fee, which is great for companies that want to avoid added costs while still benefiting from features like employee cards at no extra cost and access to cash management tools, such as QuickBooks integration.

Qualification requirements

To be eligible for the Bank of America® Platinum Plus® Mastercard® Business card, applicants typically need a strong credit score, usually in the good to excellent range (above 670). Since this card is designed for businesses, you’ll also need to demonstrate your business’s financial health, including details like revenue, time in business, and any existing credit accounts.

Bank of America tends to favor businesses that have been established for a couple of years, though newer ventures may still be considered if they meet other criteria.

Benefits

The Platinum Plus® Mastercard® Business card is packed with valuable features aimed at helping businesses thrive. One standout benefit is the Mastercard Easy Savings® Program, which automatically provides rebates on purchases made at select merchants across the U.S. This feature can save businesses a significant amount over time without the hassle of coupons or promotional codes.

For business owners who travel, the card includes $100,000 in travel accident insurance. In addition, it offers car rental insurance, emergency ticket replacement, and lost luggage assistance, making it a strong choice for companies that frequently need to send employees on business trips. Another noteworthy benefit is the access to business credit score through Dun & Bradstreet, providing valuable insights into your company’s financial standing.

The card also boasts robust fraud protection and a zero-liability policy for unauthorized transactions. Combined with overdraft protection through the Balance Connect® program, these security measures offer peace of mind to businesses managing cash flow across multiple accounts.

Pros

The Bank of America® Platinum Plus® Mastercard® Business card has several compelling advantages that can benefit small business owners, especially those focused on cash flow management and low fees.

• No annual fee, allowing you to save on overhead.
• 0% intro APR for the first seven billing cycles, ideal for short-term financing.
• $300 statement credit after spending $3,000 in the first 90 days.
• Employee cards at no additional cost, helping you manage business expenses easily.
• Access to Dun & Bradstreet business credit scores.
• Extensive fraud protection and security features, including zero-liability for unauthorized transactions.
• Cash flow management tools that integrate with QuickBooks.

Cons

While the card has many advantages, it’s important to consider some of the potential downsides before applying.

• After the introductory period, the APR can range as high as 27.49%, which could lead to costly interest payments if balances aren’t paid off each month.
• Limited rewards program compared to other business cards on the market that offer cash back or travel rewards.
• The introductory 0% APR only applies to purchases, not balance transfers, which could be a limitation for businesses looking to consolidate debt.
• High cash advance APR of 29.49%, making cash advances an expensive option for businesses in need of liquid capital.
• Requires a good to excellent credit score, which may exclude startups or businesses with weaker credit profiles.

How to apply

Applying for the Bank of America® Platinum Plus® Mastercard® Business card is a straightforward process. You can begin the application online, where you’ll be asked to provide personal and business information, including financial details about your company. Alternatively, you can apply by visiting a Bank of America branch or calling their business credit card services.

The online application typically takes only a few minutes, and if approved, you could receive a decision in as little as 24 hours. Once approved, you’ll have immediate access to a virtual card for online purchases while waiting for the physical card to arrive.

It’s also worth noting that if you’re already a Bank of America business checking account holder, you can link your account to the card for overdraft protection through Balance Connect®.

Is the card worth it after all?

For small businesses seeking a no-frills credit card with a 0% intro APR and no annual fee, the Platinum Plus® Mastercard® Business card is a solid option. The card’s strengths lie in its low-cost structure, cash management tools, and security features. It’s particularly well-suited for businesses that want to maintain tight control over their spending without worrying about annual fees or complex rewards programs.

However, businesses looking for robust cash back or travel rewards may find the card’s offerings limited compared to other business cards that cater more to reward-seekers. Similarly, those needing balance transfer options or lower ongoing APRs might want to explore alternative products. 

Overall, the Bank of America® Platinum Plus® Mastercard® Business card is a smart choice for businesses focused on cost-efficiency and security without needing elaborate rewards systems.

Conclusion

The Bank of America® Platinum Plus® Mastercard® Business card delivers on its promise of affordability and simplicity, making it a great choice for many small business owners. Its combination of no annual fee, introductory 0% APR, and useful business tools makes it an attractive option for those looking to control expenses without the need for a complicated rewards program.

However, for businesses that prioritize maximizing rewards or seeking lower APRs, this card may not provide the value they need. In the end, its worth largely depends on your business’s specific financial needs and goals.