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Often, rewards credit cards get so much attention that other cards fall to the wayside. But there are many useful business credit cards even outside the rewards card space. Bank of America® Platinum Plus® Mastercard® Business card doesn't have many of the bells and whistles of its flashier competitors. However, what it does offer could be more valuable to some users: an intro-APR offer on purchases. Read our full Bank of America® Platinum Plus® Mastercard® Business card review to see if this card may work for you.
3.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
Rating image, 3.00 out of 5 stars.
3.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
Credit Score:
Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.
Recommended Credit Score required for this offer is: Good/Excellent (670-850)
Credit Score
Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.
Good/Excellent (670-850)
Intro APR
N/A
Purchases: 0%, 7 billing cycles
Balance Transfers: N/A
Regular APR
15.74% - 26.74% (Variable)
Rewards
N/A
Annual Fee
$0
Welcome Offer
$300 online statement credit after you make at least $3,000 in purchases in the first 90 days of your account opening.
$300
This card has a nice sign-up bonus, and the intro-APR offer can be useful. That said, long-term value of the card is limited as there are no purchase rewards or other perks. But no annual fee means it won't cost you anything to keep the card either way.
0% Intro APR
Unlimited employee cards at no additional cost
Attractive welcome bonus
No rewards
Minimal card benefits
Get a $300 online statement credit after you make at least $3,000 in purchases in the first 90 days of your account opening.
Save on interest with a competitive purchase APR.
No annual fee.
0% Introductory APR on purchases for the first 7 billing cycles. After the intro APR offer ends, a Variable APR that's currently 15.74% to 26.74% will apply.
Get employee cards at no additional cost to you and with credit limits you set.
Contactless Cards - The security of a chip card, with the convenience of a tap.
This offer may not be available if you leave this page or visit our website. You can take advantage of this offer when you apply now.
Alternatives to consider
We recommend comparing options to ensure the card you're selecting is the best fit for you and your business. Not all cards are the same and not all businesses have the same needs. To make your search easier, here's a short list of standout business credit cards that we feel offer a lot of value to a wide range of businesses right now.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
Rating image, 4.75 out of 5 stars.
4.75/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
Rating image, 4.75 out of 5 stars.
4.75/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
Credit Rating Requirement:
Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.
Recommended Credit Score required for this offer is: Good/Excellent (670-850)
Poor
Fair
Good
Excellent
300-579
580-669
670-739
740-850
Good/Excellent (670-850)
Credit Rating Requirement:
Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.
Recommended Credit Score required for this offer is: Excellent (740-850)
Poor
Fair
Good
Excellent
300-579
580-669
670-739
740-850
Excellent (740-850)
Credit Rating Requirement:
Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.
Recommended Credit Score required for this offer is: Good/Excellent (670-850)
Poor
Fair
Good
Excellent
300-579
580-669
670-739
740-850
Good/Excellent (670-850)
Welcome Offer:
Earn $350 when you spend $3,000 on purchases in the first three months and an additional $400 when you spend $6,000 on purchases in the first six months after account opening.
Earn up to $750 bonus cash back
Welcome Offer:
150,000 Miles once you spend $30,000 in the first 3 months from account opening
150,000 Miles
Welcome Offer:
Earn $750 bonus cash back after you spend $6,000 on purchases in the first 3 months from account opening.
Earn $750 bonus cash back
Rewards Program:
Earn 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. Earn 2% cash back on the first $25,000 spent in combined purchases at gas stations and restaurants each account anniversary year. Earn 1% cash back on all other card purchases with no limit to the amount you can earn.
Earn 5% cash back in select business categories
Rewards Program:
Earn unlimited 2X miles on every purchase, everywhere—with no limits or category restrictions. Earn unlimited 10X miles on hotels and rental cars and 5X miles on flights and vacation rentals booked through Capital One Travel, where you'll get the best prices on thousands of options.
2X-10X miles
Rewards Program:
Earn unlimited 1.5% cash back on every purchase made for your business
Earn unlimited 1.5% cash back on every purchase
Intro APR:
0% Intro APR on Purchases
Purchases: 0% Intro APR on Purchases, 12 months
Balance Transfers: N/A
Intro APR:
Purchases: N/A
Balance Transfers: N/A
Intro APR:
0% Intro APR on Purchases
Purchases: 0% Intro APR on Purchases, 12 months
Balance Transfers: N/A
Regular APR:
17.74% - 25.74% Variable
Regular APR:
N/A
Regular APR:
17.74% - 23.74% Variable
Annual Fee:
N/A
$0
Annual Fee:
$395
Annual Fee:
$0
Highlights:
Earn $350 when you spend $3,000 on purchases in the first three months and an additional $400 when you spend $6,000 on purchases in the first six months after account opening
Earn 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
Earn 2% cash back on the first $25,000 spent in combined purchases at gas stations and restaurants each account anniversary year. Earn 1% cash back on all other purchases
With Zero Liability you won't be held responsible for unauthorized charges made with your card or account information.
No Annual Fee
Redeem rewards for cash back, gift cards, travel and more through Chase Ultimate Rewards®.
0% introductory APR for 12 months on purchases
Member FDIC
Highlights:
Earn 150,000 bonus miles once you spend $30,000 in the first 3 months from account opening
Earn unlimited 2X miles on every purchase, everywhere—with no limits or category restrictions
Earn unlimited 10X miles on hotels and rental cars and 5X miles on flights and vacation rentals booked through Capital One Travel, where you'll get the best prices on thousands of options
With no preset spending limit, enjoy big purchasing power that adapts so you can spend more and earn more rewards
Empower your teams to make business purchases while earning rewards on their transactions, with free employee and virtual cards. Plus, automatically sync your transaction data with your accounting software and pay your vendors with ease
Redeem your miles on flights, hotels and more. Plus, transfer your miles to any of the 15+ travel loyalty programs
Every year, you'll get 10,000 bonus miles after your account anniversary date. Plus, receive an annual $300 credit for bookings through Capital One Travel
Receive up to a $120 credit for Global Entry or TSA PreCheck®. Enjoy complimentary access to 1,300+ airport lounges worldwide, including Capital One Lounge locations and membership to Priority Pass through the Partner Lounge Network
Enjoy a $100 experience credit and other premium benefits with every hotel and vacation rental booked from the Premier Collection
This is a pay-in-full card, so your balance is due in full every month
Highlights:
Earn $750 bonus cash back after you spend $6,000 on purchases in the first 3 months from account opening
Earn unlimited 1.5% cash back on every purchase made for your business
No Annual Fee
Redeem rewards for cash back, gift cards, travel and more through Chase Ultimate Rewards®.
Earn rewards faster with employee cards at no additional cost. Set individual spending limits for greater control.
Round-the-clock monitoring for unusual credit card purchases
With Zero Liability you won't be held responsible for unauthorized charges made with your card or account information.
Full Bank of America Platinum Plus Business card review
This credit card is a good fit for: New business owners who want a little time to pay off purchases without interest fees.
Top perks
This card comes with a decent welcome offer, but it's light on other perks.
Sign-up bonus worth $300
In most cases, cards without rewards also skip the sign-up bonus, but not Bank of America® Platinum Plus® Mastercard® Business card. New cardholders can earn a sign-up bonus worth $300 in statement credit for spending $3,000 on purchases in the first 90 days of account opening. That is a very competitive bonus for a card with no annual fee, even when compared to cards with rewards. Note that statement credits can be put towards your balance, but they can't generally be used to make your minimum required payment.
0% intro APR on purchases
New cardholders can enjoy 7 billing cycles of a 0% intro APR on purchases. This means you won't be charged interest fees on a purchase balance for the first 7 billing cycles. These deals are ideal for business owners who may need to pay off a larger purchase over time. For example, this perk is useful if you need to spread out payments on startup costs. Keep in mind that you'll still need to make at least your minimum required payment each month to avoid late fees or the termination of your intro offer.
No annual card fee
Bank of America® Platinum Plus® Mastercard® Business card has no annual card fee. So, you won't need to pay a fee each year just to keep your card account. Given the lack of perks on this card, it makes sense that it doesn't charge an annual fee. This is particularly beneficial when you consider that the main perks -- the sign-up bonus and intro-APR offer -- don't offer long-term value. Without an annual fee, you can keep the card open as an extra line of credit without worrying about making up the extra cost.
No fees for employee cards
In addition to no annual card fee for the primary cardholder, you won't pay any extra card fees for employee cards. There's also no limit on how many employee cards you can get. This makes it easy to provide cards to any employee who regularly needs to make purchases on behalf of your business. You can manage your employee cards online 24/7, including seeing up-to-date balance info and account activity. Transactions can even be downloaded into QuickBooks for easy accounting.
What could be improved
With such a basic card, there's a lot of room for improvement, especially when it comes to long-term value.
No cash back or points on purchases
The biggest downside to Bank of America® Platinum Plus® Mastercard® Business card is the lack of any kind of purchase rewards. You can't earn points, miles, or even cash back on purchases. This makes it hard for the card to compete; you can easily find many business cards in our list of card reviews with both rewards and no annual fee. What's more, several of those cards also come with longer intro-APR offers.
Foreign transaction fee
Any extra fee on your card purchases is a drawback, but foreign transaction fees can be particularly costly for business owners. A foreign transaction fee is an extra fee tacked onto purchases made in a foreign currency or that route through a foreign bank. So, any time you travel abroad for your business and use Bank of America® Platinum Plus® Mastercard® Business card, you'll pay 3% of the U.S. dollar amount of each transaction. But it's more than that; it could also be applied to any purchases you make from a foreign supplier. If you regularly make purchases from overseas, that can add up very quickly.
Personal guarantee required
This isn't a con specific to Bank of America® Platinum Plus® Mastercard® Business card so much as one that applies to most small business credit cards. A personal guarantee basically says you agree to be personally responsible for any balance accrued on the card. Even if your business closes, you'll still be legally obligated to pay off the card's remaining balance. The personal guarantee also means you'll need to undergo a personal credit check as a part of the application process.
Suggested credit score
Bank of America doesn't specify a credit score requirement for Bank of America® Platinum Plus® Mastercard® Business card. However, since it's not listed as a credit-building card, you'll likely need at least a good personal credit rating to get approved. As with most small business cards, you may be subject to both a personal and a business credit check.
The Bank of America Platinum Plus Business card is right for you if:
If you're a new business owner looking for a basic card with a nice welcome offer, Bank of America® Platinum Plus® Mastercard® Business card could be a solid pick. The sign-up bonus is a nice boon for a growing business. And the intro-APR offer could be handy for paying off startup costs over time. However, if you're interested in a card with long-term value that will grow with your company, this probably isn't the best option.
At Motley Fool Money, we rate credit cards on a five-star scale (1 = poor, 5 = best). Our rating criteria includes rewards rates, welcome bonuses, fees, and perks like travel credits and 0% intro APR offers to evaluate our ratings.
We combine these factors with an evaluation of brand reputation and customer satisfaction to ensure you're getting the best card recommendations. Learn more about how Motley Fool Money rates credit cards.
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Bank of America is an advertising partner of Motley Fool Money. American Express is an advertising partner of Motley Fool Money. JPMorgan Chase is an advertising partner of Motley Fool Money. Brittney Myers has positions in American Express. The Motley Fool has positions in and recommends Bank of America, JPMorgan Chase, Mastercard, and Target. The Motley Fool recommends the following options: long January 2025 $370 calls on Mastercard and short January 2025 $380 calls on Mastercard. The Motley Fool has a disclosure policy.
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