Bank of America® Platinum Plus® Mastercard® Business card review

Depending on your credit history, the Bank of America Platinum Plus Mastercard Business card may offer you a lower interest rate than what you can find on other business cards.

It also offers a substantial sign-up bonus for a card with no annual fee and a brief interest-free period that can be helpful when you’re just getting started with a new card. However, it doesn’t offer a rewards program, nor does it offer that many business-friendly perks. As a result, the Bank of America Platinum Plus Mastercard ranks low on our list of business cards.

Here’s what else you should know about the Platinum Plus Mastercard.

Below average APR

The biggest selling point for the Platinum Plus Mastercard is its below average interest rate, which could be a big deal for cardholders who know they’ll be carrying debt for some time. For cardholders who qualify, Bank of America Platinum Plus charges cardholders 15.99% - 26.99% Variable APR on purchases and balance transfers, which may well below what many business cards charge.

A brief introductory APR

The Platinum Plus Mastercard card also gives you some breathing room when you first open the card, 0% intro APR on purchases for the first 7 billing cycles (15.99% - 26.99% Variable APR on purchases and balance transfers, thereafter) – which can be helpful if you need to run up some big purchases right away. Finding promotional rates on business cards can be difficult, so the extra time to carry a balance is appealing, even if it’s for a much shorter period than what’s typically offered on personal credit cards.

The Platinum Plus Mastercard doesn’t offer a special APR on balance transfers, though, so if you plan to transfer a balance transfer, you’re better off with a different card. Its 4 percent balance transfer fee is also relatively high and could cost you a substantial amount of money if you need to transfer a large balance.

A good sign-up bonus

One of the few areas where the Platinum Plus Mastercard really shines is with its sign-up bonus. It offers a flat $300 statement credit if you spend $3,000 in net purchases in the card’s first 90 days. That’s a sizable bonus for a card with no annual fee and helps make up for the business card’s lack of a rewards program – at least for the first year. Plus you can save on interest with a competitive purchase APR.

Some business-friendly benefits

The Platinum Plus Mastercard also offers a modest suite of benefits that can help your business save money on travel insurance and keep better track of your expenses. Like most business cards, it offers free employee cards. It also offers a cash flow management tool that can help you keep track of your company spending.

In addition, it offers a modest suite of travel insurance benefits that can save you money if your company’s travel plans go awry. For example, in addition to standard travel perks, such as car rental insurance and travel accident protection, the Platinum Plus Mastercard offers lost luggage protection to help you if you or your employees’ luggage goes missing. It also gives you the option to upgrade your benefits. However, if you travel heavily or have a big business, you may want to pick a premium card instead. Cards with annual fees typically offer a stronger suite of benefits.

Why get the Bank of America Platinum Plus Mastercard?

• You want a basic, low rate credit card.
• You want a business card with an introductory APR on purchases.
• You want a substantial sign-up bonus without paying an annual fee.

How to use the Bank of America Platinum Plus Mastercard:

• Charge at least $3,000 in net purchases within the first 90 days of opening your card in order to claim your $300 sign-up bonus.
• If you use this card to spread out payments for a big purchase, try to pay back the purchase in full within 7 billing cycles in order avoid paying extra interest.
• To take advantage of travel benefits, such as lost luggage insurance or car rental coverage, use this card to book flights and car rental expenses.