Bank of America Platinum Plus Mastercard Business Credit Card Review 2024

Compared to the wide range of perk-laden business credit cards available, the Bank of America® Platinum Plus® Mastercard® Business card doesn’t stand out from the crowd. It doesn’t offer any fancy travel perks, like airline lounge access or priority boarding. Perhaps most notably, the card doesn’t offer ongoing rewards on spending.

But it isn’t entirely dull: The card doesn’t charge an annual fee and does offer a modest welcome bonus of a $300 online statement credit after spending $3,000 in purchases in the first 90 days of account opening. In addition to an array of convenience benefits, extras include unlimited employee cards for no additional fee and travel benefits like auto rental collision damage waiver, emergency ticket replacement, lost luggage assistance and travel accident insurance.

The Platinum Plus Business card also offers a 0% introductory APR on purchases for the first 7 billing cycles, followed by a variable APR of 16.49% - 27.49% on purchases and balance transfers. A balance transfer fee of 4% of the amount of each transaction applies.

• No annual fee
• Welcome bonus of a $300 online statement credit after spending $3,000 in purchases in the first 90 days of account opening
• No rewards
• Unlimited employee cards at no extra cost
• Travel insurance and coverage benefits

The Platinum Plus Business card offers a 0% introductory APR on purchases for the first 7 billing cycles, followed by a variable APR of 16.49% - 27.49% on purchases and balance transfers. A balance transfer fee of 4% of the amount of each transaction applies.

• $0 fraud liability. Cardholders are not responsible for unauthorized transactions.
• Travel accident insurance. Cardholders get $100,000 in travel accident insurance coverage.
• Auto rental insurance. Collision damage waiver for rental cars.

Interest Rates

• Regular APR: 16.49% - 27.49% Variable APR on purchases and balance transfers
• Purchase intro APR: 0% introductory APR on purchases for the first 7 billing cycles
• Balance transfer intro APR: N/A

Fees

• Annual fee: $0
• Balance transfer fee: 4% of the amount of each transaction.
• Foreign purchase transaction fee: 3% of the U.S. dollar amount of each transaction

Bank of America® Platinum Plus® Mastercard® Business card vs. Ink Business Cash® Credit Card

The Ink Business Cash® Credit Card made the Forbes Advisor Best Business Credit Cards list for its lack of annual fee, solid cash-back rewards and intro APR offer of 0% introductory APR on purchases for 12 months, then a standard APR of 18.49% - 24.49% variable applies for purchases and balance transfers. A balance transfer fee of either $5 or 5% of the amount of each transfer, whichever is greater, applies.

The Ink Business Cash card earns 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 and 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 rewards like these and other superior features, the Ink Business Cash offers more than the Bank of America Platinum Plus Business, but it may require a stronger credit standing because of these rich features.

Bank of America® Platinum Plus® Mastercard® Business card vs. The Blue Business® Plus Credit Card from American Express

With no annual fee, The Blue Business® Plus Credit Card from American Express (Terms apply. See rates & fees) earns 2 Membership Rewards points per dollar on everyday business purchases such as office supplies or client dinners up to the first $50,000 in purchases per year, then 1 point per dollar on all other purchases. 15,000 Membership Rewards points after spending $3,000 in purchases in the first 3 months of account opening. It comes with a 0% intro APR on purchases for 12 months from the date of account opening, then a variable rate of 18.49% - 26.49% applies.

Overall the Amex Blue Business Plus offers better versions of several of the same features as the Bank of America Platinum Plus Business and earns rewards, too.

Bank of America® Platinum Plus® Mastercard® Business card vs. Bank of America® Business Advantage Customized Cash Rewards Mastercard® credit card

Unlike the Bank of America Platinum Plus card, other Bank of America business credit cards carry no annual fee and also earn rewards. The Bank of America® Business Advantage Customized Cash Rewards Mastercard® credit card is one option that earns 3% cash back in the category of choice, 2% cash back on dining purchases and unlimited 1% cash back on all other purchases. Earn 3% and 2% cash back on the first $50,000 in combined choice category/dining purchases each calendar year and 1% thereafter.

The Business Advantage Customized Cash Rewards also offers a 0% introductory APR on purchases for the first 9 billing cycles, then a 18.49% - 28.49% variable APR thereafter on purchases and balance transfers. A balance transfer fee of 4% of the amount of each transaction applies. These enhanced features make it a better choice for most than the Bank of America Platinum Plus card.

If your credit doesn’t qualify you for a business credit card that earns rewards, the Bank of America® Platinum Plus® Mastercard® Business card may be a decent option. For the small business owner who wants some extra perks while building revenue, this card may do the trick—especially if having multiple employee cards is  a priority for you. But there are other options available that surpass what this card is offering.

Forbes Advisor considers a variety of criteria when assigning credit cards a rating. Cards are graded based on numerous factors, including:

• Annual fees
• Welcome bonus offers
• Ongoing earning rates
• Value of individual points or miles
• Included travel or merchant credits
• Additional cardholder benefits

Card features we expect cardholders to use the most often are weighted more heavily in our ratings. Altogether, the factors came together to provide a star rating for each individual card.

Read more: How Forbes Advisor Rates Credit Cards