The Bank of America® Platinum Plus® Mastercard® Business card is a good credit card for business owners who want an initial rewards bonus and a low introductory interest rate without paying an annual fee. The card offers a bonus of $300 online statement credit after spending $3,000 in the first 90 days, as well as a lown intro APR of 0% for 7 billing cycles on new purchases.
However, one thing to be aware of is that you need excellent credit to get approved. The card’s terms would be a lot more attractive if you could get them with a lower credit score. The regular APR that takes effect after the Bank of America Platinum Plus Business Card’s intro rate expires could also be a lot higher than average.
Below, you can find more details that should help you decide if it’s worth applying for the Bank of America Platinum Plus Business Card.
$300 initial bonus
If you apply for the Bank of America Platinum Plus Business Card online and then make $3,000 in purchases during the first 90 days your account is open, you will be rewarded with a $300 bonus.
It’s not the biggest bonus available from a business credit card right now, but it’s certainly larger than the average bonus among all new credit card offers. Unfortunately, this bonus is all the Bank of America Platinum Plus Business Card offers rewards-wise.
0% introductory APR
Using the Bank of America Platinum Plus Business Card to finance big-ticket business expenses that will take months to pay down could save you a fair amount, thanks to the card’s introductory offer of 0% interest on purchases for the first 7 billing cycles. That interest-free period is shorter than average for a 0% credit card offer, however.
If your main objective in applying for a new credit card is to save on interest, you should compare the best 0% APR credit card offers available right now. Considering both business and consumer credit cards will also give you the most options without increasing your personal liability.
$0 annual fee
Like most other Bank of America business credit cards, the Bank of America Platinum Plus Business Card has a $0 fee. This saves you about $22.22 per year compared to the average credit card offer.
16.49% - 27.49% Variableregular APR
The Bank of America Platinum Plus Business Card is not great for carrying a balance from month to month after its introductory APR expires.The regular interest rate that takes effect at that point will be in the range of 16.49% to 27.49% Variable, depending on your overall creditworthiness.
The average interest rate among business credit card offers right now is 22.16%. Even if you get assigned a rate that’s lower than average, you can still do better.
Not good for balance transfers
The Bank of America Platinum Plus Business Card does not offer a low introductory APR for balance transfers. The card’s regular APR applies to transfers from the beginning. The Bank of America Platinum Plus Business Card also has a balance transfer fee of 4%.
750+ credit score recommended
The Bank of America Platinum Plus Business Card requires excellent credit for approval. So, if you check your credit score and discover that it’s below 750, you probably won’t have very good approval odds.
