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Bank of America Platinum Plus Mastercard Business Review

By on March 11, 2021 0

Bank of America Platinum Plus Mastercard Business is not one of our highest rated business credit cards. You can consult our list of best business credit cards for what we think are better options.


Bank of America Platinum Plus Mastercard Business Full Review


Benefits
  • Attractive APR conditions

  • $ 300 bonus

The inconvenients
  • No reward

  • Minimal card benefits


Benefits explained

  • Attractive APR conditions: This card’s interest rate benefits begin with its introductory offer of a 0% introductory APR on purchases for the first seven billing cycles. While balance transfers aren’t eligible, the offer helps by giving you more than six months in which you can make business expenses on the card without incurring any interest charges. After this 0% APR period expires and a normal APR takes effect, your interest rate may increase less with the Bank of America Platinum Plus Mastercard Business card than with most other cards. . This is especially true for businesses with excellent credit, for which this card makes the most sense. The lowest 10.24% variable card regular APR, typically given to those with the best credit, is significantly lower than typical business credit card minimums. For example, the variable APR for Chase Ink Business Preferred starts at 15.99% and Capital One’s Spark Cash has a variable APR of 20.99% for all cardholders.
  • $ 300 bonus: New cardholders are eligible for a $ 300 credit on their introductory statement if they spend $ 3,000 on net purchases within 90 days of opening the account. It is true that $ 300 is not the biggest bonus for a business card with no annual fee. Chase Ink Business Cash, for example, offers $ 750, but for a higher spending threshold. Nonetheless, it’s still an easily earned bargain if you normally spend at least $ 1,000 per month on your business.


Disadvantages Explained

  • No reward: Because this is not a Business Rewards credit card, you will not earn points, miles, or cash back when you make purchases with the card. This applies even if you do your banking with Bank of America and qualify for the Preferred Rewards for Business bonus rewards available with some of the bank’s credit cards. The lack of rewards could be a major downside when you compare this card to others.


The Bank of America Platinum Plus Mastercard Business card is best suited for businesses with excellent credit who anticipate needing to maintain a balance on a credit card and therefore have the priority of keeping the cost of doing so as low as possible. The card’s 0% seven-cycle APR offer contributes to this goal, but more importantly are its low and continuous APR rates, which could reduce interest charges on a large balance by hundreds or even thousands. dollars a year for those with favorable credit scores. .

The Bank of America Platinum Plus Mastercard Business card is also attractive to businesses that have little or no accounting staff and could benefit from help staying on top of their books. As with cards from competitors including Wells Fargo, this card provides access to a suite of online accounting services. These include tools that facilitate automatic payments and transfers, and that upload transactions to QuickBooks.


Bank of America Platinum Plus Mastercard Business Card Bonus

Since Bank of America Platinum Plus Mastercard Business does not have a rewards program, it is not among the cards that use tens of thousands of bonus points as an incentive to apply. Instead, like some of its main competitors, it offers a cash introductory bonus. You get a $ 300 credit on your statement if you spend at least $ 3,000 with the card in the first 90 days after opening an account.


Great Benefits of the Bank of America Premium Rewards Credit Card

  • Cash management tools: The card provides access to a suite of online accounting services, including tools that facilitate automatic payments and transfers, and that upload transactions to QuickBooks.


Standard benefits

  • Unlimited employee cards at no additional cost
  • Travel and emergency services
  • $ 0 fraud protection
  • Fraud monitoring
  • Online and mobile account access
  • Paperless statement option


Cardholder experience

Bank of America ranked third out of eight and scored above average in the JD Power 2020 US Small Business Credit Card Satisfaction Study.sese

The bank offers 24/7 customer service, which is common among large financial institutions. There is also a live chat option on the website, and it is available even if you are not a company customer who is logged into your account – a level of accessibility that is not offered by the customer service portals of all card issuers.


Security functions

This card has the security features typical of other business credit cards. These features include:

  • Flea protection
  • $ 0 fraud protection
  • Fraud monitoring
  • Overdraft protection
  • Paperless returns

You can also set up security alerts and notifications when you sign in to your online account. This can make it easier to monitor account activity, such as purchases or wire transfer requests, to help you detect and prevent fraud.


Fees to watch out for

These fees are pretty standard, with the exception of the regular APR, which is lower than that charged by many business credit cards, especially at the lower end of the scale, as in the interest rate charged to customers with the best. credit records and notes.


Our verdict

The Bank of America Platinum Plus Mastercard Business is a true basic credit card, in that it is deliberately designed to forgo frills, especially rewards, in order to provide unusually low APRs.

These interest rates are particularly attractive at the lower end of the range, for companies with the best credit records. These rates start at just 10.24%, which is five percentage points or more lower than many of this card’s top competitors.

This focus reflects an apparent desire by Bank of America to attract target businesses for this card: businesses with excellent credit who are looking for a business credit card that they can use as needed to meet short-term cash flow needs without earn the usual high interest. charges.

If that’s not a priority for your business, you’d better look to other cards that offer rewards and a more comprehensive range of benefits. Of course, you are not limited to choosing just one card for your business to use. You can, for example, choose to acquire both the Bank of America Platinum Plus Mastercard Business card as well as one or two other cards whose strengths overcome the weaknesses thereof.

Such a combination would allow you to bill Bank of America Platinum Plus Mastercard Business card expenses that you plan to carry for a month or more, especially during your initial seven billing cycles with the card, when an APR of 0% applies to new purchases. And then using another card for the expenses you plan to pay off quickly, and thus earn rewards on those purchases.

Within Bank of America’s range of cards, the choice of an additional card may include the Bank of America Business Advantage Cash Rewards Mastercard credit card which offers 3% and 2% cash back on the first 50,000. $ in combined premium and dining category purchases each calendar year. , then 1% cash back thereafter. If you are a heavy gamer, with a five or six digit balance on a Bank of America or Merrill account, this card offers the added benefit of being able to earn a bonus rewards as a Bank of America Preferred Rewards for Business member.

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