SuperMoney
  Bank of America Platinum Visa® Business Credit Card

Bank of America Platinum Visa® Business Credit Card

in Business Credit Cards from Bank of America

Unaffiliated

Bank of America Platinum Visa® Business Credit Card

Unaffiliated

in Business Credit Cards from Bank of America

Net Recommendation Score +50

SUPERMONEY NET RECOMMENDATION SCORE

This product is strongly recommended by SuperMoney users with a score of +50, equating to 4 on a 5 point rating scale.

+50

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

Rating not yet determined  

1 user recommends
1 user is unsure
0 users don't recommend
Cast your vote

Would you recommend Bank of America Platinum Visa® Business Credit Card to your friends?

Thanks for your vote!

You voted: May or may not recommend

Highlights
Community Rating

Rating not yet determined  

Purchase APR  (Variable APR) 10.24% - 21.24%
Balance Transfer APR  (Variable APR) 10.24% - 21.24%
Credit Score Range 600 - 850
Annual Fee $0

Bank of America Platinum Visa® Business Credit Card Review

Key Takeaways
  • 0% APR balance transfer intro rate. Offers an introductory 0% APR rate on balance transfers for up to 7 months , which is shorter than the average 0% APR period of 12 months.
  • 0% APR on new purchases. New cardholders receive an introductory 0% APR rate on new purchases for up to 7 months.
  • Signup bonus. Offers a signup bonus of $300 if you spend $3000.
  • Competitive APRs. Bank of America Platinum Visa® Business Credit Card has a variable purchase APR that ranges from 10.24% up to 21.24%.
  • No annual fee*. This is a great option for people looking for a low-maintenance card. It gives you the benefits of a credit card, but you don't have to pay an annual fee for the privilege.
  • 4% Balance transfer fee. Bank of America Platinum Visa® Business Credit Card charges a fee of 4% on balance transfers. For example, a balance of $1,000 could cost $40 in transfer fees. The minimum fee is $10.
  • Charges foreign transaction fees. Avoid using this card when traveling abroad because it charges a commission of 3% every time you make a transaction outside the U.S.
  • Multiple business credit card benefits. Includes generous credit card perks, such as rental insurance, emergency support, extended warranty protection on purchases, travel accident insurance, travel assistance, trip cancellation insurance, and fraud protection.
  • Fair or better credit required. You will have good approval oods if your credit score is above600.
Pros & Cons of Bank of America Platinum Business card
The Good The Bad
  • Lower than average purchase APRs.
  • 0% APR balance transfer intro rate on balance transfers for up to 7 months.
  • 0% APR on new purchases during the first 7 months.
  • No annual fee.
  • Multiple business credit card perks.
  • Offers auto rental collision damage waiver.
  • Extended warranty on purchases.
  • Free access to your credit score.
  • Travel accident and travel assistance insurance.
  • Trip cancellation insurance.
  • Considers applicants with fair or poor credit.
  • Bank of America Platinum Visa® Business Credit Card reports to multiple credit bureaus.
  • Does not offer rewards or cash back.
  • Charges a foreign transaction fee of 3%.
  • You don't earn rewards on every purchase.
  • Charges a 4% balance transfer fee.
Bank of America Platinum Business card FAQ

Who is Bank of America Platinum Business card designed for?

This is a credit card issued by Bank of America. 

This business card is designed for small businesses with fair credit. The minimum credit score to apply is 600.

What are the relevant APRs?

This business credit card has a variable purchase APR that ranges from 10.24% up to 21.24%. The card has a variable balance transfer APR that ranges from 10.24% up to 21.24%.

It also has a variable cash advance APR starting at 24.2% .

The good news is this business card does not charge a penalty APR if you are late on a payment.

Does it have an introductory APR offer?

Yes, this business card offers an introductory APR rate on balance transfers of 0% for a period of 7 months from account opening.

This business card does offer an introductory APR rate on new purchases of 0% for a period of 7 months.

Bank of America Platinum Business card Rates & Terms
Purchase APR 10.24% - 21.24%
Balance Transfer APR 10.24% - 21.24%
Cash Advance APR Starting at 24.2%
Penalty APR 0%

What fees does it charge?

The following fees apply to this business credit card:

  • There is no annual fee.
  • A late payment penalty of up to $49.
  • A returned payment fee of up to $39.

Does it charge a foreign transaction fee?

This business card charges a foreign transaction fee of 3%. For example, if you spend $2,000 on a week vacation abroad you would pay a foreign transaction fee of $60. If you travel abroad you may want to leave this business card at home and apply for one that doesn't charge a foreign transaction fee.

Bank of America Platinum Business card Fees
Fees Amount
Annual Fee $0
Foreign Transaction Fee 3%
Balance Transfer Fee 4%
Minimum Balance Transfer Fee $10
Returned Payment Fee $39
Late Payment Fee $19 to $49

Does it offer a cash back rewards program?

No, it does not offer a cash back rewards program.

Can I get it with just an employer identification number (EIN)?

You can apply for this business credit card with your EIN number, but expect the credit card issuer to also require your Social Security number. This is because, as with most business cards, it requires you to personally guarantee the line of credit.

What are the benefits?

This business credit card provides the following benefits:

  • Free Credit Score
  • Auto Rental Collision Damage Waiver
  • Emergency Support
  • Extended Warranty Protection
  • Trip Cancellation Insurance
  • Fraud Liability
  • Travel Accident Insurance
  • Travel Assistance
  • Reports to major credit bureaus

What is the customer service phone number?

The customer service number for this business card is (800) 932-2775.

What is the support contact email?

The support contact email for this business credit card is customerservicealert@bankofamerica.com.

How do people rate the customer service and user experience?

Overall, this business credit card is strongly recommended based on community reviews that rate customer service and user experience.

Does Bank of America Platinum Visa® Business Credit Card report your account activity to credit bureaus?

Yes, Bank of America Platinum Visa® Business Credit Card reports your account activity to the following credit reporting agencies:

  • Equifax
  • Experian
  • Transunion

Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and may help improve your credit.

How to apply?

  • Visit the Bank of America .
  • Fill in the application form. You will typically need to provide general financial information, such as your Social Security Number, address, annual income, and source of employment.
  • Check the information is accurate and submit your application.
  • If you're denied click here to find out why your application may have been rejected and what you can do about it.
SuperMoney Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...
Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.

Feature Breakdown

Introductory Rate 0%
Purchase Intro APR Period (Variable APR) 7 months
Annual Fee $0
No Annual Fee
No Interest Grace Period for Late Payment 25 days
Cash Advance Fee (%) 4%
Cash Advance Fee Minimum $10
Foreign Currency Transaction Fee 3%
Late Fee Amount $19 - $49
Minimum Cash Advance Fee ($) $10
Minimum Interest Charge $1
Returned Payment Fee $39
Customer Type Business
Minimum Age 18
Credit Score Range 600 - 850
Credit Bureau Reporting
  • Experian
  • Equifax
  • TransUnion
Credit Card Benefits
  • Auto Rental Collision Damage Waiver
  • Extended Warranty Protection
  • Trip Cancellation Insurance
  • Emergency Support
  • Fraud Liability
  • Free Credit Score
  • Travel Accident Insurance
  • Travel Assistance
Rewards Type No Rewards
Signup Bonus Starting at $300
Cash Advance APR (Variable APR) Starting at 24.2%
Penalty APR (Variable APR) 0%
Purchase APR (Variable APR) 10.24% - 21.24%
Balance Transfer Fee % 4%
Balance Transfer Fee % After Intro Period Starting at 4
Balance Transfer Fee Minimum $10
Balance Transfer Intro APR Period (Variable APR) 7 months
Balance Transfer Introductory APR (Variable APR) 0%
Balance Transfer APR (Variable APR) 10.24% - 21.24%
Card Network Visa
Card Type
  • Low Interest
  • Bonus Offers

Bank of America Platinum Visa® Business Credit Card Community Reviews

 

Would you recommend Bank of America Platinum Visa® Business Credit Card to your friends?

Before we publish your vote:

Please explain your vote by sharing your experience.

Writing a review increases the credibility of your vote and helps your fellow users make a better-informed decision.

Please write a review to submit your vote
Cancel my vote
(will require moderator approval)

SUPERMONEY NET RECOMMENDATION SCORE

This product is strongly recommended by SuperMoney users with a score of +50, equating to 4 on a 5 point rating scale.

+50

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

sorted by

Other Business Credit Cards

Bank of America Business Credit Cards

Loading...