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  Bank of America Platinum Plus® Mastercard® Business Credit Card
Bank of America Platinum Plus® Mastercard® Business Credit Card Unaffiliated

Bank of America Platinum Plus® Mastercard® Business Credit Card

Unaffiliated
Net Recommendation Score +33  

SUPERMONEY NET RECOMMENDATION SCORE

This product is mostly recommended by SuperMoney users with a score of +33, equating to 3.7 on a 5 point rating scale.

+33

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
2 users are unsure
0 users don't recommend
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Highlights
Community Rating

Rating not yet determined  

Purchase APR  (Variable APR) 13.24% - 24.24%
(Verified 10/13/2022)
Balance Transfer APR  (Variable APR) 13.24% - 24.24%
(Verified 10/13/2022)
Credit Score Range 600 - 850
Annual Fee $0

Bank of America Platinum Plus® Mastercard® 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 up to $300 if you spend $3000.
  • Competitive APRs. Bank of America Platinum Plus® Mastercard® Business Credit Card has a variable purchase APR that ranges from 13.24% up to 24.24%.
  • 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 Plus® Mastercard® 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 odds if your credit score is above 600.

Pros & Cons of Bank of America Platinum business card

The Good The Bad
  • Potentially 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. There is then a variable purchase APR that ranges from 13.24% up to 24.24%.
  • 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 credit.
  • Bank of America Platinum Plus® Mastercard® 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 13.24% up to 24.24%. The card has a variable balance transfer APR that ranges from 13.24% up to 24.24%.

It also has a variable cash advance APR starting at 27.24% .

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 13.24% - 24.24%
Balance Transfer APR 13.24% - 24.24%
Cash Advance APR Starting at 27.24%
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.
  • Bank of America Platinum business card does not charge a returned payment fee.

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 $0
Late Payment Fee $19 to $49

Does it offer a cash back or rewards program?

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

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 mostly recommended based on community reviews that rate customer service and user experience.

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

Yes, Bank of America Platinum Plus® Mastercard® 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.
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Availability

  Available in 50 states and Washington, D.C.
  • Alaska
  • Alabama
  • Arkansas
  • Arizona
  • California
  • Colorado
  • Connecticut
  • Washington, DC
  • Delaware
  • Florida
  • Georgia
  • Hawaii
  • Iowa
  • Idaho
  • Illinois
  • Indiana
  • Kansas
  • Kentucky
  • Louisiana
  • Massachusetts
  • Maryland
  • Maine
  • Michigan
  • Minnesota
  • Missouri
  • Mississippi
  • Montana
  • North Carolina
  • North Dakota
  • Nebraska
  • New Hampshire
  • New Jersey
  • New Mexico
  • Nevada
  • New York
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Virginia
  • Vermont
  • Washington
  • Wisconsin
  • West Virginia
  • Wyoming

Feature Breakdown

Introductory Rate 0%
Purchase Intro APR Period (Variable APR) 7 months
Annual Fee $0
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
No Annual Fee
No Interest Grace Period for Late Payment 25 days
Returned Payment Fee $0
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
APR Type Variable APR
Cash Advance APR (Variable APR) Starting at 27.24%
Penalty APR (Variable APR) 0%
Purchase APR (Variable APR) 13.24% - 24.24%
(Verified 10/13/2022)
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) 13.24% - 24.24%
(Verified 10/13/2022)
Card Network Mastercard
Card Type
  • Low Interest
  • Bonus Offers

Bank of America Platinum Plus® Mastercard® Business Credit Card Community Reviews

 

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SUPERMONEY NET RECOMMENDATION SCORE

This product is mostly recommended by SuperMoney users with a score of +33, equating to 3.7 on a 5 point rating scale.

+33

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.

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