Bank of America Platinum Plus® Mastercard® Business Credit Card

Overview

Bank of America has become one of the largest banks on the planet, with nearly 4,000 retail financial centers, 200,000+ employees, and tens of millions of customers. It provides a variety of financial services, including bank accounts, auto loans, mortgages, investments, personal loans, and credit cards. 

The Bank of America Platinum Plus® Mastercard® Business credit card charges no annual fee and new customers receive a $300 statement credit and 0% APR for their first seven billing cycles. Applying for the card is quick and easy, and customer service is available seven days a week if you have any issues.

Suitable For?

The Bank of America Platinum Plus Business card is suitable for businesses with good credit, as it has competitive interest rates compared to many other cards. It’s also a solid choice for companies that aren’t interested in earning rewards and just want a straightforward no-fee card. 

The card is also a great option for companies who want to issue employee credit cards to their staff, as you can get an unlimited number of cards for no extra cost.

Interest Rates and Fees

The Platinum Plus Business card has a variable interest rate of 15.49%-26.49% Variable for purchases and balance transfers, which is competitive compared to many other credit cards at the low end of the range. The cash advance interest rate is 28.74%.

The card offers a solid rate and no annual fee. However, it does have a few other fees, including a 4% fee for cash advances and balance transfers and a 3% foreign transaction fee.

Rewards and Cash Back

Unfortunately, this card doesn’t offer any cash back or rewards, but new customers get a $300 online statement credit if they spend $3,000 within the first 90 days of the account opening.

There’s also an introductory 0% APR for your first seven billing cycles, though this only applies to purchases and not balance transfers.

The Application Process

Start the application process by going to the description page for this card on the Bank of America website, and click “Apply now.” You’ll be taken to an application that asks for the following information:

• Your business name and address
• Legal and financial information about the business (tax ID number, country of origin, structure, industry, sales, year established, etc.)
• Personal information (name, job title, address, email, phone number, Social Security number, date of birth, income, and ownership percentage)

After you complete the application, the bank approves or denies it within a day or two. If you’re approved, Bank of America will mail you your card within 10 business days.

The application process is generally clear and should only take a couple of minutes to complete.

Help and Support

Bank of America’s phone support hours are 8am-9pm (ET) on weekdays, 8am-8pm (ET) on Saturdays, and 8am-5pm (ET) on Sundays.

The company also offers live chat for some services. Its hours of operation are 8am-9pm (ET) on weekdays and 9am-8pm (ET) on Saturdays. Direct support is also available on social media platforms like Twitter/X and Facebook.

Because of the various options and the seven-day availability of customer service agents, it’s very easy to get support from Bank of America.

Security

Bank of America is a member of the Federal Deposit Insurance Corporation (FDIC), which means that your deposits up to $250,000 are protected in the event of a bank failure.

The company lets you set up both biometric and two-factor authentication on your accounts for an extra layer of protection. Its website also uses Secure Sockets Layer (SSL) encryption, which secures the connection between your device and the Bank of America website and ensures it’s private.

In its privacy policy, Bank of America mentions the information it collects, how it collects it, what it uses it for, and how it shares it. The company also gives you choices when it comes to how your information gets shared.

FAQs

Does this card have a welcome bonus?

Yes, this card has a welcome bonus of $300 in statement credit if you make at least $3,000 in purchases in the first 90 days after opening your account. There’s also an introductory 0% APR for new customers.

How does Bank of America decide what interest rate a person or business gets?

The interest rate you or your business will get depends on your creditworthiness and credit history. A higher credit score and a strong credit history get you a lower rate, while a poor credit history or lack of credit usage in the past may get you a higher rate.

Conclusion

The Bank of America Platinum Plus® Mastercard® Business credit card has no annual fee, a competitive APR for companies and individuals with good credit, and generous welcome bonuses for new customers. You can also get unlimited employee cards at no added cost, and the card has several security features like fraud monitoring and zero liability protection. It’s worth considering for companies looking for a straightforward no-fee card with competitive interest rates.

Methodology

This review was written with information from the Bank of America website.

Editorial Note

This content is not provided or commissioned by the credit card issuer. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through a credit card issuer partnership.