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bank-of-america

Bank of America® Platinum Plus® Mastercard® Business card

Credit needed
Good
APR
10.24%-21.24%
Annual Fee
$0

Card Summary

The Bank of America® Platinum Plus® Mastercard Business card offers an initial 0% annual percentage rate for purchases within the first seven billing cycles.

It also has a standard variable APR between 10.24% and 21.24%, depending on whether your creditworthiness is personal or business.

An annual fee is $0 and you will receive a $300 credit for your statement if you make $3,000 of net purchases within the first 90 days.

The card provides business customers with a low interest rate and offers a wide range of benefits.

Card Summary - Cons

Rates and fees

Issuer Name
Bank of America
Penalty APR
N/A
Credit Needed
Good
Balance Transfer Fee
The greater of $10 or 4%, depending on the transaction amount
Annual Fee
$0
Cash Advance Fee
$10, or 4%, depending on the transaction amount. Overdraft Protection Cash advance (if you are enrolled): $10, or 3%, depending on the transaction amount.
APR
10.24%-21.24%
Foreign Transaction Fee
Each transaction is charged 3% in U.S. dollars

Highlights

Receive a $300 credit to your statement if you spend at least $3,000 on net within the first 90 days after opening an account. Unlimited Employee Cards at No Additional Cost Automate bill payments and make hassle-free electronic payment arrangements.

There is no annual charge, you can manage your business online with an assortment of services, including automated payments, transfers, and downloading transactions to QuickBooks.

You can get the travel services you business requires, including $100,000 in travel insurance and auto rental insurance. Also, there are emergency tickets replacement and lost-luggage assistance. Secure online banking and mobile banking allow you to manage your account 24/7 online.

You can check your account balance online and monitor activity anytime you want.

Comparative Analysis with Other Cards

Bank of America® Platinum Plus® Mastercard® Business Card vs. Capital One Spark Classic Classic for Business

Annual Fee: There is no annual fee for the card.

Reward Program: There is no rewards program offered by the Bank of America® Platinum Plus Mastercard®. Capital One Spark Classic for Business cards offer a flat 1% cashback on all purchases, with no caps.

Sign-up bonus: New cardholders with the Bank of America Platinum Plus Mastercard® Business card receive a $300 statement-credit sign-up bonus for spending $3,000 on net purchases within 90-days of opening an account.

A sign-up bonus is not offered by the Capital One Spark Classic for Business Card.

Benefits: If you connect your Bank of America Business Checking Account to your Card, overdraft protection will protect against declined purchases and returned checks.

The Capital One Spark Classic for Business Card offers useful benefits such as employee cards for no extra cost, no foreign transaction fee, an auto rental collision waiver, purchase protection and extended warranty coverage for purchases made with the card. You also get travel and emergency assistance.

Bank of America® Platinum Plus®, Mastercard® Business card vs. Ink Business Cash Credit card

Annual Fee: There is no annual fee for the card.

Reward Programs: The Bank of America® Platinum Plus® Mastercard® Business card does not offer any rewards programs. The Ink Business Cash Credit Card earns you 5% cashback on your first $25,000 in purchases made at offices, telephone, landline and internet shops.

On the first $25,000 in total purchases made at restaurants and gas stations, you earn 2% cashback and on all others purchases, you get 1%.

Sign up bonus: New cardholders of the Bank of America® Platinum Plus® Mastercard® Business cards receive a $300 statement credit bonus when they spend $3,000 on net purchases within 90-days of opening an account. Spend $7,500 in your first three months to earn $750 cashback with the Ink Business Cash Credit Card.

Benefits: If you connect your Bank of America Business Checking Account to the card, you will have access to many benefits including travel, emergency assistance, and overdraft protection. Ink Business Cash Credit Card provides benefits such as purchase protection and extended warranty coverage. It also includes travel and emergency assistance.

What is the APR of Bank of America's Platinum Plus® Mastercard® Business Card?

Based on creditworthiness of your individual or business, the APR for this card is between 10.24% and 21.24%.

Conclusion

Note: Credit Card summary is for informational purposes only and is not an endorsement of the product. Products and services described are offered by third parties and not Bright Money or its partner banks. Bright Money strives to keep its information accurate and up to date. This information may be different than what you see when you visit a financial institution, service provider, or specific product’s site and the information has not been reviewed or provided by the issuer of the product before publication.

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