The Bank of America® Platinum Plus® Mastercard® Business card is a versatile credit card designed to meet the needs of small business owners. Offering a competitive APR with no annual fee, this card provides various benefits to help manage business expenses efficiently.
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From the $300 online statement credit offer to the 0% introductory APR on purchases, the Platinum Plus® Mastercard® Business card stands out as a valuable tool for entrepreneurs looking to optimize their financial management.
Moreover, the card comes with a suite of features aimed at enhancing convenience and security for business operations. These include access to cash flow management tools, online and mobile account management, and comprehensive travel and emergency services.
Key information about the Bank of America® Platinum Plus® Mastercard® Business card
The Platinum Plus® Mastercard® Business Card from Bank of America is tailored for small business owners, offering key benefits such as a $300 online statement credit after spending $3,000 within the first 90 days, no annual fee, and a 0% introductory APR on purchases for the first 7 billing cycles.
These features provide immediate financial incentives and cost savings, allowing businesses to manage expenses efficiently and make significant purchases without initial interest charges.
How does the annual fee work?
One of the standout features of the Bank of America® Platinum Plus® Mastercard® Business card is that it has no annual fee. This aspect makes it particularly appealing to small business owners who are mindful of keeping operational costs low. By eliminating the annual fee, the card allows businesses to maximize their savings and reinvest the funds into other essential areas of their operations.
How is the credit limit determined?
The credit limit for the Platinum Plus® Mastercard® Business card is determined based on the applicant’s creditworthiness. Bank of America evaluates various factors such as the business’s credit history, the owner’s personal credit score, income, and overall financial health.
This comprehensive assessment ensures that the credit limit set aligns with the business’s ability to manage and repay debt. For businesses with a solid credit profile and robust financials, higher credit limits are typically granted, providing more flexibility in managing cash flow and expenses.
Credit card benefits
- No annual fee: Save on recurring costs with no annual fee.
- $300 online statement credit: Receive a $300 statement credit after making at least $3,000 in purchases within the first 90 days of account opening.
- 0% introductory APR: Enjoy 0% APR on purchases for the first 7 billing cycles. After the intro period, a variable APR of 16.49% to 27.49% applies.
- Employee cards: Issue employee cards at no additional cost and set individual credit limits.
- Mastercard easy Savings® Program: Automatically earn rebates at thousands of locations across the U.S. with no need for coupons or codes.
- Travel and emergency services: Benefit from travel accident insurance, auto rental insurance, emergency ticket replacement, lost-luggage assistance, and legal and medical referrals.
Mastercard Easy Savings® Program
A notable feature of the Platinum Plus® Mastercard® Business card is the Mastercard Easy Savings® Program. This program allows cardholders to earn automatic rebates when making purchases at participating merchants. The process is seamless, requiring no coupons or codes—simply use your card, and the savings are automatically applied.
Disadvantages
- Short introductory APR period: The 0% introductory APR on purchases lasts only for the first 7 billing cycles.
- Variable APR: Post-introductory APR can range from 16.49% to 27.49%, which may be high for some businesses.
- High cash advance APR: The APR for cash advances is 29.49%, making it an expensive option for accessing cash quickly.
High cash advance APR
A significant drawback of the Platinum Plus® Mastercard® Business card is the high APR for cash advances, which stands at 29.49%. This rate can lead to substantial interest charges if the cash advance balance is not paid off quickly. Businesses that frequently require cash advances may find this cost prohibitive, making it important to consider other options for accessing quick funds.
Who can apply for this card?
To apply for the Bank of America® Platinum Plus® Mastercard® Business card, applicants must meet certain eligibility criteria:
- Minimum Age: Applicants must be at least 18 years old.
- Business Ownership: The applicant must own a small business.
- Creditworthiness: Applicants must have a good to excellent personal and business credit score.
- U.S. Based Business: The business must be based in the United States.
- Financial Documents: Applicants may need to provide financial statements, tax returns, and other documentation to verify business income and financial health.
How to apply for the Bank of America® Platinum Plus® Mastercard® Business card
Via WebSite
Applying for the Bank of America® Platinum Plus® Mastercard® Business Card online is a straightforward process designed to be convenient and efficient for business owners. Once on the homepage, hover over the “Credit Cards” section in the main navigation menu and select “Business Credit Cards” from the dropdown options.
This will direct you to the page listing all available business credit cards. On the Business Credit Cards page, scroll through the options until you find the Platinum Plus® Mastercard® Business Card. Click on the card to access its detailed information page.
Before proceeding with the application, take some time to review the card’s features, benefits, and terms. This includes understanding the $300 online statement credit offer, the 0% introductory APR, and the absence of an annual fee. Ensure that this card aligns with your business needs and financial goals.
Once you have reviewed all the information and decided to apply, click the “Apply Now” button. This button is typically located near the top of the card’s information page. Clicking this will redirect you to the online application form.
The application form will require you to provide detailed information about your business. This includes the business name, address, phone number, type of business, years in business, and annual revenue. You will also need to provide the Tax Identification Number (TIN) or Employer Identification Number (EIN) for your business.
In addition to business details, you will need to provide personal information for the primary cardholder. This includes your name, home address, social security number, and other pertinent details to verify your identity. Furthermore, you might be asked to supply information about your role within the company and any other individuals authorized to use the card.
Upon submission, you will typically receive an immediate response indicating whether your application has been approved, denied, or if further review is needed. If additional information is required, you may be contacted by a Bank of America representative to provide the necessary documents or details.
If approved, you will receive your new Platinum Plus® Mastercard® Business Card in the mail within a few business days, along with instructions on how to activate and start using your card.
You will be redirected to another website.
