Bank of America Platinum plus Mastercard Business card Review

Bank of America Platinum Plus Mastercard Business card 

Bank of America Platinum Plus Mastercard Business card designed for small business owners. It offers a combination of features that can be attractive to new businesses or those that don’t spend a lot regularly. This card does not offer rewards and bonus miles. There is no annual fee and a 0% introductory APR on purchases for the seven months.

Financing initial purchases or covering temporary cash flow gaps can be a good option. The intro offer is $300, and this card offers an excellent credit score. The Bank of America® Platinum Plus® Mastercard® Business card prioritizes account management perks.

This card shines if you need multiple employee cards, as they are free. In case of emergency, this card offers $100,000 for travel accident insurance and auto rental insurance, as well as the ability to download transactions with QuickBooks.

Quick Highlights of Bank of America Platinum Plus Mastercard Business Card 

• Earn a $300 online statement credit when you spend the $3,000 within the first 90 days of opening your account.
• Competitive purchase APR means you’ll save on interest when making business purchases.
• No annual fee means more money stays in your pocket for growing your business.
• Enjoy an introductory 0% APR on purchases for the first seven billing cycles, giving you more time to pay off your business expenses. The regular APR is 16.49% to 27.49%, which will be apples.
• Give your employees access to this Mastercard with their cards at no extra cost, and set individual credit limits for each card.
• Our contactless cards offer the convenience of a tap while maintaining the security of a chip card, making transactions quick and secure.
• Take advantage of this limited-time offer. Apply now to take advantage of the $300 online statement credit and other benefits for your business.

Introductory offer of Bank of America Platinum Plus Mastercard Business card

The Bank of America® Platinum Plus® Mastercard® Business card offers a 0% introductory purchase APR for the first seven billing cycles. This can help finance a large initial purchase or cover a temporary cash flow gap.

However, it’s important to remember that after the intro period ends, the variable APR on purchases and balance transfers will range from 16.49% to 27.49%. There’s also a balance transfer fee of 4% of each amount transferred. Be sure to factor in these rates when deciding if this card is right for you.

Rewards and Benefits of Bank of America Platinum Plus Mastercard Business Card

Rewards of Bank of America Platinum Plus Mastercard Business card 

This card does not offer cash-back miles or points.

How to Redeem Rewards

This card does not offer redemption rewards.

Benefits of Bank of America Platinum Plus Mastercard Business card

• Emergency card replacement. If your card is lost or stolen, the Bank of America® Platinum Plus® Mastercard® Business card offers emergency card replacement for added convenience and security.
• Purchase protection. This credit card provides purchase protection, which covers eligible purchases against theft or damage within a specific period after the date of purchase. Cardholders enjoy $100,000 in case of travel accident insurance.
• Extended warranty. Cardholders can extend the manufacturer’s warranty on eligible items purchased with their Bank of America® Platinum Plus® Mastercard® Business card.

Security

Stay Protected

This card offers a multi-layered approach to security to give you peace of mind:

• Zero Liability Protection: You won’t be held responsible for unauthorized charges made to your card.
• Fraud Monitoring: Bank of America monitors your account for suspicious activity if they suspect fraud.
• Paperless Statements: Opt for paperless statements to reduce the risk of losing or stealing physical statements.

With these core protections, the card may also offer purchase protection against loss, damage, theft, or fire and extended warranty coverage (details not available publicly but likely found in the cardholder agreement)

Rates and Fee

Rates

• Introductory APR: 0% APR on purchases for the first seven billing cycles.
• Standard Variable APR: 16.49% to 27.49% variable APR on all purchases after the introductory APR expires and on all balance transfers.
• Intro Balance transfer APR: N/A
• Intro Purchase APR: N/A

Fee

• Cash Advance APR: 29.49% variable APR on all cash advances and convenience checks.
• Balance Transfer Fee: $10 or 4% of the amount of every transaction, whichever is greater.
• Foreign Transaction Fee: 3% of the U.S. dollar amount of each transaction.
• Late payment fee: N/A
• Returned payment fee: N/A
• Annual Fee: $0

Eligibility Criteria

• Business financials: This includes your business revenue, profitability, and time in operation. A strong track record improves your chances of approval.
• Personal credit history of the business owner(s): Your credit score is 740 to 850, good to excellent. This is significant as it demonstrates your history of responsibly handling debt.

 Approval process

1. Application: You can apply online or contact a Bank of America business banking representative directly.
2. Bank review: The bank will review your application and business information. This can involve a credit check and verification of your business financials.
3. Approval notification: Bank of America will notify you of their decision via mail or email.

If you need clarification on your eligibility, contacting Bank of America directly is best. They can offer more specific guidance based on your circumstances. Here are some ways to get in touch.

How to Apply

Visit a Bank of America branch: Apply online by clicking on the Bank of America.

• This lets you speak with a banker directly. A cardholder can answer any questions and guide you through the application process.

Customer Service/Phone Number

• The phone number is 866-283-4075.
• Customer Service: 1-800-892-3219

Conclusion

The Bank of America® Platinum Plus® Mastercard® Business card caters to businesses that prioritize convenience and security over earning rewards. With no annual fee and a 0% introductory APR on purchases for the first seven months, financing initial purchases or temporary cash flow gaps can be a good option.

It doesn’t offer rewards programs, so it might not be the best fit for businesses incurring many ongoing expenses. The card shines in its emphasis on account management features.

Multiple employee cards are included at no additional cost, and it integrates easily with QuickBooks for streamlined bookkeeping. Security features like zero fraud liability and travel insurance provide peace of mind for business travel. This card is a solid option for new businesses or those focusing on cost-effective management and essential security benefits.

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