Table of Contents
The Bank of America Platinum Plus® Mastercard® is a popular cash back credit card for people with good to excellent credit. The annual fee is $0, and the interest rate on purchases compared to other cards in its category is low at just 17.49% APR (Annual Percentage Rate). Furthermore, the Bank of America has made improvements that make it more competitive than ever before- like no foreign transaction fees or an annual bonus on your account anniversary date!
The “bankamericard platinum plus mastercard review” is a credit card that offers cash back and travel rewards. It has no annual fee, which makes it ideal for those who want to earn money without paying any fees.
The Bank of America Platinum Plus® Mastercard® is a great no-fee credit card with a low interest rate. It has a 0% introductory annual percentage rate (APR) for the first seven months, as well as a $300 sign-up incentive. This credit card for small businesses also includes cash flow management tools, internet access, and travel and emergency services.
Business card from Bank of America® Platinum Plus® Mastercard®
Our editorial team uses industry specialists to generate the scores for Fit Small Business. The kind of credit card (cash back or travel) as well as the card’s rates, fees, rewards, and other benefits like insurance are all taken into account in our grading methodology.
Business purchases may be financed at a low interest rate.
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On the secure website of Bank of America
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Intro APR
0% for the first seven billing cycles
APR on a regular basis
On purchases, the variable APR ranges from 10.24% to 21.244%.
- When you spend $3,000 in net purchases within 90 days of starting your account, you’ll get a $300 statement credit.
- With a low purchase APR, you may save money on interest.
- There is no yearly charge.
- For the first seven billing cycles, you’ll get a 0% introductory rate APR on purchases.
- Employee cards are available at no extra cost and with credit limitations that you specify.
Pros
- Low annual percentage rate (APR)
- 0% introductory rate APR
- There is no yearly charge.
- A $300 sign-up bonus is available.
Cons
- There are no continuing incentives.
- Balance transfers are not included in the 0% APR.
- The interest-free term is shorter than with other credit cards.
- Bank of America does not provide the specifics of its extra card features. When you get your card in the mail, go through the benefits guide to learn more about these extra features.
Intro APR
0% for the first seven billing cycles
APR on a regular basis
On purchases, the variable APR ranges from 10.24% to 21.244%.
- When you spend $3,000 in net purchases within 90 days of starting your account, you’ll get a $300 statement credit.
- With a low purchase APR, you may save money on interest.
- There is no yearly charge.
- For the first seven billing cycles, you’ll get a 0% introductory rate APR on purchases.
- Employee cards are available at no extra cost and with credit limitations that you specify.
Pros
- Low annual percentage rate (APR)
- 0% introductory rate APR
- There is no yearly charge.
- A $300 sign-up bonus is available.
Cons
- There are no continuing incentives.
- Balance transfers are not included in the 0% APR.
- The interest-free term is shorter than with other credit cards.
- Bank of America does not provide the specifics of its extra card features. When you get your card in the mail, go through the benefits guide to learn more about these extra features.
Do you want to compare the attributes of two cards? We’ve made it simple for you to do so! To add up to three cards to your basket, just check them off on this page. You’ll be able to compare the information in a side-by-side comparison this way.
How Do We Assess Business Credit Cards With Low Interest Rates?
We look at the introductory and continuing APRs when rating low-interest business credit cards like the Bank of America Platinum Plus® Mastercard®. The card’s extra benefits, continuing incentives, and initial prizes are also taken into account.
Who Should Use the Bank of America Platinum Plus® Mastercard®?
- Business owners who want a low-interest credit card: The Bank of America Platinum Plus® Mastercard® offers a Low annual percentage rate (APR) that’s well below the average APR. This is an excellent option if you need to carry a balance.
- Business owners considering a significant acquisition should consider the following: For the first seven billing cycles, the Bank of America Platinum Plus® Mastercard® provides a 0% APR on purchases, making it an excellent alternative if you intend to make a major purchase.
- Business owners that don’t need to be rewarded on a regular basis: On purchases, the Bank of America Platinum Plus® Mastercard® does not give continuous benefits.
Fees on the Platinum Plus® Mastercard® Business Card from Bank of America
- For the first seven billing cycles after creating an account, the introductory APR is Purchases are tax-free..
- Ongoing Annual Percentage Rate (APR): 10.24 percent to 21.24 percent variable, based on prime rate.
- There is no yearly charge.
- Balance transfer fee: $10 or 4% of each transaction’s value, whichever is larger.
- Fee for international transactions: 3%
- Cash advance fee: $10 or 4% of each transaction’s total amount, whichever is greater—APR is 24.24 percent.
Rewards from the Bank of America Platinum Plus® Mastercard® Business Card
- Offer of Welcome: Spend at least $3,000 in net purchases within 90 days after establishing an account to get a $300 statement credit.
For business-related transactions, the Bank of America Platinum Plus® Mastercard® Business Card does not earn continuous benefits.
Additional Features of the Bank of America Platinum Plus® Mastercard®
Security Purchase
If purchased things are stolen or damaged within 90 days after purchase, they are covered. This service enables you to get your things replaced or repaired, or you may get a refund from Bank of America up to a certain amount. You may go to your benefits guide for more information on this coverage once you’ve applied.
Additional Defense
Bank of America will give extended warranty coverage when you buy an item with an original manufacturer’s warranty. To discover more about the levels of coverage and exclusions, see the Bank of America benefits handbook.
Collision Damage Waiver for Car Rentals
When you use your Bank of America business credit card to rent a car, you’ll get auto insurance that covers damage from an accident or theft. Refer to your benefits guide after getting your card to learn more about the particular coverage levels and limitations.
Overdraft Insurance
To reduce the risk of refused transactions, returned checks, or other overdrafts, connect your Bank of America Platinum Plus® Mastercard® to your current Bank of America business checking account. If you want to have this coverage, monies in $100 increments will be automatically moved from your account to protect you against overdrafts.
There’s an Overdraft Insurance cash advance fee of $10 or 4% of the transaction, whichever is greater. Your cash advance will have an APR of 24.24%.
Travel & Emergency Assistance Services
Your Bank of America Platinum Plus® Mastercard® gives you access to a 24-hour call center for travel and emergency assistance, including medical and legal referral services, emergency transportation assistance, emergency ticket replacement, and lost luggage locator services, when you’re traveling or working anywhere in the world. In the Bank of America perks handbook, the individual services included in this feature are outlined in depth.
Program for Roadside Assistance
As a cardholder, you’ll have access to a pay-per-use Program for Roadside Assistance. This is a 24/7 roadside dispatch that can send out a tow truck or locksmith. You can check the services included and their corresponding prices in your Bank of America benefits guide.
Pros & Cons Explained
Bank of America Platinum Plus® Mastercard® Advantages
- Low annual percentage rate (APR): The Bank of America Platinum Plus® Mastercard® offers one of the lowest APRs available on a business credit card. This is a great option if you need to carry a balance from time to time.
- There is no yearly charge.: Aside from offering a low APR, the Bank of America Platinum Plus® Mastercard® charges There is no yearly charge.. This will help lessen your overall annual credit card cost.
- 0% introductory rate APR: The Bank of America Platinum Plus® Mastercard® offers a 0% introductory rate APR on purchases for the first seven months after opening an account. This allows you to enjoy interest-free financing during this period.
- A $300 sign-up bonus is available.: With Bank of America Platinum Plus® Mastercard®, you can get a $300 statement credit when you meet the spending requirements.
Bank of America Platinum Plus® Mastercard® has several drawbacks.
- There are no continuing incentives.: With Bank of America Platinum Plus® Mastercard®, you won’t earn any cash back or points rewards for your purchases. This may be a disadvantage if you need rewards, such as travel rewards or cash back for your business.
- No 0% intro APR on balance transfers: The 0% introductory rate APR for seven months excludes balance transfer transactions. If you need to transfer a balance from another credit card, you’ll be charged an APR ranging between 10.24% and 21.24% automatically.
- Short no-interest period: The 0% introductory rate APR period offered by the Bank of America Platinum Plus® Mastercard® is only seven months, which is shorter than most other business credit cards.
Alternatives to the Bank of America Platinum Plus® Mastercard®
Credit Card American Express Blue Business® Plus
If you like to earn recurring benefits, the American Express Blue Business® Plus is another low-interest credit card to consider. This small company credit card is perfect for companies that spend less than $50,000 per year since it gives you 2x points on the first $50,000 you spend each year. After that, it gives 1x points on all subsequent transactions.
American Express’s Blue Business® Plus Credit Card
Our editorial team uses industry specialists to generate the scores for Fit Small Business. The kind of credit card (cash back or travel) as well as the card’s rates, fees, rewards, and other benefits like insurance are all taken into account in our grading methodology.
Pocketing 2x points per $1 and 0% introductory rate APR for 12 months
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on American Express’s Blue Business® Plus Credit Card’s secure website.
Compare with
Intro APR
Purchases are tax-free.
APR on a regular basis
Variable 13.49 percent – 21.49 percent
Credit is required.
Good, Excellent
- Spend $3,000 in qualifying purchases on the Card during the first three months of Card membership to earn 15,000 Membership Rewards® points.
- On regular business expenditures like office supplies or client meals, earn 2X Membership Rewards® points. 2X applies to the first $50,000 in annual purchases, then 1 point every dollar after that.
- With Increased purchasing power, you have the ability to spend your Card above its credit limit*.
- *There is a limit on how much you may spend above your credit limit. It varies depending on your Card use, payment history, credit history, financial resources known to American Express, and other variables.
- For the first 12 months from the date of account establishment, there is a 0% On purchases, there is an introductory APR., followed by a variable rate of 13.49 percent to 21.49 percent, dependent on your creditworthiness and other characteristics at account opening.
- There is no yearly charge.
- Terms and Conditions apply.
Pros
- There is no yearly charge.
- Purchases and balance transfers get a 0% APR for 12 months.
- Bonus points for new customers
- Increased purchasing power
- Rewards at a set rate
Cons
- Cash advances are not permitted.
- There is no cost for international transactions.
- The amount of money you may spend to get 2x points is restricted at $50,000.
- If the original manufacturer’s warranty is shorter than two years, American Express will match the term of the guarantee. If the original manufacturer’s warranty is between 2 and 5 years, it offers an extra 2 years. Each year, coverage is capped at $10,000 per incident and $50,000 per account.
- Purchase protection: If an item bought with the card is damaged or stolen within 120 days of purchase, the issuer will repair, replace, or refund you. The maximum coverage is $1,000 per event and $50,000 per account per year.
Intro APR
Purchases are tax-free.
APR on a regular basis
Variable 13.49 percent – 21.49 percent
Credit is required.
Good, Excellent
- Spend $3,000 in qualifying purchases on the Card during the first three months of Card membership to earn 15,000 Membership Rewards® points.
- On regular business expenditures like office supplies or client meals, earn 2X Membership Rewards® points. 2X applies to the first $50,000 in annual purchases, then 1 point every dollar after that.
- With Increased purchasing power, you have the ability to spend your Card above its credit limit*.
- *There is a limit on how much you may spend above your credit limit. It varies depending on your Card use, payment history, credit history, financial resources known to American Express, and other variables.
- For the first 12 months from the date of account establishment, there is a 0% On purchases, there is an introductory APR., followed by a variable rate of 13.49 percent to 21.49 percent, dependent on your creditworthiness and other characteristics at account opening.
- There is no yearly charge.
- Terms and Conditions apply.
Pros
- There is no yearly charge.
- Purchases and balance transfers get a 0% APR for 12 months.
- Bonus points for new customers
- Increased purchasing power
- Rewards at a set rate
Cons
- Cash advances are not permitted.
- There is no cost for international transactions.
- The amount of money you may spend to get 2x points is restricted at $50,000.
- If the original manufacturer’s warranty is shorter than two years, American Express will match the term of the guarantee. If the original manufacturer’s warranty is between 2 and 5 years, it offers an extra 2 years. Each year, coverage is capped at $10,000 per incident and $50,000 per account.
- Purchase protection: If an item bought with the card is damaged or stolen within 120 days of purchase, the issuer will repair, replace, or refund you. The maximum coverage is $1,000 per event and $50,000 per account per year.
Credit Card Chase Ink Business PreferredSM
If your business frequently spends on office supplies, the Chase Ink Business Cash® card may be a good fit for you. It offers 5% cash back on the first $25,000 spent in combined purchases at office supply stores and on internet, cable, and phone services each year. It also offers There is no yearly charge. and a Low annual percentage rate (APR).
Credit Card Ink Business Cash®
Our editorial team uses industry specialists to generate the scores for Fit Small Business. The kind of credit card (cash back or travel) as well as the card’s rates, fees, rewards, and other benefits like insurance are all taken into account in our grading methodology.
Businesses that are headquartered in an office and wish to earn a lot of money back
Apply Now
Chase’s Protected Website
Compare with
Intro APR
0% On purchases, there is an introductory APR.
APR on a regular basis
Variable 13.24 percent – 19.24 percent
- After spending $7,500 on purchases in the first three months after creating your account, you’ll get a $750 extra cash back.
- Each account anniversary year, get 5% cash back on the first $25,000 spent in combined purchases at office supply retailers and on internet, cable, and phone services.
- Each account anniversary year, get 2% cash back on the first $25,000 spent in combined gas station and restaurant expenditures. On all other purchases, you’ll get 1% cash back.
- Your card transactions will be monitored for probable signals of fraudulent activity utilizing real-time fraud monitoring with Fraud Protection.
- You won’t be held liable for fraudulent charges made using your card or account information if you have Zero Liability.
- There is no yearly charge.
- With Chase Ultimate Rewards®, you may get cash back, gift cards, travel, and more.
- 0% introductory rate APR for 12 months on purchases
Pros
- Spending on office supplies reaps the most benefits.
- On purchases, there is an introductory APR.
- Sign-up bonus in cash
Cons
- Balance transfers are not eligible for the 0% APR.
- A 5% balance transfer fee is charged.
- Designed mostly for office-based businesses.
- Collision Damage Waiver for Car Rentals: Coverage is primary—meaning it replaces any coverage your personal insurance might offer—when renting for business purposes. It provides reimbursement up to the actual cash value of the vehicle for theft and collision damage for most cars in the United States and abroad.
- Purchase protection: Protects your new purchases from damage or theft for 120 days, up to $10,000 per claim and $50,000 per account per year.
- On qualified warranties of 3 years or less, extended warranty protection extends the time duration of the US manufacturer’s guarantee by an extra year.
Intro APR
0% On purchases, there is an introductory APR.
APR on a regular basis
Variable 13.24 percent – 19.24 percent
Credit is required.
Good, Excellent
- After spending $7,500 on purchases in the first three months after creating your account, you’ll get a $750 extra cash back.
- Each account anniversary year, get 5% cash back on the first $25,000 spent in combined purchases at office supply retailers and on internet, cable, and phone services.
- Each account anniversary year, get 2% cash back on the first $25,000 spent in combined gas station and restaurant expenditures. On all other purchases, you’ll get 1% cash back.
- Your card transactions will be monitored for probable signals of fraudulent activity utilizing real-time fraud monitoring with Fraud Protection.
- You won’t be held liable for fraudulent charges made using your card or account information if you have Zero Liability.
- There is no yearly charge.
- With Chase Ultimate Rewards®, you may get cash back, gift cards, travel, and more.
- 0% introductory rate APR for 12 months on purchases
Pros
- Spending on office supplies reaps the most benefits.
- On purchases, there is an introductory APR.
- Sign-up bonus in cash
Cons
- Balance transfers are not eligible for the 0% APR.
- A 5% balance transfer fee is charged.
- Designed mostly for office-based businesses.
- Collision Damage Waiver for Car Rentals: Coverage is primary—meaning it replaces any coverage your personal insurance might offer—when renting for business purposes. It provides reimbursement up to the actual cash value of the vehicle for theft and collision damage for most cars in the United States and abroad.
- Purchase protection: Protects your new purchases from damage or theft for 120 days, up to $10,000 per claim and $50,000 per account per year.
- On qualified warranties of 3 years or less, extended warranty protection extends the time duration of the US manufacturer’s guarantee by an extra year.
Business Platinum Card from U.S. Bank
The Business Platinum Card from U.S. Bank is also a low-interest business credit card that charges There is no yearly charge.. This small business credit card is an excellent alternative if you need a longer 0% introductory rate APR period. It offers interest-free financing on purchases and balance transfers for 18 billing cycles.
Business Platinum Card from U.S. Bank
Our editorial team uses industry specialists to generate the scores for Fit Small Business. The kind of credit card (cash back or travel) as well as the card’s rates, fees, rewards, and other benefits like insurance are all taken into account in our grading methodology.
Purchases and balance transfers have a longer 0% APR term.
Apply Now
On the secure website of US Bank
Compare with
APR on a regular basis
Variable between 11.99 and 20.99 percent
- For the first 18 billing cycles, get a 0% intro APR* on purchases and debt transfers. Then there’s the variable APR, which ranges from 11.99 percent to 20.99 percent right now.
- There is no yearly charge.*
- Employee cards are available at no cost.
- You’re protected against illegal transactions with zero fraud liability*.
Pros
- Offers a lengthy introductory rate of 0% APR.
- Purchases and balance transfers are both eligible for a 0% APR.
- There is no yearly charge.
Cons
- There are no initial or continuing incentives.
- Even during the promotional period, there is a balance transfer cost.
- To be considered, you must have an excellent credit score.
- For warranties of three years or less, U.S. Bank will double the original manufacturer’s warranty and provide an extra year of coverage. The amount of coverage is capped at $10,000 per item.
- Purchase protection: Within 90 days of purchase, U.S. Bank provides purchase protection for things that are damaged or stolen. The coverage is restricted to $500 per claim and $50,000 per year per cardholder.
APR on a regular basis
Variable between 11.99 and 20.99 percent
- For the first 18 billing cycles, get a 0% intro APR* on purchases and debt transfers. Then there’s the variable APR, which ranges from 11.99 percent to 20.99 percent right now.
- There is no yearly charge.*
- Employee cards are available at no cost.
- You’re protected against illegal transactions with zero fraud liability*.
Pros
- Offers a lengthy introductory rate of 0% APR.
- Purchases and balance transfers are both eligible for a 0% APR.
- There is no yearly charge.
Cons
- There are no initial or continuing incentives.
- Even during the promotional period, there is a balance transfer cost.
- To be considered, you must have an excellent credit score.
- For warranties of three years or less, U.S. Bank will double the original manufacturer’s warranty and provide an extra year of coverage. The amount of coverage is capped at $10,000 per item.
- Purchase protection: Within 90 days of purchase, U.S. Bank provides purchase protection for things that are damaged or stolen. The coverage is restricted to $500 per claim and $50,000 per year per cardholder.
Conclusion
The Bank of America Platinum Plus® Mastercard® is an excellent choice if you need a card that offers a Low annual percentage rate (APR) and There is no yearly charge.. It’s important to note that this card doesn’t offer ongoing rewards. If you want to earn rewards, visit our credit card marketplace to find a card that’s right for your business.
The “bank of america platinum plus mastercard business card” is a credit card that offers rewards and benefits for small businesses. The card also comes with an annual fee of $0.
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