Bank of America Platinum Plus Business Card: 0% Intro APR and No Annual Fee

For business owners who need to carry a balance for a bit, the Bank of America^® Platinum Plus^® Mastercard^® Business card may be a card worth looking at. Although it doesn't come with a welcome offer or earn ongoing rewards, it offers an introductory APR that can help with large business purchases.

Let's look at the Bank of America Platinum Plus Business to see if it can meet your business's needs.

Bank of America Platinum Plus Business Pros

• $0 annual fee
• Introductory APR interest offer

Bank of America Platinum Plus Business Cons

• No welcome offer
• No earning potential
• Foreign transaction fees

Bank of America Platinum Plus Business Welcome Bonus

The Bank of America Platinum Plus Business doesn't earn a traditional welcome bonus but does have an introductory interest offer. Get a 0% introductory APR on purchases for the first 15 billing cycles. After the intro APR offer ends, a Variable APR that's currently 14.99% - 25.99% will apply.

Note that balance transfers don't benefit from the same introductory offer.

Credit: Bench Accounting/Unsplash

Bank of America Platinum Plus Business Benefits

The Bank of America^® Platinum Plus^® Mastercard^® Business card doesn't boast many card benefits, but a few will help with your business organization.

Cash flow management tools

Cardholders can manage their business with automatic payments, transfers, and by downloading transactions to QuickBooks.

Insurance protections

The Bank of America^® Platinum Plus^® Mastercard^® Business card offers the following insurance protections:

• Zero Liability protection
• Purchase protection — Covers eligible items against theft, damage, fire, or accidental breakage within 90 days of purchase. The maximum coverage is $10,000 per claim and $50,000 per cardholder per year, with no deductible.
• Auto rental coverage — Covers physical damage and theft of a rental vehicle, reasonable towing costs, and any valid loss-of-use charges from the rental agency. Coverage is secondary.
• Travel accident insurance — Up to $100,000 in accidental death and dismemberment coverage when you pay for your common carrier travel tickets with the card.

Employee cards at no additional cost

This can help you control and enable your employees to make purchases for your business.

Mastercard Easy Savings Program automatic rebates

Cardholders are automatically enrolled and can earn rebates when paying with their card at tens of thousands of locations across the U.S.

Related: Top Credit Cards for Trip Interruption & Trip Cancellation Insurance

Bank of America Platinum Plus Business Earning Rates

Unfortunately, the Bank of America^® Platinum Plus^® Mastercard^® Business card does not earn ongoing rewards for your purchases, a definite black mark on this card. Plenty of business cards give you the opportunity to earn either cash back or points for everyday charges, so this card really falls short in this area.

Credit: Ave Calvar/Unsplash

Application Restrictions

If you're wondering whether you should apply for the Bank of America Platinum Plus Business, you'll want to familiarize yourself with Bank of America's credit card application rules.

Bank of America has a 2/3/4 rule for new applications. You can be approved for a maximum of two new cards in any two-month period, three new cards per rolling 12-month period, or four new cards per rolling 24-month period. Luckily, business cards do not count when 2/3/4 is calculated. That means the Bank of America Platinum Plus Business could be attractive if you aren't eligible for personal cards.

Plus, applications are reviewed differently depending on whether you have a banking relationship with Bank of America. If you have a banking relationship, your credit card application will be denied if you have more than seven new credit cards in the past year showing on your credit report. This limit drops to three new credit cards in the past year for those without a banking relationship.

Also, you will not be approved for the Bank of America Platinum Plus Business if you have, or have had, another business card with Bank of America in the preceding 24-month period. That means you should really weigh which Bank of America business card is right for you, as you can only hold one at a time.

Related: Understanding Credit Card Application Rules and Restrictions

Cards That Compete With the Bank of America Platinum Plus Business

• If you want a 0% APR card but with good earning potential, check out the Ink Business Unlimited^® Credit Card. It offers 0% APR on purchases for the first 12 months, then a variable APR of 16.99% – 24.99%. Plus, you earn 1.5% on all purchases, all for no annual fee. Check out our full review of the Ink Unlimited Business card here.
• If you want a no-annual-fee card with rewards you can transfer to airlines and hotels, the The Blue Business^® Plus Credit Card from American Express may be for you. It doesn't have a 0% APR offer, but it does earn 2x points on all purchases, and those rewards can be transferred to 20 airline and hotel partners. See our full review here.
• If you want a different Bank of America business card, the Bank of America Business Advantage Customized Cash is worth a look. This card has a $0 annual fee, a decent welcome offer, and 0% APR for seven billing cycles. Plus, it earns 3% cash back in the category of your choice, 2% cash back on dining purchases, and 1% cash back on all other purchases.

Ink Business Unlimited^® Credit Card

Welcome Bonus Earn $750 bonus cash back after you spend $6,000 on purchases in the first 3 months from account opening.

Apply Now

Annual Fee

$0Rates & Fees

Credit Score

Excellent, Good

• Earn unlimited 1.5% cash back on every purchase made for your business

The Blue Business^® Plus Credit Card from American Express

Find Out Your Offer As High As 50,000 Membership Rewards points after you spend $5,000 in purchases on your new Card within the first 3 months of Card Membership. Apply and find out your welcome offer. Welcome offers vary and you may not be eligible for an offer.

How to Apply

Annual Fee

No annual feeRates & Fees
(Terms Apply)

Credit Score

Excellent, Good

• Earn 2X points on everyday business purchases such as office supplies or client dinners. 2X applies to the first $50,000 in purchases per year, 1 point per dollar thereafter. Terms and limitations apply.

Bank of America^® Business Advantage Customized Cash Rewards Mastercard^® credit card

Welcome Bonus $500 Online Cash Rewards Bonus Offer: Get a $500 online cash rewards bonus after you make at least $5,000 in purchases in the first 90 days of your account opening.

How to Apply

Annual Fee

$0

Credit Score

Excellent

• 3% cash back in the category of your choice: gas stations & EV charging stations (default), office supply stores, travel, TV/telecom & wireless, computer services or business consulting services
• 2% cash back on dining purchases (for the first $50,000 in combined choice category/dining purchases each calendar year)
• 1% cash back on all other purchases

Bottom Line

The introductory interest offer for purchases on the Bank of America Platinum Plus Business can really come in handy if you need time to pay off your business expenses. But the lack of a welcome offer, tangible benefits, or earnings on purchases really dampens the enthusiasm for this card. You may be better off looking at business cards that offer the same payment flexibility but with more perks.

For rates and fees of the cards mentioned in this post, please visit the following links: Ink Business Unlimited^® Credit Card (Rates & Fees), and The Blue Business^® Plus Credit Card from American Express (Rates & Fees)