Platinum Plus® Mastercard® Business from Bank of America Review

Selecting the right business credit card can be a daunting task, given the myriad options available with varying benefits, fees, and interest rates. In this comprehensive review, we will delve into the Platinum Plus® Mastercard® Business from Bank of America, a card that stands out for its simplicity and targeted benefits for business owners. With no cashback, miles, or points system, this card takes a straightforward approach with a focus on specific travel benefits and a generous statement credit offer.

Platinum Plus® Mastercard® Business from Bank of America Key Takeaways

Before diving into the detailed review, here are some key takeaways about the Platinum Plus® Mastercard® Business from Bank of America:
– $300 Statement Credit: Earn a $300 statement credit after making at least $3,000 in purchases within the first 90 days of account opening.
– Introductory APR: Enjoy a 0% introductory APR on purchases for the first 7 billing cycles.
– Variable APR: After the introductory period, the APR ranges from 16.49% to 27.49%, depending on your creditworthiness.
– No Annual Fee: This card does not charge an annual fee, which is a significant cost-saving feature for businesses.
– Travel and Emergency Services: Offers valuable travel benefits including $100,000 in travel accident insurance, auto rental insurance, emergency ticket replacement, and more.
– Penalty Fees: Includes fees for late payments but no penalty APR.

Platinum Plus® Mastercard® Business from Bank of America Pros and Cons

Pros:

– No Annual Fee: Avoiding an annual fee is a major advantage, especially for small businesses looking to minimize expenses.
– 0% Intro APR on Purchases: The introductory 0% APR for the first 7 billing cycles can be very beneficial for businesses planning significant purchases or needing time to pay off expenses without interest.
– $300 Statement Credit: The statement credit offer is an attractive initial benefit for new cardholders.
– Travel Benefits: The card provides useful travel and emergency services, which can be crucial for businesses with frequent travel needs.
– Purchase Protection and Fraud Protection: These features provide an added layer of security for business purchases.

Cons:

– No Rewards Program: The lack of cashback, miles, or points can be a drawback for businesses looking to maximize rewards on their spending.
– Foreign Transaction Fees: This card charges a foreign transaction fee, which can add up for businesses making international purchases.
– No Intro APR on Balance Transfers: Unlike some other business credit cards, this card does not offer an introductory APR on balance transfers.
– Penalty Fees: The card has a tiered late payment fee structure, which can be costly if not managed carefully.

Platinum Plus® Mastercard® Business from Bank of America Benefits

Travel and Emergency Services

One of the standout features of the Platinum Plus® Mastercard® Business from Bank of America is its comprehensive travel and emergency services. These benefits are particularly valuable for businesses with frequent travel needs. Key features include:
– $100,000 Travel Accident Insurance: This insurance provides peace of mind for business travelers, covering accidents that may occur during travel.
– Auto Rental Insurance: Protects against damage or theft of rental vehicles, which can save businesses significant costs.
– Emergency Ticket Replacement: Assists with replacing lost or stolen airline tickets, ensuring minimal disruption to business travel plans.
– Lost-Luggage Assistance: Helps locate and replace lost luggage, which can be a major inconvenience during business trips.
– Legal and Medical Referrals: Provides access to legal and medical professionals when traveling, which can be invaluable in emergencies.

Financial Flexibility

The Platinum Plus® Mastercard® Business from Bank of America offers several features that enhance financial flexibility for businesses:
– 0% Introductory APR: The 0% introductory APR on purchases for the first 7 billing cycles allows businesses to manage cash flow and make significant purchases without immediate interest costs.
– No Annual Fee: The absence of an annual fee reduces the overall cost of maintaining the card.
– Variable APR: After the introductory period, the variable APR ranges from 16.49% to 27.49%, based on the cardholder’s creditworthiness. While the range is broad, it provides an opportunity for businesses with good credit to secure a lower interest rate.
– Penalty Fees: While there are late payment fees, there is no penalty APR, which can prevent additional financial strain from missed payments.

Security and Protection

The card includes several security features and protections that are essential for business expenses:
– Fraud Protection: Cardholders are not held liable for unauthorized purchases, providing security against fraudulent activities.
– Purchase Protection: This feature covers eligible purchases against damage or theft, adding an extra layer of security for business investments.

Conclusion

The Platinum Plus® Mastercard® Business from Bank of America is a solid choice for businesses seeking a straightforward credit card with specific travel benefits and an attractive introductory offer. While it lacks a rewards program, the card compensates with valuable travel and emergency services, a 0% introductory APR on purchases, and no annual fee.
This card is particularly well-suited for businesses that prioritize travel benefits and need an initial period without interest on purchases. However, businesses that frequently make international transactions or seek to maximize rewards on spending may need to consider other options.
In summary, the Platinum Plus® Mastercard® Business from Bank of America is a practical and cost-effective option for businesses with specific travel needs and a preference for simplicity over complex rewards structures. As always, it is essential to evaluate your business’s unique needs and spending habits to determine if this card aligns with your financial goals.