Platinum Plus® Mastercard® Business Card

In-Depth Review: Platinum Plus® Mastercard® Business Credit Card

The Platinum Plus Mastercard® Business Card is an excellent option for individuals who want a simple, straightforward card with a relatively low-interest rate. The business card charges no annual fee and provides a decent 0% intro APR period, a one-time welcome bonus, and a great low rate every day.

Who Can Benefit from the Platinum Plus Card?

If you’re a business owner looking for a reliable and versatile credit card, the Platinum Plus® Mastercard® Business Credit Card might be just what you need. With its numerous benefits and features, this credit card is designed to meet the unique financial needs of businesses.

How to Get the Card

Applying for the Platinum Plus® Mastercard® Business Credit Card is a simple process. To be eligible for the card, you’ll need good credit. Additionally, you must provide specific business and financial information, such as your business name, address, and annual revenue. Additionally, you may need to submit personal identification documents and undergo a credit check.

Before applying, it is crucial to review the eligibility criteria and ensure that you meet all the necessary requirements. Once you have gathered all the required information, you can complete the application form and submit it for evaluation. The card issuer will assess your application and inform you of their decision within a reasonable timeframe. If your application is approved, you can expect to receive your Platinum Plus® Mastercard® Business Credit Card by mail, typically within a few business days.

Online Statement Credit Offer

While the Platinum Plus® Mastercard® doesn’t offer rewards, it does come with a one-time statement credit offer with a modest spending requirement. New accounts earn a $300 statement credit after spending $3,000 within the first 90 days. That reward equals 10% cash back, comparable with other sign-up bonuses from issuers like Chase.

0% Intro APR Offer

The Platinum Plus® business card avoids rewards to provide instead a versatile financing credit card for companies looking to reduce interest charges on balances incurred by business expenses. New accounts enjoy 0% intro APR on purchases for the first seven billing cycles from account opening.

Once the introductory APR ends, businesses can expect a highly competitive rate that varies based on their creditworthiness and the Prime Rate. Companies with a strong credit history can expect an exceptional rate more than two percentage points lower than the national average for business cards. This, in turn, can help businesses that need to carry a balance save money over the long term.

Business Management Benefits

The Platinum Plus® Mastercard® Business Credit Card offers many benefits that can help streamline your business operations and enhance your financial management. One of the primary advantages of this card is its flexible credit limit, allowing you to make larger purchases and manage your cash flow more effectively.

In terms of online services, the Platinum Plus Mastercard® Business Card simplifies money management with automatic electronic bill payments, the ability to download transactions into QuickBooks, and 24/7 online and mobile banking. That flexibility is particularly important for cardholders when keeping track of an employee’s account activity after giving them a card at no additional cost.

Mastercard® Business Benefits

The Platinum Plus Mastercard® Business Card also provides comprehensive protection courtesy of Mastercard Business. Business Platinum provides the following essential protections and luxurious perks:

Comparison

What We Like About the Card

Several small features provide value with the Platinum Plus Business Card:

• Flexible Credit Limit: The credit limit on this card is highly flexible, allowing users to adjust it according to their needs and financial situation.
• Expense Reporting Tools: The detailed expense reporting feature gives users a comprehensive breakdown of their spending, making it easier to track and manage expenses effectively.
• Some Travel Perks: Select travel benefits are included, providing users with perks such as travel insurance, airport lounge access, and priority boarding, making travel experiences more convenient and enjoyable.

Things to Consider

Foreign Transaction Fee

The Platinum Plus® Mastercard® charges a foreign transaction fee of 3% of the transaction in U.S. dollars. The card isn’t the only one to charge this, but that doesn’t mean it does limit the value your company can expect from the card should your employees use it to make purchases abroad.

No Rewards

Finally, there are no rewards with the card. While that normally isn’t a big deal, the fact that other Bank of America business cards not only offer rewards at no annual fee but also with a longer introductory APR period, too.

Bank of America Ratings

How does Bank of America stack up as a credit card issuer? Here is a selection of expert and consumer ratings for Bank of America:

Should You Apply for the Platinum Plus® Mastercard® Business Card?

The Platinum Plus® Mastercard® Business Credit Card offers a range of benefits and features designed to cater to the unique financial needs of businesses. With its flexible credit limit, rewards program, and extensive travel benefits, this card can simplify your financial management and enhance your business operations. However, it’s important to consider your specific business requirements and compare the Platinum Plus® Mastercard® Business Credit Card with other available options before making a decision.