Bank of America Platinum Plus Business Credit Card Review
Key Takeaways
This card isn't ideal for travelers seeking points and miles. The most valuable aspect of a new credit card is typically the sign-up bonus, which can be redeemed for free travel, which is the primary motivation for most cardholders in this hobby. Unfortunately, the Bank of America Platinum Business Plus card only offers a $300 online statement credit as its welcome bonus. While this is essentially free money, we prefer rewards that can be converted into more valuable travel opportunities, which this card cannot provide.
Why This Card Could Be Right For You
The Bank of America Platinum Business Plus card offers several key benefits for small business owners looking for a straightforward credit card solution:
- $300 online statement credit after making $3,000 in purchases within your first 90 days of card ownership
- No annual fee, making it cost-effective for businesses with modest spending needs
- 0% introductory APR on purchases for the first 7 billing cycles, providing short-term financing flexibility
As a business card, it won't affect your personal Chase 5/24 status, which is valuable if you're actively applying for personal credit cards. The card also includes several travel protections when used for eligible purchases:
- $100,000 in travel accident insurance
- Auto rental insurance coverage
- Emergency ticket replacement service
- Lost luggage assistance
However, it's worth noting that the card lacks spending multipliers or additional rewards beyond the initial welcome offer. Once you've earned the $300 credit, the primary remaining benefit is the introductory 0% APR period—a feature available on many competing cards in the market.
When The Usual Advice Doesn't Apply
Situations where this card might not be suitable for you:
- You want meaningful rewards from a rewards card, but this one only offers a small sign-up bonus that can only be used as a statement credit
What to Know About Bank of America
Bank of America Travel Rewards is a low tier program in the points and miles hobby:
- There are one or two cards worth getting, but only in the right situations
- Having an existing relationship with the bank or needing a break from the big credit card issuers are the main reasons you might want to get into this system
- Redeeming rewards is simple and straightforward, but you’ll only earn 1 cent per point at best
- Many cards only offer cash back rewards
- Its lack of any transfer partners puts this system near the bottom of our rankings
How The Bank of America Platinum Plus Business Credit Card Fits In The Bank of America Ecosystem
Bank of America offers several business credit cards, all of which are low on our recommended list because of low value redemption opportunties.
This is the best one out of all them:
- Bank of America Travel Rewards Business Card
- Ability redeem rewards points as statement credits against dining and travel purchases or book travel directly through the Bank of America Travel Center
- Offers 3% back on travel booked through the Bank of America travel portal
- Provides 1.5% back on all other purchases
- No annual fee
- 30,000 point welcome offer after $3,000 in purchases over the first 3 months
- Upgrades the travel accident insurance coverage to $1 million, compared to the $100,000 offered by the Platinum Plus
Here are a few other business card options through Bank of America:
- Business Advantage Customized Cash Rewards: $300 cash back after spending $3,000 in the first 90 days, plus 3% back in a category of your choice (from 6 options) and 2% back on dining. There's a $50,000 annual cap on these combined bonus categories.
- Business Advantage Unlimited Cash Rewards: $300 welcome bonus and offers a straightforward 1.5% cash back on all purchases with no limits or restrictions.
For most business owners and those who prioritize travel rewards, Chase's business cards delivers substantially more value, even among their no annual fee options. The Chase Ink Business Cash and Chase Ink Business Unlimited typically offer higher welcome bonuses, better rewards structures, and more valuable redemption options through the Chase Ultimate Rewards program.
Card Information
Differentiating Perks
Rules
Historical Card Offers
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Estimated Next Offer
Bank of America Platinum Plus Business Application Rules
This business card will not show on your personal credit report, so it won't count against your 5/24 status
You'll be declined for Alaska Airlines and B of A Premium Rewards cards if you have opened or CLOSED that card in the previous 24 months
Card approval not subject to 5-personal-cards-in-24-months rule
