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 — the primary motivation for many cardholders. 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
How The Bank of America Platinum Plus Business Credit Card Fits In The Cash in Cents Ecosystem
Bank of America offers several business credit cards, and the Platinum Plus Business ranks as our least recommended option. While there are three other no-annual-fee cards with identical welcome bonuses ($300 or 30,000 miles after spending $3,000 in the first 90 days), they provide significantly better ongoing value through their earning structures and redemption options.
Here's how the alternatives compare:
- Business Advantage Customized Cash Rewards
- Offers 3% back in a category of your choice from six options
- Provides 2% back on dining
- Note: 2% and 3% rewards apply to the first $50,000 spent combined annually
- Business Advantage Unlimited Cash Rewards
- Delivers a simple, flat 1.5% cash back on all purchases
- No spending caps or category restrictions
- Perfect for businesses with varied spending patterns
Both Cash Rewards cards maintain the same travel protections as the Platinum Plus card but offer superior everyday earning potential. For businesses focused on travel, there's another compelling option:
The Business Advantage Travel Rewards card also offers unlimited 1.5x points on all purchases, but with a crucial difference: you can redeem these points as statement credits against dining and travel purchases or book travel directly through the Bank of America Travel Center. This flexibility represents a significant advantage over the Cash Rewards cards, which limit redemptions to statement credits, checks, or deposits into Bank of America accounts. The Travel Rewards card also upgrades the travel accident insurance coverage to $1 million, compared to the $100,000 offered by the Platinum Plus.
When considering your options within the Bank of America business card ecosystem, the Platinum Plus clearly falls short of its siblings in terms of ongoing value and redemption flexibility.
Card Information
| Bonus Points | Minimum Spend | Point Value | Annual Value | Annual Fee |
1st Year Value
|
|---|---|---|---|---|---|
| 30,000 | $3,000 | 1.0 ¢ | $0 | $0 |
$330
|
| Best Value | Differentiating Perks | Rules |
|---|---|---|
| cash | No 5/24 |
Point Transfer Options
Transfer To Spouse/Partner Yes
Transfer To Friends Yes
Travel Partner Transfers
Outside Point System Cash in Cents
Transfers In From
1:1 71% value retained
1:1 100% value retained
1:1 91% value retained
1:1 63% value retained
1:1 91% value retained
1:1 71% value retained
Bank of America Platinum Plus Business Application Rules
Card approval not subject to 5-personal-cards-in-24-months rule
