The Platinum Plus® Mastercard® Business credit card offers a $300 online statement credit after spending $3,000 within the first 90 days of account opening. With no annual fee, this card provides top-rated benefits including complimentary employee cards and access to the Mastercard Easy Saving® Program for automatic rebates at tens of thousands of locations nationwide. Additionally, it boasts a 0% introductory APR on purchases for the first 7 billing cycles, making it an attractive option for business owners seeking financial flexibility.
Key Features
- $300 Online Statement Credit Offer. Earn a $300 online statement credit after making at least $3,000 in purchases within the first 90 days of opening your account. This introductory offer provides immediate value to cardholders, helping offset initial expenses.
- Variable APR. After the introductory period, enjoy a variable APR ranging from 16.49% to 27.49% based on creditworthiness, providing flexibility in managing ongoing balances and expenses.
- Mastercard Easy Saving® Program. Access automatic rebates at tens of thousands of locations across the U.S. with the Mastercard Easy Saving® Program. This feature enhances the card's value proposition by providing ongoing savings opportunities for business expenses.
Pros and Cons
Pros
Complimentary Employee Cards. Obtain employee cards at no extra cost, each with credit limits set by the primary cardholder. This feature facilitates expense management and streamlines purchasing processes within the business.
0% Introductory APR. Benefit from a 0% introductory APR on purchases for the first 7 billing cycles. This feature provides temporary relief from interest charges, allowing businesses to finance necessary purchases without accruing additional costs.
No Annual Fee. Enjoy the benefits of the Platinum Plus® Mastercard® Business credit card without worrying about annual fees. This feature saves cardholders money over time, making it a cost-effective choice for businesses of all sizes.
Cons
Limited Time Frame for Sign-Up Bonus. The requirement to spend $3,000 within the first 90 days to qualify for the $300 online statement credit offer may be challenging for some businesses to meet within the specified timeframe.
Variable APR After Introductory Period. Once the introductory APR period expires, the variable APR on purchases can range from 16.49% to 27.49%, depending on creditworthiness, potentially resulting in higher interest costs for revolving balances.
Transaction Fees. Balance transfer and cash advance transaction fees of 4% may apply, impacting the overall cost of utilizing these features of the card.
How to Apply for a Platinum Plus® Mastercard® Business Credit Card
Online
Explore Credit Card Options. Browse through the available credit card options to find the Platinum Plus® Mastercard® Business Credit Card. Click on the card to access more details.
Review Card Details. Take your time to review the features, benefits, and terms of the Platinum Plus® Mastercard® Business Credit Card to ensure it meets your needs.
Initiate Application. Look for the "Apply Now" button to start the application process. Click on it to proceed.
Fill Out Application Form. Complete the online application form with accurate personal, financial, and contact information as required. Ensure all fields are filled correctly.
Submit Application. After filling out the form, review the information provided to avoid any errors. Once satisfied, submit your application.
Wait for Approval. After submission, the bank will review your application. You may receive an instant decision or have to wait a few days for a response.
Receive Card. If approved, your Platinum Plus® Mastercard® Business Credit Card will be mailed to the address provided during the application process.
Mobile App
Log In or Register. Open the Bank of America mobile app and log in to your existing online banking account. If you're a new user, you may need to register for mobile banking by providing your account details and creating login credentials.
Navigate to Credit Cards. Once logged in, navigate to the section of the app dedicated to credit cards or banking products. This may be accessible from the main menu or homepage.
Find Platinum Plus® Mastercard® Business Card. Look for the Platinum Plus® Mastercard® Business Credit Card among the available options. Tap on the card to view more details.
Start Application. Locate the option to apply for the Platinum Plus® Mastercard® Business Credit Card within the app. It may be labeled as "Apply Now" or something similar. Tap on it to initiate the application process.
Complete Application Form. Fill out the application form provided in the app with accurate information, including personal, financial, and contact details. Double-check for accuracy before proceeding.
Submit Application. After completing the form, review the information provided to ensure accuracy. Once verified, submit your application through the mobile app.
Wait for Response. The bank will review your application. Depending on their process, you may receive an instant decision or have to wait for a few days to receive a response.
Receive Confirmation. If approved, you'll receive confirmation within the app or via email. Your Platinum Plus® Mastercard® Business Credit Card will be mailed to the address provided during the application process.
Branch Application
Research and Preparation. Begin by researching the various credit cards offered by Bank of America to determine which best suits your needs and preferences. Consider factors such as rewards, interest rates, annual fees, and benefits.
Gather Necessary Documents. Collect all required documents, such as a valid photo ID (e.g., driver's license or passport), Social Security number, proof of income (e.g., pay stubs or tax returns), and any other relevant financial information.
Visit a Bank of America Branch. Locate the nearest Bank of America branch by using the Bank of America website or mobile app. Plan your visit during the branch’s operating hours.
Meet with a Bank of America Representative. Once at the branch, request to speak with a representative about applying for a credit card. The representative will guide you through the process, answer any questions, and provide you with the necessary forms.
Complete the Application Form. Fill out the application form provided by the representative. Ensure all information is accurate, including personal details, employment information, and financial data.
Submit Your Application. After completing the form, submit it to the representative along with your supporting documents. The representative will review your application for completeness and accuracy.
Wait for Approval. The representative will submit your application for processing. Approval times can vary; in some cases, you may receive an instant decision, while others may require further review. You will be notified of the decision by mail or email.
Receive Your Card. If approved, your new Bank of America credit card will be mailed to you. Upon receiving your card, follow the instructions to activate it and begin using it to earn rewards and manage your finances effectively.
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Eligibility Requirements
Minimum Age. Applicants must be at least 18 years old to apply for the card.
Business Ownership. Applicants must be owners or authorized officers of the business applying for the card.
Legal Entity. The business must be a legally recognized entity, such as a corporation, partnership, or sole proprietorship.
Financial Standing. Applicants must meet the creditworthiness requirements set by the issuing bank, Bank of America, N.A.
Income Verification. Applicants may need to provide proof of income or business revenue to demonstrate their ability to repay the credit card balance.
Identification. Applicants must provide valid identification documents, such as a driver's license or passport, to verify their identity.
Reasons You May Be Denied a Credit Card
Insufficient Credit History. If you have a limited credit history or no credit history at all, the issuer may be unable to assess your creditworthiness, which could result in a denial of your credit card application.
Low Credit Score. A low credit score, often indicative of past financial difficulties or missed payments, may lead to a denial of your credit card application. Credit scores below a certain threshold may be considered risky by the issuer.
High Debt-to-Income Ratio. If you have a high debt-to-income ratio, meaning you have significant outstanding debt relative to your income, the issuer may view you as a higher credit risk and deny your application.
Recent Bankruptcy. If you have filed for bankruptcy recently, you may be denied a credit card as it indicates financial instability and an increased risk for the issuer.
Delinquent Accounts. If you have a history of late payments, defaults, or delinquent accounts on your credit report, it may signal to the issuer that you are not financially responsible and may lead to a denial of your application.
Multiple Recent Credit Applications. Applying for multiple credit cards or loans within a short period, especially if accompanied by rejections, may raise concerns for the issuer about your financial stability and lead to a denial.
How to Pay Off Credit Card Debt
Access Your Account. Sign in to your Bank of America online banking account or mobile app to access your credit card information.
Review Your Balance. Take a moment to examine your outstanding balance, including any accumulated interest or fees.
Choose a Payment Method. Determine how you wish to proceed with your payment. Bank of America provides several convenient options, such as online banking, mobile banking, in-person at a financial center or ATM, by phone, or through the mail.
Online Payment. If you opt for online payment, log in to your account, proceed to the bill pay section, and follow the prompts to initiate a payment. You can select to pay the minimum amount due, the full balance, or a customized amount.
Mobile Payment. Alternatively, you can utilize the Bank of America mobile banking app to complete a payment. Choose your Platinum Plus® Mastercard® Business credit card account and follow the prompts to finalize the payment process.
In-Person Payment. For those preferring in-person transactions, visit a Bank of America financial center or ATM. You can make a payment using cash, a check, or your debit card at the ATM, or seek assistance from a representative at the financial center.
Phone Payment. To make a payment over the phone, dial the Bank of America customer service number and follow the automated instructions to navigate to the payment section. From there, you can complete the payment using your checking account or debit card.
Mail Payment. Lastly, if mailing your payment suits your preference, utilize the payment address provided on your billing statement. Ensure to include your Platinum Plus® Mastercard® Business credit card account number on the check or money order and allow adequate time for delivery.
Confirm Payment. Following your payment submission, verify that it has been successfully processed. You can check your account balance online or via the mobile app to confirm the payment's application to your Platinum Plus® Mastercard® Business credit card debt.
Editorial Opinion
The Platinum Plus® Mastercard® Business Credit Card's value largely hinges on the specific needs and financial circumstances of the business. Its $300 online statement credit offer provides immediate value for those with planned expenses meeting the initial spending requirement. The absence of an annual fee makes it appealing for businesses aiming to minimize costs while accessing essential financial tools. Features like complimentary employee cards and access to the Mastercard Easy Saving® Program further enhance its value over time. Overall, this card is well-suited for businesses seeking flexibility in managing expenses and cash flow, particularly startups or those with irregular revenue streams, though eligibility may vary based on creditworthiness and financial standing.
Additional Resources
- Bank of America Review
- Bank of America Account Review
- How to PayOff Bank of America
- Bank of America Mobile App
- Bank of America Credit Cards
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