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Bank of America® Platinum Visa Business Credit Card

Bank of America® Platinum Visa® Business credit card
This card is not available through ValuePenguin.
Bank of America® Platinum Visa® Business credit card
This card is not available through ValuePenguin.

Bank of America® Platinum Visa Business Credit Card

Editor's Rating: 3.0/5.0
{"onCurrent":true,"message":"Our team rates credit cards objectively based on independent research, the features the credit card offers users, and how it compares with other available cards in its category. The ratings are the opinion of our editors, and are not influenced by any outside factors, including any compensation the site may receive from certain advertisers."}

Editor's Rating

{"onCurrent":true,"message":"Our team rates credit cards objectively based on independent research, the features the credit card offers users, and how it compares with other available cards in its category. The ratings are the opinion of our editors, and are not influenced by any outside factors, including any compensation the site may receive from certain advertisers."}

3.0/5.0

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any credit card issuer.

The Bank of America® Platinum Visa® Business credit card offers a low APR and average sign-up bonus, but not much more beyond that. There is neither a rewards program nor cash back, meaning individuals and businesses will be receiving very few benefits. Despite having no annual fee, overall, we fail to see why businesses should opt for this card rather than any of its alternatives.

Bank of America® Platinum Visa® Business credit card
This card is not available through ValuePenguin.
Bank of America® Platinum Visa® Business credit card
This card is not available through ValuePenguin.

Bank of America® Platinum Visa® Business credit card

Bank of America® Platinum Visa® Business credit card
This card is not available through ValuePenguin.
Bank of America® Platinum Visa® Business credit card
This card is not available through ValuePenguin.
$300 statement credit bonus after making at least $3000 in purchases in the first 90 days of your account opening
  • Get a $300 statement credit when you make at least $3,000 in net purchases within 90 days of your account opening.
  • Save on interest with a competitive purchase APR.
  • No annual fee.
  • 0% Introductory APR on purchases for your first 7 billing cycles.
  • Employee cards at no additional cost to you and with credit limits you set.
  • Get a $300 statement credit when you make at least $3,000 in net purchases within 90 days of your account opening.
  • Save on interest with a competitive purchase APR.
  • No annual fee.
  • 0% Introductory APR on purchases for your first 7 billing cycles.
  • Employee cards at no additional cost to you and with credit limits you set.
Annual Fee
$0.00
Regular APR
11.49% - 22.49% Variable APR on purchases
Credit Needed
{"onCurrent":true,"message":"There are various types of credit scores. Each creditor uses a variety of different types of credit scores to make lending decisions."}
Excellent
Editor's Rating
{"onCurrent":true,"message":"Our team rates credit cards objectively based on independent research, the features the credit card offers users, and how it compares with other available cards in its category. The ratings are the opinion of our editors, and are not influenced by any outside factors, including any compensation the site may receive from certain advertisers."}

Low APR

The Bank of America® Platinum Visa® Business credit card finds its greatest strength in having a low APR. In other words, businesses are not punished as severely as they would on most other business credit cards if they have an outstanding balance by the end of the billing cycle. Furthermore, the card provides a 0% introductory APR on purchases for the first seven billing cycles after the account is opened.

Do you or your business often struggle to fully pay off your balance from one billing cycle to the next? If so, then the low APR of this card and its 0% introductory APR may provide the solutions to your problems. The card also has no annual fee, so it could be a good idea to have this credit card and to use it to make purchases that your business needs but that you know you will not be able to pay off immediately. Through this strategy, you would end up paying the low APR of the Bank of America® Platinum Visa® Business credit card rather than the likely higher APR of your primary business credit card.

Strong Sign-Up Bonus:

While the Bank of America® Platinum Visa® Business credit card does not offer any significant rewards or cashback system, it does offer a conditional sign-up bonus. Cardmembers can earn a $300 statement credit bonus after spending at least $3,000 in net purchases in the first 90 days of opening the account. We imagine the conditions for the sign-up bonus will be easy for most businesses to achieve, making the sign-up bonus a fairly strong incentive.

However, this is all the money you will ever get back from the card. There are many other credit cards that offer similar sign-up bonuses, either in statement credit or bonus points, while still being rewards cards. The one-time benefit of statement credit is welcome, but most businesses would benefit far more in the long-term from selecting a rewards card instead.

Perks for Businesses

The Bank of America® Platinum Visa® Business credit card offers a handful of services that most business will be able to appreciate. The card provides all cardmembers access to both MyReportCenter and QuickBooks. MyReportCenter is a helpful tool for managing the cash flow of small to midsize businesses. QuickBooks is another great business tool, particularly for handling payrolls and employee benefits in one comprehensive platform.

You are also provided with a modest array of travel-related insurance to help protect your business. You are given car rental insurance, travel accident insurance and lost luggage assistance. Although these perks pale in comparison to most dedicated business travel cards, they are still helpful if you don't currently have a credit card that rewards you when you make travel purchases.

Should I Apply?

The Bank of America® Platinum Visa® Business credit card is a bare bones credit card that offers a very limited set of benefits. Most notably, the card does not offer any rewards or cashback program, which is unlike most elite business credit cards. The lack of these programs means that the credit card has no means to reward cardmembers for their expenditures. The sign-up bonus therefore becomes the only instance where you will be able to get actual monetary value from owning and using this card for your small business. In the long-run, there is no reason why you should settle for the Bank of America® Platinum Visa® Business credit card over any of its alternatives, some of which also come with no annual fee and a 0% introductory APR.

Alternatives to the Bank of America® Platinum Visa® Business credit card

The following alternatives can offer you more value and rewards than the Bank of America® Platinum Visa® Business credit card. All of the following are rewards credit cards, meaning they will be rewarding you for every dollar that you spend, which can then be redeemed. We understand that the core demographic of people who are interested in the Bank of America® Platinum Visa® Business credit card are individuals who are looking for a business card with no annual fee, so all of the following cards also do not charge an annual fee.

Bank of America® Business Advantage Cash Rewards Mastercard® credit card
This card is not available through ValuePenguin.
Bank of America® Business Advantage Cash Rewards Mastercard® credit card
This card is not available through ValuePenguin.

Bank of America® Business Advantage Cash Rewards Mastercard® credit card

Bank of America® Business Advantage Cash Rewards Mastercard® credit card
This card is not available through ValuePenguin.
Bank of America® Business Advantage Cash Rewards Mastercard® credit card
This card is not available through ValuePenguin.
Get a $300 statement credit when you make at least $3,000 in net purchases within 90 days of your account opening
  • Get a $300 statement credit when you make at least $3,000 in net purchases within 90 days of your account opening – with no annual fee and cash rewards don't expire.
  • Earn 3% cash back in the category of your choice, 2% cash back on dining and unlimited 1% cash back on all other purchases.
  • You'll get 3% and 2% cash back on the first $50,000 in combined choice category/dining purchases each calendar year, 1% thereafter.
  • 0% Introductory APR on purchases for your first 9 billing cycles.
  • Redeem your cash rewards as a statement credit, check, or have cash deposited into a Bank of America® checking or savings account.
  • Get 75% more cash back on every purchase when you’re a Preferred Rewards for Business Platinum Honors tier member. That means you will earn 5.25% on your selected choice category, 3.5% on dining and unlimited 1.75% cash back on all other purchases.
  • Get a $300 statement credit when you make at least $3,000 in net purchases within 90 days of your account opening – with no annual fee and cash rewards don't expire.
  • Earn 3% cash back in the category of your choice, 2% cash back on dining and unlimited 1% cash back on all other purchases.
  • You'll get 3% and 2% cash back on the first $50,000 in combined choice category/dining purchases each calendar year, 1% thereafter.
  • 0% Introductory APR on purchases for your first 9 billing cycles.
  • Redeem your cash rewards as a statement credit, check, or have cash deposited into a Bank of America® checking or savings account.
  • Get 75% more cash back on every purchase when you’re a Preferred Rewards for Business Platinum Honors tier member. That means you will earn 5.25% on your selected choice category, 3.5% on dining and unlimited 1.75% cash back on all other purchases.
Annual Fee
$0.00
Regular APR
14.49% - 24.49% Variable APR on purchases
Credit Needed
{"onCurrent":true,"message":"There are various types of credit scores. Each creditor uses a variety of different types of credit scores to make lending decisions."}
Excellent
Editor's Rating
{"onCurrent":true,"message":"Our team rates credit cards objectively based on independent research, the features the credit card offers users, and how it compares with other available cards in its category. The ratings are the opinion of our editors, and are not influenced by any outside factors, including any compensation the site may receive from certain advertisers."}

The Bank of America® Business Advantage Cash Rewards Mastercard® credit card would be an excellent choice for any business that wants to maximize the amount of money they earn through cash back on their purchases. The card offers 3% cash back from one of the following six categories: gas stations (default), office supply stores, travel, TV/telecom & wireless, computer services or business consulting services, 2% cash back on dining (for the first $50,000 in combined choice category/dining purchases each calendar year, 1% thereafter) and 1% cash back on all other purchases.

This credit card also features the exact same sign-up bonus as the Bank of America® Platinum Visa® Business credit card: earn $300 in statement credit after spending $3,000 within the first 90 days of opening the account. The combination of having the same sign-up bonus, no annual fee, but a strong cashback system catered towards businesses makes this card an all-around better choice for most businesses.

On Capital One's Secure Website

Capital One® Spark® Cash Select for Business

On Capital One's Secure Website
One time bonus of $200 once you spend $3,000 in the first 3 months
  • Earning unlimited 1.5% cash back could mean thousands of dollars each year going back into your business
  • Plus, a one-time $200 cash bonus once you spend $3,000 on purchases within 3 months from account opening
  • Save on interest with 0% intro APR on purchases for 9 months; 15.24% - 23.24% variable APR after that
  • No annual fee
  • Use Spark Cash Select across all your business spend, with no categories to limit your purchasing
  • Rewards won't expire for the life of the account, and you can redeem your cash back for any amount
  • Get employee cards at no additional cost, and earn rewards from their business spend

Note: The information in this box was provided by Capital One and is not part of our independent analysis.

  • Earning unlimited 1.5% cash back could mean thousands of dollars each year going back into your business
  • Plus, a one-time $200 cash bonus once you spend $3,000 on purchases within 3 months from account opening
  • Save on interest with 0% intro APR on purchases for 9 months; 15.24% - 23.24% variable APR after that
  • No annual fee
  • Use Spark Cash Select across all your business spend, with no categories to limit your purchasing
  • Rewards won't expire for the life of the account, and you can redeem your cash back for any amount
  • Get employee cards at no additional cost, and earn rewards from their business spend
Annual Fee
$0
Regular APR
15.24% - 23.24% (Variable)
Credit Needed
{"onCurrent":true,"message":"There are various types of credit scores. Each creditor uses a variety of different types of credit scores to make lending decisions."}
Excellent, Good
Editor's Rating
{"onCurrent":true,"message":"Our team rates credit cards objectively based on independent research, the features the credit card offers users, and how it compares with other available cards in its category. The ratings are the opinion of our editors, and are not influenced by any outside factors, including any compensation the site may receive from certain advertisers."}

The Capital One® Spark® Cash Select for Business is another excellent cash back credit card that features no annual fee and a 0% introductory APR for the first nine months — even longer than that of the Bank of America® Platinum Visa® Business credit card. You will also be able to earn a one-time $200 cash bonus after spending $3,000 on purchases within the first 3 months.

This card's biggest strength lies in its cash back program: an unlimited 1.5% cash back on all purchases. Depending on how much money you spend, this could mean that thousands of dollars can be put back into your business. Regardless of however much money you end up receiving from cash back, that amount will always be higher than how much you would have received if you had done your transactions on the Bank of America® Platinum Visa® Business credit card since it lacks a rewards program altogether.

Bank of America® Business Advantage Travel Rewards World Mastercard® credit card
This card is not available through ValuePenguin.
Bank of America® Business Advantage Travel Rewards World Mastercard® credit card
This card is not available through ValuePenguin.

Bank of America® Business Advantage Travel Rewards World Mastercard® credit card

Bank of America® Business Advantage Travel Rewards World Mastercard® credit card
This card is not available through ValuePenguin.
Bank of America® Business Advantage Travel Rewards World Mastercard® credit card
This card is not available through ValuePenguin.
Earn 25,000 bonus points when you make at least $1,000 in net purchases in the first 60 days of your account opening which can be redeemed for a $250 statement credit towards travel purchases
  • Earn 25,000 bonus points when you make at least $1,000 in net purchases within 60 days of your account opening which can be redeemed for a $250 statement credit towards travel purchases.
  • Earn unlimited 1.5 points for every $1 spent on all purchases everywhere, every time - no matter how much you spend. Points don't expire.
  • Earn 3 points per every dollar spent on travel purchases (car, hotel, airline) booked through the Bank of America® Travel Center - powered by Expedia®.
  • No annual fee and no international transaction fees.
  • 0% Introductory APR on purchases for your first 9 billing cycles.
  • Redeem points for travel with no blackout dates, cash back or gift cards.
  • Get 75% more points on the base earn of every purchase you make when you’re a Preferred Rewards for Business Platinum Honors tier member. That means you will earn 2.62 points for every $1 you spend and 4.12 points per every $1 you spend at the Bank of America® Travel Center.
  • Earn 25,000 bonus points when you make at least $1,000 in net purchases within 60 days of your account opening which can be redeemed for a $250 statement credit towards travel purchases.
  • Earn unlimited 1.5 points for every $1 spent on all purchases everywhere, every time - no matter how much you spend. Points don't expire.
  • Earn 3 points per every dollar spent on travel purchases (car, hotel, airline) booked through the Bank of America® Travel Center - powered by Expedia®.
  • No annual fee and no international transaction fees.
  • 0% Introductory APR on purchases for your first 9 billing cycles.
  • Redeem points for travel with no blackout dates, cash back or gift cards.
  • Get 75% more points on the base earn of every purchase you make when you’re a Preferred Rewards for Business Platinum Honors tier member. That means you will earn 2.62 points for every $1 you spend and 4.12 points per every $1 you spend at the Bank of America® Travel Center.
Annual Fee
$0.00
Regular APR
13.49% - 23.49% Variable APR on purchases
Credit Needed
{"onCurrent":true,"message":"There are various types of credit scores. Each creditor uses a variety of different types of credit scores to make lending decisions."}
Excellent
Editor's Rating
{"onCurrent":true,"message":"Our team rates credit cards objectively based on independent research, the features the credit card offers users, and how it compares with other available cards in its category. The ratings are the opinion of our editors, and are not influenced by any outside factors, including any compensation the site may receive from certain advertisers."}

The Bank of America® Business Advantage Travel Rewards World Mastercard® credit card is another credit card that has absolutely no annual fee and features a 0% introductory APR for the first nine billing cycles of opening an account. The sign-up bonus associated with this card is 25,000 points after spending $1,000 in net purchases in the first 60 days. What separates this card the most from the Bank of America® Platinum Visa® Business credit card is that this card is a dedicated travel rewards card with excellent point rates.

You will be able to earn 3 points per dollar for travel expenses that were booked through the Bank of America Travel Center. Beyond this, you will receive unlimited 1.5 points for every dollar spent on all other purchases. Therefore, not only will it serve as a great travel card, but it will also function as a solid all-around rewards card given its consistent points rate across all categories. If your business demands travel, then the Bank of America® Business Advantage Travel Rewards World Mastercard® credit card credit card would be an excellent choice that will reward you well for your purchases.

Verdict:

Even if your only reasons for applying for the Bank of America® Platinum Visa® Business credit card is because of the card’s $0 annual fee and a 0% introductory APR, there are still better choices that offer the same benefits. All of the alternatives listed above would be better choices for almost all businesses of any size when compared to the Bank of America® Platinum Visa® Business credit card. The lack of either a cashback or rewards program significantly diminishes the appeal of this card.

Comments and Questions

These responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.

Advertiser Disclosure: The products that appear on this site may be from companies from which ValuePenguin receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). ValuePenguin does not include all financial institutions or all products offered available in the marketplace.

How We Calculate Rewards: ValuePenguin calculates the value of rewards by estimating the dollar value of any points, miles or bonuses earned using the card less any associated annual fees. These estimates here are ValuePenguin's alone, not those of the card issuer, and have not been reviewed, approved or otherwise endorsed by the credit card issuer.

Example of how we calculate the rewards rates: When redeemed for travel through Ultimate Rewards, Chase Sapphire Preferred points are worth $0.0125 each. The card awards 2 points on travel and dining and 1 point on everything else. Therefore, we say the card has a 2.5% rewards rate on dining and travel (2 x $0.0125) and a 1.25% rewards rate on everything else (1 x $0.0125).

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