Bank Of America Platinum Visa Business Card
The Bank of America Platinum Visa Business card is a pared-down business card that offers one very simple benefit: a lower minimum APR than the competition. The well-qualified applicant can potentially get an interest rate of just over 11%, which is quite unusual for a credit card in 2019. Apart from that and some nice signup perks, however, there are few benefits associated with using this card.
Currently, when you sign up for the Platinum Visa Business card, you get a $300 statement credit bonus if you make at least $3,000 in purchases within the first 90 days. You’ll also get an introductory APR of 0% on purchases in your first 7 billing cycles. Apart from that, there are no reward points to redeem and no cash back to earn, so there isn’t a great deal to discuss concerning this card. Either the relatively low APR and the welcome offers appeal to you, or they don’t.
Read our review to see if the Platinum Visa Business stands to benefit your business.
Table of Contents
Platinum Visa Business At A Glance
Bank of America Platinum Visa Business Credit Card
11.49% - 22.49%, Variable
Business applicants typically must have good to excellent credit to be approved for the Platinum Visa Business card.
Rewards & Fees
- No annual fee
- 3% foreign transaction fee
- Balance transfers and cash advances carry a fee of either $10 or 4% of the amount of each transaction, whichever is greater
- The late payment fee starts at $19 and rises to $49 depending on the amount owed
- The card’s seven-month introductory 0% APR period lets you initially make business purchases without worrying about interest
- The introductory 0% APR does not apply to balance transfers
- There is a 26.49% variable APR on all cash advances
This will be a short section due to the fact that beyond the introductory APR and the admittedly generous (though conditional) $300 statement credit, there are no rewards to speak of. You’ll also note that while the Platinum Visa Business carries no annual fee, there is a 3% transaction fee taken from all foreign purchases. If your business has you making frequent business trips overseas, this isn’t the card for you.
The only reward to be redeemed is the $300 bonus you get for spending $3,000 within the first 90 days. The reward will be applied to your business card account.
BofA lists the following as benefits attached to the Platinum Visa Business:
- Cash flow management tools — automatic payments, transfers, download transactions into QuickBooks and tracking it all in the MyReport Center
- Online and mobile access
- Travel and emergency services
- $100,000 in travel accident insurance and auto rental insurance
- Emergency ticket replacement
- Lost luggage assistance
- Option to get extended protection
- Zero liability protection for unauthorized transactions
- Overdraft protection
- Fraud monitoring
- Paperless statement option
Part of the zero liability protection includes “Additional protection for misuse by terminated employees” — good for the sort of business that produces a high volume of disgruntled ex-employees.
While the complimentary travel benefits are nice, remember that you won’t earn any rewards or cash back through traveling. Considering this, and considering the 3% foreign transaction fee as well, the Platinum Visa Business isn’t much of a travel card.
This is one of the shorter credit card reviews I’ve done. With the absence of any kind of rewards or cash back program, the value of the Platinum Visa Business credit card comes down to the generous $300 statement credit you can earn, the 7-month 0% intro APR on purchases, the low ongoing APR (if you have excellent credit), and the online services included in the MyReport Center.
If you intend to carry over a significant balance month-to-month for an extended period of time (not generally recommended!), then the low APR might make this card appealing for your business. However, for the typical business owner, you’re better off cashing in on the potential benefits you could accrue with a rewards card tailored to the kind of spending your business does. It’s hard to recommend this card over a good business rewards or cash back card.
To learn more about how we score our reviews, see our Business Credit Card Rating Criteria.