Depending on your company’s credit history and credit score, you could get a flexible card with a good APR: the Bank of America Platinum card. And it is that, your interest rate is one of the lowest we have seen in the US market. Although it doesn’t offer a rewards program – which is a shame – it’s practically free (it’s not subject to paying an annual fee) and will give you a short term without interest.
Further, Bank of America will let you order free cards for your employees, track expenses made with different cards, enter MyReportCenter to review cash flow, download transaction history (Quickbooks) with one click, among other benefits:
- Overdraft Protection
- Automatic bill payment
- Contactless and smart chip
- car rental insurance
- travel accident insurance
- Lost Baggage Protection
- Option to extended coverage
Thinking of applying for the Bank of America Platinum card? Great! We have prepared a full review for you.
The Bank of America Platinum Card at a glance
Examine at a glance what it is and what this Bank of America card has to offer:
|Bank of America Platinum Card at a Glance|
|APR||Variable, from 10.24% to 21.24%||Excellent|
|introductory bonus||$300 statement credit if you spend $3,000 in the first 90 days||Average|
|reward rate||Does not apply||Under|
|Annual rewards value||$100, I spend $4,000 monthly||Very good|
|Mobile app||Yes, for iOS and Android||Okay|
|Customer service||24 hours a day, 7 days a week||Regular|
|Rewards Redemption Options||Statement Credit||Very good|
Bank of America Platinum Card Review and Analysis
Although the list of rewards is not the best of all, the Bank of America Platinum card deserves a detailed analysis. Join us to see how good or bad this alternative could be for your company:
Good sign up bonus
One of the few features that makes this Bank of America card stand out is its welcome bonus. And it is that offers cardholders a credit equal to $300 as long as they spend $3,000 in the first 90 days of membership. This is a considerable amount, at least considering that the card is not subject to an annual fee.
Note: This certainly makes up for the fact that this Bank of America card doesn’t have as great a rewards program, at least not during the first year of membership.
0% introductory APR
Another thing we like about the Bank of America Platinum card is that gives cardholders a break for a limited time. What do we mean? Well, because you can finance your most important purchases with a good introductory APR. Remember that, by saying goodbye to this interest-free time, you will have a good interest rate that, far from being competitive, is one of the lowest in the banking sector.
Should you do balance transfers to take advantage of this interest-free time? We don’t think so, at least not before you calculate that what you will end up paying for the transfer is less than what you would pay at the originating bank. And it is that this card charges 4% for each balance transfer (or $10, whichever is greater).
Below average APR
The star point of the Bank of America Platinum card! The variable APR for this card with no annual maintenance fee is your APR, which, at least, it will be 10.24% and, at most, 21.24%.
Note: In general, the regular rate of this credit card is usually 14.43%. However, it could be much lower if you have a stellar credit score.
Other benefits of the Bank of America Platinum Card
Some businesses may find an ally in the Bank of America Platinum card. And it is that, if you think about it, this plastic will help you save money on things like travel insurance, for example. It will also allow you to track company expenses.
- You can request cards for your employees without having to pay a penny.
- You will be able to manage your company’s cash flow easily and quickly.
- The card offers a package of travel insurance benefits.
Let’s talk about this last point. In addition to the standard traveler benefits you’ll find on other similar cards, the Bank of America Platinum Card offers you protection against lost luggage and the option to upgrade your accommodation.
Note: If you have a small company or do not organize many business trips, this card may not make a difference. If, on the other hand, you tend to travel a lot and have a large company, you should consider applying for a premium credit card.
Who is the Bank of America Platinum Card for?
According to our analysis, this is the perfect user for the Bank of America Platinum card:
- A company that wants a basic credit card with moderate benefits and no maintenance fee.
- You are looking for a card with an introductory APR to finance large and important purchases.
- You’d like to receive the $300 sign-up bonus without having to part with a few dollars in annual fees.
Tip: If you apply for this card, we recommend setting up your payments to spend $3,000 in the first 90 days of membership. Thus, you will get the $300 registration bonus. Remember that the introductory APR is only available for seven months. Therefore, it is convenient for you to plan that large purchase that you want to finance. To enjoy the benefits for travelers, we recommend that you pay for your car rental, plane ticket and accommodation with this card.