Bank of America Platinum Business Benefits: Enjoy Travel Protections With This No Annual Fee Card

INSIDER SECRET: Even though the Bank of America® Platinum Visa® Business credit card doesn’t offer much in the way of rewards on spending, it does offer some travel insurance which is great for a card with no annual fee.

The Bank of America Platinum Business credit card is a small-business card that offers a below-average APR and doesn’t have an annual fee. However, this card does not offer any rewards, nor does it offer cashback for purchases.

Here are the Bank of America Platinum Business benefits that stand out to us the most.

The Bank of America Platinum Business Card might not have an annual fee, but the card still offers valuable benefits like car rental coverage. (Photo by Piyawat Nandeenopparit/Shutterstock)

Bank of America Platinum Business Benefits

Apply Here: Bank of America Platinum Visa Business credit card

Read our review of the Bank of America Platinum credit card

With the Bank of America Platinum Business credit card, you can earn a $300 bonus when you spend $3,000 on purchases in the first three months of your account opening. The bonus is awarded in the form of a statement credit. Because there’s no annual fee, you’ll be able to apply that credit to any purchase you’d like, but, after you earn that $300 bonus, you won’t earn more rewards with this card.

Additionally, the Bank of America Platinum Business Card offers these benefits:

0% Introductory APR

The Platinum Business credit card offers a 0% introductory APR for the first seven billing cycles from the moment you open your account. This is huge if you’re looking to open a credit account to make big purchases right away. The best way to use this perk is to purchase what you need and pay off what you owe before your eighth billing statement comes around. That way you can avoid paying any interest charges on your purchases.

One thing to note: this benefit does not apply to balance transfers, so if you are thinking about transferring a hefty balance from one account to another, you will not benefit from 0% interest.

Relatively Low APR

After your first seven billing cycles are up, your interest rate will no longer be 0%. The great thing about this card is that it has a lower than average annual percentage rate, starting at 11.49%, though it could be as high as 22.49%. Your starting rate all depends on your credit score and will be determined by Bank of America when you open your account. Even at 11.49%, you probably won’t want to let purchases accrue interest for any longer than necessary, especially since there are no additional rewards to make up for it.

Cash Flow Management

The Bank of America Platinum Business credit card offers a selection of management tools that you can use to track your company and employees’ spending, transfer and download information to QuickBooks, set up automatic payments and more. You’ll also get unlimited employee cards at no additional cost. Having access to unlimited employee cards could be critical to your business, and managing their spending from within the app or online should be fairly easy with this card.

Travel and Emergency Services

With your Bank of America Platinum Business credit card, you’ll have access to the following travel and emergency services:

  • Up to $100,000 in travel accident insurance
  • Auto rental insurance
  • Emergency ticket replacement
  • Lost luggage assistance

The Bank of America Platinum Business credit card offers a few other basic benefits, like overdraft protection. If you have a good or excellent credit score, and you are looking for a card that will give you a headstart on your next purchases, the Bank of America Platinum Visa may be an option worth considering.

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