Jul 03, 2019

Review: Bank of America Platinum Visa Business Credit Card

Lendio sometimes receives compensation for credit card offers. This compensation may impact how products appear on this site (including, for example, the order in which they appear.) Lendio does not include all card companies or all card offers available in the marketplace. This editorial is from the viewpoint of Lendio, and not endorsed by any 3rd party. The information is accurate at the time of publication.

 

The Bank of America Platinum Visa Business Credit Card is an easy to use and easy to understand business credit card. It’s a plain sailing credit card with no rewards program, no signup fee, and minimal hoops to jump through to qualify. 

The Bank of America Platinum Visa Business Credit Card is perfect for the small business owner who seeks simplicity. 

Interest Rate

One of the biggest strengths of this card is that it has some of the lowest annual percentage rates available for business cards. The variable APR on purchases ranges from 11.49% to 22.49%, which is excellent if you are concerned about having a high interest rate. In addition, the APR on purchases during your first 7 billing cycles is 0%. 

Signup Bonus

There is a $300 statement credit if you make a minimum of $3000 in net purchases in the first 90 days. While a $300 statement credit might not seem like a huge signup bonus compared to other business credit cards, $3000 in purchases over 3 months is a minimum that is fairly easy to achieve. Most businesses would be eligible to receive the signup bonus without any unexpected spending. 

Other Perks

A nice little perk offered when you open a Bank of America Platinum Visa Business Credit Card is access to Quickbooks. Quickbooks allows you to download your company’s transactions so you can easily track spending. 

Another convenient perk is that you can add other employee cards with credit limits you set. It’s not a feature unique to the Bank of America Platinum Visa Business Credit Card, but it’s favorable nonetheless.

Biggest Drawback

The biggest downside to this card is that there are no rewards offered beyond the signup bonus. It doesn’t matter how many expenses you put on the card, there will be no cash back or travel rewards of any kind. Many business owners enjoy the rewards that come with other business credit cards, but this card simply doesn’t offer that. The absence of rewards is a drawback, but it’s partially made up for by its excellent interest rate.

Final Say: Solid Simplicity

The Bank of America Platinum Visa Business Credit Card isn’t the ideal business card for larger established businesses looking to supplement travel and other expenses with credit rewards. However, while the absence of a rewards program may be a turnoff for some, this card can be a good option if you are looking to handle simple business transactions. In the beginning stages of a small business, it’s important to separate your personal finances from your business finances, as well as to begin building business credit. With no annual fee and low interest rates, the Bank of America Platinum Visa Business Credit Card can be a great card for a budding business.

 

Lendio sometimes receives compensation for credit card offers. This compensation may impact how products appear on this site (including, for example, the order in which they appear.) Lendio does not include all card companies or all card offers available in the marketplace. This editorial is from the viewpoint of Lendio, and not endorsed by any 3rd party. The information is accurate at the time of publication.

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