Is the Bank of America Platinum Business Worth It? The $300 Bonus Is an Easy Win With No Annual Fee

INSIDER SECRET: This card is worth considering for small business owners who want a keeper card without an annual fee. It will not affect your “Chase 5/24” status.
With the Bank of America® Platinum Visa® Business credit card, you’ll earn a $300 statement credit after you spend $3,000 in purchases within the first 90 days of account opening.
The card has no annual fee, and it comes with valuable protections and security. However, it doesn’t offer rewards for ongoing spend, which is a major downside.
So is the Bank of America Platinum Business worth it?
Is the Bank of America Platinum Business card worth It? (Photo by Tero Vesalainen/Shutterstock)
Here’s what you need to know.
Is the Bank of America Platinum Visa Business credit card Worth It?
Apply Here: Bank of America Platinum Visa Business credit card
Read our review of the Bank of America Platinum Business

The Bank of America Platinum Business credit card is a pretty vanilla card that comes with a $300 statement credit after spending $3,000 in purchases on the card within the first 90 days of account opening.
The card also comes with:

Additional employee cards at no extra cost
No annual fee
Top of the line security and basic travel insurance

Upgrade Your Business
A key benefit of the Bank of America Platinum Business card is the unlimited employee cards at no additional cost. Some business credit cards charge $25-$100 for each additional authorized user. You’ll also get automatic bill payment options for folks that don’t like to worry about remembering to pay the monthly bills.
Employee cards are free and unlimited, so you can get your whole team cards! (Photo by Bjoern Wylezich/Shutterstock)
The card also offers a 0% APR on the first 7 billing cycles (then a variable APR of 11.49% to 22.49% applies). So if you have a large purchase you can’t pay off in the first month or two, this might be a safe way to “finance” that purchase while getting a decent return with the welcome bonus.
You’ll also get standard Bank of America security and protection features with each card, including chip protection, cash flow management tools and overdraft protection. The latter is pretty interesting. You can link your credit card to your Bank of America checking account and it will prevent you from making purchases that can’t be covered with the money in your checking account, similar to a debit card.
Bank of America small business cards have historically not counted against your Chase “5/24 rule” status. So opening the Bank of America Platinum Business card should not adversely impact your chances of being approved for valuable Chase cards later!
The card comes with insurance, protection and security features that are great for a no-annual fee card. (Photo by Shutter_M/Shutterstock)
And remember, you don’t need a million-dollar corporation to qualify for a small business card. If you have a for-profit venture, like babysitting, coaching, freelance writing or selling items on eBay, you have a small business.
What About Other Business Cards?
Read our guide to the best business credit cards
There are many business credit cards out there, including cards that earn top-notch welcome bonuses and cards that a business should absolutely carry. Here are our two alternative picks to the Bank of America Platinum Business:
Best Business Credit Card Overall
Apply Here: Ink Business Preferred Credit Card
Read our review of the Chase Ink Business Preferred

With the Chase Ink Business Preferred, you’ll earn 80,000 Chase Ultimate Rewards points (worth $1,000 in travel) after you spend $5,000 on purchases in the first three months from account opening.  This is a fantastic welcome bonus and a big reason why the Chase Ink Business Preferred is our #1 pick.
Best Business Credit Card for Southwest Points
Apply Here: Southwest Rapid Rewards Performance Business Credit Card
Read our Southwest Performance Business Credit Card Review

The new Southwest Rapid Rewards Performance Business Credit Card comes with 80,000 Southwest Rapid Rewards points after you spend $5,000 on purchases in the first three months of account opening. Because Southwest points are worth about 1.5 cents each toward flights, this bonus is worth around $1,200 in Southwest airfare, and potentially almost double if you have the Southwest Companion Pass.
Bottom Line
Is the Bank of America Platinum Business worth it? For a no-annual fee card with a respectable cash-back welcome bonus, you could do much worse. The real long-term benefits of the Bank of America Platinum Business comes from the security features, 7 month 0% APR and the travel insurance. You will not earn rewards for your ongoing spend, however, so other cards are a better bet in the long term.
If you need a free and easy way to supplement your travel insurance for your small business or need to make a purchase with 0% APR for a short while, then this card could be for you. If you’re looking for long-term returns with rewards, check out our list of best business credit cards.
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