Small business owners searching for a $0 annual fee credit card may want to consider the Bank of America® Platinum Plus® Mastercard® Business card. This card offers an attractive welcome bonus and a promotional purchase APR, but it does not earn rewards for your spending. Here’s a look at the pros and cons of this card to help you decide if it’s worth getting.

Attractive welcome bonus

Get a $300 online statement credit after you make at least $3,000 in net purchases in the first 90 days of your account opening. This welcome bonus automatically reduces your balance with a statement credit, so you don't need to learn a complicated rewards structure or try to figure out how to redeem your rewards.

No rewards on purchases

Unfortunately, the only reward that you earn with the Bank of America® Platinum Plus® Mastercard® Business card is the welcome bonus. You do not earn any rewards when using this credit card for purchases. This means that you are missing out on a great opportunity to earn valuable points, miles or cash back when paying your bills and buying supplies with a different credit card.

Unlimited employee cards at no additional cost

Employee credit cards can be added without paying a fee. Combined with the card’s online and mobile access, this makes it easy for business owners to track employee spending to ensure accurate accounting. Plus, it allows employees to purchase necessary supplies without using their personal credit cards.

Avoid bounced checks with overdraft protection

The Bank of America® Platinum Plus® Mastercard® Business card can be linked with your Bank of America® business checking account to provide overdraft protection, potentially saving you overdraft fees while saving face with suppliers.

A short intro APR on purchases

When your account is opened, you’ll enjoy 0% intro APR on Purchases for 7 billing cycles, and then the ongoing APR of 16.49%-27.49% Variable APR. This means that you can carry a balance during the first seven billing cycles without incurring any interest on your purchases. The interest rate reverts back to the standard purchase APR once the promotional period is over. If you have a balance remaining when the promotion expires, it will start accumulating interest.

Although a 0% APR promotion is helpful for some business owners, the promotion period of seven billing cycles is relatively short. Some business credit cards offer introductory 0% APR promotion periods of 12 months or longer. For example, the The American Express Blue Business Cash™ Card offers 0% intro APR on Purchases for 12 months, and then the ongoing APR of 18.49%-26.49% Variable APR. Terms apply.

Travel benefits

When you pay for flights and rental car reservations with the Bank of America® Platinum Plus® Mastercard® Business card, you'll receive certain travel protections. You're covered with emergency ticket replacement and $100,000 in travel accident insurance. Additionally, your rental car is covered against damage or theft, and you'll get assistance in case your luggage is lost.

3% foreign transaction fee

Business owners who travel internationally or deal with foreign suppliers should avoid this credit card. The Bank of America® Platinum Plus® Mastercard® Business card charges a 3% foreign transaction fee on international purchases. Many business credit cards do not charge a foreign transaction fee, such as the Bank of America® Business Advantage Travel Rewards World Mastercard® credit card.

$0 annual fee

The Bank of America® Platinum Plus® Mastercard® Business card does not charge an annual fee. This is helpful for small business owners on a budget. However, this is not a compelling enough reason to keep this credit card year-after-year.

Who is this card good for?

The Bank of America® Platinum Plus® Mastercard® Business card is a good option for business owners who aren't interested in earning rewards on their purchases. It can be used as overdraft protection on your Bank of America® account to avoid overdraft fees and ensure that your checks don’t bounce.

The welcome bonus is an attractive incentive during the first year. The minimum spending requirement is not too high and the bonus is above average for a $0-fee credit card.

The $0 annual fee and seven billing cycles of interest-free financing on your purchases could be beneficial for some business owners as well. It makes sense to use the APR promotion to finance expenses like seasonal inventory and supplies or even a business expansion. But when the seven billing cycles are up, your balance needs to be paid in full to avoid interest charges.

Is it worth applying for the Bank of America® Platinum Plus® Mastercard® Business card?

The Bank of America® Platinum Plus® Mastercard® Business card is a bare-bones credit card with minimal benefits. Some business owners may find the welcome bonus and introductory APR attractive. The card does not earn rewards on your purchases and charges a 3% foreign transaction fee when used internationally.

This card’s $0 annual fee is a plus, but there are other no-fee cards that offer better benefits and rewards. Worthy alternatives include the Ink Business Unlimited® Credit Card and the Capital One Spark Cash Select for Excellent Credit. Both of these business credit cards earn unlimited 1.5% cash back on all of your purchases.