Advertiser Disclosure: This put up contains references to affords from our companions. We could obtain compensation whenever you click on on hyperlinks to these merchandise. Nevertheless, the opinions expressed listed here are ours alone and at no time has the editorial content material been supplied, reviewed, or accredited by any issuer.The Financial institution of America® Platinum Visa® Enterprise Credit score Card is a no-frills enterprise bank card with no annual charge and a stable sign-up bonus.Although you received’t discover it on our listing of one of the best small enterprise bank cards or our roundup of one of the best low APR curiosity bank cards, this card has some engaging options. Along with the $300 assertion credit score as a sign-up bonus, it boasts a zero% APR introductory promotion on purchases for 7 billing cycles from the day you open your account. For well-qualified candidates, it additionally holds the promise of a daily APR a number of factors decrease than most enterprise bank cards.Alas, the Platinum Visa® Enterprise Credit score Card isn’t excellent. It lacks an ongoing rewards program, which means there’s no technique to earn a return in your spending as soon as the sign-up bonus interval ends. And past a fundamental money movement administration system and a few frequent Visa®-backed advantages, it affords no deal-sweetening perks.Nonetheless, the Platinum Visa® Enterprise Credit score Card affords a fantastic alternative to finance massive purchases with out incurring curiosity expenses and seize some further money with comparatively little effort. Right here’s what it is advisable to learn about its options, benefits, disadvantages, and total suitability.Key FeaturesSign-Up BonusYou get $300 assertion credit score as a bonus whenever you spend at the very least $three,000 throughout the first 90 days of card membership. The bonus comes as an announcement credit score to your account. It’s a good way to scale back what you are promoting bills and lower your expenses on a good finances.Introductory APRThe Platinum Visa® Enterprise Credit score Card has a 7-billing cycle zero% APR introductory promotion on purchases. Nevertheless, there is no such thing as a comparable promotion for stability transfers.Common APRAfter the introductory interval ends, the acquisition APR ranges from 11.49% to 22.49%, relying in your private creditworthiness and prevailing charges. The stability switch APR falls throughout the identical vary from day one.Essential FeesThe Platinum Visa® Enterprise Credit score Card has no annual charge or charges for extra worker playing cards. Stability transfers and money advances each value the larger of $10 or four% of the transaction quantity. Late funds value as much as $49. Returned funds value $39. Worldwide transactions value three% of the transaction quantity.Overdraft Safety Transfers for Financial institution of America® Deposit Account HoldersLike all Financial institution of America® enterprise bank cards, the Platinum Visa® Enterprise Credit score Card has an opt-in overdraft safety switch program (Overdraft Money Advance) for Financial institution of America® deposit account holders who want to shield their checking accounts from overdraft charges. Once you choose into the switch program and try a checking account transaction that might usually end in an overdraft, a money advance is mechanically drawn in your credit score line. The transaction then goes by way of as meant.All overdraft money advances are drawn in increments of $100 – so a $150 overdraft incurs a $200 switch – and accrue curiosity on the common money advance price. Every switch prices $10 or three%, whichever is bigger.Money Movement Administration Instruments for BusinessThis card comes with some helpful money movement administration instruments for enterprise, together with an automated on-line fee system, QuickBooks integration, and transaction categorization/monitoring by way of the net MyReport system.Visa®-Backed Cardholder BenefitsThe Platinum Visa® Enterprise Credit score Card has a good lineup of fundamental advantages for vacationers, together with emergency ticket substitute, journey accident insurance coverage, misplaced baggage substitute, and complimentary loss and injury protection for rental automobiles paid in full with the cardboard.Credit score RequiredThe Platinum Visa® Enterprise Credit score Card is supposed for enterprise house owners with wonderful credit score.AdvantagesNo Annual Payment. The Platinum Visa® Enterprise Credit score Card doesn’t have an annual charge. Given the dearth of rewards (after the sign-up bonus interval ends), this can be a essential profit for frugal enterprise house owners.7-Billing Cycle zero% APR Introductory Buy Promotion. This card has a 7-billing cycle zero% APR introductory buy promotion. That’s lengthy sufficient to finance comparatively massive purchases, equivalent to new tools, a batch of uncooked supplies, or a visit to an vital enterprise conference. Alternatively, it’s a pleasant technique to catch a break from curiosity expenses on on a regular basis bills for a number of billing cycles.Beneficiant, Straightforward to Attain Signal-Up Bonus. For a bank card with no annual charge, the Platinum Visa® Enterprise Credit score Card’s $300 sign-up bonus assertion credit score is beneficiant. And it solely requires $three,000 in spending inside 90 days of account opening. That shouldn’t be a heavy carry for many enterprise house owners.No Penalty APR. In contrast to many Financial institution of America® client bank cards, the Platinum Visa® Enterprise Credit score Card doesn’t cost penalty curiosity. In case you sometimes miss assertion due dates due to unpredictable money movement points or sudden obligations, this will prevent dozens or lots of of dollars annually. Many different playing cards cost penalty curiosity indefinitely after the primary missed assertion due date.Potential for a Low Ongoing APR. This card’s common buy and stability switch APR falls inside a fairly broad vary. In case you have wonderful credit score, you’ll seemingly qualify for a price at or close to the minimal, which is a significantly better price than most competing enterprise bank cards. For enterprise house owners who carry balances from billing cycle to billing cycle, or at the very least need the flexibleness to take action, this can be a key consideration.Overdraft Safety for BoA Deposit Account Holders. Purchasers with Financial institution of America® enterprise checking accounts can choose into the Platinum Visa® Enterprise Credit score Card’s overdraft safety program. This can be a nice technique to scale back (or totally remove) worries about overdrafts, which may end up in embarrassing and probably credibility-sapping issues with purchasers and distributors. The $10 (or three%) charge per switch could also be effectively well worth the peace of thoughts.DisadvantagesNo Ongoing Rewards. As soon as the sign-up bonus window has handed, the Platinum Visa® Enterprise Credit score Card doesn’t earn rewards on an ongoing foundation. This can be a large draw back relative to different no-annual-fee Financial institution of America® enterprise bank cards, such because the Enterprise Benefit Money Rewards bank card. Different issuers supply money again enterprise playing cards too, although some have annual charges: Capital One Spark Money for Enterprise has an annual charge, however earns limitless 2% money again on all purchases. For added money again concepts, take a look at our greatest money again bank cards listing.Has a three% Worldwide Transaction Payment. The Platinum Visa® Enterprise Credit score Card from Financial institution of America® has a three% worldwide transaction charge. That’s unhealthy information for cardholders who routinely journey exterior the US on enterprise. The issue is exacerbated by the truth that this card has no rewards program. The optimum resolution: a no-international-transaction-fee enterprise bank card with a beneficiant rewards program. Chase Ink Enterprise Most popular Credit score Card matches the invoice completely.No Introductory APR Promotion for Stability Transfers. The Platinum Visa® Enterprise Credit score Card lacks a zero% APR introductory stability switch promotion. In case you’re going through high-interest bank card balances elsewhere, you’ll want to search out one other bank card to switch and pay them down.Ultimate WordEven if you happen to don’t take into account your self a small enterprise proprietor, you might qualify for this bank card. Many individuals don’t know that unbiased professionals and freelancers can qualify as enterprise house owners within the eyes of the legislation.Although each bank card firm is completely different, most issuers assist you to open a enterprise bank card account if you happen to pay self-employment tax (sometimes utilizing Schedule C or Schedule C-EZ) and affirm that you’ll solely use your card to finance enterprise purchases.Earlier than you assume that you simply’re not eligible for the Financial institution of America® Platinum Visa® Enterprise Credit score Card (or another small enterprise bank card), take a better take a look at your state of affairs. You may be stunned by what you discover.