Bank of America Platinum Plus Mastercard Business
Issued by Bank of America
Reviewed by the CardCurator Editorial Team
Current Welcome Bonus
$300 online statement credit after $3,000 in purchases in the first 90 days
Year 1 net value: +$300 (bonus − annual fee)
Card Perks
Up to $100,000 in travel accident insurance
Auto rental collision damage waiver
Maximize Your Bank of America Cash Rewards Points
Expert tips to get the most value from this program
Program Overview
Bank of America Cash Rewards is a cashback program for BofA credit cards. The flagship Customized Cash Rewards card lets cardholders choose one 3% category each month (gas, online shopping, dining, travel, drug stores, or home improvement/furnishings), with 2% on grocery stores and wholesale clubs (up to $2,500 in combined 2%/3% purchases per quarter) and 1% on everything else. Preferred Rewards members (with $20K–$100K+ in BofA/Merrill accounts) receive a 25–75% bonus multiplier on rewards, effectively turning 3% into up to 5.25% — one of the highest effective cashback rates in the market for eligible customers. Best for: Bank of America relationship customers who qualify for Preferred Rewards and have strong spending in a single bonus category.
Earning Tips
BofA Customized Cash Rewards: - 3% on your chosen category (change monthly via app) - 2% on groceries and wholesale clubs - 1% on everything else - $2,500/quarter cap on combined 2%+3% category spending Preferred Rewards multiplier (key advantage): - Gold tier ($20K+): 25% bonus → 3% becomes 3.75%, 2% becomes 2.5% - Platinum tier ($50K+): 50% bonus → 3% becomes 4.5%, 2% becomes 3% - Platinum Honors tier ($100K+): 75% bonus → 3% becomes 5.25%, 2% becomes 3.5% BofA Unlimited Cash Rewards: 1.5% base (1.875%–2.625% with Preferred Rewards) — best as a simple flat-rate complement to Customized Cash. Strategy: - If you have significant BofA/Merrill assets, prioritize maximizing Preferred Rewards tier - Choose the 3% category based on your highest non-recurring monthly spend - Use Customized Cash for your chosen bonus category and another card (e.g., Amex Gold, Chase Freedom) for dining/groceries if not capped
Redemption Tips
Cashback redemptions (always 1¢/point): - Statement credit - BofA checking/savings account deposit - Reduced minimum purchase (credit toward statement) No optimization needed — all redemptions are equal at 1¢/point. Rewards expire if the account is closed; otherwise they don't expire.
Card Details
Other Bank of America Cash Rewards Cards
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Frequently Asked Questions
- What is the annual fee for the Bank of America Platinum Plus Mastercard Business?
- The Bank of America Platinum Plus Mastercard Business has no annual fee.
- What is the Bank of America Platinum Plus Mastercard Business welcome bonus in 2026?
- The Bank of America Platinum Plus Mastercard Business currently offers a welcome bonus of $300 statement credit after spending $3,000 in the first 3 months.
- Does the Bank of America Platinum Plus Mastercard Business charge foreign transaction fees?
- Yes, the Bank of America Platinum Plus Mastercard Business charges a 3% foreign transaction fee on purchases made outside the United States.
- How much are Bank of America Cash Rewards points worth?
- Bank of America Cash Rewards points are worth approximately 1.00¢ per point on average, with premium redemptions reaching up to 1.00¢ per point. Values based on industry estimates including The Points Guy and NerdWallet.
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