Citizens Bank Business Platinum Mastercard®
0% APR for 6 Months
- Regular Purchase APR 8.24%, 14.24%, 17.24% or 19.24% variable based on creditworthiness and the Prime Rate
- Cash Advance APR 23.49% variable with the market based on the Prime Rate
- Annual Fee None
- Credit Needed Excellent , Good
- Intro Purchase APR 0% for 6 months from account opening date
- Processing Network Mastercard
- No annual fee
- 0% introductory APR on purchases for 6 months after account opening
- Lower interest rates than a personal credit card
- Zero liability for unauthorized account purchases
- Intro Purchase APR: 0% for 6 months from account opening date
- Regular Purchase APR: 8.24%, 14.24%, 17.24% or 19.24% variable based on creditworthiness and the Prime Rate
- Cash Advance APR: 23.49% variable with the market based on the Prime Rate
- Cash Advance Transaction Fee: Either $10 or up to 5% of each advance, whichever is greater
- Penalty APR: 27.24%
- Foreign Transaction Fee: Either $1.50 or 3% of the U.S. dollar amount of transactions, whichever is greater.
- Late Payment Penalty Fee: $39
- Return Payment Penalty Fee: $20
- Over Limit Penalty Fee: $39
At a Glance
The Citizens Bank Business Platinum Mastercard® isn’t particularly enticing but might be handy for product-based retail start-ups that require only a small amount of overhead (up to $25,00) whose owners have a less-than-stellar credit score and otherwise can’t qualify for better business card offers.
Apply for This Card if You:
- Are a small business owner looking for a simple and straightforward card
- Will take advantage of 0% APR for the first six months
- Want a card with no annual fees
- Don’t mind passing up rewards or signup bonuses
Citizens Bank Business Platinum Mastercard® Review
The Business Platinum Mastercard® Citizens Bank is a run-of-the-mill business credit card—lacking a flashy signup bonus or rewards point gimmick, it’s easy to overlook. The card features an unremarkable 0% Intro APR for 6 months, no annual fee, and the potential for a low APR. Best suited for small-scale businesses; it has a cap in the revolving line of credit up to $25,000 (a larger line of credit will likely require a loan).
The “highlight” of this card that the site pushes quite hard is the non-interest accruing grace period, referred to as their ‘50 days of working capital’. What this translates to is that business owners with the Citizens Bank Business Platinum Mastercard will have 50 days to pay for charges accrued during their billing period without incurring any interest – which is actually the standard pay-back setup for most other credit cards (business or not).
The Citizens Bank Platinum Mastercard® is a useful tool if you’re looking to manage cash flow while saving your business money and building your credit profile. You’ll have the ability to separate business expenses from personal expenses, and your business Mastercard® comes with the security, protection, and convenience that has become synonymous with Mastercard®. Cardholders will enjoy zero liability for all unauthorized purchases, as well as enhanced ID theft protection that includes identity monitoring, credit monitoring, and financial account take-over alerts.
Travel Accident Insurance, emergency card replacement, emergency cash advance options, as well as baggage delay insurance, are added bonuses.
Fees & Penalties
Although the Business Platinum Mastercard is touted as a low APR business card, the APR can vary significantly, ranging from the 10-20% – and could result in a very uncompetitive rate if you don’t end up qualifying for those low rates. But wait, there’s more. a late payment could find you saddled with a penalty APR in the upper 20% indefinitely.
Cardholders need to be aware that this card carries a foreign transaction fee, so although it does come equipped with standard Mastercard travel perks it’s not recommended for international use, or for businesses that do a significant amount of business with foreign-based companies.
Should You Apply for the Citizens Bank Business Platinum Mastercard®?
This card does not offer much, but should decide to apply despite its lack of perks you will need to have the following information on hand:
- Legal Business Name
- Business Tax ID
- Annual Sales
- Annual Net Profit
You will be prompted to select the primary use of the funds (working capital, capital improvements, purchasing equipment, or real estate-related).
Citizens Bank claimed that having an existing account with them will not increase your odds of approval, although having a pre-existing relationship with a lender tends to offer applicants slightly more leeway.
The Business Platinum Mastercard® vs. Every Points Business Mastercard®
The Business Platinum Mastercard® from is one of two business credit card options available from Citizens Bank. It features a lower APR than its alternative but does not offer reward points on purchases. The Citizens Bank Every Points Business card is better suited towards service professionals – specifically those in the medical, legal, or accounting field (which it explicitly mentions in their terms and conditions). Due to the lower APR, the no-frills Business Platinum Mastercard is a better option for businesses that might not be able to pay their balances off in full every month, and therefore would benefit the most from having lower interest charges.