Bank of America Platinum Plus Mastercard benefits: does the insurance coverage hold up?

Expert review · Pauline LauroreAuthor of HelloSafe's card insurance reviews

One benefit, and it only pays if something catastrophic happens. The Platinum Plus Mastercard Business includes Travel Accident Insurance: a $100,000 accidental death and dismemberment (AD&D) benefit that applies when you charge the entire fare of a common carrier trip (plane, train, bus, or ship) to the card. It extends to the primary cardmember and authorized employees. That is the full extent of the travel coverage. There is no trip cancellation, so a prepaid trip called off for illness or a work emergency is reimbursed at $0. There is no emergency medical or evacuation benefit, meaning a hospital stay abroad is entirely out of pocket, and no trip delay, baggage delay, or lost baggage coverage. AD&D is the benefit a business traveler is least likely to ever claim, which is why this tab scores near zero. For any real trip protection, pair this card with a standalone travel insurance policy or a card that actually covers cancellation and emergency medical.

Expert review · Pauline LauroreAuthor of HelloSafe's card insurance reviews

The rental benefit is this card's most useful protection, with one important limitation. Charge the full rental to the Platinum Plus, decline the rental counter's collision damage waiver, and the Auto Rental Collision Damage Waiver covers physical damage and theft of the vehicle up to its actual cash value for rentals of up to 31 consecutive days, at no extra cost. The catch is that coverage is secondary: your personal or business auto policy pays first, and the card covers what remains. That means a claim still runs through your own insurer and can affect your rates. It also covers the vehicle only. There is no liability coverage for injury to other people or damage to their property, no roadside assistance for towing or a flat tire, and no coverage for personal belongings stolen from the car. Trucks, cargo vans, motorcycles, exotic vehicles, and rentals in certain countries are excluded. For a business owner who already carries commercial auto insurance, the secondary CDW adds a no-cost second layer. For anyone renting without their own auto policy, secondary coverage leaves a real gap at the counter.

Expert review · Pauline LauroreAuthor of HelloSafe's card insurance reviews

Two real shopping benefits, both aimed at the equipment a small business actually buys. Purchase Security covers eligible items charged to the card against theft, damage, fire, and accidental breakage for 90 days from the purchase date, up to $10,000 per claim with no deductible and reimbursement typically within about five business days. Extended Warranty doubles the original manufacturer's warranty on items warranted for 3 years or less, adding up to 1 additional year, capped at $10,000 per claim and $50,000 per cardholder per year. For a no-annual-fee business card, that pair covers most laptops, monitors, and office equipment a company charges to the card. The gaps are the modern ones: no cell phone protection, so a cracked business phone is your problem, plus no price protection, no return protection, and no identity theft benefit. Both benefits require the item to be paid entirely with the card, and neither covers perishables, motor vehicles, or normal wear and tear.