- Annual percentage rate (APR): (carry a balance up to 60 days with no interest when you pay your minimum due by the payment due date)(see rates and fees).
- Purchase intro APR: None.
- Rewards: 1.5% cash-back early pay discount.
- Annual fee: $0 for the first year, then $250 (see rates and fees).
- Late fee: $39 or 1.5%, whichever is greater.
- Credit score: Good to Excellent (700-850).
- Terms apply
- Compare cards here.
Table of Contents
- Early pay discount: One of the unique features of the Plum Card® from American Express is that it rewards cardholders for paying off their balances early. If you pay off a portion of your balance within 10 days of your statement closing date, you’ll earn 1.5% cash back, with no cap on how much you can earn.
- Extra days to pay: If you need more time to pay off your balance, the card offers 60 days to pay without accumulating any interest. This makes it a great fit for businesses that have unpredictable cash flow or who need more time to pay off a large purchase.
- Flexible spending: The Plum Card® from American Express has no preset limit when it comes to spending. While this doesn’t mean that you can spend an unlimited amount, it does grant business owners more flexibility than a traditional credit card. You can also choose your billing cycle dates, which could be a nice perk for businesses that have a lot of other bills that fall at the end of the month.
- High annual fee: While the fee is waived for the first year, this card’s $250 annual fee means that it’s not the best fit for business owners looking to avoid extra fees and charges.
- Limited other benefits: The Plum Card® from American Express only has one rewards option in the form of 1.5% cash back for paying off your bill early. This straightforward rewards structure may be appealing to business owners who want a simple, no-frills card, but business owners interested in maximizing rewards and taking advantage of various perks should look elsewhere.
What Can You Expect From the Plum Card® from American Express?
The American Express Business Plum Card is a card where cardholders have to pay the balance off in full each month. It rewards business owners who pay their bill early, while also offering flexibility when it comes to late payments. It’s a good option for businesses interested in a cash-back card who have a somewhat unpredictable cash flow.
Card with Interest-Free Extra Days to Pay
The American Express Business Plum Card is a card, meaning that cardholders have to pay the balance off in full each month. However, this card has a unique option where borrowers can defer payment for up to 60 days interest-free.
This gives small businesses flexibility when it comes to paying off their balance, and makes the card an attractive choice for businesses that don’t always have a ton of cash on hand. While the card does reward customers who are able to pay off their balances sooner, the extra wiggle room can be a major perk.
Earning Cash Back
This card features a unique way for business owners to earn cash back. Instead of rewarding cardholders for making purchases, this card rewards them for paying off their balance early. If cardholders pay off a portion of their balance within 10 days of the statement closing date, they can earn unlimited 1.5% cash back on those payments. Cash back is applied as a credit during the following billing cycle.
The card has a variety of perks that make it easier for cardholders to manage their finances as a business owner. You can get employee cards without incurring any additional annual fees, and business owners can also appoint trusted employees as account managers. Businesses can also use their card to pay bills using Vendor Pay by Bill.com.
While this card doesn’t have as many travel benefits as some other American Express business cards, there are still plenty of perks for business owners. Most notably, the card doesn’t charge any foreign transaction fees, making it a great fit for businesses with employees who travel regularly (see rates and fees).
The card also comes with car rental loss and damage insurance, which protects you in the event that your rental car is damaged or stolen. If you travel more than 100 miles from home, you can access American Express’s global hotline for help with legal issues, medical problems, passports, lost luggage, and more.
Cardholders can use the American Express mobile app to check their balance and manage their account. They can also use the app to access local deals and special offers.
In the case of disputes, fraudulent charges, or other issues, you can rest assured that American Express has your back. They offer dispute resolution services as well as purchase protection for items that are stolen or damaged within 90 days. They also offer an extended warranty that extends the terms of the manufacturer’s warranty on certain products for up to one additional year.
Who Should Get the Plum Card® from American Express?
The American Express Business Plum Card is a good choice for mid-size businesses who are looking for a simple, no-frills cash-back card. It’s also a good choice for businesses who need a little flexibility when it comes to paying off balances each month, and it also rewards cardholders for paying off balances early.
The card probably isn’t the best choice for businesses with employees who travel frequently, as there isn’t a ton in the way of extra travel perks and benefits for cardholders beyond the basics common to many American Express cards.
With a hefty annual fee of $250, it’s also not a great option for business owners looking to avoid fees and extra charges. Nevertheless, the American Express Business Plum Card represents a decent option for business owners looking for flexibility, simplicity, and cash-back benefits.
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