Overview

Who is The Plum Card from American Express® Designed For?

The Plum Card is designed for business owners with excellent credit looking for a charge card with generous benefits, a cash back rewards program and the option of 0% financing for up to 60 days. The financing is granted automatically once the cardholder pays 10% of the balance. The card doesn't have a pre-set spending limit so this gives small business owners additional cash flow flexibility and the opportunity of receiving rewards on their business purchases without paying interest, and still receive extra time to pay when they need it.

What are the Rates for The Plum Card?

- The Plum Card is a charge card, which means all charges on the card must be paid when you receive your periodic statement. It also means there are no APRs to worry about. There are, however, late fees to consider.

What Are the Fees for The Plum Card?

- The Plum Card credit card has a $250 annual fee that is waived the first year. This is a steep annual fee for a small business card, but the spending flexibility, cashback and benefits it provides are substantial. There are no foreign transaction fees and no extra cost for additional employee Plum cards. Late payments incur a 2.99% fee with a minimum of $38. Returned payments trigger an additional $38 fee.

What Is The Plum Card's Rewards Program Like?

The Plum Card's cashback rewards program doubles up as an early pay incentive. Cardholders who pay their balance within 10 days of their statement closing date receive a 1.5% cashback with no cap on the money you can earn.

What about The Plum Card's Signup Bonus?

The Plum Card from American Express® gives new members a $200 statement credit for every $10,000 they spend on the card during the first three months of opening the account, up to a maximum statement credit of $600. Another way of looking at it is as an extra 2% cashback on the first $30,000 spent on new purchases.

Does The Plum Card Have Any Other Benefits?

The Plum Card includes all the travel and shopping benefits you expect from a prime card with a $250 annual fee. This includes baggage insurance plan, travel accident insurance, car rental loss and damage insurance, premium roadside assistance, purchase protection and extended warranty. It also provides business owners with the perks that come with all American Express® cards, such as automatic receipt matching with QuickBooks, dispute resolution, account alerts, and business-specific mobile apps.

How Is The Plum Card Better Than Other Credit Cards?

The Plum Card offers the benefits of a charge card while still allowing some flexibility by giving members extra days to pay when they cover at least 10% of the balance. This is a useful tool for small businesses with a tight cash flow situation as it gives 0% APR financing for 60 days in exchange for a 10% down payment. The shopping and travel benefits are good and it doesn't charge a fee for foreign transactions, but you can get similar perks with credit cards that don't have a $250 annual fee. However, small business that value the flexibility of having a charge card with no pre-set spending limits will enjoy this card.