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The Plum Card® from American Express is a business charge card designed for small and mid-sized business owners who need flexibility in managing their cash flow. This card offers a unique payment structure that allows cardholders to pay early and receive a discount or pay later with no interest charges.
Cardholders can choose to pay their bill within 10 days of the statement closing date and receive a 1.5% discount on the portion of the balance paid, or they can pay the full balance up to 60 days after the statement closing date with no interest charges.
Also, The Plum Card does not have a pre-set spending limit, so business owners can spend what they need to without worrying about hitting a limit. However, it doesn't imply unlimited spending. Your purchasing power will vary based on several factors, such as your credit history, payment habits, card usage, financial circumstances, and other considerations.
However, the card has high annual fee of However, the card has two main drawbacks: the annual fee is high - $250. In such a level of fee, the benefits provided are too weak compared to what you can get with other business cards.
- No Pre-set Spending Limit
- Flexible Payment Options
- Pay Early Discount
- No Foreign Transaction Fees
- Expense Management Tools
- Employee Plum Cards
- Annual Fee
- Low Rewards Rate
- No Welcome Bonus
- Limited Travel Benefits
In this Review
Estimating Your Rewards: A Practical Simulation
The rewards simulation table below shows the potential benefits of using the Plum Card from American Express. It provides an overview of your estimated rewards based on general usage and spending across various categories.
While this simulation can help you better understand the potential benefits of this card, it's important to remember that the figures shown are only estimates and actual rewards may vary depending on your individual spending habits and other factors.
Spend Per Category
The Plum Card® from American Express
$10,000 – U.S Supermarkets
$3,000 – Restaurants
$1,500 – Airline
$1,500 – Hotels
$4,000 – Gas
Estimated Annual Value
Pros and Cons
Just like any other credit card, the Amex Plum Card has some advantages and disadvantages:
No Pre-set Spending Limit
Flexible Payment Options
Low Rewards Rate
Pay Early Discount
No Welcome Bonus
No Foreign Transaction Fees
Limited Travel Benefits
Expense Management Tools
Employee Plum Cards
The Plum Card has no pre-set spending limit, which can be helpful for businesses that need to make large purchases.
If you pay your balance early, you can receive a discount of 1.5% on the portion of the balance that you pay early.
The card allows you to defer payment for up to 60 days without interest, which can help with cash flow management.
The card has no foreign transaction fees, making it a good option for international travel.
The card offers expense management tools, such as auto-expense categorization in QuickBooks, which can make it easier to track business expenses.
By adding Employee Plum Cards to your account at no extra annual fee, you can provide your team with more flexibility.
These cards can also simplify the process of monitoring and managing their expenses.
The card has an annual fee of $250, which may be a drawback for businesses that want to avoid paying a fee for a credit card.
The card offers lower rewards rate compared to other business cards.
Unlike most business cards, the Plum card has no welcome bonus.
If you tend to fly frequently, you should know the travel benefits are basic. There is no annual credit, priority boarding, or baggage check benefits.
Evaluating Whether This Card is Right for You
The Plum Card® from American Express may be a good option for small and mid-sized business owners who need more flexibility in managing their cash flow. The card's unique payment structure allows cardholders to either pay early and receive a discount or pay later with no interest charges.
Here are some situations where the Plum Card may be worth considering:
You need flexibility in payment: If you need the ability to pay your balance on your own schedule, rather than following a strict payment due date, the Plum Card's payment options may be a good fit for your business.
You want to earn a type of cash back: The Plum Card offers a discount on early pay. This is not a pure cash back, but if you make all your payments early – it definitely can be considered as one.
- Amex business card features – Amex offers some decent business features for this card such as employee cards, auto-expense categorization in QuickBooks, Assign a trusted team member as an account manager, year-end Summary, and track spending and rewards with the Amex app.
How To Apply For The Amex Plum Card?
Here are the steps to apply for The Plum Card® from American Express:
Visit the American Express website: Go to the American Express website and locate the page for The Plum Card®.
Click “Apply Now”: Once you have reviewed the card details, click “Apply Now” to start the application process.
Provide your business information: You will need to provide your business information, including your business name, address, phone number, and tax identification number.
Provide your personal information: You will also need to provide your personal information, including your name, date of birth, and Social Security number.
Submit the application: After you have completed the application, review it for accuracy and submit it.
Wait for a response: American Express will review your application and notify you of their decision. If your application is approved, you will receive your Plum Card in the mail within a few weeks.
Overall, the application process for The Plum Card® from American Express is straightforward and can be completed online in just a few minutes.