Credit Cards » Credit Card Reviews » The Plum Card from American Express Review 2023
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The Plum Card from American Express Review 2024

The Plum Card from American Express is designed for small a mid-sized business owners, but we doubt whether the high annual fee is worth it.
Author: Lorraine Smithills
Lorraine Smithills

Writer, Contributor

Experience

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.
Interest Rates Last Update: April 15, 2024
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
Author: Lorraine Smithills
Lorraine Smithills

Writer, Contributor

Experience

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.
Interest Rates Last Update: April 15, 2024

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.

We earn a commission from our partner links on this page. It doesn't affect the integrity of our unbiased, independent editorial staff. Transparency is a core value for us, read our advertiser disclosure and how we make money.

The Plum Card® from American Express

The Plum Card® from American Express

Rewards Plan

1.5% Early Pay Discount 1.5% Early Pay Discount, with no cap on what you can earn back

Sign up Bonus

None None

Credit Rating

Good – Excellent

0% Intro

N/A

Annual Fee

$250

APR

N/A
The Plum Card® from American Express

The Plum Card® from American Express

Rewards Plan

1.5% Early Pay Discount 1.5% Early Pay Discount, with no cap on what you can earn back

Sign up Bonus

None None

0% Intro

N/A

PROS

CONS

APR

N/A

Annual Fee

$250

Balance Transfer Fee

N/A

Credit Requirements

Good - Excellent

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

XX

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.

The Plum Card® from American Express

Spend Per Category
The Plum Card® from American Express
$10,000 – U.S Supermarkets
$150
$3,000 – Restaurants
$45
$1,500 – Airline
$22.5
$1,500 – Hotels
$22.5
$4,000 – Gas
$60
Estimated Annual Value
$300

Pros and Cons

Just like any other credit card, the Amex Plum Card has some advantages and disadvantages:

Pros
Cons
No Pre-set Spending Limit
Annual Fee
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.

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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:

  1. Visit the American Express website: Go to the American Express website and locate the page for The Plum Card®.

  2. Click “Apply Now”: Once you have reviewed the card details, click “Apply Now” to start the application process.

  3. Provide your business information: You will need to provide your business information, including your business name, address, phone number, and tax identification number.

  4. Provide your personal information: You will also need to provide your personal information, including your name, date of birth, and Social Security number.

  5. Submit the application: After you have completed the application, review it for accuracy and submit it.

  6. 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.

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Picture of Lorraine Smithills

Lorraine Smithills

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.
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Welcome Bonus:
80,000 points 80,000 Membership Rewards® points after you spend $8,000 on purchases on your new Card in your first 6 months of Card Membership

amex brilliant

Rewards Plan:
2X – 6X 6 Marriott Bonvoy points for each dollar of eligible purchases at hotels participating in the Marriott Bonvoy™ program, 3 points at Worldwide restaurants and on flights booked directly with airlines and 2 points on all other eligible purchases
Welcome Bonus:
95,000 points 95,000 Marriott Bonvoy bonus points after you use your new Card to make $6,000 in purchases within the first 6 months of Card Membership

Amex Delta SkyMiles Platinum card

Rewards Plan:
1X – 3X 3X Miles on Delta purchases and purchases made directly with hotels, 2X Miles at restaurants worldwide including takeout and delivery in the U.S., and at U.S. supermarkets and 1X Miles on all other eligible purchases
Welcome Bonus:
50,000 miles 50,000 bonus miles after you spend $3,000 in your first six months
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.
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1X – 5X 5X points on up to $500,000 spent on directly-booked airfare and flights and prepaid hotels booked through American Express Travel (per calendar year), 2X points on prepaid car rentals through American Express Travel and 1X points on all other purchases
Welcome Bonus:
80,000 points 80,000 Membership Rewards® points after you spend $8,000 on purchases on your new Card in your first 6 months of Card Membership

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95,000 points 95,000 Marriott Bonvoy bonus points after you use your new Card to make $6,000 in purchases within the first 6 months of Card Membership

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60,000 miles 60,000 bonus miles + 500 Premier qualifying points (PQP) after you spend $4,000 on purchases in the first 3 months your account is open.
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.

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Editorial Note: Opinions expressed here are author’s alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.

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In order to determine the best possible credit cards, we look at things like fees, interest rates and rewards. We do this with companies that are associated with us as partners as well as other offerings. From there, we make a decision about what the best card is related to different categories and needs. We focus on interest rate cost & fees, especially the cost of carrying a balance, rewards – cards accumulate rewards in different currencies—points, miles, cash back—and their values vary widely usability – cards that accept a wide range of credit profiles and offer simple solutions for things like checking your credit score or contacting. We also consider customer reviews.

We look at cards related to good or excellent credit ratings that will then provide a range of different benefits and improvements for someone who has these scores. We also look at low fees when it comes to those who have lower credit scores.