Rewards Plan
Sign up Bonus
Credit Rating
0% Intro
Annual Fee
APR
- No Pre-set Spending Limit
- Pay Early Discount
- Low Rewards Rate
- Annual Fee
Rewards Plan
Sign up Bonus
0% Intro
PROS
- No Pre-set Spending Limit
- Pay Early Discount
CONS
- Low Rewards Rate
- Annual Fee
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
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In this Review
Estimating Your Rewards: A Practical Simulation
The rewards simulation table below gives an overview of the potential benefits of using the Plum Card from American Express. It shows estimated rewards based on general usage and spending across different categories.
Keep in mind that these figures are just estimates, and your actual rewards may vary depending on your spending habits and other factors.
| |
|---|---|
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 |
- No Pre-set Spending Limit
The Plum Card has no pre-set spending limit, which can be helpful for businesses that need to make large purchases.
- Pay Early Discount
If you pay your balance early, you can receive a discount of 1.5% on the portion of the balance that you pay early.
- Flexible Payment Options
The card allows you to defer payment for up to 60 days without interest, which can help with cash flow management.
- No Foreign Transaction Fees
The card has no foreign transaction fees, making it a good option for international travel.
- Expense Management Tools
The card offers expense management tools, such as auto-expense categorization in QuickBooks, which can make it easier to track business expenses.
- Employee Plum Cards
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.
- Annual Fee
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.
- Low Rewards Rate
The card offers lower rewards rate compared to other business cards.
- No Welcome Bonus
Unlike most business cards, the Plum card has no welcome bonus.
- Limited Travel Benefits
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 is a great option for small and mid-sized business owners who need more flexibility with their cash flow. Its unique payment structure lets cardholders choose to pay early for a discount or pay later with no interest charges.
Here are a few situations where the Plum Card might be a good fit:
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.
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