The Plum Card® from American Express

Advertiser & Editorial Disclosure

There are dozens of business credit cards out there, but finding one with flexible payment options is difficult. Charge cards require you to pay up in full each month, while balances left on a traditional credit card accrue interest the moment the due date passes. , however, offers business owners… Continue

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A flexible card for rewards or additional financing

The Plum Card® from American Express

Intro APR N/A
Annual Fee $0 introductory annual fee your first year, then $250.

Rates and Fees

Terms, Rates & Fees

Intro APR N/A
Purchase APR All charges made on this charge card are due and payable when you receive your periodic statement.
Annual Fee $0 introductory annual fee your first year, then $250.
Welcome Offer N/A
Rewards Rate 1.5% back as a statement credit when you pay within 10 days of your statement.

Details

  • Paying early pays off: Get a 1.5% discount when you pay early, with no cap on what you can earn back.
  • Take up to 60 days to pay with no interest, if you pay your minimum due.
  • Use the power of the Plum Card to buy big for your business.
  • Unlock new opportunities with a spending limit that can grow with your business.
  • Additional Employee Cards at no annual fee – and an early pay discount on employee spending.
  • No Foreign Transaction Fees.
  • Introductory annual fee of $0 for the first year, then $250
  • Terms & Restrictions Apply.

Nav's Verdict

Bottom Line This is a flexible card for those who may need rewards or additional financing.

There are dozens of business credit cards out there, but finding one with flexible payment options is difficult. Charge cards require you to pay up in full each month, while balances left on a traditional credit card accrue interest the moment the due date passes.

The Plum Card® from American Express, however, offers business owners 60 days of interest-free financing on a regular basis and a 1.5% discount for early payments.

However, the card also carries a $250 annual fee and doesn’t offer a rewards program. If you don’t think you’d take advantage of this perk, you may want to consider another American Express Business card. 

Card Review Details

If you’re looking for a card that is designed specifically with payment flexibility in mind, then this card can be great for you. Some other business cards carry interest rates in the high teens to low twenties, and if you’re making a significant purchase, a balance carried past a single billing cycle can tack on a lot of unnecessary interest.

Though The Plum Card® from American Express can help you manage short dips in cash flow or unnecessary purchasing requirements, beyond that, the benefits are few. The 1.5% discount is not all that impressive, particularly when compared to other credit cards on the market, and since it’s issued as a statement credit, redemption is extremely limited.

Additionally, even with the 1.5% discount and the 60 days interest-free repayment option, you may find it difficult rationalize the $250 annual fee, which is quite steep when compared to other cards on the market, especially when you factor in the lack of rewards and benefits.

If you want a safety net card that can give you some spending room without interest, then this card could be good to have on hand, but if you’re looking for a card for everyday use, you may want to consider The Blue Business℠ Plus Credit Card from American Express.

It’s also worth considering what type of travel needs your business has, as Amex offers various travel-focused rewards cards including three Amex Delta business cards as well as The Business Platinum® Card from American Express.

What are the Amex Plum card requirements?

If you’re considering The Plum Card® from American Express, you’ll need to be able to provide information about your business, like years in business, a number of employees, industry type, annual revenue, etc.  

At this time, American Express does not issue specific requirements, specifically as they relate to credit scores and revenue expectations. However, most approved applicants have a credit score that is considered good to excellent.

What is The Plum Card® from American Express late payment fee?

Plum cardholders that pay their bill late can expect a fee in the amount of $38 or 1.5% of the total balance, whichever is greater.

What is The Plum Card® from American Express foreign transaction fee?

This card does not carry a foreign transaction fee.

The Plum Card® from American Express vs American Express® Business Gold Card — Which is better?

If you’re considering both The Plum Card® from American Express and the American Express® Business Gold Card, deciding which is better often comes down to your reasons for securing a business credit card. it’s important to determine your reasons for getting a credit card.

The American Express® Business Gold Card offers a flexible rewards program that allows you to earn 4 points on your top two performing categories each month. Categories include purchases for shipping, wireless serving, and travel as well as those made at gas stations and airfare, among other things.

For that reason, if your primary goal is to earn rewards for your everyday purchases, the American Express® Business Gold Card is definitely the better option.

If, however, you regularly need 30 – 60 days to pay off your balance, as may be the case when trying to bridge gaps in cash flow, you may want to consider the Amex Plum.

For a full review of the American Express® Business Gold Card, click here

Is there a Plum Card 2% discount?

No, at the time of publication, the Plum card offers a 1.5% discount for early payments.  However, Amex does periodically make changes to their rates and terms, and as such, it’s important to review the Amex site for the most up-to-date info.

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About Author

Jennifer Lobb

Jennifer Lobb

Jennifer is a alum of the University of Denver. While in the graduate program there, she enjoyed spending time identifying ways in which non-profits and small businesses could develop into strong and profitable organizations that while promoting strong community growth. She also enjoys finding unique ways for freelancers and start-up businesses to reach and expand their goals.