Plum Card® from American Express OPEN Review
With a 1.5% Early Pay Discount and solid travel benefits, the American Express Plum Card® is a competitive cash back business credit card. The annual fee may be too steep for some, but with one free year of membership, you'll have time to figure out if the card is the right fit.
Early Pay Discount
With the American Express Plum Card® you’ll get a 1.5% discount for paying early or up to you’ll have up to 60 days to pay without interest, or both each month. This is a great feature that allows you to do business on your terms. Plus, for the first six months, get an extra 0.5% on all purchases, up to $250,000.
Extra days to make a payment
Some charge cards have strict payment deadlines and penalty rates that kick in immediately if a payment date is missed. With the American Express Plum Card®, if you pay at least 10% of the balance from new charges, you can take up to 60 days to pay the remaining balance without accruing interest. In addition, you’ll have the ability to choose whether to receive your bill in the beginning, middle, or end of the month. For those times when a little extra cash flow is needed, having a little extra payment flexibility can be a great asset to your organization.
Access to solid travel benefits
Those that spend a lot of time on the road will appreciate the travel benefits that come with Plum Card® ownership. For example, the Global Assist® Hotline provides access to emergency services, as well as information about exchange rates, visa requirements, and more. The Plum Card® also comes with baggage insurance, car rental insurance, and travel accident insurance. If travel is a regular part of your business, the Plum Card® may be a good fit.
Relatively high annual fee
One drawback of the American Express Plum Card® is the $250 annual membership fee. The good news is that there is no annual fee for the first year of card membership, and there is no annual fee for Additional Cards. Depending on your budget and spending habits, the 1.5% discount can easily cover the cost of ownership, and you pay no annual membership fee for your first year, giving you a chance to see if the card will be worth it in the long run. However, for those that may not spend at high levels, the Plum Card® may not be the best choice.
Pre-set limits can be insufficient
Spending limits on the Plum Card® adjust with the use of your card, your payment history, credit record, and other financial factors. In some cases, the spending limits may not meet your expectations. Changes to spending limits may not be best-suited for all companies. If you know your business needs certain charging capabilities, it may be wise to find an alternative card.
Rates and Fees
- Annual Fee: $250 ($0 first year)
- Balance must be paid in full each month: No
- Cash Advance Fee: N/A (charge card)
- Cash Advance Rate (APR): N/A (charge card)
- Foreign Currency Transaction Fee: None
- Introductory Rate (APR): N/A (charge card)
- Standard Rate (APR): N/A (charge card)
- Default Penalty Rate (APR): N/A (charge card)
- Late Payment Fee: 1.5% then 2.99% of the past due amount. ($38 min)
- Minimum Interest Charge: N/A (charge card)
- Over-Limit Fee: N/A (charge card)
- Returned Payment Fee: $38
Balance Transfer Fees
- Balance Transfer Fee: N/A (charge card)
- Introductory Balance Transfer Rate (APR): N/A (charge card)
- Standard Balance Transfer Rate (APR): N/A (charge card)
- Additional Rewards for Cell Phone Services: None
- Additional Rewards for Dining: None
- Additional Rewards for Gas: None
- Additional Rewards for Internet Services: None
- Additional Rewards for Office Supplies: None
- Additional Rewards for Other: None
- Additional Rewards for Travel: None
- Bonus Rewards: None
- Rewards Earnings for All Purchases: None
- Sign-Up Bonus: None
- Type of Reward: Cash Back