Amex Plum Card Review
The American Express Plum Card is a business credit card offering flexible payment terms. This review provides insights into the card's features, fees, and how it caters to business owners seeking financial flexibility.
The American Express Plum Card is a unique business credit card designed to offer flexibility in managing cash flow and expenses for small business owners. It's distinct from traditional credit cards in its payment terms and features. Here's a review of the American Express Plum Card:
Key Features and Benefits:
Flexible Payment Terms: The American Express Plum Card provides a flexible payment structure. Cardholders can choose between two options each month: a 1.5% early payment discount if they pay the statement balance within ten days of the statement closing date, or the option to extend payment for the full balance without interest for up to 60 days.
No Pre-Set Spending Limit: Unlike many credit cards, the Plum Card does not have a pre-set spending limit. Instead, your purchasing power is dynamic and can adapt to your spending and payment history.
Rewards: While the Plum Card is primarily a business expense management tool, it also offers limited rewards. Cardholders earn 1.5% cash back on the portion of the balance that is paid early. These cash back rewards are automatically credited to the account.
Business Expense Management: The card provides expense management tools such as the ability to assign employee cards, track expenses, and set customized spending limits for each card.
Purchase Protection: The Plum Card includes purchase protection, which can cover eligible purchases against damage or theft for up to 90 days from the date of purchase.
Considerations:
Annual Fee: The American Express Plum Card comes with an annual fee. While the flexibility it offers can be valuable, you should assess whether the benefits and cash flow management features justify the cost.
No Traditional Rewards Program: The Plum Card is not a traditional rewards credit card. It offers cash back on the early payment portion, but it doesn't have a typical points or miles rewards program.
Business Card: This card is intended for small businesses, so it may not be suitable for individuals or those without a business.
Credit Approval: Approval for the American Express Plum Card depends on your business's creditworthiness.
The American Express Plum Card is a unique option for business owners who want greater control over cash flow and expenses. Its flexible payment terms can be particularly advantageous for businesses with fluctuating income and expenses. The ability to earn cash back on early payments can provide a financial incentive for prompt payment. However, if you're looking for a traditional rewards credit card or don't need the payment flexibility it offers, other business credit card options may better suit your needs.
Evaluating the features and benefits of the American Express Plum Card..
The American Express Plum Card is a business credit card with no annual fee that offers a variety of features and benefits, including:
Features:
- No annual fee
- 1.5% cash back on all eligible purchases paid within 10 days of the statement closing date
- 60 days to pay with no interest on purchases (except balance transfers)
- $100 Global Entry or TSA PreCheck application fee credit
- Purchase protection
- Extended warranty
- Travel insurance
- Access to American Express Experiences
Benefits:
- Early Pay Discount: Get 1.5% cash back on all eligible purchases when you pay within 10 days of your statement closing date.
- Extra Days to Pay: Have up to 60 days to pay with no interest on purchases (except balance transfers), which can help you with cash flow management.
- Global Entry or TSA PreCheck Application Fee Credit: Receive a credit of up to $100 towards the application fee for Global Entry or TSA PreCheck, which can help you save time and hassle at the airport.
- Purchase Protection: Receive purchase protection on eligible purchases against theft, damage, and loss for up to 90 days from the purchase date.
- Extended Warranty: Receive an extended warranty on eligible purchases for up to one year beyond the manufacturer's warranty.
- Travel Insurance: Receive travel insurance benefits, including trip cancellation/interruption insurance, baggage delay insurance, and travel accident insurance.
- Access to American Express Experiences: Receive access to American Express Experiences, which offer exclusive discounts and benefits on events, restaurants, and travel.
Analysis:
The American Express Plum Card is a good option for businesses that are looking for a credit card with no annual fee and a variety of valuable features and benefits. The Early Pay Discount is a particularly attractive feature, as it can help businesses save money on their everyday spending. The Extra Days to Pay feature can also be helpful for businesses with irregular cash flow.
The other features and benefits, such as Global Entry or TSA PreCheck application fee credit, purchase protection, extended warranty, travel insurance, and access to American Express Experiences, can also be valuable for businesses of all sizes.
Overall, the American Express Plum Card is a good option for businesses that are looking for a credit card with no annual fee and a variety of valuable features and benefits.
Here is a comparison of the American Express Plum Card to other popular business credit cards:
| Card | Annual fee | Rewards rate | Other benefits |
|---|---|---|---|
| American Express Plum Card | None | 1.5% cash back on all eligible purchases paid within 10 days of the statement closing date | 60 days to pay with no interest on purchases (except balance transfers), $100 Global Entry or TSA PreCheck application fee credit, purchase protection, extended warranty, travel insurance, access to American Express Experiences |
| Chase Ink Business Cash® Credit Card | $95 | 5% cash back on travel purchased through Chase Ultimate Rewards®, 5% cash back on internet, cable, phone services, and select streaming services, 2% cash back on gas and at office supply stores, 1% cash back on all other purchases | $0 fraud liability, purchase protection, extended warranty, travel insurance |
| Capital One® Spark Cash for Business | None | 2% cash back on all purchases, up to the quarterly maximum | No foreign transaction fees, purchase protection, extended warranty, travel insurance |
As you can see, the American Express Plum Card compares favorably to other popular business credit cards. It offers a competitive rewards rate, no annual fee, and a variety of valuable features and benefits.
If you are looking for a business credit card with no annual fee and a variety of valuable features and benefits, the American Express Plum Card is a good option to consider.