The Plum Card® from American Express
Fees & APRs
Fees and APRs will vary, always be sure to check with the card issuer.
Dive into the geeky details and see how you reap the benefits.
- Paying early pays off: get a 1.5% Early Pay Discount, with no cap on what you can earn back.
- Take up to 60 days to pay with no interest, when you pay your minimum due by the Payment Due Date.
- Use the power of the Plum Card to buy big for your business.
- Terms & Restrictions Apply.
Read through our extensive research on the The Plum Card® from American Express and see if its the best credit card for you.
The Plum Card® from American Express is a unique business credit card in several respects. For starters, Amex Plum is a charge card but not one that forces you to pay your bill in full every month. As long as cardholders pay the minimum due on time, they get extra days to bring their balance to zero without having to pay any interest. The American Express Plum card also is unique in that it rewards cardholders for paying off their balances early, rather than for making purchases. Amex Plum gives a discount of 1.5% on balances paid before the due date.
The Plum Card is pretty expensive, though, charging a $250 annual fee beginning the second year your account is open. At least cards for employee authorized users are free. Amex Plum doesn’t charge a foreign transaction fee, either. Finally, it’s interesting to note that American Express does not disclose even a minimum Plum Card credit limit, despite hyping the card’s purchasing power. You’ll have to wait and see whether you’ll really be able to, “Use the power of the Plum Card to buy big for your business.”
Whether or not Amex Plum will be worth it for you really depends on your company’s spending and payment habits. Like with all business credit cards, your personal credit score matters, too. Applicants for the American Express Plum Card need a 700+ credit score for good approval odds, according to WalletHub’s research. Below, you can find more information that should help you decide whether or not to apply for the Plum Card.
American Express Plum Card Review Highlights:
- Must pay in full within 60 days. The American Express Plum Card is a charge card, which means you can’t carry a balance from month to month and continue making purchases. But that shouldn’t be an issue because business credit cards are bad for financing to begin with, since issuers can increase the interest rate on a balance at any time. Furthermore, the Plum Amex gives you a bit more leeway than most charge cards, allowing you up to 60 days to pay your bill in full before assessing interest and suspending spending privileges. You just have to pay at least the required minimum by the due date.
- Solid the first year, if you pay early. In addition to offering extra time to pay, the Amex Plum Card actually rewards you for paying early. You get 1.5% off the amount of any bill payment made within 10 days of your monthly due date, provided in the form of a statement credit. And that’s important because the Plum Card offers no other rewards. Unfortunately, this perk isn’t as attractive once you pass the 12-month mark, as the card’s annual fee will take effect and eat away at your early-payment savings.
- $250 annual fee from the second year on. There’s no annual fee the first year your account is open, but the party ends on your first account anniversary, when a $250 annual fee takes effect. For context, the market average annual fee is $19.5, according to WalletHub’s latest Credit Card Landscape Report, and you’ll have to make at least $16,667 in early bill payments each year just to break even.
- Good personal credit required. Applicants’ personal credit history is the driving force behind business credit card approval decisions. For one thing, it tends to be more predictive, since most businesses don’t have much of a credit track record. And all issuers hold business credit card users personally liable for unpaid balances, which is why you have to list your Social Security number on a business credit card application.You should therefore be sure to check your credit score for free on WalletHub before applying. After all, more than half of all potential applicants won’t be able to meet the American Express Plum Card’s good-credit requirement.
Spend some time reviewing the last details on the The Plum Card® from American Express.
- Max Late Fee 1.5% then 2.99% of the past due amount (min $39)
- Max Overlimitfee Not Applicable
- Max Penalty Apr Not Applicable
- Grace Period 0 days
- Online Response Yes
- Cash Advanceapr Not Applicable
- Cash Advancefee Not Applicable
- Foreigntransaction Fee 0%
- Smart Chip Yes, chip-and-PIN
- No Foreign Transaction Fees.
- Introductory annual fee of $0 for the first year, then $250
- This American Express Card has no preset spending limit, giving you purchasing power that adjusts with your use of the card. No preset spending limit does not mean unlimited spending. Your purchases are approved based on a variety of factors including spending patterns, your payment history, your credit history, and financial resources known to us.