The Plum Card® from American Express is a business card that offers the flexibility to pay in full each month to earn rewards or carry your balance for up to 60 days with no interest.
This credit card review will cover everything you need to know about this card to determine if you should add this card or a different card to your wallet. Let’s dive right in.
- Earn 1.5% Cash Back When You Pay Balance Within 10 Days of Statement Closing Date OR Carry Your Balance for Up to 60 Days With Zero Interest
- No Foreign Transaction Fees
- $250 Annual Fee and No Foreign Transaction Fees (rates & fees)
Welcome Bonus for Amex Plum
Unlike most cards, the Amex Plum Card does not offer a welcome bonus for new applicants.
Earning Rewards or Extra Time
The Amex Plum Card has a unique way of approaching rewards. You have two options:
- Earn an unlimited 1.5% Early Pay Discount on eligible charges within 10 days of your statement closing date and see the discount applied to your next statement when you pay at the least the Minimum Payment Due by the Payment Due Date; OR
- You can carry the balance interest-free for 60 days if you pay the minimum monthly amount by the Payment Due Date.
The minimum monthly payment is 10% of the balance from new activity on your current billing statement plus the entire amount of any previously deferred balance, as long as your account is current.
This interest-free option could be a good choice for businesses that need extra flexibility with their cash flow.
Annual Fee for Amex Plum
The Amex Plum card has a $250 annual fee (rates & fees) and you can additional employees for no fee.
Card Benefits and Perks
Below are the benefits and perks of the Amex Plum Card:
No Foreign Transaction Fees: You’ll save money on every purchase while traveling internationally since this card doesn’t add the typical 3% surcharge that many other cards impose.
No Preset Spending Limit: This card offers the spending flexibility of no preset spending limit, which adjusts according to factors such as your purchase, payment, and credit history.
Amex Offers: As an American Express cardholder, you can access Amex Offers. These targeted, limited-time promotions provide discounts or bonus points on purchases with select merchants. Offers are added to your card, and you’ll receive either a percentage or dollar amount back as a statement credit when you meet the offer terms. While offers vary and may not always align with your spending habits, this perk can be valuable when an offer matches your preferences.
90-Day Purchase Protection: Your new purchases are covered against damage and theft for 90 days when you use your card. This protection helps safeguard your eligible items right from the moment you buy them.*
Extended Warranty Protection: Your purchases gain an extra year of warranty protection when bought with this card, extending manufacturer warranties of three years or less without the inflated prices of store warranty plans.
Secondary Rental Car Insurance: This card provides backup protection for rental car damage or theft when you charge the full rental to your card.*
* Eligibility and benefit level varies by card. Terms, conditions, and limitations apply. Please visit americanexpress.com/benefitsguide for more details.
Pros and Cons
Here’s a quick overview of this card’s advantages and disadvantages:
Pros:
- Flexibility to pay off the balance in 60 days (after paying minimum payment).
- Purchase protections
- No foreign transaction fees.
Cons:
- High annual fee.
- No welcome bonus.
- Only 1.5% cash back.
Alternatives to The Plum Card
Now that you know about this credit card’s various benefits and pros and cons, it’s time to see its alternatives.
The American Express Blue Business Cash™ Card
Better for Cash Back & No Annual Fee
The American Express Blue Business Cash™ Card (review) offers 2% cash back on the first $50,000 in eligible purchases annually, then 1% thereafter, with rewards automatically credited to your statement each billing cycle. This no-annual-fee card (rates & fees) provides a straightforward way for small businesses to earn cash back on expenses, though larger spenders may find more value in other options.
Welcome Bonus: bonus_miles_full
Earning Cash Back: 2% cash back on up to $50,000 in eligible purchases every calendar year. After that, the card earns 1% back. Your cash back on the Blue Business Cash appears as an automatic monthly statement credit.
Benefits: Extended warranty, purchase protection, secondary rental car insurance, Expanded Buying Power, and 0% Intro APR on purchases for 12 months from account opening, after that a reg_apr,reg_apr_type APR applies.
Capital One Spark Cash Plus
Better for Unlimited 2% Cash Back
The Capital One Spark Cash Plus (review) is a powerful business card that offers a simple yet rewarding 2% cash back on all purchases. Designed for businesses with high operating expenses and a preference for straightforward rewards, this card eliminates the complexities of tracking bonus categories. With no preset spending limit and a large welcome bonus, the Spark Cash Plus can be a valuable tool for managing cash flow and earning substantial rewards.
Welcome Bonus: Earn $2,000 cash back once you spend $30,000 in the first 3 months from account opening.
Earning Rewards: 5% cash back on hotels and rental cars for bookings via Capital One’s travel booking site; 2% cash back on all other eligible purchases.
Card Benefits: No preset limit, no foreign transaction fees, and extended warranty.
American Express® Business Gold Card
Better for Spending in Top Categories
The American Express® Business Gold Card (review) offers tailored rewards, earning 4x points in your top two spending categories each billing cycle from a list of six options (capped at $150,000 in combined purchases each calendar year). With up to $395 in annual statement credits and valuable redemption options through Membership Rewards transfer partners, this card can be a powerful earning tool for many businesses.
Welcome Bonus: Earn 100,000 Membership Rewards® points after you spend $15,000 on eligible purchases with the Business Gold Card within the first 3 months of Card Membership.
Earning Points: 4x points in your top two categories each billing cycle up to $150,000 in combined purchases at 4x points (then 1x points) in the following purchase categories: US gas stations, US restaurants, US advertising in select media, transit and rideshare, monthly US wireless telephone services charges made directly with wireless service provider, U.S. purchases made from electronic goods retailers and software & cloud system providers; 3x points on flights and prepaid hotels booked via AmexTravel.com; and 1x points on all other eligible purchases.
Card Benefits: Up to $20 monthly credit upon enrollment when you use your card for eligible U.S. purchases at FedEx, Grubhub, and Office Supply Stores, Walmart+ credit, no present spending limit, trip delay insurance, baggage insurance plan, secondary rental car insurance, purchase protection, and extended warranty.
Transfer Partners: Aer Lingus, AeroMexico, Air Canada Aeroplan, ANA, Avianca LifeMiles, British Airways, Cathay Pacific, Choice Privileges, Delta, Emirates, Etihad, Air France – KLM Flying Blue, Hawaiian Airlines, Hilton, Iberia, JetBlue, Marriott, Qantas, Qatar Airways, Singapore KrisFlyer, and Virgin Atlantic.
Is The Plum Card Worth It?
The Amex Plum Card is worth it for businesses that need the added flexibility of paying off the charge later without interest than a traditional business card.
But if you are looking for a business card to earn rewards, there are much better options out there, including The Blue Business® Plus Credit Card from American Express (review) and Capital One Spark Miles for Business (review).
For rates and fees of the American Express® Business Gold Card, please click here. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by Amex Assurance Company.
For rates and fees of the American Express Blue Business Cash™ Card, please click here. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by Amex Assurance Company.
