The Plum Card® from American Express Review
The Plum Card® from American Express — all information about the credit card.
- Rewards Rate:
- 1.5% Cash Back on the portion of your balance that you pay within 10 days of your statement closing date.
- Intro Offer:
- No current offer.
- Annual Fee:$250 annually
- Purchase Intro APR:N/A
- Regular APR:N/A
- Balance Transfer APR:N/A
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The Plum Card® from American Express Rewards Calculator
All benefits
- Cash back
- 1.5% Earn unlimited Cash Back on the portion of your balance that you pay within 10 days of your statement closing date.
- Travel
- No Foreign Transaction Fees:
- Do business globally and pay no foreign transaction fees on your purchases.
- Car Rental Loss and Damage Insurance:
- As a Card Member, You can be covered for Damage to or Theft of a Rental Vehicle in a Covered Territory when You use your Eligible Card to reserve and pay for the Entire Rental and decline the collision damage waiver at the Rental Company counter. Please read important exclusions and restrictions.
- Global Assist Hotline:
- Whenever you travel more than 100 miles from home, you may be eligible for 24/7 emergency assistance and coordination services, including medical, legal, and passport referrals, emergency cash wires, and missing luggage assistance.
Rate and fee information
- Purchase Intro APR
- N/A
- Purchase APR
- N/A
- Intro Balance Transfer APR
- N/A
- Balance Transfers APR
- N/A
- APR for Cash Advances
- N/A
Fees
- Annual Fee
- $250 annually
- Return Payment
- $39
- Late Payment
- $39 or 1.5% of the past due amount, whichever is greater. If you do not pay for two billing periods in a row, the fee is the greater of $39 or 2.99% of the past due amount
Pros & Cons
- Flexible Payment Days
- Early Pay Discount and Extra Days to Pay
- No Preset Spending Limit
- No foreign transaction fees
- Expensive if Balance is Carried
- High Annual Fee
- Conditional Rewards
Features
- No foreign transaction fees
- Payment Flexibility
- Fraud Protection
- Rewards
- Purchase Protection
- Extended Warranty Protection
- Auto Rental Insurance
- Good Credit
- Excellent Credit
About the issuer
Compare with other cards
- *see terms*Annual Fee
- 35.9%Regular APR
- This card doesn't offer cash back, miles or points.
- NonePurchase Intro APR
- $0Annual Fee
- 17.99% - 27.99%Regular APR
- 10%You’ll get up to 10% Cash Back with select brands you hold in an eligible portfolio.
- NonePurchase Intro APR
- $49Annual Fee
- 14.24%Regular APR
- 1%Cash Back rewards on payments.
- NonePurchase Intro APR
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Disclaimer: Terms apply to American Express benefits and offers. Enrollment may be required for select American Express benefits and offers. Visit http://americanexpress.com to learn more.
The Plum Card® from American Express Review
Important details of the Plum Card® from American Express including its pros and cons are discussed here.
The Plum Card® from American Express, a business card, is offered with reasonable benefits for small businesses. The Plum Card® from American Express is chargeable and offers unusual yet useful payment features.
The Plum Card® from American Express follows the same general benchmarks for minimum credit score as those set by American Express (AmEx). A credit score of minimum 700 is required. Other benefits offered by the credit card relate to travel, expense management and additional services. Alongside various benefits, the major con of the Plum Card® from American Express is a high penalty when the balances are 30 days past due and no bonus offers besides the cash back of 1.5%.
The Plum Card® from American Express: pros and cons
| Pros | Cons |
|---|---|
| Flexible Payment Days. It offers flexibility to pay according to the cash flows expected. The cardholders can opt to receive a bill at any stage of month i.e. start, middle and end of the month. | Expensive if Balance is Carried. If a cardholder carries a balance 30 days past due, a penalty of 1.5% on outstanding balance is applied apart from interest rate (APR). |
| Early Pay Discount and Extra Days to Pay. The Plum Card® from American Express offers 1.5% cash back on the portion of balance paid within 10 days of statement closing date. Additionally, the cardholders can pay their balance within 60 days without any interest expense. | No Bonus Offer. It is common for small business cards to offer one time offers but the Plum Card® from American Express does not offer any such benefit. |
| No Preset Spending Limit. There is no preset spending limit as the credit limit adapts to credit score, purchases and payments from time to time. | High Annual Fee. The annual fee of $250 is higher than the other similar cards offered to small businesses. |
| No Foreign Transaction Fees. There are no foreign transaction fees for the American Express Plum Card holders. | Conditional Rewards. Rewards are conditioned with early payment of the balances and it is not possible for every small business to pay within 10 days of billing statement. |
Rewards system in a nutshell
The Plum Card® from American Express offers rewards to the cardholders by taking advantage of early pay option i.e. paying the balance within 10 days of billing statement. 1.5% of the balance paid within this prescribed period is rebated without any cap. An early payment of $1000 results in a cash back of $15, which is automatically adjusted in the billing statement for next month. However, some charges do not qualify for cash back, which include the past due payments, travelers’ checks, reloading of prepaid cards and purchases of cash equivalents.
Who can benefit from getting the Plum Card® from American Express?
The Plum Card® from American Express is a good choice for two categories of small businesses.
Are there any other benefits?
Other benefits offered by the Plum Card® from American Express fall under the categories of travel, expense management tools and additional services.
- The benefits in lieu of travel include no foreign transaction fees. It covers car rental loss and damage insurance when the rental is paid using this card. Moreover, availability of a 24/7 global assist hotline, is an essential plus point.
- Benefits related to expense management include the availability of account manager, American Express (AmEx) business app, account alerts and online statement.
- Additional services offered by the Plum Card® from American Express include extended warranty, dispute resolution and purchase protection.
- Terms Apply.
“Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/
Conclusion
The analysis of features of the Plum Card® from American Express implies that it is a highly useful card with distinct features for small businesses.
The Plum Card® from American Express is particularly beneficial for small businesses of two types, who can either avail early payment or utilize a higher payment period of 60 days without interest. There are few cons of the Plum Card® from American Express including conditional rewards, high annual fee, no bonus offers and a high penalty in case of delayed payment.
FAQ
What is the customer service phone number for the Plum Card® from American Express?
- $39Annual Fee
- 18.24%Regular APR
- 1%Cash Back on payments made to your First Progress Secured credit card account.
- NonePurchase Intro APR