Review: Plum Card® from American Express

securely on the issuer’s website

Min. credit levelGood
Annual Fee$250 Rates & Fees
Purchase APR

Highlights
Balance transfers
Fees

How to Transfer a Balance on a Credit Card Fees

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.
No Foreign Transaction Fees.
Terms & Restrictions Apply.

Balance transfers

A balance transfer is a way to move debt from one card to another with the goal of saving money on interest.

Intro Balance Transfer APRN/A
Regular Balance Transfer APRN/A
Balance Transfer FeeN/A

Penalty APRN/A
Late Fee1.5% then 2.99% of the past due amount (minimum: $39).
Returned Payment Fee$39
Additional Cards Annual FeeN/A
Foreign Transaction FeeNone

The information related to The Plum Card® from American Express has been collected by Credit Card Insider and has not been reviewed or provided by the issuer or provider of this product.

The Plum Card is designed for small business owners who aren’t quite sure when they’ll be able to pay the bill.

It gives you up to 60 days to pay your monthly bill, rather than the 30 days or so that most credit cards give. And there are some other terms that make it easier to manage your monthly payments. This gives you more flexibility than most cards, just in case those funds don’t come in when you were expecting.

If you’re able to pay early, within 10 days of getting your bill, you’ll get a 1.5% discount on what you pay. But you won’t earn any other rewards with this card.

The Plum is a former charge card, and you usually need to pay your bill in full each month and can’t revolve a balance from month to month. However, there are features that can give you some extra time to pay.

It’s not the most rewarding offer for its fee, but if you need a card that gives you more time and options for paying down your balance, the Plum might work for you.

Insider Advice: Getting the Most Out of Your Card

Got the time?: You may want to choose this card if your business has a long accounts receivable timeframe, since you’ll have 60 days to pay your bill after the statement period closes.
Pay your bill as soon as possible: Aim to pay off as much of your balance as possible within the first 10 days to get the 1.5% discount, but if you do that regularly another card could earn you more in rewards.
Utilize deferred payments: If you can’t pay your whole bill, you can defer part of it to the next billing cycle. You’ll need to pay 10% of what you owe, plus any amount that was previously deferred.
Take advantage of the extra time: You can get up to 4 months to finish paying off expenses in some cases, when you count the 60-day limit to pay your bill, along with the ability to defer part of your balance.
Pick when you want to pay your bill: The beginning, middle, or end of the month.
Keep an eye out for discounts: Be sure to check Amex Offers regularly to see whether any of the substantial discounts could fit your business spending.
Have an easier time come tax season: If you use QuickBooks, transfer your spending data from American Express to make tax time easier.
Build your business credit: If you want to build credit for your business, separate from your personal credit history, this card may be a good choice. Although some other cards report to more business credit bureaus.

The Rewards

There are no rewards to earn with this card, like points or cash back. However, you can get a 1.5% discount on your purchases by paying them off early.

This might not seem like a very good deal, considering the high annual fee of this card. Check out some alternatives to the Plum card below, which are more rewarding and in some cases have lower fees.

Early Pay Discount

You’ll get a 1.5% discount on any portion of your statement balance that you pay within 10 days of the statement closing date. You must pay at least the minimum payment required by the due date to get this discount. The discount will appear as a statement credit on the next billing statement.

The Benefits

The most useful and unique benefits offered here provide extra time to pay if you should need it, a discount if you pay early (mentioned above), and a few shopping and travel protections. The rest are pretty typical when it comes to business credit cards.

Pay later: The Plum card gives you 60 days to pay off your balance after your statement closes. Most credit cards only give around 30 days at the most. So if you’re not sure when exactly your customers will pay you during the month, this card gives you some extra time to figure it out.
Extra days to pay: You can defer paying part of your balance to the next billing cycle. To do so, you must pay at least the minimum payment due, by the due date. That minimum payment is composed of 10% of the balance from your current billing cycle and any amount that was previously deferred from the last billing cycle.
Pick your due date: Although some consumer credit cards allow you to pick your due date, this feature is less common among business credit cards. The Plum card lets you choose from the beginning, middle, or end of the month.
No preset spending limit: This card has no preset spending limit, which does not mean you can spend an unlimited amount. Instead, this means that your purchasing power will adjust over time. It will change based on your card activity, payment history, credit record, and other financial resources.
Employee cards: You can get up to 99 employee cards, and they will all be free. Individual spending limits can be set for the cards. Take note that there are certain purchases where the spending limit won’t apply, like restaurant tips and extended hotel stays.
Account manager: Designate a trusted Account Manager to manage your account. Must be at least 18 years old.
American express business app: A tool to help manage your spending throughout the year. Allows you to add receipts and notes to transactions, making tax time easier.
Connect to QuickBooks: Provides an easy way to label and transfer your transaction data into a QuickBooks account.
Amex Offers: You’ll have access to special earning opportunities at a wide variety of merchants.
Entertainment Access: This benefit, also called Membership Experiences, provides pre-sale tickets to a variety of sports, music, and cultural events, as well as access to certain exclusive experiences. You’ll be able to search by interest, artist, event, or venue.
Lowest Hotel Rates Guaranteed: If you book an eligible prepaid hotel room through Amex Travel and then find the same room being advertised online for a lower price, you can be refunded for the difference.
Purchase Protection: Your new eligible purchases are covered from damage and theft for 90 days.
Extended Warranty: You can add an additional year to a manufacturer’s warranty, if it’s five years or less.
Return Protection: Need a refund? American Express might refund you the whole price, up to $300 per claim and $1,000 in a calendar year.
Car Rental Loss and Damage Insurance: Your rental cars are covered against theft and damage, as long as you decline the renters insurance and charge the full amount to your card.

Enrollment required for select benefits; terms and limitations apply.

The Terms & Fees

Purchase APR	Balance Transfer APR	Cash Advance APR
None	None	None

Annual Fee	Foreign Transaction Fee	Balance Transfer Fee	Cash Advance Fee
$250 Rates & Fees	None	None	None

Penalty APR	Late Fee	Returned Payment Fee
None	1.5% then 2.99% of the past due amount (minimum: $39).	$39

The Plum Card® from American Express

Unlike most cards, you can’t revolve a balance from month to month at an interest rate. But the Plum has some extra options and features that charge cards don’t usually have.

You’ll usually need to pay your bill in full by the due date. With the Plum card, that due date will be 60 days after the statement closing date. This is a nice feature because it’s about twice as long as other cards.

There’s also a way to defer part of your balance to the next billing cycle. To defer part of your balance, you have to pay:

10% of the balance from your current billing cycle
Any amount that was previously deferred from the last billing cycle

The remaining balance will be carried over to the next billing cycle, but you won’t need to pay interest on it. It just gives you some extra time to pay.

With the 60-day due date and the ability to defer some of your balance, that means in some cases you can take up to 4 months to pay off some expenses. If you make a purchase at the beginning of a statement period, your bill won’t come for about 90 days (the length of the statement period, which is about a month, plus 60 days).

You could defer part of that balance to the next billing cycle, and you’ll get the bill for that about 30 days later. Then you’ll need to pay off that deferred balance in full, at around 120 days after making the purchase. This is how you can get about 4 months to finish paying off a purchase, give or take a few days.

You’ll also be able to pick your due date with this card to suit your business’s needs. You can pick from the beginning, middle, or end of the month.

Remember, any amount you pay within 10 days of the statement closing date will get a 1.5% discount.

The Plum card is more flexible than most charge cards, and doesn’t require you to always pay it off in full by the due date. But you can’t defer forever, and you’ll need to pay that balance eventually.

The Bottom Line

The Plum Card® from American Express is a different kind of card, giving small business owners a lot of flexibility when it comes to paying it off. If you’re not sure when you’ll have the money to pay your bill, this card provides some wiggle room.

This flexibility is the main benefit you’ll get. It’s pretty lenient compared to typical business charge cards, which require you to pay the balance in full about 30 days after the statement closes.

If you can pay any portion of your statement balance early you’ll get a 1.5% discount on that amount. This card isn’t really designed around earning rewards, and this will probably be more of a nice bonus for most businesses.

The Plum card doesn’t have much in the way of valuable perks, especially given the annual fee.

This card won’t provide a lot of cash back or points, but if you want a card to help manage your cash flow this could be it. The extended due date and deferred balance option could help out if revenue comes in late, potentially giving you up to 4 months to finish paying off expenses.

Some other business cards offer points or cash back, along with valuable benefits, but they won’t have the same flexible payment options. Check out some of those alternatives below.

How Do I Apply for the Amex Plum Card?

You can apply now for the American Express Plum Card securely by following the link below. You’ll have to be an authorized officer for your business, responsible for managing finances.

You’ll need your personal and business information. For corporations and partnerships, you’ll also need to provide your Federal Tax ID (the same as your Employer Identification Number, or EIN).

American Express will check your credit reports with the three major credit bureaus when you apply.

What Credit Scores Do I Need to Qualify for the Plum Card?

It’s suggested you have good credit in order to be approved for the Plum Card from American Express.

That means your credit scores would need to fall within the ranges of 670–739 for FICO (including “very good”) and 700–749 for VantageScore.

However, you still have a shot even if your scores aren’t within those ranges. Credit card issuers look at more than just credit scores to measure your creditworthiness, meaning you still might be approved even if you have lower scores. But that means even if your scores are high, you may not be approved.

Qualifications and Requirements

Must be 18 to apply
Business identifying information: Business name, company DBA name (if applicable), business name on card, industry type, company structure, years in business, number of employees
Business address and contact information: Business address, business phone number
Business financial information: Annual business revenue, estimated monthly costs, federal tax I.D
Personal identifying information: Name, date of birth, role in company, Social Security number
Address and contact information: Email, address, phone number
Personal financial information: Total annual income

The Plum Card® from American Express

Our rating:Apply Now

securely on the issuer’s website

securely on the issuer’s website

Min. credit levelGood
Annual Fee$250 Rates & Fees
Purchase APR

Highlights
Balance transfers
Fees

How to Transfer a Balance on a Credit Card Fees

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.
No Foreign Transaction Fees.
Terms & Restrictions Apply.

Balance transfers

A balance transfer is a way to move debt from one card to another with the goal of saving money on interest.

Intro Balance Transfer APRN/A
Regular Balance Transfer APRN/A
Balance Transfer FeeN/A

Penalty APRN/A
Late Fee1.5% then 2.99% of the past due amount (minimum: $39).
Returned Payment Fee$39
Additional Cards Annual FeeN/A
Foreign Transaction FeeNone

The information related to The Plum Card® from American Express has been collected by Credit Card Insider and has not been reviewed or provided by the issuer or provider of this product.

Frequently Asked Questions

How do I earn my 1.5% statement credit discount?

You can obtain the discount by paying at least the minimum due balance within 10 days of the closing statement date. You’ll get 1.5% back on the portion you pay. Check out the other benefits attached to the Plum card.

How does the deferred payment option work?

As long as you make the required minimum payment by the due date, the remainder of your bill will be deferred to the next billing cycle.

The minimum payment due will include any previously deferred balance.

Is the Plum Card from American Express metal?

No, the Plum Card is not a metal card.

Are you looking for a metal card? Here’s a few you might be able to get right now.

Alternatives to The Plum Card from American Express

American Express® Business Gold Card

Our rating:Apply Now

securely on the issuer’s website

securely on the issuer’s website

Min. credit levelGood
Annual Fee$295 Rates & Fees
Purchase APR14.24% – 22.24% Variable

Read Our Review

Why We Picked It
Rewards
Key Features

Another business card from Amex, the American Express® Business Gold Card (Review) has an annual fee of $295 Rates & Fees.

Rather than managing your cash flow, the Business Gold card is more focused on earning points. You’ll earn the most points in the two categories that your business spends the most in, out of six options, making it a more flexible rewards program.

If you’re deciding between these two cards, you’ll have to consider whether you want this rewards program or the more flexible payment options you’ll get with the Plum card. The Business Gold can provide quite a lot of points if you use it often. But if you have uncertain finances you may need to go with the Plum to be sure you can pay it off in time.

These cards are pretty similar in the extra benefits they provide, though the Gold card has a bit more to offer.

Spending Rewards
4X Membership Rewards points per dollar in the two categories with the highest spend per billing cycle (up to $150,000 in combined purchases per year, then 1X): Airfare purchased directly from airlines U.S. advertising purchases: online, TV, radio U.S. providers of computer hardware, software, and cloud solutions U.S. gas stations U.S. restaurants U.S. shipping
2X Membership Rewards points per dollar for eligible purchases from Amex Travel
1X Membership Rewards point per dollar for other eligible purchases

Introductory Bonus
70,000 bonus points for spending $10,000 on eligible purchases within the first 3 months of Card Membership

You’ll be earning Membership Rewards points, which can be redeemed in many different ways. The normal redemption methods can provide up to 1 cent per point, meaning you’d be getting the equivalent of 4% cash back in the 4X categories.

You can also transfer those points to a travel partner, turning them into frequent flyer miles or hotel points. You can find deals that provide upwards of 2 cents per point, which would give you a cash back equivalent of 8% for the 4X categories.

25% airline bonus: Get 25% of your points back when booking eligible airfare through American Express Travel using Membership Rewards Pay with Points.
The Hotel Collection: A $100 hotel credit and room upgrades when available for every eligible two-night stay
Point transfer: To a selection of airline and hotel partners
Amex Offers: Access to extra point offers at a wide variety of merchants
Shopping and travel protections: Baggage Insurance Plan, Trip Delay Insurance, Car Rental Loss and Damage Insurance, Global Assist Hotline, Extended Warranty, Purchase Protection
No foreign transaction fee
Annual fee: $295 Rates & Fees

Enrollment required for select benefits; terms and limitations apply.

American Express® Business Gold Card

The information related to American Express® Business Gold Card has been collected by Credit Card Insider and has not been reviewed or provided by the issuer or provider of this product.

The Business Platinum Card® from American Express

Our rating:Apply Now

securely on the issuer’s website

securely on the issuer’s website

Min. credit levelGood
Annual Fee$695
Purchase APRSee Pay Over Time APR

Read Our Review

Highlights
Why We Picked It
Rewards
Key Features

Welcome Offer: Earn 120,000 Membership Rewards® points after you spend $15,000 on eligible purchases with your Card within the first 3 months of Card Membership.
Plus, 0% Intro APR for 12 months from the date of the account opening on purchases eligible for Pay Over Time. After that, your APR will be 14.24% to 22.24% based on your credit worthiness and other factors as determined at the time of account opening.
Get 5X Membership Rewards® points on flights and prepaid hotels on amextravel.com, and 1X points for each dollar you spend on eligible purchases.
Earn 1.5X points on eligible purchases at US construction material & hardware suppliers, electronic goods retailers and software & cloud system providers, and shipping providers, as well as on purchases of $5,000 or more everywhere else, on up to $2 million of these purchases per calendar year.
Unlock over $1,000 in value per year for statement credits on select purchases with your Card, including up to $400 with Dell Technologies, up to $360 with Indeed, up to $150 with Adobe and up to $120 on wireless telephone purchases. Enrollment required.
$200 Airline Fee Credit: Get up to $200 in statement credits per calendar year toward baggage fees and more at one qualifying airline.
$179 CLEAR® Credit: Use your Card and get up to $179 back per year on your CLEAR® membership.
The American Express Global Lounge Collection® can provide an escape at the airport. With more than 1,400 airport lounges across 140 countries and counting, you have more lounge location options than any other credit card on the market as of 9/2021.
$695 Annual Fee.
Terms Apply.

The Business Platinum Card® from American Express (Review) seems expensive at $695 per year. But the rewards and benefits you’ll get potentially make this a great card for any small business owner who travels frequently.

Included in those benefits is a $200 annual airline fee statement credit, which, if you use completely, will offset the annual fee quite a bit. There are quite a few other credits, along with access to the Amex Global Lounge Collection, which is the best airport lounge benefit you’ll find on a card. This is because it includes such a wide variety of lounges, like Amex Centurion Lounges, Priority Pass, Airspace Lounges, and more.

There’s also a fee credit for either Global Entry or TSA Pre✓, for expedited passage through airports.

When it comes to where to stay, the Business Platinum provides Gold Status with both Marriott Bonvoy and Hilton Honors. That covers a very wide swath of hotels and resorts in countries all over the world, giving cardholders many nice perks and complimentary services.

Spending Rewards
5X Membership Rewards points per dollar on Flights and Prepaid Hotels booked through Amex Travel
2X Membership Rewards points per dollar for other eligible purchases through Amex Travel
1.5X Membership Rewards points per dollar (up to $2 million spent per year) for eligible purchases of $5,000 or more, and eligible U.S. purchases from: Construction material and hardware suppliers Electronic goods retailers and software/cloud system providers Shipping providers
1X Membership Rewards point per dollar on other eligible purchases

Introductory Bonus
120,000 bonus points for spending $15,000 within the first 3 months

Global Lounge Collection: Complimentary access to Priority Pass, Centurion, American Express International, Delta Sky Club, Escape, Airspace, Lufthansa, and Plaza Premium Lounges
Up to $200 in airline fee statement credits annually: Good for incidental costs like checked bags and inflight food, not tickets, at your selected airline
Global Entry or TSA PreCheck application fee credit: A statement credit for the application fee of either Global Entry ($100 once every four years) or TSA PreCheck ($85 once every four-and-a-half years)
Complimentary elite hotel statuses: Hilton Honors Gold status and Marriott Bonvoy Gold Elite status
$400 Dell statement credit: Enroll to get up to $400 in annual statement credits for U.S. purchases with Dell: $200 from January through June, and $200 from July through December.
$360 in annual statement credits for Indeed: Up to $90 in statement credits per quarter for all Indeed hiring and recruiting products and services
Up to $150 in annual statement credits for Adobe: Annual credits for select Adobe products, including Adobe Creative Cloud and Acrobat Pro DC
Up to $120 in annual statement credits for wireless services: Up to $10 per month, good for purchases of monthly wireless services made directly from U.S. wireless telephone providers
The Hotel Collection: A $100 hotel credit and room upgrades when available for every eligible two-night stay
Fine Hotels & Resorts Program: Daily breakfast for two, room upgrades when available, amenities valued at $100, and more at eligible properties
Point transfer: To a selection of airline and hotel partners
No foreign transaction fee
Annual fee: $695

Enrollment required for select benefits; terms and limitations apply.

The Business Platinum Card® from American Express

The information related to The Business Platinum Card® from American Express has been collected by Credit Card Insider and has not been reviewed or provided by the issuer or provider of this product.

Ink Business Preferred® Credit Card

Our rating:Apply Now

securely on the issuer’s website

securely on the issuer’s website

Min. credit levelExcellent
Annual Fee95
Purchase APR15.99% – 20.99% Variable

Read Our Review

Highlights
Why We Picked It
Rewards
Key Features

Earn 100k bonus points after you spend $15,000 on purchases in the first 3 months from account opening. That’s $1,000 cash back or $1,250 toward travel when redeemed through Chase Ultimate Rewards®
Earn 3 points per $1 on the first $150,000 spent on travel and select business categories each account anniversary year. Earn 1 point per $1 on all other purchases
With Fraud Protection your card transactions will be monitored for possible signs of fraudulent activity using real-time fraud monitoring.
With Zero Liability you won’t be held responsible for unauthorized charges made with your card or account information.
Redeem points for cash back, gift cards, travel and more – your points don’t expire as long as your account is open
Points are worth 25% more when you redeem for travel through Chase Ultimate Rewards®
Purchase Protection covers your new purchases for 120 days against damage or theft up to $10,000 per claim and $50,000 per account.

The Ink Business Preferred® Credit Card (Review) is a less expensive option than the other cards here.

Both of these cards give you some flexibility when paying back your expenses. The Chase card will let you revolve a balance indefinitely, month after month, accruing more and more interest as you go. The Plum card gives you some extra time to pay, and the ability to defer some of the payment, but you’ll need to pay off your past charges within a few months.

So you’ll get more leeway with the Chase card, but you’ll end up paying a lot of interest if you’re carrying over a lot of credit card debt. The Plum card gives you quite a while to pay back your expenses, and it also forces you into something like a payment plan to reduce your debt fairly quickly. If you put aside the rewards and just look at the payment terms, the Plum card may have the advantage.

Spending Rewards
5X Ultimate Rewards points per dollar on Lyft rides
3X Ultimate Rewards points per dollar on the first $150,000 spent per year in combined purchases on: Travel Shipping Internet, cable, and phone services Advertising purchases made with social media sites and search engines
1X Ultimate Rewards point per dollar on all other purchases

Introductory Bonus Offer
100,000 bonus points for spending $15,000 in the first 3 months after account opening

Each point is normally worth 1 cent, unless you redeem for travel through Chase Ultimate Rewards to get a 25% bonus. If you do, you’ll be getting the equivalent of 3.75% cash back when you spend in the 3X category.

Or, you can transfer your points to a partner travel program, where you may be able to find a better value for them still.

Redemption bonus: Get a 25% point bonus when you redeem for travel through Chase Ultimate Rewards.
Point transfer: Transfer points at a 1:1 rate to a variety of airline and hotel loyalty programs, including British Airways, United, Marriott Bonvoy, and Hyatt.
Cell Phone Protection: Pay your monthly cell phone bill with your Ink Business Preferred for coverage against theft and damage, up to $600 per claim with a $100 deductible.
Travel protections: Trip cancellation/trip interruption insurance, auto rental collision damage waiver, and more
Shopping protections: Purchase protection and extended warranty protection
Purchase and Balance Transfer APR: 15.99% – 20.99% Variable
No foreign transaction fee
Annual fee: 95

The information related to Ink Business Preferred® Credit Card has been collected by Credit Card Insider and has not been reviewed or provided by the issuer or provider of this product.

Capital One Spark Cash Plus

Our rating:Apply Now

securely on the issuer’s website

securely on the issuer’s website

Min. credit levelGood
Annual Fee$150
Purchase APRNot Applicable – Paid in Full Monthly

Highlights
Why We Picked It
Rewards
Key Features

Earn up to a $1,000 cash bonus; $500 once you spend $5,000 in the first 3 months, and $500 once you spend $50,000 in the first 6 months of account opening
Earn unlimited 2% cash back on every purchase, everywhere-with no limits or category restrictions
Earn an annual $200 cash bonus every year you spend $200,000 or more
Comes with no preset spending limit, so it can adapt to your needs based on your spending behavior, payment history and credit profile
Rewards won’t expire for the life of the account, and you can redeem your cash back for any amount
Add employee cards for free, and earn unlimited 2% cash back from their purchases
$150 annual fee
Spark Cash Plus has no APR because your balance is due in full every month

The Capital One Spark Cash Plus is a cheaper option than the Plum card, and it’s more rewarding.

The Spark Cash will provide more cash back rewards for your spending, and you won’t have to pay early to get it. But it’s also not flexible in the same way that the Plum card is.

If you need to wait a while to pay your bill with the Spark Cash, you’ll end up paying interest too. But the Plum card can give you quite a bit of extra time to pay without incurring any interest at all, as long as you follow the card terms. The right card for you may depend on how steady your business’ cash flow is, and when you expect to pay your bills.

Spending Rewards
2% cash back on all purchases

Introductory Bonus
$500 after spending $5,000 in the first 3 months; $500 after spending $50,000 in the first 6 months