American Express Plum Card Review
If you have watched TV recently, you have probably seen all the
commercials about the Plum card from American Express. The Plum card is
perhaps the most hyped up credit card in the industry. But should you trust
all the hype and apply for the Plum card?
The American Express plum is the ultimate small business and startup credit
card. It is specifically designed for small business to provide them with
maximum flexibility and some unique features that fit the needs of small
businesses and startups
Key Features: The plum card from American Express is a unique small business
credit card. There are many small business credit cards on the market that
provide you with points and cash rewards, but the Plum card mainly targets
small businesses with cash flow issues. The Early Pay Discount feature
allows you to pay your balance in full within 10 days of your billing cycle
and get up to a 2% discount for paying early. You can also choose to defer
your payments for 2 months (interest free) as long as you pay at least 10%
of your balance. That is a huge help for small businesses that have to
invest money up front to get their rewards back a couple months down the
road. The payment deferment feature alone makes this card the ultimate
startup/small business credit card.
Flexibility: The plum card allows you to go back and forth between two
payment method options above each and every month. If you are having a great
month, you can choose to pay your balance early, and if you are having a
rough month, you can defer payments, so you don’t have to be stuck with one
option with the Plum card.
Fees: as the plum is a cash flow credit card, there is no APR associated
with this card. You need to pay your balance in full in 2 months to be in
good standing with American Express. At the same time, American express
doesn’t charge you any interest for the duration of 60 days. There is an
annual fee of $185 a year for the Plum card, but the first year is offered
for free, so you can start seeing benefits of using this card before having
to pay anything to American Express.
The American Express Plum card is a unique small business credit card that
is specifically designed to help small businesses and startups manage their
cash flow more effectively. If you are the owner of a small business that
realizes its cash in-flow in more than 30 days, you may want to consider the
Plum card as it allows you to defer payments by up to 60 days. The Plum card
is for serious businesses only and is designed to help you grow your
business. So if you don’t have a need for this payment deferment feature,
you may want to look elsewhere.
You can use our business credit card ranker to find out which cards are right for your business. Our business card ranking system allows you to compare cards according to your needs.