The Plum Card® From American Express Review for 2022
Tricia has nearly two decades of experience in commercial and federal government lending. Her expertise is highlighted throughout small business loan content on Fit Small Business.
Nancy Fernandez is a Credit Card and Insurance Expert at Fit Small Business, specializing in business credit cards and business insurance.
This article is part of a larger series on Best Small Business Credit Cards.
The Plum Card® from American Express offers a flexible spending limit that adjusts with your usage, payment history, credit record, and financial resources. You can either earn unlimited 1.5% cash back when you pay within 10 days of your statement closing date or choose to carry your balance for up to 60 days without interest.
If you wish to compare one card over another, choose a maximum of three cards on this page and click Add to compare to view the details in a side-by-side comparison.
The Plum Card® from American Express
Fit Small Business's ratings are calculated by industry experts of our editorial team. Our grading rubric considers the type of credit card (such as cash back or travel), and the card's rates, fees, rewards, and additional features like insurance.
BEST FOR:
Accessing early pay discounts or 60 days of no interest
Intro APR
N/A
Regular APR
N/A
Annual Fee
$250
Credit Needed
Good, Excellent
- Paying early pays off: get a 1.5% Early Pay Discount on your statement on the amount paid within 10 days of your statement closing date and no cap on what you can earn back. Just pay the Minimum Due by the Payment Due Date.
- 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.
Pros
- No preset spending limit
- Cash flow flexibility
- Early pay discount
- No foreign transaction fee
Cons
- Zero annual fee
- Balance is due monthly or every 60 days
- Cash advance & balance transfers aren’t allowed
- Premium roadside assistance: Provides the following services at no additional cost up to four times per year: towing up to 10 miles, winching, jump starts, flat tire change, lockout services, and delivery of two gallons of gas.
- Purchase protection: Covers purchases damaged or stolen within 120 days from the purchase date. Coverage is limited to 1,000 per incident and $50,000 per year.
- Extended warranty protection: You’ll receive an extended warranty protection plan for purchased items with manufacturer’s warranties of up to five years.
Intro APR
N/A
Regular APR
N/A
Annual Fee
$250
Credit Needed
Good, Excellent
- Paying early pays off: get a 1.5% Early Pay Discount on your statement on the amount paid within 10 days of your statement closing date and no cap on what you can earn back. Just pay the Minimum Due by the Payment Due Date.
- 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.
Pros
- No preset spending limit
- Cash flow flexibility
- Early pay discount
- No foreign transaction fee
Cons
- Zero annual fee
- Balance is due monthly or every 60 days
- Cash advance & balance transfers aren’t allowed
- Premium roadside assistance: Provides the following services at no additional cost up to four times per year: towing up to 10 miles, winching, jump starts, flat tire change, lockout services, and delivery of two gallons of gas.
- Purchase protection: Covers purchases damaged or stolen within 120 days from the purchase date. Coverage is limited to 1,000 per incident and $50,000 per year.
- Extended warranty protection: You’ll receive an extended warranty protection plan for purchased items with manufacturer’s warranties of up to five years.
How We Evaluate Cash Back Business Credit Cards
When grading cash back business credit cards like the Plum Card® from American Express, we first consider the ongoing rewards and rate the introductory rewards as the second most important factor. We also take into consideration the annual fee, introductory and ongoing annual percentage rates (APRs), and additional card benefits.
| Grading Criteria | ||
|---|---|---|
Ongoing Rewards | ||
Introductory Rewards | ||
Additional Features | ||
Annual Fee | ||
Introductory APR | ||
Ongoing APR | ||
| Total Score |
If you prefer another American Express credit card, check out our review of the best American Express credit cards. You may also want to take a look at our list of the best small business credit cards to find other options.
Who the Plum Card® From American Express Is Best For
- Business owners who want a charge card that offers flexibility: The Plum Card® from American Express is a charge card that offers multiple payment schedules. It offers pay-early discounts of 1.5% with no cap or 60 days to pay your balance with no interest.
- Business owners who want a card with no preset spending limit: The Plum Card® from American Express offers no preset spending limit. Your purchasing power adjusts with card usage, payment history, credit record, financial resources, and other factors.
- Business owners who don’t need to carry a balance for more than 60 days: With the Plum Card® from American Express, you can choose to pay your balance in full each month or carry your balance for up to 60 days with no interest. There’s no option to carry a balance for longer than 60 days.
The Plum Card® From American Express Fees
- Introductory annual percentage rate (APR): None
- Ongoing APR: None—balance is due in full monthly unless you opt into 60-day free financing terms, or you’ll be charged a penalty of $39 or 1.5% of the past due amount, whichever is greater
- Annual fee: $250
- Balance transfer fee: Balance transfers aren’t allowed
- Foreign transaction fee: None
- Cash advance fee: Cash advances aren’t allowed
- Late payment fee: $39 or 1.5% of the past due amount, whichever is greater. If you don’t pay for two billing periods in a row, the fee is the greater of $39 or 2.99% of the past due amount
- Returned payment: $39
The Plum Card® From American Express Rewards
- Paying early pays off: get a 1.5% Early Pay Discount on your statement on the amount paid within 10 days of your statement closing date and no cap on what you can earn back. Just pay the Minimum Due by the Payment Due Date.
- No preset spending limit, letting you adjust your spending with your use of the business credit card based on your payment history, credit record, and financial resources
- Welcome offer: None
How To Make Payments on the Plum Card® From American Express
- Online portal: You can make a payment through your American Express online account anytime by choosing your payment account and selecting your bank account and payment date. Note that credit cards and debit cards cannot be accepted as a form of payment.
- Amex Mobile App: Simply download the Amex Mobile App and enjoy the convenience of paying your bills on the go, anytime.
- Direct bank payment: This payment scheme lets you pay bills automatically, so you don’t have to worry about missing due dates. Ensure to provide your bank account details to American Express and let them know of the amount you’d like to pay every month.
- AutoPay: This can be made through your American Express online account. It should be noted however that your first AutoPay payment may not be applied to your current billing cycle. You would need to make your usual payments until your AutoPay begins.
- Mail: You have the option to mail your payment either by check or money order made payable to American Express. Lastly, ensure to include your account number at the front of your payment.
First Class Mail
American Express
P Box 650448
Dallas, TX 75265-0448
Express Mail
American Express
Attn: Express Mail Remittance Processing
20500 Belshaw Ave.
Carson, CA 90746
The Plum Card® From American Express Additional Features
Purchase Protection
The Plum Card® from American Express offers purchase protection covering purchased items that are stolen or damaged within 90 days from the Covered Purchase date. Regardless of where you live, American Express caps the protection at $1,000 per incident and $50,000 per account per year. In the event of natural disasters, a maximum of $500 per Purchase Protection Covered Event shall be provided. Items that aren’t covered include motorized vehicles, fixtures, tickets, consumables, gift cards, items for inventory, and preowned items.
Extended Warranty
Extended Warranty is available for purchased items with original manufacturer’s warranties of up to five years and up to $10,000 per covered purchase per item. A maximum limit of $50,000 shall be given to eligible cardholders per calendar year. American Express will extend the original warranty up to a maximum of two additional years. Some purchases, such as motorized devices, living plants, animals, consumables, fixtures, and items for resale, are excluded from the coverage.
Car Rental Loss & Damage Insurance
Car rental loss and damage insurance of up to $50,000 per car rental agreement is available for all cardholders. The entire car rental cost must be charged to your card to be eligible. American Express covers the actual cost to repair the rental vehicle, the wholesale book value of the rental vehicle, or the purchase invoice price of the rental vehicle, whichever is the least.
Global Assist® Hotline
The Plum Card® offers you a global assistance hotline anytime you travel more than 100 miles away from your home location. This global assistance hotline can connect you to medical, legal, financial, and other emergency assistance services 24 hours a day. You’re responsible for any fees charged by third-party service providers.
Pros & Cons of The Plum Card® From American Express
| PROS | CONS |
|---|---|
| No preset spending limit: You can enjoy a flexible credit limit that adjusts with your card usage, payment history, credit, and other factors. | Has an annual fee: The Plum Card® From American Express doesn’t offer an introductory zero annual fee—you’ll be charged a $250 annual fee right away. |
| Cash flow flexibility: You can carry your balance for up to 60 days with no interest if your cash flow doesn’t allow you to pay your balance in full every month. | Balance is due either monthly or every 60 days: If you carry a balance for more than 60 days, your account will be considered past due, and you’ll be charged a penalty of $39 or 1.5% of the past due amount, whichever is higher. |
| Early pay discount: You can earn unlimited 1.5% cash back on the portion of your balance you pay within 10 days of your statement closing date. | Cash advance and balance transfers aren’t allowed: The Plum Card® From American Express doesn’t allow balance transfers and cash advances, which is a disadvantage if you need these services. |
| No foreign transaction fee: You won’t be charged a foreign transaction fee if you use your card to make purchases outside the United States, making this card a good option if you travel frequently. | |
The Plum Card® From American Express Alternatives
Chase Ink Business Preferred®
The Chase Ink Business Preferred® Credit Card is an excellent alternative for those who don’t want to pay annual fees. It doesn’t charge any annual fees and offers an introductory APR of 0% on purchases for the first 12 months after account opening. It’s no surprise that this made our list of the best credit cards for new business with no credit history.
Ink Business Unlimited® Credit Card
Fit Small Business's ratings are calculated by industry experts of our editorial team. Our grading rubric considers the type of credit card (such as cash back or travel), and the card's rates, fees, rewards, and additional features like insurance.
BEST FOR:
Pocketing 1.5% cash back on every single purchase
Intro APR
0% Intro APR on Purchases
Regular APR
15.49% - 21.49% Variable
Annual Fee
$0
Credit Needed
- Earn $750 bonus cash back after you spend $7,500 on purchases in the first 3 months from account opening
- Earn unlimited 1.5% cash back on every purchase made for your business
- No Annual Fee
- Redeem rewards for cash back, gift cards, travel and more through Chase Ultimate Rewards®.
- Earn rewards faster with employee cards at no additional cost. Set individual spending limits for greater control.
- 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.
- 0% introductory APR for 12 months on purchases
Pros
- 0% introductory APR on purchases
- Unlimited cash back rewards on all purchases
Cons
- Introductory APR period doesn’t apply to balance transfers
- 5% balance transfer fee
- Charges foreign transaction fees
- Requires excellent credit to qualify
- Auto rental collision damage waiver: Coverage is primary—meaning it replaces any coverage your personal insurance might offer—when renting for business purposes; it provides reimbursement up to the actual cash value of the vehicle for theft and collision damage for most cars in the US and abroad
- Purchase protection: Covers your new purchases for 120 days against damage or theft up to $10,000 per claim and $50,000 per account per year
- Extended warranty protection: Extends the time period of the US manufacturer’s warranty by an additional year on eligible warranties of three years or less
Intro APR
0% Intro APR on Purchases
Regular APR
15.49% - 21.49% Variable
Annual Fee
$0
Credit Needed
Good, Excellent
- Earn $750 bonus cash back after you spend $7,500 on purchases in the first 3 months from account opening
- Earn unlimited 1.5% cash back on every purchase made for your business
- No Annual Fee
- Redeem rewards for cash back, gift cards, travel and more through Chase Ultimate Rewards®.
- Earn rewards faster with employee cards at no additional cost. Set individual spending limits for greater control.
- 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.
- 0% introductory APR for 12 months on purchases
Pros
- 0% introductory APR on purchases
- Unlimited cash back rewards on all purchases
Cons
- Introductory APR period doesn’t apply to balance transfers
- 5% balance transfer fee
- Charges foreign transaction fees
- Requires excellent credit to qualify
- Auto rental collision damage waiver: Coverage is primary—meaning it replaces any coverage your personal insurance might offer—when renting for business purposes; it provides reimbursement up to the actual cash value of the vehicle for theft and collision damage for most cars in the US and abroad
- Purchase protection: Covers your new purchases for 120 days against damage or theft up to $10,000 per claim and $50,000 per account per year
- Extended warranty protection: Extends the time period of the US manufacturer’s warranty by an additional year on eligible warranties of three years or less
Capital One® Spark® Miles for Business
The Capital One® Spark® Miles for Business is a great option for business owners who travel frequently. It offers an introductory APR of 0% on purchases for the first nine months after account opening and doesn’t charge annual fees. In addition, this business credit card offers a welcome offer of a bonus 20,000 miles after spending $3,000 on purchases within the first three months of account opening, making this our #1 pick for the top-recommended business credit cards for miles.
Capital One® Spark® Miles for Business
Fit Small Business's ratings are calculated by industry experts of our editorial team. Our grading rubric considers the type of credit card (such as cash back or travel), and the card's rates, fees, rewards, and additional features like insurance.
BEST FOR:
Unlimited 2x miles with every swipe
Intro APR
N/A
Regular APR
22.49% (Variable)
Annual Fee
$0 intro for first year; $95 after that
Credit Needed
Excellent, Good
- Introductory reward worth $500 in travel after you spend $4,500 within the first three months
- 2x miles per $1 spent
- Issue employee cards for free
Pros
- No foreign transaction fees
- TSA PreCheck® or Global Entry application fee credit
Cons
- You’ll pay an annual fee after the first year
- Doesn’t offer interest-free financing
- Airport security screening reimbursement: Either a $100 statement credit for Global Entry or an $85 statement credit for TSA PreCheck® once every four years.
- Purchase assurance: Most purchases made entirely with your card are covered if damaged or stolen within 90 days from the date of purchase. Coverage is limited to $10,000 per claim and $50,000 per cardholder account per 12 month period.
- Extended warranty coverage: Doubles the original warranty time period and duplicates the coverage of the original manufacturer’s warranty up to a maximum of 12 months on most items you purchase.
- Travel medical emergency assistance: Provide referrals to medical services if you have a medical emergency while traveling. You’re covered if you’re 100 or more miles away from home and from the day you leave until midnight of the 60th day of your trip, or the day you return to your city of residence, whichever is sooner.
Intro APR
N/A
Regular APR
22.49% (Variable)
Annual Fee
$0 intro for first year; $95 after that
Credit Needed
Excellent, Good
- Introductory reward worth $500 in travel after you spend $4,500 within the first three months
- 2x miles per $1 spent
- Issue employee cards for free
Pros
- No foreign transaction fees
- TSA PreCheck® or Global Entry application fee credit
Cons
- You’ll pay an annual fee after the first year
- Doesn’t offer interest-free financing
- Airport security screening reimbursement: Either a $100 statement credit for Global Entry or an $85 statement credit for TSA PreCheck® once every four years.
- Purchase assurance: Most purchases made entirely with your card are covered if damaged or stolen within 90 days from the date of purchase. Coverage is limited to $10,000 per claim and $50,000 per cardholder account per 12 month period.
- Extended warranty coverage: Doubles the original warranty time period and duplicates the coverage of the original manufacturer’s warranty up to a maximum of 12 months on most items you purchase.
- Travel medical emergency assistance: Provide referrals to medical services if you have a medical emergency while traveling. You’re covered if you’re 100 or more miles away from home and from the day you leave until midnight of the 60th day of your trip, or the day you return to your city of residence, whichever is sooner.
American Express Blue Business CashTM
The American Express Blue Business CashTM Card is best for business owners who want better cash back rewards and an expanded buying power feature. This business credit card has an introductory APR of 0% for the first 12 months after account opening and one of the lowest starting regular APRs at 13.99%. It also doesn’t charge any annual fees and will let you get 2% cash back on all eligible purchases up to $50,000 per calendar year, then 1% cash back earned is credited to your statement automatically. These are what made it one of our top picks for the leading instant approval business credit cards.
American Express Blue Business Cash™ Card
Fit Small Business's ratings are calculated by industry experts of our editorial team. Our grading rubric considers the type of credit card (such as cash back or travel), and the card's rates, fees, rewards, and additional features like insurance.
Intro APR
0% on purchases
Regular APR
16.24% - 24.24% Variable
Annual Fee
No annual fee
Credit Needed
Good, Excellent
- Earn a $250 statement credit after you make $3,000 in purchases on your Card in your first 3 months.
- Earn 2% cash back on all eligible purchases on up to $50,000 per calendar year, then 1%. Cash back earned is automatically credited to your statement.
- From workflow to inventory to floor plans, your business is constantly changing. That’s why you’ve got the power to spend beyond your credit limit with Expanded Buying Power.
- Just remember, the amount you can spend above your credit limit is not unlimited. It adjusts with your use of the Card, your payment history, credit record, financial resources known to us and other factors.
- 0.0% intro APR on purchases for 12 months from the date of account opening, then a variable rate, 16.24% - 24.24%, based on your creditworthiness and other factors as determined at the time of account opening.
- No Annual Fee
- Terms Apply
Pros
- 0% intro APR
- Welcome bonus
- Fixed rate rewards
- No annual fee
Cons
- Cash advance isn’t allowed
- Charges foreign transaction fees
- 2% cash back is capped at $50,000 in annual spending
- Expanded buying power: Enjoy flexible buying power, when your business needs it. Expanded buying power gives you the freedom to spend beyond your credit limit and help get business done. While the amount you can spend above your credit limit isn't unlimited, it adjusts with your use of the card, your payment history, credit record, financial resources known to us and other factors.
- 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.
Intro APR
0% on purchases
Regular APR
16.24% - 24.24% Variable
Annual Fee
No annual fee
Credit Needed
Good, Excellent
- Earn a $250 statement credit after you make $3,000 in purchases on your Card in your first 3 months.
- Earn 2% cash back on all eligible purchases on up to $50,000 per calendar year, then 1%. Cash back earned is automatically credited to your statement.
- From workflow to inventory to floor plans, your business is constantly changing. That’s why you’ve got the power to spend beyond your credit limit with Expanded Buying Power.
- Just remember, the amount you can spend above your credit limit is not unlimited. It adjusts with your use of the Card, your payment history, credit record, financial resources known to us and other factors.
- 0.0% intro APR on purchases for 12 months from the date of account opening, then a variable rate, 16.24% - 24.24%, based on your creditworthiness and other factors as determined at the time of account opening.
- No Annual Fee
- Terms Apply
Pros
- 0% intro APR
- Welcome bonus
- Fixed rate rewards
- No annual fee
Cons
- Cash advance isn’t allowed
- Charges foreign transaction fees
- 2% cash back is capped at $50,000 in annual spending
- Expanded buying power: Enjoy flexible buying power, when your business needs it. Expanded buying power gives you the freedom to spend beyond your credit limit and help get business done. While the amount you can spend above your credit limit isn't unlimited, it adjusts with your use of the card, your payment history, credit record, financial resources known to us and other factors.
- 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.
Bottom Line
The Plum Card® from American Express is best for business owners who want a charge card that offers flexibility, no preset spending limit, and no interest for 60 days. If you don’t opt into the 60-day extended term, the balance needs to be paid in full every month. If this isn’t the right fit for your business, then visit our Credit Card Marketplace to find options.
