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.
Benilyn has over a decade of experience as a banking officer. Her expertise is featured throughout Fit Small Business in personal finance, credit card, and real estate investing content.
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.
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, 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.
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, 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.
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.
Want to compare the features of one card to another? We’ve made it easy for you to do just that! Simply check off up to three cards on this page to add them to your cart. This will allow you to view the details in a side-by-side comparison.
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.
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Who The Plum Card® From American Express Is Right 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 over 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
The Plum Card® From American Express Rewards
- 1.5% early-pay discount on the portion of your balance that you pay within 10 days of your statement closing date with no cap or limit on spending categories
- Welcome offer: None
The Plum Card® From American Express Additional Features
Premium Roadside Assistance
The Plum Card® from American Express offers 24-hour premium roadside assistance. Services include towing up to 10 miles, winching, jump starts, flat tire change, lockout services, and gas delivery. Some vehicles aren’t covered by premium roadside assistance, such as rental vehicles, taxis, motorcycles, unlicensed vehicles, and tractors and trucks weighing more than 10,000 pounds.
Purchase Protection
The Plum Card® from American Express offers purchase protection covering purchased items that are stolen or damaged within 120 days from the date of purchase (90 days for New York residents). Regardless of where you live, American Express caps the protection at $1,000 per incident and $50,000 per account per year. Items that aren’t covered include motorized vehicles, fixtures, tickets, consumables, gift cards, items for inventory, and preowned items.
Extended Warranty Protection
An extended warranty protection plan is available for purchased items with original manufacturer’s warranties of up to five years. 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.
Travel Accident Insurance
Travel accident insurance up to $100,000 is provided for trips that were charged entirely on your American Express credit card. The insurance covers incidents if you die or lose a limb, sight, speech, or hearing within 100 days after the accident. Certain instances that aren’t covered include suicide or self-destruction, losses as a result of war, self-inflicted injury or threat, certain ailments, physical or mental weakness, and injuries caused by commuting.
Baggage Insurance Plan
When you use the Plum Card® to book airfare, American Express offers coverage between $250 and $1,250 on any lost bags while in direct transit. With this baggage insurance plan, your checked bags, carry-on bags, and any high-risk items are protected. Items that aren’t covered include cash or its equivalent, credit cards, travel documents, perishable items, prosthetics, drugs, and properties shipped as freight.
Car Rental Loss & Damage Insurance
Car rental loss and damage insurance of up to $50,000 per car rental agreement is available for the first 30 consecutive days of a rental period. 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 Explained
Pros of The Plum Card® From American Express
- No preset spending limit: You can enjoy a flexible credit limit that adjusts with your card usage, payment history, credit, and other factors.
- 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.
- 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.
- 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.
Cons of The Plum Card® From American Express
- No zero 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.
- Balance is due 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.
- Cash advance & 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.
The Plum Card® From American Express Alternatives
Chase Ink Business Preferred®
The Chase Ink Business Preferred® Credit Card is an excellent alternative if you travel frequently. It offers 3x points on the first $150,000 in combined purchases on the top four categories where your business spends the most each month. Points are worth 25% more when you redeem for travel through Chase Ultimate Rewards®.
Ink Business Preferred® 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:
Maximizing travel rewards at a lower annual fee
Intro APR
N/A
Regular APR
16.24% - 21.24% Variable
Annual Fee
$95
Credit Needed
- 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.
Pros
- Opportunity to boost the value of reward points
- Offers cellphone protection and trip cancellation insurance
Cons
- Doesn’t offer an interest-free financing period
- Charges an annual fee
- 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 U.S. and abroad.
- Cellphone protection: You and the employees named on the phone bill you pay for with your card are covered for up to $600 in theft or damages per claim. You are limited to three claims per 12-month period, with a $100 deductible per claim.
- Trip cancellation and delay insurance: If your trip is canceled, you can be compensated up to $15,000 for prepaid expenses such as airfare or hotels. If your trip is delayed for 12 hours or more, you can be reimbursed up to $500 for your hotel room, meals, and transportation.
Intro APR
N/A
Regular APR
16.24% - 21.24% Variable
Annual Fee
$95
Credit Needed
Good, Excellent
- 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.
Pros
- Opportunity to boost the value of reward points
- Offers cellphone protection and trip cancellation insurance
Cons
- Doesn’t offer an interest-free financing period
- Charges an annual fee
- 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 U.S. and abroad.
- Cellphone protection: You and the employees named on the phone bill you pay for with your card are covered for up to $600 in theft or damages per claim. You are limited to three claims per 12-month period, with a $100 deductible per claim.
- Trip cancellation and delay insurance: If your trip is canceled, you can be compensated up to $15,000 for prepaid expenses such as airfare or hotels. If your trip is delayed for 12 hours or more, you can be reimbursed up to $500 for your hotel room, meals, and transportation.
American Express Business Green Rewards Card
The American Express Business Green Rewards Card is a good alternative if you need to use the Pay Over Time feature, which allows you to carry a balance and pay it over time with interest. This card also offers a flexible spending limit and a low annual fee of $95, which is waived for the first year.
Business Green Rewards 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:
Employee expense management solutions
Intro APR
N/A
Regular APR
N/A
Annual Fee
$0 introductory annual fee for the first year, then $95
Credit Needed
Good, Excellent
- Earn 15,000 Membership Rewards® points after you spend $3,000 in eligible purchases with the Business Green Rewards Card within the first three months of Card Membership.
- Earn one Membership Rewards® point for each dollar you spend on eligible purchases
- Choose rewards from over 500 leading brands in travel, gift cards, merchandise or entertainment
- $0 introductory annual fee for the first year, then $95
- Terms & limitations apply
Pros
- Flexible spending limit
- Option to pay over time
- Bonus rewards
Cons
- No cash advances or balance transfers
- No zero foreign transaction fee
- No introductory 0% APR offer
- Purchase protection: Covers purchases that were either stolen or damaged within 120 days from the purchase date. Coverage is limited to $1,000 per occurrence and $50,000 per year.
- Extended warranty protection: Provides extended warranties on purchases with original manufacturer’s warranties of up to five years. The issuer offers up to two years of additional coverage.
- Travel accident insurance: You’ll have coverage of up to $100,000 for losses that happen within 100 days after the date of the accident which caused the injury.
Intro APR
N/A
Regular APR
N/A
Annual Fee
$0 introductory annual fee for the first year, then $95
Credit Needed
Good, Excellent
- Earn 15,000 Membership Rewards® points after you spend $3,000 in eligible purchases with the Business Green Rewards Card within the first three months of Card Membership.
- Earn one Membership Rewards® point for each dollar you spend on eligible purchases
- Choose rewards from over 500 leading brands in travel, gift cards, merchandise or entertainment
- $0 introductory annual fee for the first year, then $95
- Terms & limitations apply
Pros
- Flexible spending limit
- Option to pay over time
- Bonus rewards
Cons
- No cash advances or balance transfers
- No zero foreign transaction fee
- No introductory 0% APR offer
- Purchase protection: Covers purchases that were either stolen or damaged within 120 days from the purchase date. Coverage is limited to $1,000 per occurrence and $50,000 per year.
- Extended warranty protection: Provides extended warranties on purchases with original manufacturer’s warranties of up to five years. The issuer offers up to two years of additional coverage.
- Travel accident insurance: You’ll have coverage of up to $100,000 for losses that happen within 100 days after the date of the accident which caused the injury.
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 unlimited 2x miles on every business-related purchase, which can be redeemed for flights, hotels, and vacation packages. It doesn’t charge foreign transaction fees but allows cash advances, making this an excellent alternative if you need to take out a cash advance from time to time.
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
20.99% (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 Pre✓® 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 Pre✓® 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
20.99% (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 Pre✓® 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 Pre✓® 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.
You may also want to check out our American Express credit cards review and our list of the best small business credit cards for more options.
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. Visit our Credit Card Marketplace to find other business credit cards that may be right for you.
