The Plum Card® from American Express
BEST FOR
Accessing early pay discounts or 60 days of no interest
- 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.
- Introductory annual fee of $0 for the first year, then $250
- Terms & Restrictions Apply.
Pros
- 1.5% discount when you pay early, or
- Take up to 60 days to pay your balance
Cons
- You’ll pay a high annual fee after the first year
- You must repay your balance every month
- 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.
The Plum Card® from American Express is a charge card that lets you earn unlimited 1.5% cash back when you pay within 10 days of your statement closing date. If you don’t want to earn 1.5% cash back, this small business card instead gives you the option to choose 60 days without interest as long as you pay the minimum by your payment due date.
Who The Plum Card® From American Express Is Right For
- 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.
- 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, and other factors.
How We Evaluate Cash Back Business Credit Cards
When grading cash back business credit cards like The Plum Card®, we weigh ongoing rewards the heaviest. We rate introductory rewards as slightly less important, but it’s still 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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Ongoing Rewards | ||
Introductory Rewards | ||
Additional Features | ||
Annual Fee | ||
Introductory APR | ||
Ongoing APR | ||
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The Plum Card® From American Express Fees
- Introductory APR: 0% on purchases for the first 12 months
- Ongoing APR: None; this card is a charge card and is due in full monthly unless you opt-in to 60-day free financing terms
- Annual fee: $250; waived for the first year
- Balance transfer fee: Transfers are not allowed
- Foreign transaction fee: None
- Cash advance fee: Cash advances are not 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 and if you pay 10% of the balance from any new activity on your current statement.
Welcome offer: None
If you decide to pay your balance early, you will earn a 1.5% discount that will appear as an automatic credit on your next billing statement. This pay-early discount has no cap on how much you can earn and no purchase category requirements. This means you can earn unlimited 1.5% early-pay discounts every month as long as you meet the payment requirements.
The Plum Card® From American Express Features
Premium Roadside Assistance
The Plum Card® from American Express offers a 24-hour premium roadside assistance. Services include towing up to 10 miles, winching, jump starts, flat tire change, lockout services, and gas delivery of up to two gallons are available at no additional cost. Some vehicles are not 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 that covers 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 are not 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 double the original warranty up to a maximum of two additional years. Motorized devices, living plants, animals, consumables, fixtures, and items for resale are not covered.
Travel Accident Insurance
Travel accident insurance up to $100,000 is provided for travels 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. 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 are few instances that are not included with the coverage.
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 are not 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 on 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. However, you are responsible for any fees charged by third-party service providers.
The Plum Card® From American Express Alternatives
Chase Ink Business Preferred®
Ink Business Preferred® Credit Card
BEST FOR
Maximizing travel rewards at a lower annual fee
- New Offer! Earn 100k bonus points after you spend $15,000 on purchases in the first 3 months from account opening. That's $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 no limit to the amount you can earn
- Points are worth 25% more when you redeem for travel through Chase Ultimate Rewards
- Redeem points for travel, cash back, gift cards and more - your points don't expire as long as your account is open
- No foreign transaction fees
- Employee cards at no additional cost
- $95 Annual Fee
Note: The information related to the Chase Ink Business Preferred® Credit Card has been collected by fitsmallbusiness.com and has not been reviewed or provided by the issuer of this card.
Pros
- Opportunity to boost the value of reward points
- Offers cellphone protection and trip cancellation insurance
Cons
- Does not 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
Business Green Rewards Card from American Express
BEST FOR
Employee expense management solutions
- Earn 15,000 Membership Rewards® points after you spend $3,000 in eligible purchases with the Business Green Rewards Card within the first 3 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
Note: The information related to the Business Green Rewards Card from American Express has been collected by fitsmallbusiness.com and has not been reviewed or provided by the issuer of this card.
Pros
- Free employee cards
- No interest charges
- Expense management solutions designed to give companies more control
Cons
- $95 annual fee after the first year
- Balance is due in full every month
- 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® Cash for Business
Capital One® Spark® Miles for Business
BEST FOR
Unlimited 2x miles with every swipe
- Introductory reward worth $500 in travel after you spend $4,500 within the first three months
- 2x miles per $1 spent
- 5x miles on hotel and rental car bookings through the issuer
- 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 assitance: 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.
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-in for the 60-day extended term, this card needs to be paid in full every month. If this card is not what you need, consider other top small business credit cards.
