The Plum Card® From American Express Review for 2023
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, but it lacks a 0% introductory APR and charges a high annual fee of $250. 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, select 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
Pros
- No preset spending limit
- Doesn‘t charge foreign transaction fees
- Offers early pay discount
Cons
- Balance is due either monthly or every 60 days
- No 0% introductory APR on purchases and balance transfers
- Cash advance & balance transfers aren’t allowed
- Car rental loss and damage insurance: You can be covered for damage to or theft of a rented vehicle in a covered territory when using this card to pay for the entire rental. You have to decline the collision damage waiver offered by the rental company.
- Extended warranty: Terms of the original manufacturer’s warranty can be extended up to one additional year.
- Purchase protection: Protect eligible purchases for up to 90 days from the covered purchase date if they are stolen or accidentally damaged. The coverage is limited to up to $1,000 per occurrence, and up to $50,000 per card member, per calendar year.
- Global Assist® hotline: Available for 24/7 emergency assistance and coordination service―including medical and legal referrals, emergency cash wires, and missing luggage assistance.
Intro APR
N/A
Regular APR
N/A
Annual Fee
$250
Credit Needed
Pros
- No preset spending limit
- Doesn‘t charge foreign transaction fees
- Offers early pay discount
Cons
- Balance is due either monthly or every 60 days
- No 0% introductory APR on purchases and balance transfers
- Cash advance & balance transfers aren’t allowed
- Car rental loss and damage insurance: You can be covered for damage to or theft of a rented vehicle in a covered territory when using this card to pay for the entire rental. You have to decline the collision damage waiver offered by the rental company.
- Extended warranty: Terms of the original manufacturer’s warranty can be extended up to one additional year.
- Purchase protection: Protect eligible purchases for up to 90 days from the covered purchase date if they are stolen or accidentally damaged. The coverage is limited to up to $1,000 per occurrence, and up to $50,000 per card member, per calendar year.
- Global Assist® hotline: Available for 24/7 emergency assistance and coordination service―including medical and legal referrals, emergency cash wires, and missing luggage assistance.
When grading cash back business credit cards like The Plum Card® from American Express, we give the most weight to ongoing rewards. We also rate the introductory rewards, 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 | ||
| Total Score |
Who the Plum Card® From American Express Is Best For
- You want a charge card with payment flexibility or don’t want to carry a balance for over 60 days: This charge card offers pay-early discounts of 1.5% with no cap or 60 days to pay your balance with no interest.
- You want a card with no preset spending limit: It has no preset spending limit. Your purchasing power adjusts with card usage, payment history, credit record, financial resources, and other factors.
If this isn’t the card for you, then check out our recommended alternatives below.
The Plum Card® From American Express Fees
- Introductory APR None
- Ongoing APR: None; balance is due in full each month—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: Either $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 fee: $39
The Plum Card® From American Express Rewards
Paying early pays off with this card, as you’ll receive unlimited 1.5% cash back on the portion of the balance you pay within 10 days of your statement closing date. Note that there’s no cap on how much you can earn and no purchase categories to consider.
How To Make Payments on the Plum Card® From American Express
- Online: 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 and debit cards aren’t accepted as a form of payment.
- Amex Mobile App: Simply download the Amex Mobile App, available for both iOS and Android devices, and enjoy the convenience of paying your bills on the go, anytime.
- Direct bank payment: This lets you pay bills automatically, so you don’t have to worry about missing due dates. Provide your bank account details to American Express and indicate the amount you’d like to pay each month.
- AutoPay: This can be made through your American Express online account. Note that your first AutoPay payment may not be applied to your current billing cycle, so you’ll have 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. Include your account number at the front of your payment.
First Class Mail
American Express
PO 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 Features
Travel & Purchase Insurance
- Car rental loss and damage insurance: You can be covered for damage to or theft of a rented vehicle in a covered territory when using this card to pay for the entire rental. To be eligible, you have to decline the collision damage waiver offered by the rental company.
- Extended warranty: Terms of the original manufacturer’s warranty can be extended up to one additional year.
- Purchase protection: Protect eligible purchases for up to 90 days from the covered purchase date if they’re stolen or accidentally damaged. The coverage is limited to up to $1,000 per occurrence, and up to $50,000 per card member, per calendar year.
- Global Assist® hotline: This is available for 24/7 emergency assistance and coordination services—including medical and legal referrals, emergency cash wires, and missing luggage assistance—when you travel over 100 miles from home.
Expense Management
- Employee cards: You can get employee cards with no additional annual fee. These cards allow you to stay on top of your employees’ spending.
- Year-end summary: A year-end summary will be provided to cardholders to help manage accounts and organize expenses efficiently. Note that these are given at the start of the year.
The Plum Card® From American Express Alternatives
U.S. Bank Triple Cash Rewards World Elite Mastercard®
U.S. Bank Business Triple Cash Rewards World Elite Mastercard®
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:
0% APR for 15 billing cycles
Intro APR
Regular APR
18.99% - 27.99% (Variable)
Annual Fee
$0
Credit Needed
Excellent/Good
- Earn $500 in cash back. Just spend $4500 on the Account Owner's card in the first 150 days of opening your account.
- Earn 3% cash back on eligible purchases at gas stations and EV charging stations, office supply stores, cell phone service providers and restaurants.
- 1% cash back on all other eligible net purchases.
- Earn 5% cash back on prepaid hotels and car rentals booked directly in the Rewards Center.
- No limit on total cash back earned.
- Rewards never expire.
- Earn an annual $100 statement credit for recurring software subscription expenses such as FreshBooks or quickbooks
- 0% Intro APR on purchases and balance transfers for 15 billing cycles. After that, a variable APR currently 18.99% - 27.99%.
- No annual fee.
- Great Offer from U.S. Bank, a 2022 World's Most Ethical Company® - Ethisphere Institute, February 2022
- Terms and conditions apply
- Pay over time by splitting eligible purchases of $100+ into equal monthly payments with U.S. Bank ExtendPay™ Plan.
Pros
- 0% APR applies to both purchases and balance transfers
- Unlimited cash back rewards
- No annual fee
Cons
- Balance transfer fee is charged even during the introductory period
- Intro APR doesn’t apply to cash advances
- MasterRental car rental collision damage waiver: When you rent a car using your U.S. Bank credit card, you’re covered in case of accident or theft on all rentals made worldwide. Coverage is primary, which means you won’t need to use your personal auto insurance or accept the insurance offered by the rental agency. Coverage is capped at $50,000.
- Purchase assurance: U.S. Bank may repair or reimburse for items purchased with your U.S. Bank business credit card that are damaged or stolen within 90 days of purchase. Coverage is limited to $1,000 per loss, up to $25,000 per year, per account. Lost items and items left out of reach that others can see are not covered.
- Extended warranty protection: U.S. Bank will double the manufacturer’s warranty up to an additional one year from the expiration of warranties of five years or less. An item with a six-month warranty would be backed for an additional six months, for example. The issuer will replace the item or reimburse you up to the amount charged on your U.S. Bank card up to $10,000.
Intro APR
Regular APR
18.99% - 27.99% (Variable)
Annual Fee
$0
Credit Needed
Excellent/Good
- Earn $500 in cash back. Just spend $4500 on the Account Owner's card in the first 150 days of opening your account.
- Earn 3% cash back on eligible purchases at gas stations and EV charging stations, office supply stores, cell phone service providers and restaurants.
- 1% cash back on all other eligible net purchases.
- Earn 5% cash back on prepaid hotels and car rentals booked directly in the Rewards Center.
- No limit on total cash back earned.
- Rewards never expire.
- Earn an annual $100 statement credit for recurring software subscription expenses such as FreshBooks or quickbooks
- 0% Intro APR on purchases and balance transfers for 15 billing cycles. After that, a variable APR currently 18.99% - 27.99%.
- No annual fee.
- Great Offer from U.S. Bank, a 2022 World's Most Ethical Company® - Ethisphere Institute, February 2022
- Terms and conditions apply
- Pay over time by splitting eligible purchases of $100+ into equal monthly payments with U.S. Bank ExtendPay™ Plan.
Pros
- 0% APR applies to both purchases and balance transfers
- Unlimited cash back rewards
- No annual fee
Cons
- Balance transfer fee is charged even during the introductory period
- Intro APR doesn’t apply to cash advances
- MasterRental car rental collision damage waiver: When you rent a car using your U.S. Bank credit card, you’re covered in case of accident or theft on all rentals made worldwide. Coverage is primary, which means you won’t need to use your personal auto insurance or accept the insurance offered by the rental agency. Coverage is capped at $50,000.
- Purchase assurance: U.S. Bank may repair or reimburse for items purchased with your U.S. Bank business credit card that are damaged or stolen within 90 days of purchase. Coverage is limited to $1,000 per loss, up to $25,000 per year, per account. Lost items and items left out of reach that others can see are not covered.
- Extended warranty protection: U.S. Bank will double the manufacturer’s warranty up to an additional one year from the expiration of warranties of five years or less. An item with a six-month warranty would be backed for an additional six months, for example. The issuer will replace the item or reimburse you up to the amount charged on your U.S. Bank card up to $10,000.
- U.S. Bank Triple Cash Rewards World Elite Mastercard® is a viable option if you want a 0% introductory APR on both purchases and balance transfers, no annual fees, and cash back rewards on everyday expenses
- Offers 0% introductory APR on both purchases and balance transfers for the first 15 billing cycles
- Lets you earn 3% cash back at eligible gas stations, restaurants, mobile phone service providers, and office supply stores, and 1% on all other eligible purchases.
- Has a sign-up bonus of $500 cash back after spending $4,500 within the first 150 days of card ownership
- Is our leading business credit card with no annual fee and one of our best 0% APR business credit cards
Capital One® Spark® Cash Plus
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
25.74% (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
- $100 credit for Global Entry or TSA Pre✓
- 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
25.74% (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
- $100 credit for Global Entry or TSA Pre✓
- 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.
- Capital One® Spark® Cash Plus is best if you want to pay your balances in full every month with a lower annual fee and want unlimited cash back rewards
- Doesn’t have a regular APR as you balance is due every month; otherwise, you’ll be charged a 2.99% monthly late fee
- Charges a $150 annual fee
- Offers unlimited 2% cash back rewards on all business-related purchases
- Is one of our top instant approval business credit cards
American Express Blue Business CashTM
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.
BEST FOR:
Those who want better cash back rewards
Intro APR
0% on purchases
Regular APR
18.24% - 26.24% 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, 18.24% - 26.24%, 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
18.24% - 26.24% 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, 18.24% - 26.24%, 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.
-
- American Express Blue Business CashTM[
is best for business owners wanting to spend beyond their credit limit
- Offers expanded buying power, where your credit limit adjusts based on your usage, payment history, credit record, and financial resources
- Has 0% introductory APR on purchases for the first 12 billing cycles
- Doesn’t charge annual fees
- Lets you earn 2% cash back on all eligible purchases up to $50,000 per calendar year, then 1% back thereafter
- Is our best business credit cards for the self-employed and one of our preferred credit cards for new businesses with no credit history and business credit cards with no annual fee
For additional options, head over to our guides on the best American Express business credit cards and top-recommended small business credit cards.
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 pay your balance within 10 days of your statement closing date, you can earn unlimited 1.5% cash back on the portion of the balance that you paid. It should be noted, however, that it charges a high annual fee of $250 and that it doesn’t have an 0% introductory APR.
