If you’ve been searching for a small business credit card that can be as versatile as it is rewarding then perhaps the Plum Card® from American Express could be exactly the card you’ve been looking for. The key characteristics and advantages of this card make it tailored for the existing diversification of contemporary companies.

In this guide, I will share about the most important features of the Plum Card what is the annual fee, how the credit limit is set and the pluses and minuses of the card.

Key information about the Plum Card®

How does the annual fee work?

Annual Fee of the Plum Card® is $250. This fee provides the access to the variety of the services that will help the owner of the business to earn big and at the same time be as flexible as possible. It is not rare to find business cards with an annual fee, but the given Plum Card® has benefits that explain the fee. Regrettably, there are no choices for waiving or lowering the fees; thus, this is one more payment you have to consider.

How is the credit limit determined?

The only major fee that the Plum Card® flexible credit card has is the No Preset Spending Limit. It’s different from the standard credit card that has a finite limit associated with it, the Plum Card®’s purchase capacity changes periodically depending on the users’ purchases and payments, credit record among other aspects. Such versatility enables the given card’s limit to adapt to your current spending and using, and offer more purchasing opportunities when necessary.

Advantages of the Plum Card®

Here are some notable benefits of using the Plum Card®:

• Early Pay Discount: Accumulate as many points as possible and cash in the points to get products and services 1. Bonus 5% cash back on the following sachets charges if paid within the initial 10 days from the statement closure. They are unlimited and there is no possibility to limit the earnings; any top categories are impossible. Just pay before the due date and that will get you a convenient feature of Early Payment Discount which is applied to your upcoming statement.
• Extended Payment Period: There may be 60 days without being charged in interest if at least the minimum payment on credit is made on the due date. The cash flow is highly flexible in this feature it is importantly so when one has to accommodate large or unpredictable expenditures.
• No Preset Spending Limit: It changes the limit to an individual depending on his/her credit records and his payment patterns, which makes it more flexible in handling an individual’s finances.
• Global Acceptance: Payments can be made at all establishments in the United States that accept credit cards which means that Plum Card® from American Express can be used almost everywhere.

Highlighted advantage: early pay discount

The Early Pay Discount is perhaps the Plum Card®’s most compelling feature. By paying your bill within 10 days of the statement closing date, you earn 1.5% cash back on eligible charges. This reward is unlimited and applies to all purchases, making it a straightforward way to earn back money on your spending without needing to track specific categories or thresholds.

Disadvantages of the Plum Card®

While the Plum Card® offers many benefits, it also has some drawbacks:

• Annual Fee: Perhaps the $250 annual fee is rather a vast sum for small businesses or newly established ones.
• Limited Cash Back Categories: The cash back structure is relatively easy to understand, though it may be less rewarding if for your company you tend to spend a lot in certain categories which are not comprised by other cards.
• No Introductory Offer: The Plum Card® lacks the bonus offer that is frequent in most business credit cards and also does not have a teaser rate.

Highlighted disadvantage: annual fee

The annual fee of $250 is a considerable cost that might not be justifiable for all businesses, particularly those with tighter budgets or less frequent card use. It’s essential to weigh this fee against the potential savings and rewards to determine if the Plum Card® aligns with your business’s financial strategy.

Who can apply for this card?

To be eligible for the Plum Card®, you typically need to meet the following criteria:

• Minimum Age: It is necessary to note that the minimum age of the applicants must be eighteen years and above.
• Income Requirements: Pertaining to the last requirement of company revenue, there is no particular listed income, but a good record of financial stability and enough business income is an asset.
• Credit Score: A fair to good to excellent credit score is desirable because the loans are funded on the basis of this.
• Business Status: The card is designed for business, which means a person applying for the card should either own a business or is in a capacity that allows for management of such an entrance.

How to apply for the Plum Card®

Applying for the Plum Card® is a straightforward process that can be completed online or over the phone. Here’s how you can apply:

Online application

Visit the American Express website and navigate to the Plum Card® application page. Fill out the required information, including your business details and financial information. You can usually receive a decision within 30 seconds, allowing for a quick and efficient application process.

Phone application

Call American Express at 1-888-781-6736 to apply for the Plum Card®. A representative will guide you through the application process and answer any questions you might have.

In-Person application

While the primary application methods are online and over the phone, you can also visit an American Express office or authorized location to apply in person. This may be useful if you prefer face-to-face interactions or need additional assistance.

In summary, the Plum Card® offers significant benefits for businesses looking for flexibility and rewards, though the annual fee and limited introductory offers may be points of consideration. By understanding the card’s features and application process, you can make an informed decision about whether it’s the right fit for your business needs.