American Express® The Plum Card®

American Express® The Plum Card®

Card Details
Rewards Rate: 1.5%
Annual Fee: $0 introductory annual fee your first year, then $250
APR: None
Intro APR
Credit Needed: Excellent
Card Features
  • Option to get a 1.5% early pay statement credit or take up to 60 days to pay with no interest
  • No pre-set spending limit
  • $0 annual fee for the first year, then $250 annually after
  • Additional Employee Cards at no annual fee
  • No Foreign Transaction Fees
  • Choose Your Billing Cycle
  • EMV chip technology
  • American Express OPEN benefits include: additional savings benefits, account alerts, receipt match technology, mobile and tablet apps, account manager, and superior customer support

Card Summary

1.5% cash back or up to 60 days no interest, $0 introductory annual fee; then $250 after, no pre-set spending limit, charge card

The Plum Card® is great for businesses with high business expenses that are looking for flexible payment options. You have the choice of either paying off some or all of your balance within 10 days of statement closing and receiving a 1.5% cash back credit on your next statement, or pay just 10% of your balance and get up to 60 days to carry the balance with no interest.

This card is a charge card, so there are no interest fees, since you must pay off your balance each month. In this case, you are also able to roll your balance over for up to 60 days. There is also no pre-set spending limit – but that doesn’t mean unlimited spending. American Express has algorithms to determine your purchasing power based on payment history, spending habits, credit worthiness, and other factors.

There seems to be some confusion on the cash back feature this credit card offers. In order to receive the 1.5% cash back statement credit, you must pay off some or all of your balance off within 10 days of your statement closing. If you pay before or after those 10 days, you will not receive the cash back. We wanted to make this clear to avoid confusion.

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