American Express
The Plum Card®
Key Features
| Annual Fee | $250.00 |
| Network | American Express |
About this card
The Plum Card® by American Express is a very niche product, best suited for businesses with specific cash flow management needs. Its standout feature is the flexible payment options—either a 1.5% discount for early payment or up to 60 days to pay without interest. However, it carries a significant $250 annual fee and lacks a traditional rewards program or sign-up bonus, making it less appealing to a broad audience. While the payment flexibility is a unique strength, the high annual fee and limited rewards structure hold it back. Its reputation is mixed, with some users valuing the cash flow benefits and others criticizing the cost. The APR rating is low because it's a charge card with strict payment terms. The rewards rating is also low due to the limited and conditional nature of the early payment discount. The fees rating is fair, primarily due to the high annual fee. Considering these factors, the card is best for established businesses that can fully leverage the early payment discount, but it's not a strong choice for those seeking overall value or traditional rewards. Therefore, I rate it as fair.
Pros & Cons
What's great
- Cashback on purchases
- No preset spending limit
- Flexible billing cycle
Things to consider
- Annual fee
- No sign-up bonus
- No intro APR period
- High regular APR
What this card offers
Rewards
- Earn unlimited 1.5% cash back on eligible charges when you pay within 10 days of your statement closing date. There's no cap on how much you can earn and no purchase categories, just savings applied to your next statement.
Other features
- And when you need more time, we've got your back, with up to 60 days to pay without interest. Just pay your minimum payment due by your payment due date.
- The Plum Card has No Preset Spending Limit, a unique feature that gives you the ability to unlock more purchase power as you use your Card. This means the spending limit is flexible. In fact, unlike a traditional credit card with a set limit, the amount you can spend adapts based on factors such as your purchase, payment and credit history.
- Choose Your Billing Cycle Choose the time most convenient for your business to receive your bill each month. Just let us know and we'll adjust it for you.
Additional Notes
Your personal credit score may be impacted if you submit an application. Know if you're approved with no personal credit score impact