Terms apply to American Express benefits and offers. Enrollment may be required for select American Express benefits and offers. Visit americanexpress.com to learn more.
The Plum Card® from American Express is geared towards small business owners with Excellent credit.
One of the most significant features of this card is the rather favorable payment terms, giving business owners 60 days to settle their bill if they choose to do so. Alternatively, you can choose to pay early and get a 1.5% discount. See our list for more small business credit cards.
In order to be eligible for the Early Pay discount of 1.5%, you need to pay the entire balance of the card off within 10 days of the closure of the billing cycle. The discount will then be credited to your next statement. Essentially, you are getting 1.5% cash back.
There are strict guidelines for card, and you need to adhere to these exactly in order to get the 1.5% discount. If you pay within the allocated 10-day window, not early or late, you will get your discount applied.
The annual fee for the Plum Card is $250. If you take advantage of the 1.5% cash back discount, you’d have to spend at least $16,000 annually just to break even. Because of this, we really would only recommend The Plum Card for business owners who tend to have fluctuations in business expenses, where the 60 days of interest free period will come in handy.