Key facts
The Plum Card® from American Express is a unique business card in the Amex portfolio. It has no preset credit limit and gives you the option to forego earned cash back each statement cycle if you would prefer to have 60 days to pay with no interest levied – compared to the 10 day timeframe you have to make payment if you want to receive your 1.5% cash back by paying early.
Note that this card does not offer a welcome bonus.
Min. Credit Score for Approval:
Good *Foreign Transaction Fee:
0%Reward multipliers
The Plum Card® from American Express is a business card that earns a simple 1.5% cash back on all eligible business expenses with no other bonus categories. At your option, you can “trade” those rewards for a 60 day payment window with no interest.
Earns bonus points for spend in the following bonus categories:
Estimated Rewards Value: 1.5%
Key features
Unique Card Benefits
Early Pay Discount & Extra Days To Pay
You have a choice! You can earn rewards in the form of unlimited 1.5% cash back on the portion of your balance you pay within 10 days of your statement closing date with no cap on how much you can earn and no bonus categories. The savings will be applied to your next statement.
Or, if you need more time, take up to 60 days to pay for your business purchases without interest. You only have to pay your minimum payment due by your payment due date.
Choose Your Billing Cycle
Choose the ideal day to receive your bill each month just by asking Amex to adjust it.
Has No Preset Spending Limit
With no preset spending limit, this is an ideal card for those with extremely high monthly spend. While you don’t get an unlimited credit line or unlimited spending, your purchasing power will flex and adjust based on your credit record, usual monthly charges, and on time payments.
No Preset Spending Limit means your spending limit is flexible. Unlike a traditional card with a set limit, the amount you can spend adapts based on factors such as your purchase, payment, and credit history.
Extended Warranty
When an American Express® Card Member charges a Covered Purchase to an Eligible Card, Extended Warranty§ can provide up to one extra year added to the Original Manufacturer’s Warranty. Applies to warranties of five (5) years or less. Coverage is up to the actual amount charged to your Card for the item up to a maximum of $10,000; not to exceed $50,000 per Card Member account per calendar year.
Eligibility and Benefit level varies by Card. Terms, Conditions and Limitations Apply.
Please visit americanexpress.com/benefitsguide for more details.
Underwritten by AMEX Assurance Company.
Purchase Protection
Terms
When an American Express® Card Member charges a Covered Purchase with their Eligible Card, Purchase Protection can help protect their Covered Purchases for up to 90 days from the Covered Purchase date if it is stolen or accidentally damaged. The coverage is limited up to $1,000 per occurrence, up to $50,000 per Card Member account per calendar year.
Eligibility and Benefit level varies by Card. Terms, Conditions and Limitations Apply.
Please visit americanexpress.com/benefitsguide for more details.
Underwritten by AMEX Assurance Company.
Return Protection
Return Protection
Bought something on the card but decided you want to return it? If the original merchant won’t process the refund, this card’s return protection benefit will refund the full purchase price up to $300 per approved claim (up to $1,000 per calendar year) within 90 days of purchase.
Terms:
With Return Protection, you may return eligible purchases to American Express if the seller won’t take them back up to 90 days from the date of purchase. American Express may refund the full purchase price excluding shipping and handling, up to $300 per item, up to a maximum of $1,000 per calendar year per Card account, if you purchased it entirely with your eligible American Express® Card. Purchases must be made in the U.S. or its territories.
- Eligibility and Benefit level varies by Card. Terms, Conditions and Limitations Apply.
- Please visit americanexpress.com/benefitsguide for more details.
Secondary Car Rental CDW Waiver
Terms
Car Rental Loss and Damage Insurance can provide coverage up to $50,000 for theft of or damage to most rental vehicles when you use your eligible Card to reserve and pay for the entire eligible vehicle rental and decline the collision damage waiver or similar option offered by the Commercial Car Rental Company.
This product provides secondary coverage and does not include liability coverage. Not all vehicle types or rentals are covered. Geographic restrictions apply.
Eligibility and Benefit level varies by Card. Terms, Conditions and Limitations Apply.
Please visit americanexpress.com/benefitsguide for more details.
Underwritten by AMEX Assurance Company. Car Rental Loss or Damage Coverage is offered through American Express Travel Related Services Company, Inc.
No Foreign Transaction Fees
Purchase all you want abroad. You’ll never pay a foreign transaction fee with this American Express Business Card.
Travel and Emergency Assistance Services
Terms
You can rely on Global Assist Hotline 24 hours a day / 7 days a week for medical, legal, financial or other select emergency coordination and assistance services while traveling more than 100 miles away from your home. Third-party service costs may be your responsibility.
Eligibility and Benefit level varies by Card. Terms, Conditions and Limitations Apply.
Please visit americanexpress.com/benefitsguide for more details.
Card Members are responsible for the costs charged by third-party service providers.
No Fees for Authorized Users
Get up to 99 authorized user employee cards at no cost. You can also set individual spending limits per employee.
Amex Offers
Save on offers from all kinds of merchants with Amex Offers. You’d be surprised how fast the savings add up! Offers vary by Amex card so the more Amex cards you have, the more offers you’ll be targeted for.
Earn more rewards by combining credit cards
Pros & cons
- No foreign transaction fees
- Choose each statement cycle between cash back or extended payment terms of 60 days
- No Preset Spending Limit means your spending limit is flexible. Unlike a traditional card with a set limit, the amount you can spend adapts based on factors such as your purchase, payment, and credit history.
- Car rental CDW benefit is secondary
- High annual fee
- Other cards earn higher rewards (although without the 60 day payment option)
Our review
The Plum Card® is quite possibly the most unique card in the lineup of American Express business credit cards. As a full “No Preset Spending Limit” card (these used to be called charge cards by American Express, but that term is no longer used), it is really a great choice for extremely high spenders.
1.5% is a solid cash back rate for a card with no preset spending limit, though if you have spend that falls into the right bonus categories, you might want to first take a look at the American Express® Business Gold Card which is also a No Preset Spending Limit card (No Preset Spending Limit means your spending limit is flexible. Unlike a traditional card with a set limit, the amount you can spend adapts based on factors such as your purchase, payment, and credit history.).
The American Express® Business Gold Card earns 4X Membership Rewards points on up to $150,000 in total spend per calendar year, in the two qualifying categories where your business spends the most money every month out of 6 select business categories.
(Note that the Plum Card earns cash back, not rewards points).
Now if your business is often a bit behind with cash flow (perhaps all of your client payments come more than 30 days after you need to make your own payments, then the 60 day payment period offer on this card (instead of the early pay discount – i.e. the cash back) could really be a massive benefit. So while it’s a niche card product, it can knock the ball out of the park for certain business owners.
Rates and Fees for The Plum Card®
Frequently asked questions
Does the Plum Card have an annual fee?
Yes, it’s $250 and it’s not waived the first year.
Does the Plum Card get you into airport lounges?
No, that is not a feature of the Plum Card.
Is it hard to get the Plum Card ?
It’s not too hard. If you have an existing good relationship with American Express, you should have no trouble getting approved. If this is your first Amex, you probably want a FICO score in the high 600’s or better.
Is it worth getting the Plum Card ?
For the 1.5% cash back, it’s worth it if you are running so much spend through your card that you need a card with no preset spending limit and you don’t have a lot of charges in the 4X bonus categories of the Amex Business Gold. or if you can utilize the 60 day payment terms for your business’ cash flow needs.
How do I earn cash with the Plum Card ?
You’ll earn 1.5% cash back dollar on all eligible purchases unless you choose the 60 day payment terms option for a particular month, which would mean you would not earn cash back that period.
Does the Plum Card charge foreign transaction fees?
No, foreign transaction fee are waived with the Plum Card.
Does the Plum Card have car rental coverage?
It has secondary rental car insurance (CDW). Terms apply.
Does the Plum Card offer extended warranty?
When an American Express® Card Member charges a Covered Purchase to an Eligible Card, Extended Warranty can provide up to one extra year added to the Original Manufacturer’s Warranty. Applies to warranties of five (5) years or less. Coverage is up to the actual amount charged to your Card for the item up to a maximum of $10,000; not to exceed $50,000 per Card Member account per calendar year.
Does the Plum Card offer purchase protection?
Yes, Purchase Protection can help protect your Covered Purchases for up to 90 days from the Covered Purchase date if it is stolen or accidentally damaged. The coverage is limited up to $1,000 per occurrence, up to $50,000 per Card Member account per calendar year.
Does the Plum Card offer trip protections?
Other than secondary car rental coverage, this is not a good card to book travel with as it does not include any trip protections like Trip Delay or Cancellation.
What credit score do I need to get a Plum Card?
It’s said that Amex likes a FICO score of at least 670.
Does the Plum Card have Cell Phone Protection?
No, it doesn’t.
