The Plum Card® from American Express Review [2024]: Need More Than 30 Days to Pay?

CREDIT CARDS - BUSINESS CREDIT CARDS
If you are looking for a flexible business card with net-60 payment options, the Plum Card from American Express may be a good fit for you.
Updated May 9, 2024
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The Plum Card® from American Express is a unique card in that it offers business owners flexible payment options over a 60-day period rather than 30. While this business card doesn’t offer any robust rewards program, there’s an option to earn a discount for early payments.

In this Plum Card from American Express review, you’ll learn more about the card’s unique structure and if applying for this small business card makes sense for your business.

Flexible Payment Options for Business Owners

3.5

The Plum Card® from American Express

Current Offer

No preset spending limit

Annual Fee

$250

Rewards Rate

1.5% cash back on the portion of your eligible charges balance that you pay within 10 days of your statement closing date, as long as you pay at least your minimum payment

Benefits and Drawbacks
Card Details

In this Amex Plum Card review

Key Takeaways

  • Cardholders can carry a balance for up to 60 days with no interest as long as they pay the minimum due by their payment due date.
  • Earn cash back on the portion of your balance you pay within 10 days of your statement closing date.

Who should get the The Plum Card® from American Express?

If you are a small- to medium-sized business that invoices clients, invoices customers, or purchases inventory to sell, it may take you some time to get paid for your product or services. Having a longer period of time to pay your card balance could be helpful to make up for gaps in cash flow.

The Plum Card could come in handy if you’re facing this situation. It offers a “net-60” payment cycle as opposed to the standard “net 30” — meaning you have 60 days to pay your balance instead of 30.

Along with this, if credit card rewards in the form of points or cash back aren’t your highest priority, the Plum Card from American Express could be perfect for you.

Amex Plum Card basics

Card type Business
Credit card issuer American Express
Annual fee $250. Terms apply.
Intro APR N/A
Reward rate 1.5% cash back on the portion of your eligible charges balance that you pay within 10 days of your statement closing date, as long as you pay at least your minimum payment
Recommended credit score Excellent, Good
Foreign transaction fee None

Why we like the Plum Card: benefits and perks

  • Net-60 payment terms: The Plum Card gives you two full months to pay your charges with no interest. This differs not only from standard charge cards, but also gives you more time without interest than credit cards do.
  • Early pay discount: 1.5% cash back on the portion of your eligible charges balance that you pay within 10 days of your statement closing date, as long as you pay at least your minimum payment.
  • No preset spending limit: There’s no predetermined spending limit like a traditional credit card. This doesn't mean you can spend endlessly, but it does provide flexibility based your purchase history as well as your payment and credit histories.
  • Protection policies: The Plum Card from American Express comes with extended warranty protection, purchase protection, and car rental loss and damage insurance (secondary coverage).123
  • Expense management tools: If integration is important for your bookkeeping, American Express has tools to help you with your expenses, including connecting to QuickBooks. You do need to enroll your card in select benefits such as QuickBooks.

What we don’t like about this card: drawbacks

  • Relatively high annual fee: The annual fee of $250 is a bit steep given the modest benefits.
  • When you earn cash back is limited: Whether you earn cash back depends on when you pay your balance, and if you miss the window, you don’t earn cash back. Cash back is in the form of a statement credit. 

Earning & redeeming

The only earning or redeeming offered by the Plum Card is the ability to earn 1.5% cash back on the portion of your eligible charges balance that you pay within 10 days of your statement closing date, as long as you pay at least your minimum payment. Cash back is in the form of a statement credit. But if what you’re after is cash back, you shouldn’t get this card based on that discount, as there are plenty of higher-earning cashback rewards cards.

FAQ

How does the American Express Plum Card work?

The Plum Card from American Express is a business card that allows business owners a longer time period to pay their balance. With a typical credit card, you’re given a net-30 payment cycle. With the Plum Card, the payment cycle is net 60. Net 30 means your payment is due in 30 days, while net 60 is due in 60 days. In addition to the payment cycle, you have the opportunity to earn discounts for timely payments.

What credit score is required for the American Express Plum Card?

For the best chance of being approved for the Plum Card from American Express, you’ll need to have a good-to-excellent FICO score of 670 or higher.

Is the American Express Plum Card worth it?

If you simply need a longer time to pay your balance, then yes. Outside of that feature, there are many other business credit cards that provide more lucrative rewards and benefits.

Does the Plum Card from American Express have a foreign transaction fee?

No, it does not.


Others cards to consider

If the Plum Card from American Express doesn’t sound like it would suit the needs of your business, consider taking a look at one of the two cards below.

If you’re looking for a small business card with no predetermined credit limit, consider the American Express® Business Gold Card. With a valuable welcome offer and a robust points-earning system, this card brings a lot of potential to save money and earn valuable rewards. You can earn 4X Membership Rewards Points on purchases in the two categories with the most spend each billing cycle from 6 eligible categories (up to $150,000 in combined purchases each calendar year, after that 1X), 3X Membership Rewards points on flights and prepaid hotels booked at amextravel.com, and 1 point per $1 spent on other eligible purchases.

Looking to simply save on your bottom line? Consider the Ink Business Cash® Credit Card. This card is a straightforward cashback card with heaps of savings potential. To start, you can earn $350 when you spend $3,000 on purchases in the first three months and an additional $400 when you spend $6,000 on purchases in the first six months after account opening. 

You’ll also earn 5% cash back on the first $25,000 spent in combined purchases at office supply stores and on internet, cable and phone services each account anniversary year; 2% cash back on the first $25,000 spent in combined purchases at gas stations and restaurants each account anniversary year; and 1% cash back on all other purchases. Lastly, you’ll have a 0% introductory APR (annual percentage rate) on purchases for 12 months (then 18.49% - 24.49% Variable).

Flexible Payment Options for Business Owners

3.5

The Plum Card® from American Express

Why We Like It

No preset spending limit

See rates and fees | Terms Apply

See how these cards compare:

American Express® Business Gold Card
American Express® Business Gold Card
  • Earn 70,000 Membership Rewards points after spending $10,000 on eligible purchases in the first 3 months
  • 4X Membership Rewards on the two categories with the most spend each billing cycle from 6 eligible categories (up to $150,000 annually, after that 1X)
  • No foreign transaction fees
  • $375 annual fee
  • See rates and fees | Terms Apply
Ink Business Cash® Credit Card
Ink Business Cash® Credit Card
  • Earn $350 when you spend $3,000 on purchases in the first three months and an additional $400 when you spend $6,000 on purchases in the first six months after account opening
  • $0 annual fee
  • 0% intro APR on purchases for 12 months (then 18.49% - 24.49% Variable)
  • Up to 5% cash back

Bottom line

The Plum Card offers business owners flexibility when it comes to payment dates, and you can get employee cards with no additional annual fee. It doesn't allow balance transfers or cash advances, however. Its limited card benefits mean it's not the best business card out there. If you're looking for rewards, another card may be a better fit. 

Author Details

Brett Holzhauer Brett Holzhauer is a graduate of the Walter Cronkite School of Journalism at Arizona State University. He writes about using points & miles for travel, travel industry news, utilizing credit cards as financial leverage, and investing for the future. He has been featured in publications such as The Points Guy, Million Mile Secrets, The Money Manual, Recruiter, Travel Pulse, and Bald Thoughts. He is a full-time digital nomad with his wife, Kiersten.

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