The Plum Card® from American Express
Great for big business expenses
Annual Fee: $250‡
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Here’s the average credit limit of members who matched their The Plum Card® from American Express or similar cards.
% of members by credit limit range
The average credit limit for members who have matched with this card or similar cards is $7,341, with $1,000 being the most common.
Here’s the average credit score of members who matched their The Plum Card® from American Express or similar cards.
% of members by credit score range
The average credit score for members who have matched with this card or similar cards is 664, with 742 being the most common. Note this is just one of the deciding factors when it comes to getting approved.
Member stats
Updated daily
31.4%
Average credit utilization (or what percent of the card’s credit limit is being used) of members who matched with this card or similar cards.
45 years
Average age of members who matched this card or similar cards.
$92,812
Average annual income of members who matched this card or similar cards. Note: Income may be estimated for some members by Credit Karma and may differ from members’ actual incomes.
Pros and cons
Image: yesAbility to add employee cards
Image: yesEarly-payment discount
Image: yesDeferred payments
Image: ConHigh annual fee: $250
Image: ConNo welcome bonus
Image: ConNo rewards program
The Plum Card® from American Express review
Updated November 6, 2024
This date may not reflect recent changes in individual terms.
Written by: Erica Gellerman
What you should know about The Plum Card® from American Express
The Plum Card® from American Express is probably going to be different from most other cards in your wallet. It’s a charge card, which means it doesn’t come with a preset spending limit. That doesn’t mean you have access to unlimited spending, but it does mean that your spending can be more flexible than with a credit card.
Another feature of a charge card is that you typically can’t carry a balance month to month, instead having to pay your monthly balances off in full. But that’s not exactly the case with The Plum Card® from American Express. Here are three distinct features that make it different from a typical charge card.
1. Deferred balance payments
Waiting to get paid before you can pay your bills? The Plum Card® from American Express can help ease your cash flow pain with its Extra Days to Pay feature. If you pay at least the minimum payment by the due date — along with any previously deferred balances — you can defer the remainder of your new balance to the next statement without accruing interest on the balance.
What does that actually look like? Say you charged $5,000 in your first month. To be eligible for payment deferral, you’d need to pay the minimum payment due of $500 (10% of your new balance) by the due date. The remaining $4,500 won’t accrue interest as long as you pay it off by the next statement due date.
Say you charge another $2,000 next month. To be eligible to defer the $2,000 payment, you’d need to pay $4,700. That’s the minimum payment due of $200 for the new month, plus the entire deferred balance from the previous month of $4,500.
The Extra Days to Pay feature can effectively give you an extra 30 days interest-free in order to make your payment.
2. Early-payment discount
The Plum Card® from American Express doesn’t come with a welcome bonus or rewards, but it does offer a discount for early payments. Make a payment of at least your minimum amount due within the 10 days prior to the statement closing date, and you’ll earn a 1.5% discount on eligible charges credited in your next statement.
Note: It’s not clear if you can pay off the card even earlier than 10 days and still get the discount. If you’d like to do that, reach out to American Express customer service to find out if they’ll honor the discount for even earlier payments.
3. Free employee cards
If you’re ready to grow your business, this card lets you add employee cards for no extra fee. Early payments made on these purchases can also qualify for the early-payment discount. And you can set up limits on the employee cards online or over the phone.
What else you should know
There are a few other things you should make note of.
- A pricey annual fee: $250
- No foreign transaction fee: Feel free to bring this card along while you travel
- Late-payment fee: 1.5% of any past-due amounts, with a $39 minimum. If you don’t pay for two billing periods in a row, the fee is 2.99% of any past-due amounts, with a $39 minimum.
Who this card is good for
The most unique feature of The Plum Card® from American Express is the Extra Days to Pay option. If your business has short-term cash flow issues that mean you usually carry a balance on your credit card — and pay interest — this feature could help save you money.
Some business credit cards charge an APR of over 15%. Imagine, for example, that you needed to defer a $4,500 payment for an additional 30 days. The pay-it-later feature would save you around $56 in interest during that month, compared with a credit card with a 15% APR that doesn’t offer this feature.
To make up for a lack of a rewards program and a high annual fee, this card is best suited to business owners who know they’ll be able to take advantage of the Extra Days to Pay feature to save money.
Not sure this is the card for you? Consider these alternatives.
If you’re not sure that The Plum Card® from American Express is for you, compare it to some of the other solid options for business owners.
- Ink Business Cash® Credit Card: This card can be good for the business owner who spends a lot on office supplies, internet, cable and phone services.
- The Business Platinum Card® from American Express: Frequent traveler? This card provides travel benefits that can help make business travel smoother.
Member reviews
Most helpful positive review
August 4, 2015
Good backup card
— Credit Karma Member
Love this card. I take full advantage of the pay later option. Use this mostly for my business car expenses like gas and repairs as well as eating out. My business is still in the baby phase. I have the capital but not the website up yet. Amex didnt seem to mind. Barclays denied me for their hawaiian airlines business card stating i needed 5 years of establishment when i already have their personal hawaiian airlines and arrival plus card. Soft pull though because i show them the love and spend big. Always call amex before u make large purchases, theyll tell u off the bat if youll be denied. I like that. The 250 fee is worth it so far.
Most helpful negative review
September 20, 2023
Not Good !! Closet account and money gone!
— Credit Karma Member
I read all the reviews, seem like this card with suit my business needs. I paid their initial fee, and after short six months. My card was canceled. Felt like to me that they just took my money. I paid the card off religiously. The last time I had made a payment the account I paid from was closed. My business account that I had open for over 20 years have been hacked, so I had to close the account and re-open another account. I explain this to AmericanExpress all while making my payment on time. My credit score is outstanding they had no reason for closing my account, rather than taking my deposit. And they knew I paid the card off monthly, so they would not be making future money on me. I will never pay for credit card again!! They also delayed my review . I think this is why they have so many positive reviews.