The Plum Card® from American Express OPEN
Sponsored Card
- Minimum Credit Required:
Excellent - Network: American Express
- Charge Card:Balance must be paid in full each month
- Pay in full within ten days, get a 1.5% discount.
- OR pay as little as 10% and take up to 2 months to pay off the balance, interest free.
- Save 3%-10% automatically on business expenses from FedEx, Hertz®, OfficeMax®, and more with OPEN Savings®.
- Basic: None 1st yr, $185 after
- $35 or 2.99% of the past due amount, whichever is greater.
Additional Info:
- This American Express Card has no preset spending limit, giving you purchasing power that adjusts with your use of the card.
- No preset spending limit does not mean unlimited spending. Your purchases are approved based on a variety of factors including spending patterns, your payment history, your credit history, and financial resources known to us.
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The card information shown on this page was last updated: May 23rd, 2012 at 3:33 EDT
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Warning about the Plum card for your Readers: I just got the Plum Card and was made aware of something that the Customer Service Rep wasn't aware of until I pressed the issue and he had to find out the answer from a supervisor: The 1.5% is strictly applied to payments within the first 10 ten days after the monthly cycle closes. The caveat there is that payments made during the monthly cycle do not get the discount reward. That's an important distinction that will not necessarily be clear to anyone reading about the card and I think you should know that. I now realize that if I pay "too early", the discount doesn't apply. I was very disappointed. AMEX charge cards may not have a preset limit but they do have limits based on spending patterns. If I have $5000 available and use that in the first week of the monthly cycle on unforeseen expenses with several auto-debits still to come, I need to pay down the balance quickly within a few days and thus NOT get the discount on that payment. The discount only applies to the ENDING BALANCE. Now, if you have a stratospheric limit on the card, it won't matter. But for many small business owners juggling expenses and spending limits while trying to get maximum rewards, this can and will be a nuisance. Applicant beware.
Hmm, the Amex Plum Card is very interesting to me. It’s obviously different than most charge cards in that it seems like you don’t necessarily have to pay your bill in full at the end of the month. The Pay Early Discount of 1.5% off your tab if you pay in full within 10 days of a billing cycle ending and the option to only pay 10% and pay off the rest over two months without interest sure makes it seem that way. Then there’s what John said, the whole deal with Amex not giving you the 1.5% when you pay too early, before your billing cycle ends. What? You can pay too early to get a Pay Early Discount? Really? In principle, that just makes me mad. The rest of the Plum Card doesn’t really make up for that in my mind either. I don’t really like when rewards cards give you ranges because I like to know exactly what I’m getting. Plus, you can do better than the American Express Plum Card’s rewards with a number of other business rewards cards, including the Cap One Spark Cash for Business and the Amex Simply Cash. So when all is said and done I guess I vote no on the American Express Plum Business Credit Card.