American Express Plum Card: A Comprehensive Overview
The American Express Plum Card is a powerful tool for businesses looking to manage their expenses effectively while gaining valuable rewards. Issued by American Express, a trusted name in the financial services industry, this card is tailored to meet the needs of small and medium-sized business owners who seek flexibility and benefits that enhance their financial management. Below, we delve into the essential features and benefits of the American Express Plum Card, providing a complete guide for potential applicants.
1. Card Type
The American Express Plum Card is classified as a business credit card, designed specifically for business owners. It offers a unique rewards structure and flexibility, making it an excellent choice for managing business expenses while earning benefits.
2. Annual Fee
This card comes with a $250 annual fee, which is standard for business credit cards that offer premium rewards and benefits. While this fee might be viewed as an investment, many cardholders find the rewards and perks can outweigh the cost.
3. Rewards Program
The Plum Card features an exciting rewards program that allows cardholders to earn 1.5% cashback on all eligible purchases. This straightforward approach is great for businesses that prefer a simple, no-hassle rewards structure. Additionally, cardholders have the rare opportunity to earn 1.5% extra back if they pay their balance early, giving them an added incentive to manage their cash flow effectively.
4. Sign-Up Bonus
welcome bonus of u>60,000 Membership Rewards points after spending $15,000 in the first three months. This bonus can be converted into various benefits, including travel rewards or cashback, providing multiple options for utilization.
5. APR (Annual Percentage Rate)
APR of 15.99% to 24.99%, depending on creditworthiness. Additionally, the card features a unique 0% introductory APR for the first 12 months on purchases, allowing businesses to manage cash flow more effectively during this period.
6. Foreign Transaction Fees
no foreign transaction fees. This makes it an excellent option for businesses that frequently engage in international travel or purchase goods from overseas vendors.
7. Balance Transfer Options
8. Additional Fees
late payment fees up to $39, and cash advance fees that may apply. It is advisable to adhere to the payment deadlines to avoid incurring these charges.
9. Card Benefits and Perks
travel insurance, which can cover trip cancellations or interruptions. The card also provides access to a dedicated concierge service to assist with travel-related inquiries or reservations, and offers access to premium airport lounges through the Global Lounge Collection.
10. Customer Protections and Insurance
customer protections. These include fraud liability protection, purchase protection, and rental car insurance. This level of protection adds peace of mind for business owners making transactions or renting cars while traveling.
11. Eligibility and Credit Score Requirements
good to excellent range (700+). In addition, applicants should demonstrate a sufficient business income and stability to ensure the proper use of credit.
12. Introductory Offers
0% introductory APR for the first year on purchases, making it easier to manage expenses without incurring interest. This offer is an excellent way for businesses to make big purchases while giving themselves time to pay off the balance.
13. Special Features or Unique Selling Points
14. How to Apply
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