by Daniel | Last Updated September 2nd, 2021
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The Amex Plum Card is a business charge card that allows businesses extra time to make payments back on their outstanding balance, and if you can make a payment before it is due you can actually earn a discount.
However, it is not recommended for anyone looking for a card that offers a lot of rewards, as this card only has a few benefits to offer.
But let’s now take a more detailed look at everything that this card offers.
Who’s This Card For?
The Amex Plum card is designed for small business owners who are looking for a simple card that gives them the option to take 60 days to pay back the statement credit interest-free or to actually earn 1.5% cashback, if the statement credit is paid back within 10 days, and with this, there is no cap on what you can actually earn back.
Annual Fee
Anyway, let’s now take a look at what this card cost’s on an annual basis.
So the Amex Plum card has no annual fee for the 1st year, but after this, you will be charged $250 each year.
And one of the best ways to offset the annual fee is by paying off your statement credit early, which is basically within 10 days of your statement close date.
As an example, if you were to charge $5,000 to your card during a statement period and then paid it off within 10 days of the statement date you would earn 1.5% cashback, and in this case, that would be $75.
If you spend $50,000 over the year and pay it all back early, that would be $750 in cashback.
So it is possible to actually earn a reasonable amount of cashback assuming you spend quite a bit through your business and pay it back early.
But if you don’t spend that much and find it hard to pay your bills early, this card probably isn’t worth looking into.
So as this card doesn’t have a sign-up bonus, let’s have a look at the benefits this card offers.
Benefits and User Perks
So as I mention before, the 2 main perks of this card are the 60 days to pay without interest and the ability to earn 1.5% cashback on early payments of your balance.
Along with this, the card has no preset spending limit which can be quite useful as it gives more spending power when you need it.
There are no foreign transaction fees, which makes it nice and easy to use your card anywhere in the world without the worry of incurring transaction fees.
You will have the ability to actually choose when you want to receive your bill each month, and you can get employee cards at no additional cost.
So now let’s take a look at what insurance-related benefits come with this card.
Insurance-Related Benefits
To begin with, you will receive car rental loss and damage insurance that covers up to $50,000 if your rental car is lost or damaged, and to make use of this benefit you must pay for the entire rental on your card and then decline the collision damage waiver from the rental company.
Next up you will get purchase protection which gives you up to 90 days of coverage for an item if it is accidentally damaged or stolen, and this covers up to $1,000 per occurrence and up to $50,000 per cardmember account per calendar year.
And finally, you will get extended warranty protection that will extend a warranty for an extra year if the item is purchased within the United States and has a warranty of 5 years or less.
Final Thoughts
So what are my thoughts about the Amex Plum Card?
I think if you spend a lot of money through your business and know that you can pay your statement credit within 10 days every month, then this card does offer some value.
But remember, just to break even on the card you will have to spend a little over $16,600 and take advantage of the 1.5% cashback to make it worth it.
Another business card worth looking into is the Amex Blue Business Plus Credit Card, it has no annual fee and still offers some pretty decent perks and benefits.