If you are a small business owner, then The Plum Card from American Express OPEN can help with you accounts payable. The card has great perks geared towards businesses with either consistent or unpredictable cash flow, which might be worth considering. Instead of doling out rewards in the conventional sense, The Plum Card from AMEX OPEN gives you a 1.5% early payment discount on the portion of your balance that you pay within 10 days of the statement closing dates. The annual fee of $250 is waived during the first year. Unlike many American Express cards, The Plum Card® from American Express OPEN has no foreign transaction fees, making it a good choice if you travel internationally for your business.
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Contents
Pros:
Flexible Capital – The Plum Card from American Express OPEN open is a charge card, which means that it doesn’t have a pre-set spending limit.
Extra Days to Pay – Unlike other business credit cards, which have a grace period of 25 days to pay your bill without a late fee, The Plum Card from AMEX OPEN gives you up to 60 days from your statement date to pay part of your balance without incuring interest.
No Transaction Fees – The Plum Card from American Express OPEN has no foreign transaction fees, making it a good choice if you travel internationally for your business.
Cons:
You Can’t Carry A Balance – Because The Plum Card is a charge card, you face steep penalties if you don’t pay your balance in full according to the card’s terms.
Large Annual Fee – Having the perks of AMEX OPEN and access to more capital comes at a price. The Plum Card from American Express opens annual fee – $0 for the first year, then $250.
Who Should Apply:
- Anyone that travels internationally.
- Anyone that owns a business.
- Anyone that wants flexible capital.
Who Should Pass:
- Anyone that wants to avoid the annual fee.
Reasons Why You’ll Enjoy This Card
There are two types of business owners that can benefit from using The Plum Card from American Express OPEN. Those who have enough cash on hand to pay early and get the 1.5% discount, and those who prefer to have more time to pay off their balance than to earn rewards. The benefits of AMEX OPEN membership is the icing on the cake. If you are sensitive to The Plum Card from AMEX OPEN’s high annual fee or your business doesn’t have enough cash flow and you need to carry a balance, you may want to consider another card. If this card isn’t for you, then check out our full list of credit card bonus promotions.
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