Unless you haven’t been watching TV or reading newspapers for a while, you have probably heard of the hyped up Plum card from American Express. The Plum card used to be the only card that allowed small businesses to manage their cash flow operations more effectively by delaying their debt payments by up to 2 month (with no interest). The Plum card was so popular and hyped up that a lot of small business went out of their way to get their hands on it and take advantage of its benefit. So it is no surprise that other card issuers are taking a page out of American Express’ book to introduce cards with similar features.
The latest card that comes with similar, if not better, features is the Advanta Platinum 90-Day Interest Free BusinessCard. The 90 days grace card that has just been released by Advanta allows cardholders to defer their payments by up to 3 months. Advanta makes it clear on its credit card application page that the 90 day offer is not an introductory offer, which means that you should expect no major surprises on your bill year after year as far as this feature is concerned.
Advanta also offers generous credit limits to small business owners to allow them to use the 90 days interest free card more effectively. So you will have enough credit line to cover your business expenses and more with the Advanta interest free Platinum card. The 90 Days Grace Card comes with a set of platinum rewards which allow you to earn a point for each dollar spent with this card and use it towards travel and merchandise for your small business. In addition, there is no annual fees which sets this card apart from the Plum card (which comes with $185 annual fee).
The only downside to the Advanta 90 day card in comparison to the Plum card is lack of any rewards for paying your bill early. The Plum card gives small business owners a larger percentage in cash back if they pay their bills within 10 days. In addition, the Plum card allows you to defer 90% of your payments for 2 month. With the Advanta 90 day interest free card, you will still be required to make minimum payments but you won’t be charged any interest fees for three months.
While both the Plum cards and Advanta 90 day cards are designed for small businesses and start-ups, they are not for every business owner. If you are planning to put a large sum on your credit card and pay it gradually within 3 months or more, then the Advanta card might be right for you. But if you are hoping to defer your payments for 60 days only, then the Plum card is a better choice. Unlike the Plum card, you don’t have to pay your Advanta debt in full after your 3 months period is over. So that is a big plus for smaller businesses who won’t realize their cash in-flows in three months. If you are a small business or start-up owner and you are looking for a card that allows you to manage your cash flows more effectively, you should definitely review both the Advanta 90 day and the Plum card to find the card that helps you save the most for your business