The Plum card is perhaps the most hyped up credit card in the industry. With its unique feature that allows you to defer your payments by up to 60 days, the Plum card has become increasingly popular among start-ups and small businesses.. But should you trust all the hype and apply for the Plum card? The American Express plum is the ultimate small business and start-up credit card. It is specifically designed for small business to provide them with maximum flexibility and some unique features that fit the needs of small businesses and start-ups Key Features: The plum card from American Express is a unique small business credit card.
There are many small business credit cards on the market that provide you with points and cash rewards, but the Plum card mainly targets small businesses with cash flow issues. The Early Pay Discount feature allows you to pay your balance in full within 10 days of your billing cycle and get up to a 2% discount for paying early. You can also choose to defer your payments for 2 months (interest free) as long as you pay at least 10% of your balance. That is a huge help for small businesses that have to invest money up front to get their rewards back a couple months down the road. The payment deferment feature alone makes this card the ultimate start-up/small business credit card.
Flexibility: The plum card allows you to go back and forth between two payment method options above each and every month. If you are having a great month, you can choose to pay your balance early, and if you are having a rough month, you can defer payments, so you don’t have to be stuck with one option with the Plum card. Fees: as the plum is a cash flow credit card, there is no APR associated with this card. You need to pay your balance in full in 2 months to be in good standing with American Express. At the same time, American express doesn’t charge you any interest for the duration of 60 days. There is an annual fee of $185 a year for the Plum card, but the first year is offered for free, so you can start seeing benefits of using this card before having to pay anything to American Express.
The American express Plum card is a unique small business credit card that is specifically designed to help small businesses and start-ups manage their cash flow more effectively. If you are the owner of a small business that realizes its cash in-flow in more than 30 days, you may want to consider the Plum card as it allows you to defer payments by up to 60 days. The Plum card is for serious businesses only and is designed to help you grow your business. So if you don’t have a need for this payment deferment feature, you may want to look elsewhere.