Indeed, in the viral environment of the business space, having the proper instruments to regulate the money area makes a distinction. Making its way to the market now is the Plum Card from American Express, a business credit card that has all the perks of any other card and then some.

If you want to improve cash flow, being meticulous on spending or just want to avail the various travel benefits, the Plum Card is your business partner. Some of the aspects that can be enjoyed by the users of this card include early pay discount as well as no preset credit limit that indicates that this card is flexible to meet the needs of the business person by relieving him or her some of the burden of managing finances.

Main features of the Plum Card 

One of the best credit cards, Plum card, comes straight from AMEX; an organization well known for its efficiency and class in the global economy. As stated earlier, this card targets mostly businesspersons who would require a versatile card to enable them to meet their expenses. 

For both small business owners and managers of the large-scale corporations, the Plum Card is replete with features that are quite helpful in managing the diverse financial processes. Right from daily cash flow to various expansive expense management facilities, this card is designed keeping in mind the dynamic needs of any business. 

Understanding the annual fee 

For business credit card, there is also the aspect of a fee that one has to pay yearly. The rewards of this card include an annual fee of $250 for the Plum Card. This charge is an annual one, and it opens a broad spectrum of possibilities and tools that can greatly facilitate the company’s financial situation.

Deciphering credit limits

Specifically, the main idea that is prominently displayed by the Plum Card is the No Preset Spending Limit option. Also, the Plum Card is not the same as the credit cards which have set limits of spending but has flexibility to fit into the spending requirements of your business. 

The said criterion does not possess a predetermined scope of funds a person can spend but a thorough analysis of various aspects such as spending habits, a payment record, and the credit profile. This means that your purchasing power can increase parallel with growth of business.

Advantages of the Plum Card

• Early Pay Discount: So, Earn 1. Earn up to 5% cash back on your eligible charges if you pay within the first ten days of statement closing date There is no limit to the cash back that you can get.
• Extended Payment Terms: Avail up to 60 days of ‘Interest-Free Credit,’ given the user pays at least the ‘minimum amount’.
• No Foreign Transaction Fees: This allows you to shop worldwide with additional fees.

Standout advantage

Certainly, one of the key characteristics of the Plum Card is its flexibility, namely, Early Pay Discount. This form of benefit is quite uncommon and yet holds a lot of potential for entities. purchases made during this period attract a cash back of 1% and you get an unlimited cash back if you pay the total amount within first ten days of the statement closing date.

Addressing potential drawbacks

• High Annual Fee: They charge $250 per year, which tends to be more expensive than the other business credit cards.
• No Preset Spending Limit Complexity: As such, it is stable but less certain from the perspective of the business that would like to budget their cash flows.
• Secondary Car Rental Coverage: The insurance offered is additional and no liability insurance is given.

Standout disadvantage

Lack of a good rewards program and the too high annual fee of $250 is probably the biggest weakness of the Plum Card. To small businesses or start-ups who may be operating under very limited capital, this fee may seem out of this world. 

Eligibility criteria 

In affording the Plum Card, there are conditions that one meets to qualify for the card. First of all, this card is targeting the businessmen, regardless of the scale of your company: it may be a small business or startup, or a great enterprise. 

The applicant has to be carrying out a business either as a sole proprietor, a partnership, limited liability company or a corporation. Also, if it is an instalment plan, there is usually a requirement of a good to excellent credit score since it shows that you are credit worthy and or responsible. 

How to apply for the Plum Card

To become a Plum Card holder, one needs to apply and the process is as easy and as convenient for the client as possible. Whichever is your comfort zone, whether it is online, through mobile application, or walk-in, American Express has ensured for the convenience of the users. 

Via website

It is rather simple to apply for it online; you are free to visit the official website of the credit card issuing company. Go to the American Express website and once you are there, move to the Plum Card information and then press on the ‘Apply Now’ link. 

You will be required to complete a short application with your business and personal information such as your business name, location, revenue, and expenditure. When filling the form which is available online, ensure that you have your business registration documents and financial statements handy to enable you fill the form correctly. 

After the submission of an application, the credit card company, typically American Express, employs intricate software to analyze the applicant’s data; the software can take a few seconds to arrive at a decision.

Through the mobile application

First, ensure you have the app installed on your device; you can get it from the app store if you do not have it. After installation, go to Plum Card and begin your application. Similar to the website application, the app will prompt you and request the same detailed information as last time. Moreover, when providing any documents, one can use the phone’s camera to take the picture of the document for an even easier execution of the procedure.

Through the store/branch

Although American Express is primarily a new-digital financial services company, applying for the Plum Card is face-to-face is not usually allowed. But perhaps the expansive support established through their website and application guarantee you have all the material that may be required to complete your application appropriately. 

However, if you want the extra touch and someone speaking with you through the transaction process you can contact the American Express. They provide all-in-one assistance to cater to your needs in case you have any problems or questions related to your application, thus you don’t have to go to a physical workplace of the organization.