Examining the Hype Around the American Express Plum Card

When it comes to American Express, all I can think of these days is that Tina Fey needs a vacation. Did you see her commercial, and the amount of nonsense that supposedly occurs in her daily life? Good luck, girl! But a new television spot caught my eye a few days ago. Something about American Express Plum Card(SM). I know about their gold cards, their clear and blue cards (or is it clear blue?), and even their platinum cards. So what's the deal with the Plum Card?

American Express Plum Card means business. Your business. The card is actually plum, so it is sure to catch your attention based on its looks alone. It is designed for business owners who have some serious purchases to make each month (such as supplies and inventory). AmEx points out that this is a perfect card for those folks who generate six to seven figures in revenue. This seems to be a pretty clear indication that the card is geared toward established businesses rather than new ones. If you are just getting started, talk to AmEx about your options; they can direct you toward a product that best fits your needs.

Get some serious cash back. Check this out. American Express understands that most small businesses pay in cash for their purchases due to special deals they the owners can make with their vendors. And AmEx is ready to one-up the deal. If you pay off your bill within ten days of purchase, you will receive up to 2% in cash back (1% for purchases of $5,000 and below; 2% for purchases over $5,000). This can add up to some serious savings.

Or, just don't pay for up to two months. Regardless of your balance, you can take up to two months from your statement closing date to pay of your card. That means, no interest as well. Just a note: to take advantage of this payment option, you have to pay at least 10% of your bill by the due date; you then have another month to pay off the remaining balance. Hey, if you ask me, this can be a helpful option if you are ordering additional inventory for the holidays or if you are starting to offer your customers a new service and need to get new supplies.

More factoids that support the hype:

The card doesn't have a preset spending limit.

Roadside assistance services are available to you up to four times a year. Sweet!

Lots of random travel and rental car insurance options. Look into that.

You can have the cash advance option on your card if you so chose.

Fees? Of course, there are fees. The annual fee of $185 is waved for the first year. The first additional card won't cost you anything, but each subsequent card will run $45.

You can apply either online at plumcard.com or over the phone at 888-848-PLUM. Applying online is super simple - I strongly encourage you to go with that option.

Now, here is to your success as a business owner!

Sources:

PlumCard.com