This business credit card offers a significant benefit for those that have the cash on hand to pay early.
The Plum Card from American Express OPEN is a business credit card geared toward businesses that want to monitor their spending, as well as earn benefits for paying early.
- Pay less when you pay early. Cardholders get a 1.5 percent discount on their payment for paying at least the minimum payment due within 10 days of the statement closing date.
- Take up to 60 days to pay with no interest. Cardholders can take up to two months to pay without having to pay interest on their balance.
- Membership fee waived in the first year. The membership fee is $250 per year, but it’s waived in Year One.
- Customize your billing cycle. Cardholders can choose when they want to receive their bill each month.
- 24/7 service and support. American Express OPEN offers dedicated business consultants who know your company and can offer on-demand service and support.
- Purchase and travel benefits. The card offers purchase protection, return protection, extended warranty, and travel accident insurance.
- High annual fee. Although the annual fee is waived in the first year, it’s pretty high at $250 for all subsequent years.
- No introductory 0 percent APR offers. The card doesn’t offer a 0 percent introductory APR on purchases or balance transfers.
Get it if: You’re a business with excellent credit that spends significantly and has the means to pay the bills early to capitalize on potential discounts.
Forget it if: You have less than excellent credit, or want a personal credit card with reward points.
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