The Plum Card® from American Express is a highly specialized financial tool, not a traditional rewards card. It is best suited for businesses with irregular cash flow, such as construction companies or wholesalers, that need the flexibility to defer payments for up to 60 days without interest. However, with a $250‡ annual fee and a maximum reward rate of 1.5% (only if you pay early), most standard businesses will find better value in a no-annual-fee 2% cash back card.

At a Glance

Rewards Rate: 1.5% Early Pay Discount (if paid within 10 days of statement close) OR 60 Days to Pay (0% interest)
Annual Fee: $250‡
Intro APR: N/A (Charge card structure)
Foreign Transaction Fee: None
Credit Score: Excellent, Good
Employee Cards: $0 annual fee for additional employee cards

Overview

The Plum Card® from American Express is designed to function less like a credit card and more like trade credit. It targets business owners who deal with long invoice cycles, for example, a contractor who buys lumber today but won't get paid by the client for 45 days. The card's primary "feature" is the ability to buy that lumber now and pay for it 60 days later without incurring a penny of interest, bridging the cash flow gap.

Rewards & Benefits

The Plum Card offers a "Choose Your Own Adventure" benefit structure on every statement:

The Early Pay Discount (1.5%): If you pay your balance within 10 days of the statement closing date, you receive a 1.5% discount on that portion of the balance. This is unlimited, making it a decent option for high spenders who want a simple discount.
The Defer Pay Option (60 Days): If you cannot pay early, you can defer the balance for up to 60 days interest-free, as long as you pay the minimum due (usually 10% of the balance) by the payment due date.
No Foreign Transaction Fees: This is a rare perk for a non-travel business card, making it useful for purchasing inventory from overseas suppliers.

Fees & Requirements

Annual Fee: $250‡. While often waived for the first year, this fee is hard to justify for the 1.5% reward rate alone. You need to value the cash flow flexibility to make this card worth holding.
Credit Score: Requires Excellent, Good.
Charge Card Model: As a charge card, you are generally expected to pay in full (or use the designated deferral option). Carrying a balance outside of these terms can result in heavy penalties.

Borrower Experience

Flexibility: The card's "Buy Big" power is real. Many users report being able to charge $50,000+ in a single transaction for inventory, which is difficult on standard credit cards.
Expense Management: Like other Amex business cards, you get free employee cards and integration with QuickBooks and Bill.com.

Who It’s Best For

Construction & Contracting: Businesses that have to buy materials upfront but wait weeks for client checks will love the 60-day interest-free float.
Inventory Heavy Businesses: Retailers stocking up for the holidays can buy inventory in October, sell it in November, and pay Amex in December without interest.
Overseas Purchasers: The lack of foreign transaction fees combined with high spending power makes it great for importers.

Who Should Skip It

Rewards Maximizers: If you always pay in full, the Capital One Spark Cash Plus gives you 2% back (vs. Plum's 1.5%) and costs $100 less per year.
Small Spenders: If you don't spend enough to utilize the high limits, the $250‡fee will eat all your rewards.
Travelers: This card has zero travel benefits. No lounge access, no hotel status, and no flight credits.

Bottom Line

The Plum Card® from American Express is an operational tool, not a rewards card. If your business suffers from "the gap" (the time between paying expenses and getting paid by clients), the Plum Card’s 60-day interest-free window is a financial lifesaver that is cheaper than a business line of credit.