For starters, the American Express Business Plum Card is for a specific niche of users. There are tons of credit cards out there and it might get intimidating to choose which one. If you have good enough spending habits, credit cards are a great way of using other people’s money to grow your business. You get extra capital for nothing! If you’ve read “Rich Dad, Poor Dad” by Robert Kiyosaki, you know he’s an advocate! Credit cards allow us to build credit so we can borrow more money to invest more in our businesses!
Not all credit cards are created equal. There are cards created to take advantage of shopping, traveling, dining, online transactions, etc. The Amex Plum Card was created specifically for business owners with irregular cash flow. It won’t penalize you if you’re only able to pay for the interest for up to 60 days. Like most credit cards, this one offers perks on paying early.
The Amex Express Plum Card
Pros:
- For business with irregular cash flow
- Pay early and get a no cap 1.5% discount
- Get up to 60 days to pay without interest
- Zero foreign transaction fees
Cons:
- A hefty annual fee of $250 (waved on the first year)
- complicated rewards
There are many credit cards for small and medium businesses but this one is our favorite. Since some of our side hustles have irregular expenses and therefore profits, it fits our needs perfectly. Sales from our Amazon Automation store swing widely every month ranging from 5 digits to 6 digits! We also travel a lot of business trips for real estate and the expenses there go up and down. We try to be very efficient with money because we’d rather have money working for us.
We’ve never really gone past 60 days without paying because we always went for the 1.5% cashback. The 60 days without extra interest gives us extra peace of mind just in case we get into the worst-case scenario. We thought we would need it during the pandemic but so far, so good. We haven’t taken advantage of the zero foreign transaction fees yet (soon hopefully!).
Should I Get the American Express Plum Card?
If you’re just starting out as a small or medium business, this would be a great choice for credit and building up your credit score. The card gives you enough leeway to pay for up to 60 days without interest. When you’re small, the profits aren’t regular yet so just like us, it gives us that peace of mind to have cash flow as a priority for the business.
You shouldn’t get this card if you already have stable profits coming in. Why? Because there are other rewards cards out there that give more than 1.5% cashback. This card is pretty straightforward and doesn’t give any other perks other than those we’ve listed. The $250 annual fee is pretty steep but if you’re expenses amount to at least $16,667 and pay on time, the 1.5% cashback should cover the cost. We spend a lot more than $16,667 annually, so it works perfectly for us.
So if you’re like us with a few side hustles with a very wide range of profits monthly, then this card might be perfect for you too. It’s one of the most unique cards out there and it is worth considering just for the flexibility it provides. We love it and we hope you found valuable information here.
Check it out on the American Express Website using our affiliate link here.
