American Express OPEN introduced the Plum Card and it’s now open to accept application today! (Today is the first date to accept application!) This card will bring great benefits for business owners. General features are:
- pay in full within 10 days of the end of the billing period to receive the early pay discount, or
- defer payment up to two months by paying 10% of the balance by the date indicated in the billing statement.
The Plum Card offers cardholders an early pay discount of up to 2% on virtually everything they buy with this card and the ability to defer the payment for up to 60 days. Detlailed card benefits:
Trade Terms
- Early Pay Discount with no caps: Pay the bill in full within 10 days of the billing cycle and receive a 2% discount on new spending when it exceeds $5,000. Any month the charges total $5,000 or less receive a 1% discount for early payment. A credit appears on the following month’s statement; OR
- Defer Pay Option: Take up to two months from the billing cycle date to pay for new purchases in full – all without interest or finance charges. All it requires is a payment of 10% of the full balance during the first billing cycle.
Payment cycle selection - Choose to have the billing statement delivered at the beginning, middle or end of the month;
Easy online card management: Customizable online tools for expense management, reporting and to view payment options/history. Online tools that will help small businesses get the most out of the product, including: Early Pay Reminder, E-statement and Online Bill Pay;
No pre-set spending limit: Based on spending and payment history. Purchasing power adapts based on Card usage and can grow over time;
First year fee-free, $185 annual fee thereafter; fee-free additional Card: Ideal for a purchasing manager/office manager (First additional Card is free, all additional are $45);
The OPEN Savings program, which offers automatic savings at select travel and service providers, and business suppliers like Delta, JetBlue, Fedex Kinko’s, and Hyatt. For more information, visit OpenSavings.com;
Retail and travel protections such as Global Assist, Car Rental Loss & Damage Insurance, Purchase Protection Insurance, Travel Accident Insurance, American Express Card Baggage Insurance, Buyers Assurance Plan, Automatic Bill Payment, Express Cash Emergency Card Replacement, Emergency Check Cashing, and 24-hour customer service.
In summary, if you can spend $5000+ every month, this is a good card for you. Every month you spend $5000+, you can get 2% cashback. Every month you spend less than $5000, you can get 1% cashback. Drawback is you have to pay at least 10% of your balance in 10 days of the new bill. I think the new color will also attract new applications. If you are a great spender, this is a nice card for you. For deatails, please click here.
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November 5th, 2007 at 2:25 pm
it surely looks great!
but, hey, the $185 annual fee? i don’t see many benefits associated with the pretty large fee. am i missing something here?
November 5th, 2007 at 3:06 pm
Hi Sander.The annual fee for the first year is free. However, the annual fee for the second year is $185. If you are a big spender ($5000+), you can get $100 back for each month.So the annual fee is not a problem. However, I might also consider Blue Cash from American Express which will give you 5% cashback on certain purchases and full 1.5% cashback on everything, if you can spend $6500 per year.Anyway, this is a new beautiful card from American Express.Do you have other ideas?
November 5th, 2007 at 8:52 pm
seems like amex is good at making distinct look of cards
November 5th, 2007 at 8:53 pm
btw, what is meta “log in”?
November 5th, 2007 at 9:10 pm
Hi,linglin. Congratulations! I use that bottun to manage the website. If you want to write a post here, please feel free to contact me.
November 5th, 2007 at 9:31 pm
If I am a student, can I apply business credit card? Thanks!
November 5th, 2007 at 10:07 pm
Hi Shawn. As I said before, everyone can apply for a business card. You can put your name as the business name. Put your SSN as ITIN. However, they might call you and ask what’s kind of business you are working. Some typical answers are: I’m doing some eBay business.Or I am preparing on it.You may try it some time. The business cards will not appear on your credit report.
November 5th, 2007 at 10:13 pm
I think you are right. This card is for big spenders who want cash rewards.
November 5th, 2007 at 10:20 pm
Hi Sander. You’re right. For most of us, the HH 2% card(or Orcahrd card) is enough.
November 27th, 2007 at 10:58 am
I think some of you are missing the point. It is 2% 10 Net60 trade terms card. You can purchase goods from your vendor and get basically 60 days to pay off the purchase. You can then turn around and sell the goods to your customer and give them 30 days to pay you. You will receive your payment from your customer well before you pay your plum card balance, thus freeing up cash for your business. Remember, this is a BUSINESS card so you have to think of it in terms of a business, and not just a rebate card.
November 27th, 2007 at 12:05 pm
Hi Jonathan. Thank you very much. Yes. It’s true. It’s a nice card for business owners not for daily use.(we can’t spend so much money in a month.)