If you just received notice that your credit limit has been slashed on one of your credit cards, don't panic. You're not alone. And it's not something you should take personally — even rockstar, top-tier borrowers have seen their limits lowered in recent years. It's frustrating, especially if you rely on your credit card for regular purchases or in...
|Signing Promotion||Get up to a 2% Discount consisting of a 1.5% Early Pay Discount plus, for the first 6 months of Card membership, get an extra 0.5% on all eligible purchases, up to $250,000. Apply online for this offer. Terms and limitations apply.|
|Annual Fee||$0 introductory annual fee for the first year, then $250|
|Cash Advance APR||N/A|
|Intro APR Promotions||N/A|
Get a 1.5% discount on the portion of your balance that you pay within 10 days of your statement closing date as long as you pay at least your minimum payment due.
Your discount will appear as a credit on your next statement.
Take up to 60 days to pay, without interest, so you can keep the cash you need on hand.
For even more cash flow flexibility, you can choose whether to receive your bill at the beginning, middle, or end of the month.
Pay no annual fee for your first year of membership. Then, pay $250 annually. No annual fee for Additional Cards for employees.
See card issuer's website for details about terms and conditions of offer.
Excellent Credit Needed
- 60 days to pay off balances interest fee, so long as you pay 10% by the due date
- 1.5% saving on every purchase when you pay your bill a little early
- Excellent saving on business retailers and services through the Open Savings program
- Excellent reputation for customer service
- $250 annual fee, though waived for the first year
- 2.7% foreign transaction fee
The Simple Dollar’s Review
The Plum Card® from American Express OPEN offers a benefit unique among business charge cards, and one that’s especially well suited for young start-ups. You essentially get 1.5% cash-back on everything you buy when you pay your balance within 10 days of the due date. So let’s say you spend $100,000 a year using your card and always pay your balance a few days early; you’ll get $1,500 credited back to your account! And when money isn’t coming in as fast as you’ve anticipated, you can just pay 10% of your balance by the due date and take an additional 60 days to pay off the rest. It’s a 60 day interest-free loan for your business. The theme here is flexibility and savings, two necessities for a new business.
On top of all that, you’ll enjoy discounts of 3% to 10 % on select business essentials, like office supplies and car rentals, through the American Express Open Savings program. You can also adjust your payment cycle, so your bill is due at the beginning, middle or end of the month for even more flexibility.
Naturally, something this good must have a catch — there’s a $250 annual fee. And even though the fee is waived for the first year, you’ll want to make sure your business is spending enough so the savings outweigh the annual fee. If you consider the 1.5% cash-back, Open Savings discounts, and interest-free short-term loans, this is not hard to do.
The card doesn’t have as many perks as some American Express cards, but if financial flexibility and savings are paramount for your growing enterprise, no card offers a better deal than this one.
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