American Express Plum Card

Do You Need The American Express Plum Card?

This American Express card is designed for business owners who:

• Want flexibility to manage their cash flow
• Purchase materials, supplies and inventory
• Have revenues between $100,000 and $1,000,000

There is no pre-set spending limit with this card. Each of your purchases is approved or disapproved based on your spending patterns, payment history, credit history and financial resources.

Charge Card Versus a Credit Card

The American Express Plum Card is a charge card, not a credit card. With most charge cards, expect to pay your balance in full each month – not to carry it over to the next month. Charge cards are for people and businesses who don't want to carry cash or checks and who want the convenience of all expenses being listed on a monthly statement.

Payment Flexibility

Many business owners experience variances in cash flow through the month. These positive and negative cash flows might affect their ability to pay their charge card balance. The Plum Card gives a business owner payment flexibility including a customized payment due date, an early pay discount and an option to defer payment of part of her balance.

Customize Your Billing Cycle

You know the times of the month when your cash flow is usually at the highest level. With the Plum Card, you can determine when your payment will be due each month - at the beginning, middle or end of the month.

Early Pay Discount

If you pay your full outstanding balance within ten days of your statement closing date you will receive a:

• 2% discount when your month's total spending is above $5,000. For example, if you charge $20,000 each month and you regularly pay your bills in full within ten days, your monthly savings would be $400. Your yearly savings would be $4,800.
• 1% discount when your month's total spending is $5,000 or below

The discount applies to all new charges in that month. Your savings will show as a credit on the next month's statement.

Defer Pay Option

If you pay at least 10% of the new balance by the payment due date, you may defer payment of the remainder of your new balance for one billing period, interest-free. Your account will be assessed a late fee if you don't pay the deferred amount during the next billing period. For example, if the new balance on your statement is $10,000, you can pay $1,000 by the "Please Pay by Date" and the remaining $9,000 by the "Please Pay by Date" on your next month's billing statement.

Easy-to-Understand Fees

• Annual fee - Members are charged a $185 annual fee, waived for the first year.
• Additional cards – There is no charge for a second Plum Card. Each card thereafter is charged $45.
• Late payment fees – The amount of these fees is varies state-to-state. The fees can range from $0 to $39 or 1.5% or 2.99% of the delinquent balance, depending on the state in which you live and the amount of delinquency on your account.

Benefits For Your Business

Plum Card members are entitled to a wide variety of free or reduced cost services and benefits including:

Increased Purchasing Power

• Emergency Check Cashing – You can cash checks for up to $10,000 at over 2,200 American Express locations worldwide.
• OPEN Savings - With OPEN Savings you can save from 3% to 25% on products and services such as FedEx, Delta, Gateway and Hertz that you purchase with your Plum Card. Your savings will be credited on your billing statement.
• Worldwide ATM Access - You can get cash from over 600,000 ATMs around the world 24 hours a day, 7 days a week.

Management and Reporting Tools

• Account Alerts – You can sign up for free notification before your payment is due, when your payment has been received, or if there was unusual activity on your account.
• American Express Bill Pay – You can use your Plum Card to pay recurring expenses like your insurance payments or wireless phone bills. The payments will be included on your monthly Plum Card statement.
• Expense Management Reports – This service helps you track and analyze your spending on your company's Plum Card.

Added Security and Protection

• Roadside Assistance - You can receive up to four vehicle service calls or tows each year, each with a maximum cost of $50.
• Baggage Insurance – You are covered against loss or damage for up to $1,250 for carry-on baggage and up to $500 for checked baggage.
• Buyer's Assurance – This plan extends the terms of the original manufacturer's warranty up to one additional year.
• Car Rental Loss and Damage Insurance – If you use your Plum Card to rent a car, you are covered for this insurance at no additional charge.
• Emergency Card Replacement – American Express will replace your Plum Card within 24 hours if it is lost or stolen.
• Fraud Protection Guarantee – You will not be liable for unauthorized or fraudulent activity on your Plum Card
• Identity Theft Assistance – American Express representatives are ready 24/7 to help you determine if you are a victim of identity theft and to recommend steps for recovery.
• Purchase Protection – Items you purchase with the Plum Card are protected against theft or accidental damage for up to ninety days from the date of purchase at no additional charge.
• Return Protection – If you return an item within ninety days of purchase and the merchant won't take it back, American Express will refund the full purchase price, up to $300 per item.
• Travel Accident Insurance – You are automatically covered for up to $100,000 for accidental death and dismemberment when the fare is charged to the Plum Card.
• Global Assist Hotline – You will have worldwide access to English-speaking medical and legal professionals 24 hours a day, 7 days a week.

Application Is Easy and Fast

You can apply for a Plum Card online or by phone at 888-848-PLUM. Your application can be approved as fast as 60 seconds.

You can transfer an existing American Express account to the Plum Card, but you can't waive the annual fee for the first year.