Business Line of Credit Plum

From LoveToKnow Creditcards

If you are looking for a convenient small business line of credit, Plum Card from American Express may be the answer for you. It is loaded with payment choices and early pay discounts designed to help business owners manage their cash flow.

Plum Card is the flexible line of business credit.

Lines of Credit Bring Flexibility

Growing businesses need a line of credit to give them flexibility in their cash flow. The credit line sits in the background until the company needs the cash, and then the business owner can use this reserved credit for business expenses which can't be easily met with existing cash. The line gives the business owner the flexibility to implement timely business actions that might not be possible without a line of credit available such as:

Preordering holiday inventory to take advantage of early order discounts
Purchasing equipment and supplies to support a new product or service

Business Line of Credit: Plum Card

The American Express Plum Card is a line of credit designed for the small business owner who wants the flexibility of a line of credit with the convenience of a revolving credit card. And, since the Plum Card is specifically-designed for the business cardholder, payment policies, reporting and associated services are tailored to the needs of the business owner.

Flexible Line Limits

There is no pre-set credit line. Instead, cardholders have access to a credit line that is based on their credit records, card usage history and payment history. If you plan to make a purchase that is larger than your usual purchases, you can alert Customer Service and avoid the inconvenience and embarrassment of a potential decline of your card when you make your out-of-character purchase.

Customize Your Payment

With other credit lines your payment is usually determined based on a percentage of the amount owed plus the interest charges. Cash flows ebb and flow, causing cash shortages in some months and providing additional cash in other months. For a more flexible business line of credit, Plum cardholders can choose to:

Defer a monthly payment without interest or finance charges. You can make an initial payment of 10% by the payment due date in the first billing cycle and then extend the payment on the balance due until the billing date in the next month. This gives you about sixty days to pay off the balance.
Earn a discount if you pay early. If you pay your balance due within ten days of the monthly closing date on your account you will earn:
- A one percent discount on new charges when your spending is $5,000 or less
- A two percent discount on new charges when your spending is more than $5,000
Select the timing of the monthly closing date – in the beginning, middle or end of the month.

Convenient Access to Your Line

Many lines of credit are only available by accessing funds directly from your bank or by transferring funds into your checking account. With the Plum Card, you have worldwide ATM access to your funds, 24 hours a day, 7 days a week. This can be perfect for paying an international supplier the down payment on an order you just placed in the company's offices. And, if you lose your card, you can have emergency card replacement at any American Express office worldwide. Even if you never leave your office chair, the card gives you convenient access to your credit line by automatic bill payment to any of your suppliers.

Informative Reporting

Smart use of a credit line for cash flow requires good record keeping. As a Plum cardholder, you would automatically receive detailed expense reports. These reports can also be downloaded to your financial software, such as Quicken. For up-to-the-minute reporting, customized Account Alerts can be sent to you by email or text giving you the information you have prearranged to receive such as:

Upcoming payment due date
Verification of a payment receipt
Irregular account activity
A specific level of spending has been reached

Savings on Products and Services

Every business person is looking for ways to save on business expenses. The Plum Card can save you money in two ways:

A credit line with no annual fee – The annual fee is waived for the first year.
A wide variety of savings opportunities including:
- Savings credits on products and services such as Hertz car rentals, FedEx Kinko's Office and Print Centers and Hyatt Hotels & Resorts
- Free insurance including baggage insurance, extended warranty protection and car rental loss and damage insurance

Customize Your Line of Credit

If your comapny's revenues are between $100,000 and $1 million dollars annually, having a Plum Card as your line of credit may be just the extra boost of cash flow flexibility that you need. More information and easy application is available online or by phone at 888-848-PLUM.

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