Chip Lupo, Credit Card Writer
@CLoop
The biggest disadvantage of The Plum Card® from American Express is that it charges a high annual fee, at $250. Therefore, it’s not a great option for people who use their card infrequently or are tight on money. There are a few other disadvantages of the Plum Card to be aware of, too.
Plum Card Disadvantages
- Annual fee: The annual fee is $250.
- Requires high credit scores: The Plum Card requires good credit for approval.
In addition, there are plenty of other disadvantages applicable to all or most credit cards. Some examples are the hard credit pull that usually happens when you apply, interest charged on balances that are carried from month to month, and the potential to overspend.
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People also ask
What are the American Express Plum card benefits?
The best American Express Plum Card benefits start with a 1.5% discount on balances paid before the due date. You also get several types of insurance, including travel insurance, rental car coverage, and purchase protection.
Here are the top American Express Plum Card benefits:
- Pay early or late: 1.5% discount on balances paid before the due date (at least 10 days in advance). Plus, you can carry a balance for up to 60 days without paying interest. Just remember that in both cases, you have to pay at least...
How much is the Plum Card annual fee?
The Plum Card annual fee is $250. Plum Card’s $250 annual fee is higher than the average annual fee among new credit card offers right now. It’s not the only fee you need to worry about with The Plum Card® from American Express, either.
Plum Card Fees
- Annual Fee: $250
- Foreign Fee: 0%
- Max Late Fee: 1.5% then 2.99% of the past due amount (min $39)
To learn more, refer to WalletHub’s guide on credit card fees.
read full answer by Chip Lupo, Credit Card WriterWhat is the Plum Card credit limit?
The Plum Card spending power can change monthly based on a cardholder’s spending patterns and other factors. Keep in mind that cards with no preset spending limit (NPSL), such as Plum Card, don’t have endless spending power. Rather, NPSL simply means the issuer doesn’t give you a set limit when you’re approved for the card.
With most NPSL cards, you won’t know what your card’s spending power will be in any given month, so it’s best...
read full answer by Chip Lupo, Credit Card WriterDid we answer your question?
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