For those of you who really like to build up huge rewards accounts and maximize your redemptions, Amex has great offer you might be interested in. Many of the rewards programs that are available now are starting to cut back and limit the rewards that are offered, making it more challenging to get the most out of your points and your spending.
The Amex Plum Card is a great charge card for small business owners, and is among the best for earning points and rewards in this category. Let’s take a look at this latest offer and see what it’s all about!
New Offer From Amex Plum Card
The Amex Plum card recently announced a limited time offer of a sign up bonus of 3.5% cash back on all purchases, with a $30,000 spending limit within the first three months. Sure, this is a lot of spending, but if you are investing in your business or need to make some large purchases or equipment investments, it really looks attractive. Think of it as an actual statement credit bonus of $1,050, which is pretty substantial.
Annual Fee Waived for the First Year
The annual fee of $250 may seem a bit steep, but it is waived the first year, which really helps things look better.
The Fine Print
Now, you need to know how the Amex Plum card actually works if you want to maximize the benefits. First, you earn a base reward of 1.5% on all purchases that you pay off within 10 days of the statement closing date. This means, if you do not pay your balance in full (which you are supposed to do with this card, since it is technically a charge card and not a credit card), then you will not earn rewards for the spending you do not pay off or the balance you carry. So, if you make $30,000 in purchases over the first three months, you will earn $450 for that.
This special offer that is currently running adds an additional $200 statement credit for every $10,000 that you spend during that first three month period, allowing you to earn an extra $600 for your purchases. Add the $450 and $600 together, and you get $1,050 back, cash, in your pocket.
Act Fast to Get Benefit
This offer won’t last forever, so if you think it looks attractive to you, you will want to act quickly and make sure that you apply before the offer expires on October 27, 2014.
Amex offers some great basic benefits for all of their cardholders, so being an Amex Plum cardholder has some great perks. There are no foreign transaction fees, you can get additional cards for employees for no additional charge, and you can get some great deals from other vendors and partners, like FedEx, Hertz and Hyatt, and any other OPEN Savings members.
What If I Don’t Pay in Full Each Month?
Well, although you are supposed to pay your balance in full each month, Amex will generously give you 60 days to pay the balance, as long as you pay at least 10% of the balance from any new activity as well as any amount that is up to 60 days old. But, remember, any carried balance after 10 days past the statement date will not be eligible for the rewards earnings, so you are better off paying it in full if you can.
Does this card really seem worth it? While you do have to spend quite a bit to get the full cash back amount (and pay it off in full each month), this is one of the highest cash back percentages you will find on the market right now. As a business card, it might make a lot of sense if you have some big investments to make and can actually hit the spending minimum required.
There are some other great cards from Amex and other companies, with great offerings for business cards right now, including Amex Simply Cash Business card, with 5 points per dollar as rewards, but no special sign up bonus. The Chase Ink Cash offers $200 after you spend only $3,000 in the first three months. What do you think about these options?