American Express Plum Card to Help SMEs Manage Their Cash Flow

• American Express OPEN has just introduced new features for its SMEs-dedicated Plum Card.

• The Plum credit card is scalable and allows its cardholders to choose between two payment options –instead of one or the other. This way it may help them manage their cash flow and working capital more easily.

• From now on, cardholders may earn a 1.5% discount on the amounts they decide to pay within ten days of the statement closing date when paying at least 10% of their balance.

• Some months, they may also choose to pay 10% of the amount they owe from the statement closing date, and have 60 days to pay the remaining balance without penalties or interest charges.

Source: Press release

• The Plum Card was launched in 2007 by American Express OPEN and already proposed valuable services for businesses: no spending limits, discounts on a certain number of products and services available at American Express’s partners (FedEx or Hertz for instance).

• This possibility to choose between two payment options is generally not proposed at once on the same card and provides SMEs with a more flexible offer.

• These features might respond to the needs of entrepreneurs and small merchants facing cash flow issues in this critical period. In France, cash flow management difficulties are responsible for most bankruptcies.