American Express Launches Graphite Business Cash Unlimited Card with 2% Cash Back
American Express has introduced the Graphite™ Business Cash Unlimited Card, designed to offer simplicity and rewards for small business owners. The card provides unlimited 2% cash back on all eligible purchases and 5% cash back on flights and prepaid hotels booked through American Express Travel® Online. It carries an annual fee of $295.
Key Details of the Amex Graphite Card
- Annual fee: $295
- Welcome offer: Earn $1,500 cash back (as Reward Dollars) after spending $50,000 on purchases in the first six months of card membership
- Earning rates:
- 2% cash back on all eligible purchases
- 5% cash back on flights and prepaid hotels booked through Amex Travel
- Redemption options: Statement credit or Amazon purchases (1 cent per Reward Dollar)
- Employee cards:
- $95 annually for up to five metal cards (then $95 each thereafter)
- $0 for plastic employee cards
- No foreign transaction fees
A Simple Earning Structure with Trade-offs
The Graphite Card’s core appeal is its simplicity: a flat 2% cash-back rate across all eligible purchases, with no cap on earnings. However, many other business cards offer similar returns with lower annual fees.
The card similarly earns 5% cash back on flights and prepaid hotels booked through Amex Travel. While this elevated rate may appeal to businesses with significant travel spending, it requires booking through American Express’ travel portal, which may result in higher prices than booking directly with airlines or hotels. Analysis from The Points Guy suggests flight prices on Amex Travel are, on average, over 10% higher than booking directly.
Rewards are earned as “Reward Dollars,” which can be redeemed as a statement credit or used at Amazon at a fixed rate. This keeps things straightforward but limits flexibility compared to cards that earn transferable points.
Benefits and Considerations
The card includes no foreign transaction fees, shopping and travel protections, and a flexible spending limit that adapts based on purchase, payment, and credit history.
There’s a pathway to offset the annual fee—but it requires significant spending. Cardholders can earn up to $2,400 in annual statement credits for leverage with American Express’ One AP accounts payable platform, but only after spending $250,000 on the card in a calendar year.
The welcome offer requires $50,000 in spending within the first six months to earn $1,500 cash back—a relatively high bar compared to many competing business cards.
How it Compares to the Competition
At $295 per year, the Graphite Card competes with other mid-tier business cards. While it offers a clean earning structure, many competing products offer similar or stronger value with fewer trade-offs. Some cards provide comparable flat-rate cash back with lower annual fees, while others offer more flexible rewards that can be transferred to airline and hotel partners.
Who This Card Makes Sense For
The Graphite card may appeal to businesses already aligned with American Express and those who prioritize a simple, flat-rate cash-back structure. It could also be beneficial for businesses that frequently use American Express’ One AP platform and can meet the $250,000 spending threshold to offset the annual fee.
Bottom Line
The Graphite Business Cash Unlimited Card is a reliable option for earning cash back, but its value is diminished by the $295 annual fee, high spending thresholds, and limited flexibility. For many businesses, there are likely to be more compelling choices available.
Apply here: Graphite Business Cash Unlimited Card
For rates and fees of the Graphite Business Cash Unlimited Card, click here.
Related: Best business cash-back credit cards
Worth a look