American Express has launched a new small-business card, the American Express Graphite™ Business Cash Unlimited Card, designed with simplicity in mind.
The name follows the industry’s long-running habit of using premium-sounding materials — from “Platinum” to newer additions like “Palladium” — to signal exclusivity. In practice, though, that positioning only holds up when the benefits follow suit.
The information for the American Express Graphite Business Cash Unlimited Card has been collected independently by The Points Guy. The card details on this page have not been reviewed or provided by the card issuer.
The new card offers 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 a $295 annual fee, placing it firmly in the mid-tier business card space.
According to American Express, the goal is to provide a straightforward way for business owners to earn rewards on everyday spending while accessing tools to help manage cash flow. But in a crowded market, simplicity alone may not be enough to stand out.
*Cash back is received in the form of Reward Dollars that can be redeemed as a statement credit and at amazon.com checkout.
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 some 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. That puts it in line with several other business cards offering similar returns — though many of those alternatives come with lower annual fees.
The card also earns 5% cash back on flights and prepaid hotels booked through Amex Travel. While that elevated rate may appeal to businesses with significant travel spending, it does require booking through American Express’ travel portal rather than directly with airlines or hotels — a trade-off that may not suit every business.
Pricing can also be a factor: A TPG analysis has found that flight prices on Amex Travel are, on average, over 10% higher than booking directly, which offsets the value of the higher rewards rate.
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Rewards are earned as “Reward Dollars,” which can be redeemed as a statement credit or used at Amazon at a fixed rate. That keeps things straightforward, but also limits flexibility compared to cards that earn transferable points.
Benefits exist but are hard to unlock
The card includes a range of features you’d expect at this price point, including no foreign transaction fees, shopping and travel protections, and no preset spending limit. Unlike a traditional card with a set limit, the amount you can spend adapts based on factors such as your purchase, payment and credit history.
There’s also a pathway to offset the annual fee — but it comes with a significant hurdle. Cardholders can earn up to $2,400 in annual statement credits for use with American Express’ One AP accounts payable platform in the next calendar year (subject to auto-renewal), but only after spending $250,000 on the card in a calendar year. For many small businesses, that threshold will likely be out of reach.
The welcome offer follows a similar pattern: Earning $1,500 cash back requires $50,000 in spending within the first six months — a relatively high bar compared to many competing business cards.
How it compares to the competition
At $295 per year, the Graphite card sits in a competitive segment of the market.
While the card offers a clean, no-frills 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.
Even within American Express’ own lineup, alternatives may be more compelling depending on your goals — whether that’s maximizing rewards, accessing statement credits or avoiding an annual fee altogether.
Who this card makes sense for
The Graphite card is unlikely to be a one-size-fits-all option — but it could appeal to a narrower group of business owners. It may make sense if you:
For many other businesses — particularly those with lower annual spending or those seeking more flexible rewards — there are likely to be stronger alternatives.
Bottom line
The American Express Graphite Business Cash Unlimited Card is positioned as a simple, reliable option for earning cash back — but it enters a market where simplicity is no longer a differentiator.
A solid 2% return and straightforward rewards structure will appeal to some businesses, particularly those already aligned with American Express. However, once you factor in the $295 annual fee, high spending thresholds and limited flexibility, the card becomes harder to justify.
For a card with a premium-sounding name and mid-tier pricing, the Graphite card doesn’t clearly outperform either its direct competitors or several options within American Express’ own lineup.
It may still appeal to a narrow group of businesses already committed to the Amex ecosystem — but for most, it’s unlikely to be the most compelling choice.
Related: Best business cash-back credit cards
