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New Amex Graphite™ Business Cash Unlimited Card: Worth $295?

The American Express Graphite™ Business Cash Unlimited Card is built for businesses that want simple cash back, flexible spending capacity, and fewer moving parts.

Written by: Sebastian FungLast updated: March 27, 2026
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American Express just launched a new cash back business card, the American Express Graphite™ Business Cash Unlimited Card. It's built for business owners who want strong flat-rate rewards without juggling bonus categories. 

Terms apply to American Express benefits and offers. Enrollment may be required for select American Express benefits and offers. Visit americanexpress.com to learn more.

Key Features: Rewards and Redemptions

Spend Multipliers:
  • 2% cash back on eligible purchases
  • 5% cash back on flights and prepaid hotel bookings through American Express Travel®
The core value is the flat earning structure. Card members earn 2% cash back on eligible purchases, which means you do not need to move spend around to maximize value. If your business has many general expenses that do not neatly fit into bonus categories, this setup can be attractive.
 
There is also a travel angle. The card earns 5% cash back on flights and prepaid hotel bookings through American Express Travel®. Purchases eligible for multiple cash back rates will receive only the highest eligible rate, not multiple stacked rates. 

Important note: Cash back is earned as Reward Dollars, which can be redeemed as a statement credit and at Amazon.com checkout at a 1:1 rate, with no minimum redemption amount. This matters because “cash back” here is not described as a direct bank deposit in the release; it is a rewards currency with defined redemption options.
card art for the Graphite™ Business Cash Unlimited Card card Graphite™ Business Cash Unlimited Card
Earn $1,500 Cash Back in the form of Reward Dollars after you spend $50,000 in purchases on your new Card within the first 6 months of Card Membership. Reward Dollars can be redeemed as statement credits and at Amazon.com checkout.

Annual fee: $295

Terms apply | Rates & Fees

Sebby's Take: Ideal for business owners who want an American Express card and have high enough spend to outweigh the annual fee. Note that this card does NOT earn Membership Rewards.

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No Preset Spending Limit and Pay Over Time with interest

No Preset Spending Limit means your spending limit is flexible. Unlike a traditional card with a set limit, the amount you can spend adjusts based on factors such as your purchase history, payment method, and credit history.
 

Employee Cards

For teams, the card includes employee-card options and controls. Card members can add metal employee Graphite cards for $95 per year for the first five cards and $95 per card thereafter, and there is also an Employee Business Expense Card with no annual fee. The card also supports Virtual Cards, which can help businesses set adjustable limits and tighten spending controls.

Up to $2,400 One AP® Statement Credits

Card members can unlock up to $2,400 in One AP® statement credits for the following calendar year after spending $250,000 on eligible purchases in a calendar year. That credit can be used toward monthly fees for American Express’ accounts payable automation platform. For a very small business, that may not move the needle. For a larger operation already spending heavily and using AP tools, it could be meaningful. Terms Apply.

Who should get the American Express Graphite™ Business Cash Unlimited Card?

The American Express Graphite™ Business Cash Unlimited Card fits business owners who want simple cash back instead of points. If your spending is broad, hard to categorize, and you do not want to think too much about optimization, the card is worth considering.

You earn 2% cash back on eligible purchases and 5% cash back on flights and prepaid hotel bookings through American Express Travel®, with no cap on rewards, and the card adds flexible spending capacity through No Preset Spending Limit and Pay Over Time with interest. Terms Apply.
 
I think this card makes the most sense for businesses that specifically want an American Express card,  that also have high spend and care more about straightforward value and cash-flow flexibility than transfer partners or premium travel perks. It also works better for owners who want a clean setup for employee spending, virtual cards, and expense controls, rather than a points strategy built around airline and hotel redemptions.

Who should avoid the Graphite card?

If your main goal is to earn Membership Rewards® points, this is not the right card. The Graphite card is a cash-back product, with rewards earned as Reward Dollars, not Membership Rewards points. Those Reward Dollars can be redeemed as a statement credit and at Amazon.com checkout, but they do not give you the same transfer-partner flexibility that Membership Rewards points do.
 
If you're comfortable with issuers beyond American Express, Capital One has competitive products that also offer 2% cash back on everything, but with a lower annual fee. You can also turn this cash back into miles, and then transfer out to partners, offering more upside.
 
For businesses seeking Membership Rewards points, I would consider three other Amex options instead.
 

The Blue Business® Plus Credit Card from American Express

The Blue Business® Plus Credit Card is the better simple-card alternative for people who want Membership Rewards points without paying an annual fee. Rates & Fees
If your whole goal is “keep it simple, but still earn MR,” this is probably the best alternative to the Graphite card.
card art for the The Blue Business® Plus Credit Card from American Express cardThe Blue Business® Plus Credit Card from American Express
Earn 15,000 Membership Rewards® points after you spend $3,000 in eligible purchases on the Card within your first 3 months of Card Membership.

Annual fee: $0

Terms apply | Rates & Fees

Sebby's Take: No annual fee option where you get 2x back on everything on up to $50,000 in spend per calendar year. After that, it's 1x back.

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The Business Platinum Card® from American Express

The Amex Business Platinum Card makes more sense for people who want a premium travel card and are willing to pay for it.  This is the better fit if you value travel redemptions, transfer partners, and premium-card perks more than simple cash back.
💰 Huge Intro Bonus
card art for the The Business Platinum Card® from American Express cardThe Business Platinum Card® from American Express
You may be eligible for as high as 300,000 Membership Rewards® Points after spending $20,000 in eligible purchases on your new Card in your first 3 months of Membership. Welcome offers vary and you may not be eligible for an offer. Learn more.

Annual fee: $895

Terms apply | Rates & Fees

Sebby's Take: The flagship Amex business travel card. Despite a hefty annual fee, you get up to $4,000 in credits that help offset this. The card is ideal for people who benefit from lounge access, travel protections, and access to programs like Fine Hotels & Resorts.

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American Express® Business Gold Card

The Amex Business Gold Card is the better fit for businesses with spend that naturally lines up with Amex’s bonus categories, specifically for businesses that want to maximize points in categories like advertising, software, gas, restaurants, and similar spend.
card art for the American Express® Business Gold Card cardAmerican Express® Business Gold Card
You may be eligible for as high as 200,000 Membership Rewards® Points after spending $15,000 in eligible purchases on your new Card in your first 3 months of Membership. Welcome offers vary and you may not be eligible for an offer.

Annual fee: $375

Terms apply | Rates & Fees

Sebby's take: Ideal for people who have high spend for airlines and U.S. purchases for advertising, gas stations, restaurants, shipping, and direct orders from select technology providers (of computer hardware, software, and cloud solutions).

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Capital One Spark Cash Plus

If you want unlimited flexible points and have high spend, the Capital One Spark Cash Plus is worth considering. Earn 2% unlimited 2% cash back on all purchases. If you have a miles-earning Capital One card, you can pool the miles together and redeem them for travel.

card art for the Capital One Spark Cash Plus cardCapital One Spark Cash Plus
Earn $2,000 cash bonus once you spend $30,000 in the first 3 months. Earn an additional $2,000 cash bonus for every $500K spent during the first year

Annual fee: $150

Sebby's Take: Earn unlimited 2% cash back on every purchase and no preset spending limit, making it a strong fit for businesses with high or fluctuating expenses. Just be ready to pay your balance in full each month to avoid penalties.

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Main Takeaway

Get the Graphite card if you have very high spend and want cash back and spending flexibility. Skip it if you want to build around Membership Rewards points.
 
If you want the premium travel version of that ecosystem, look at The Business Platinum Card® from American Express. If you want better category bonuses, look at the American Express® Business Gold Card. If you just want a simple everyday Amex that earns Membership Rewards points, the Blue Business® Plus Credit Card is probably the closest alternative.

FAQ

What is the American Express Graphite™ Business Cash Unlimited Card?

The American Express Graphite™ Business Cash Unlimited Card is a new business card from American Express that earns 2% cash back on eligible purchases and 5% cash back on flights and prepaid hotel bookings through American Express Travel®, with no cap on the amount of cash back card members can earn. The card has a $295 annual fee.

What does the Graphite card earn?

The card earns 2% cash back on eligible purchases and 5% cash back on flights and prepaid hotel bookings through American Express Travel®. If a purchase qualifies for more than one rate, it only earns the highest eligible cash back rate.

Is there a cap on rewards?

No. The card earns unlimited cash back, with no cap on how much card members can earn.

How is the cash back redeemed?

Cash back is earned in the form of Reward Dollars. Those Reward Dollars can be redeemed as a statement credit or at Amazon.com checkout at a 1:1 rate, with no minimum redemption amount.

Does the Graphite card have a preset spending limit?

The card has No Preset Spending Limit, but that does not mean unlimited spending. The approved Amex wording is that the spending limit is flexible, and the amount you can spend adapts based on factors such as your purchase, payment, and credit history.

Does the Graphite card let you carry a balance?

Yes. The card includes Pay Over Time, which lets card members carry a balance with interest up to the Pay Over Time Limit.

Are employee cards available?

Yes. American Express says businesses can add metal Employee Graphite™ Business Cash Unlimited Cards for $95 per year for the first five cards, and $95 for each thereafter. There is also an Employee Business Expense Card with no annual fee.

Does the card include any business tools?

Yes. The card has Virtual Cards, which offer adjustable spending limits and unique digital card numbers for added security. The card also integrates with American Express Business Checking and Business Line of Credit, subject to eligibility.

What is the One AP® credit on the Graphite card?

Card members can unlock up to $2,400 in statement credits for the following calendar year on monthly fees for One AP®, American Express’ accounts payable automation platform, after spending $250,000 on eligible purchases in a calendar year. Terms apply.

💳 Featured Card Offers

Advertiser Disclosure
Graphite™ Business Cash Unlimited Card

Terms apply | Rates & Fees

View Offer
Capital One Spark Cash Plus
The Blue Business® Plus Credit Card from American Express

15,000 Membership Rewards® points

Terms apply | Rates & Fees

American Express® Business Gold Card

As High As 200,000 points. Find Out Your Offer.

Terms apply | Rates & Fees

The Business Platinum Card® from American Express

As High As 300,000 points. Find Out Your Offer.

Terms apply | Rates & Fees