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Amex has expanded its business card lineup with the introduction of the American Express Graphite™ Business Cash Unlimited Card.
It earns at least 2% cash back* on eligible purchases, which should make it a strong option for business owners looking to simplify their rewards. However, it has a steep $295 annual fee (see rates and fees) and lacks straightforward benefits to justify the cost.
To put it simply, you can earn 2% cash back on eligible business purchases and pay no annual fee with other business cards. Let’s take a closer look at this card and how it stacks up against the competition.
The American Express Graphite Business Cash Unlimited earns a high flat-rate return. However, it’s hefty annual fee makes it less appealing than comparable business cards that offer a minimum of 2% cash back with no annual fee.
- Above-average return on eligible purchases
- High annual fee
- Few straightforward money-saving benefits
Highlights
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select’s editorial staff.
- 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 or at Amazon.com checkout.
- Start saving while you spend. Get unlimited 2% cash back* in Reward Dollars on all eligible purchases. *Cash back is received in the form of Reward Dollars that can be redeemed as a statement credit and at Amazon.com checkout. Get more for your travels with 5% cash back* on flights and prepaid hotel bookings through American Express Travel® Online. Purchases eligible for multiple cash back rates will only receive the highest eligible cash back rate.
- No Preset Spending Limit. The spending limit on this Card is flexible, so unlike a traditional credit card with a set limit, the amount you can spend adapts based on factors such as your purchase, payment and credit history.
- Pay Over Time gives you the ability to carry a balance with interest up to your Pay Over Time Limit, so you can handle expected and unexpected expenses that come your way.
- Your business, your choice: metal Employee Graphite™ Business Cash Unlimited Card for $95 Annual Fee for the first 5 Cards, $95 Annual Fee for each thereafter, or plastic Employee Business Expense Card for no Annual Fee.
- Unlock up to $2,400 in statement credits for use in the next calendar year on American Express One AP® monthly fees** after spending $250,000 on eligible purchases on the Graphite™ Business Cash Unlimited Card this calendar year. Terms apply. **Monthly fees include an auto-renewing platform access fee.
- Terms apply.
- See rates and Fees
*Cash back is earned in the form of Reward Dollars that can be redeemed for statement credits
Details on the Amex Graphite Business Cash Unlimited
The Amex Graphite Business earns cash back at the following rates:
- 5% cash back on flights and prepaid hotels booked through American Express Travel®
- 2% cash back on all other eligible purchases
The cash back return from this card is strong, but the $295 annual fee (see rates and fees) is what sinks it. Here’s another way to analyze the annual fee*: It takes $14,750 in annual spending at 2% cash back to earn enough rewards to pay for it. On top of that, you pay $95 per year for the first five employee cards and $95 for each additional employee card*.
That’s not an unrealistic amount to spend for an average business. The problem is that you can get 2% cash back on all of your eligible business purchases for a much lower annual fee. (We cover some of those options further below.)
The Graphite Business currently features a huge welcome offer worth $1,500 cash back (in the form of Reward Dollars) after spending $50,000 in purchases on the card within the first six months of card membership. It also has one main benefit: You can earn up to $2,400 in Amex One AP® statement credits to use on monthly fees in the next calendar year. American Express One AP® is Amex’s accounts payable automation platform, and to receive this credit, you’ll need to spend $250,000 on eligible purchases in the current calendar year.
A more valuable business card to consider
If your business spends enough to qualify for the Amex One AP® benefit, then you might find The Business Platinum Card® from American Express much more valuable. After spending $250,000 on eligible purchases, it offers the same accounts payable credit and $1,200 in Amex Travel statement credits for flights booked on AmexTravel.com.
Those massive credits are on top of thousands of dollars in other annual perks, including credits for hotels, airline fees and business services.
While it costs $400 a year per Employee Business Platinum Card® you add to your account, each cardholder can enroll to receive airport lounge access, hotel elite status and other benefits. You can save money by opting for Employee Business Expense Cards that have no annual fee but far fewer perks. You can add up to 99 employee cards to your account in total (see rates and fees).
The Business Platinum Card from American Express is a premium business card loaded with statement credit offers for business services and travel that help justify its steep annual fee.
- Access to 1,550 airport lounges, including Priority Pass (Enrollment required) and Amex Centurion lounges
- Hotel and rental car elite status perks
- Earns flexible rewards you can transfer to 20+ airline and hotel loyalty programs (Enrollment required for select benefits mentioned; Benefits may be subject to auto-renewal)
- High annual fee
- Limited bonus spending categories
- Some statement credit offers are earned in small increments or only apply to purchases from a single brand
Highlights
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select’s editorial staff.
- Elevated Welcome Offer: Earn 200,000 Membership Rewards® points after you spend $20,000 in eligible purchases on the Business Platinum Card® within the first 3 months of Card Membership.
- The American Express Global Lounge Collection® can provide an escape at the airport. With complimentary access to more than 1,550 airport lounges across 140 countries and counting, you have more airport lounge options than any other credit card company on the market as of 07/2025.
- See how you can unlock over $3,500 in business and travel value annually after meeting qualifying spend thresholds on the Business Platinum Card. Terms apply.
- Get up to $300 in statement credits semi-annually for up to a total of $600 in statement credits per calendar year on prepaid Fine Hotels + Resorts® or The Hotel Collection bookings through American Express Travel using the Business Platinum Card®. The Hotel Collection requires a minimum two-night stay.
- No Preset Spending Limit: The spending limit on the Business Platinum Card is flexible, so unlike a traditional credit card with a set limit, the amount you can spend adapts based on factors such as your purchase, payment and credit history.
- Make the Business Platinum Card® work even harder for you. Hilton for Business members get up to $200 back per calendar year when you make an eligible purchase at Hilton properties across the globe. Gift cards are not an eligible purchase. Benefit enrollment required.
- Fly like a pro with a $200 Airline Fee Credit. Select one qualifying airline to receive up to $200 back per year on baggage fees and other incidentals.
- Use the Business Platinum Card and get up to $209 back per calendar year on your CLEAR® Plus Membership (subject to auto-renewal).
- Maximize your time away with Fine Hotels + Resorts through Amex Travel™.
- Enroll and get up to $150 in statement credits on U.S purchases directly with Dell Technologies on the Business Platinum Card and an additional $1,000 statement credit after you spend $5,000 or more on that same Card per calendar year.
- Enroll and get a $250 statement credit after you spend $600 or more on U.S. purchases directly with Adobe per calendar year on the Business Platinum Card.
- Get up to $90 in statement credits quarterly for purchases with Indeed on the Business Platinum Card. That’s up to $360 back per year. Enrollment required.
- Get up to $10 in statement credits per month for wireless telephone service purchases made directly with a wireless provider in the U.S. on the Business Platinum Card. That’s up to $120 back per year. Enrollment required.
- Enhanced! 2X points on purchases at U.S. construction material & hardware suppliers, electronic goods retailers and software & cloud system providers, and shipping providers, as well as on each eligible purchase of $5,000 or more, up to $2 million of these purchases per calendar year. Purchases eligible for multiple additional point bonuses will only receive the highest eligible bonus.
- 5X points on flights and prepaid hotels on AmexTravel.com
- 1X points on other eligible purchases
- $895 Annual Fee.
- Terms Apply.
- See Rates & Fees
Cheaper flat-rate cash back business cards
Business owners who are considering the new Amex Graphite card and aren’t committed to using Amex business services may find more value in the Capital One Spark Cash Plus. It has a smaller $150 annual fee and earns 5% cash back on hotels and rental cars booked through Capital One Business Travel and 2% cash back on all other purchases.
The Spark Cash Plus is also loaded with big bonuses for large spenders. You’ll earn a welcome bonus of $2,000 after spending $30,000 in the first three months and another $2,000 for every $500,000 you spend in the first 12 months. Also, after spending $150,000 in any year, the $150 annual fee is refunded.
The Capital One Spark Cash Plus is especially rewarding for businesses with a lot of credit card spending. It offers an additional bonus the first year and an ongoing annual fee refund, but both benefits have six-figure spending requirements.
- High flat-rate rewards
- Valuable welcome offer
- Has an annual fee
- High spending requirement to earn the welcome offer and qualify for the annual fee refund
Highlights
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select’s editorial staff.
- Earn a one-time cash bonus of $2,000 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. You can earn this bonus multiple times over the course of year 1!
- Earn unlimited 2% cash back on every purchase, everywhere—with no limits or category restrictions
- Enjoy big purchasing power so you can spend more and earn more rewards. The Spark Cash Plus card has no preset spending limit, so it can adapt to your needs based on your spending behavior, payment history, credit profile and other factors
- Earn unlimited 5% cash back on hotels and rental cars booked through Capital One Business Travel
- Streamline your accounts payable process, employee spending, and more from your online account with free business management tools
- Empower your teams to make business purchases while you earn rewards from their transactions with free employee and virtual cards
- $150 annual fee – Spend $150,000 annually and Capital One will refund this fee every year
- Spark Cash Plus has no APR because your balance is due in full every month
- For businesses that need large spending capacity and want to maximize cash back
- Top rated mobile app
If the thought of justifying big annual fees stresses you, the Signify Business Cash℠ Card by Wells Fargo earns 2% cash rewards on all purchases and has no annual fee. Plus, it offers an intro APR and a welcome bonus of $500 in cash rewards after you spend $5,000 on purchases in the first three months.
Signify Business Cash℠ Card by Wells Fargo
Information about the Signify Business Cash℠ Card by Wells Fargo has been collected independently by CNBC Select and has not been reviewed or provided by the issuer of the card prior to publication.
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Rewards
2% cash rewards on all purchases
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Welcome bonus
Earn a $500 cash rewards bonus after spending $5,000 in the first three months.
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Annual fee
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Intro APR
0% for the first 12 months on purchases from account opening
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Regular APR
16.74% – 24.74% variable
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Balance transfer fee
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Foreign transaction fee
Pros
- High flat-rate rewards
- Intro APR for a year on purchases
- No annual fee
Cons
- Airport lounge access has a per-visit fee
- Has a foreign transaction fee
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For rates and fees of The Business Platinum® Card from American Express, click here.
For rates and fees of the GraphiteTM Business Cash Unlimited Card, click here.
Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.
