Graphite™ Business Cash Unlimited Card

Cash Back Rewards Explained

The Graphite Business Cash Unlimited Card keeps things simple: every eligible business purchase earns unlimited 2% cash back as Reward Dollars — no bonus categories to activate, no quarterly rotations, and no annual spending cap. For businesses that prefer a set-it-and-forget-it cash back credit card, the structure is about as straightforward as it gets.

On top of the base 2% rate, you earn 5% cash back on flights and prepaid hotels booked through AmexTravel.com — uncapped. One caveat: Amex Travel prices can run 10%+ above direct booking, so always compare before assuming the 5% rate is a net win.

Reward Dollars are redeemable as statement credits to offset transactions on your account or as a payment method at Amazon.com checkout. There are no transfer partners and no option to redeem through a travel portal — this is a pure cash-back card with limited redemption flexibility.

Welcome Offer Analysis

New cardholders can earn $1,500 Cash Back in the form of Reward Dollars after spending $50,000 in purchases within the first 6 months. That’s a spend requirement of roughly $8,333 per month — achievable for mid-to-large businesses but aggressive for most small operations.

During that introductory period, the $50,000 in spend also earns $1,000 in base cash back (2%), bringing first-six-month rewards to $2,500 total. Some applicants have reported seeing an elevated $2,000 welcome offer through targeted channels — if you see it, that’s a significant bump worth taking.

For comparison, the Capital One Spark Cash Plus offers a $2,000 bonus after $30,000 in spending over 3 months — a lower threshold that’s easier to hit. The Amex Blue Business Cash offers $250 after $3,000 in spending, which is far more accessible for small businesses.

Annual Fee Breakeven

At $295 per year, the Graphite card’s annual fee is the central question. On the 2% cash back rate alone, you need to spend $14,750 annually — about $1,229 per month — just to earn enough rewards to cover the fee. Every dollar of spend above that threshold generates net positive value.

The math improves if you factor in the 5% Amex Travel rate. A business that books $3,000 in travel annually through AmexTravel.com earns $150 at 5% — dropping the remaining fee to offset from $295 to $145, which requires only $7,250 in non-travel spend at 2%.

For high-volume businesses spending $250,000+ annually, the One AP benefit unlocks up to $2,400 in statement credits for Amex’s accounts payable platform — which more than covers the fee on its own. But most small businesses won’t reach that threshold.

Here’s how the math works at different monthly spending levels (assuming all spend at 2%, no Amex Travel):

Business Management Features

Beyond cash back, the Graphite card includes several tools designed for business expense management. The card has no preset spending limit, which adjusts based on your purchase patterns, payment history, and credit profile — useful for businesses with variable monthly expenses.

You can issue Virtual Cards with adjustable spending limits and unique digital card numbers, adding a layer of security and control for vendor payments or employee expenses. Employee cards are available at $95 each for the first five, with no-fee Business Expense Cards also an option for team members who don’t need the full card.

Card protections include purchase protection, return protection, extended warranty coverage, and car rental loss and damage insurance — standard for Amex business cards at this fee level.

How This Card Compares

The Capital One Spark Cash Plus is the Graphite card’s most direct competitor. At $150 per year — nearly half the Graphite’s fee — the Spark Cash Plus also earns 2% cash back on all purchases and 5% on hotels and rental cars booked through Capital One Travel. It adds a $2,000 welcome bonus after $30,000 in 3 months and refunds the annual fee entirely once you spend $150,000 in a year.

For businesses that want to stay in the Amex ecosystem without the fee, the Amex Blue Business Cash Card earns 2% back on everyday business purchases up to $50,000 per year with a $0 annual fee. The trade-off is the spending cap — once you exceed $50,000, the rate drops to 1%. If your business consistently spends more than $50,000, the Graphite card’s uncapped 2% starts to deliver more net value despite the fee.

It’s also worth weighing the Graphite against Amex’s own Business Gold Card ($375/yr). The Business Gold earns 4x Membership Rewards points on the two categories where your business spends the most each month (up to $150,000/yr), and those points transfer to 20+ airline and hotel partners — giving them potentially outsized value beyond a flat cash-back rate. The Gold also includes $240 in annual statement credits for FedEx, Grubhub, and select office supply purchases. For $80 more per year, you get meaningfully more flexibility and perks. The Graphite only wins if you specifically want cash back simplicity and have no interest in managing transferable points.

Who Should Get This Card

The Graphite card makes sense for businesses that spend $75,000+ annually, already use Amex for business payments, book travel regularly through AmexTravel.com, and want a single flat-rate card without managing bonus categories. At that spending level, the 2% uncapped rate plus 5% travel rate generates enough value to comfortably justify the $295 fee. Browse our full business credit card rankings to compare options.

Timing matters: Amex’s one-bonus-per-lifetime rule means you only get one shot at the welcome offer on this card. The current $1,500 (or elevated $2,000) offer launched with the card in March 2026 and historically, Amex welcome bonuses trend downward over time. If you’re planning to apply, doing so while the launch offer is fresh gives you the best chance at the highest bonus. You can check your eligibility using Amex’s pre-application tool before submitting a full application.

Who Should Skip This Card

If your business spends under $50,000 per year, the Blue Business Cash Card gives you the same 2% rate with no annual fee. If you’re not committed to the Amex ecosystem and want a lower fee, the Spark Cash Plus delivers nearly identical value at $150. And if you’re looking for transfer partners, flexible points, or category bonuses, this isn’t the right card — consider the Amex Business Gold instead.