AmEx Graphite Business Cash Unlimited: 2% Back, but at What Cost?
AmEx’s newest cash-back business card earns a solid 2% cash back with no caps, but its annual fee is hard to stomach. Better options cost less.
The bottom line:
If you spend a lot on travel — and prefer cash back over points — the AmEx Graphite Business Cash Unlimited is worth a look. If not, there are better 2% cash-back business cards out there.
Credit card details
Annual fee
$295
Regular APR
17.99%-28.74% Variable APR
Intro APR
N/A
Rewards rate
2%-5%
Get unlimited 2% cash back* in Reward Dollars on all eligible purchases. Get more for your travels with 5% cash back* on flights and prepaid hotel bookings through American Express Travel® Online. Terms Apply.
Cashback
Foreign transaction fee
0%
Intro offer
As High As $2,000 Cash Back. Find Out Your Offer.
As High As $2,000 Cash Back. Apply and find out your offer. You may be eligible for as high as $2,000 Cash Back after spending $50,000 in eligible purchases on your new Card within the first 6 months of Card Membership. Welcome offers vary and you may not be eligible for an offer. Terms Apply.
Pros & Cons
Pros
High rewards rate, no spending cap
No foreign transaction fees
New cardholder bonus offer
Cons
High annual fee
No premium benefits
More details from American Express
- As High As $2,000 Cash Back. Apply and find out your offer. You may be eligible for as high as $2,000 Cash Back after spending $50,000 in eligible purchases on your new Card within the first 6 months of Card Membership. Welcome offers vary and you may not be eligible for an offer.
- 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.
- Apply to know if you’re approved with no personal or business credit score impact. If you are approved and choose to accept the Card, your personal and business credit scores may be impacted
- Terms apply.
Compare to other cards
4.5
NerdWallet rating
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account the type of card being reviewed (such as cash back, travel or balance transfer) and the card's rates, fees, rewards and other features.
at American Express
5.0
NerdWallet rating
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account the type of card being reviewed (such as cash back, travel or balance transfer) and the card's rates, fees, rewards and other features.
4.8
NerdWallet rating
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account the type of card being reviewed (such as cash back, travel or balance transfer) and the card's rates, fees, rewards and other features.
Annual fee
$295
Annual fee
$0
Annual fee
$150
Regular APR
17.99%-28.74% Variable APR
Regular APR
16.99%-24.99% Variable APR
Regular APR
25.99% Variable APR
Intro APR
N/A
Intro APR
0% intro APR for 12 months from account opening on purchases
Intro APR
N/A
Need more options? Check our picks for best business credit cards of 2026
You don’t need to pay an annual fee to get 2% cash back. Just look at the Wells Fargo Signify Business Cash® Card. You get 2% back and a long intro APR period with no annual fee. The welcome offer is tiny compared to the Graphite — $500 vs $1,500 — but it’s a lot easier to get. Unlike the AmEx Graphite, the Signify Business Cash does have a 3% foreign transaction fee.
The Capital One Spark Cash Plus is what the AmEx Graphite aspires to be, but fails. Both earn unlimited 2% back on purchases. Both offer banging welcome offers. Both have no preset spending limit. But the Spark Cash Plus does it for a fraction of the cost ($150 vs $295 annual fee). Plus, Capital One will refund your annual fee every year that you spend at least $150,000. (See
Full review
Launched in March 2026, the American Express Graphite™ Business Cash Unlimited Card is the newest contender in the “premium” cash back space. But the Graphite is No. 2 at best.
The Graphite’s $295 annual fee undercuts the card’s rewards — unlimited 2% cash back and a $2,000 welcome offer.
You can get similar perks and more for a fraction of the annual fee. Or better yet, for no annual fee at all.
The Wells Fargo Signify Business Cash® Card gives you 2% back with no annual fee and an intro APR period. And for heavy spenders, the Capital One Spark Cash Plus has a bigger bonus and a lower (refundable) annual fee.
The Graphite does have some redeeming factors.
- There’s no foreign transaction fee.
- You get a six-month runway to hit the bonus spending requirement.
- It earns 5% cash back on flights and prepaid hotels booked via AmEx Travel®.
But those benefits hardly justify the annual fee. There are simply better ways to earn 2% cash back.
This card is best for:
✔️ Large welcome offer.
✔️ Travelers who value cash > points.
✔️ International purchases (no foreign transaction fee).
Card details: AmEx Graphite™ Business Cash Unlimited Card
🎉 Rewards: Get unlimited 2% cash back* in Reward Dollars on all eligible purchases. Get more for your travels with 5% cash back* on flights and prepaid hotel bookings through American Express Travel® Online. Terms Apply.
💰 Welcome offer: As High As $2,000 Cash Back. Apply and find out your offer. You may be eligible for as high as $2,000 Cash Back after spending $50,000 in eligible purchases on your new Card within the first 6 months of Card Membership. Welcome offers vary and you may not be eligible for an offer. Terms Apply.
💲 Annual fee: $295.
💷 Foreign transaction fee: None.
📈 APR: Purchases made with the Graphite™ Business Cash Unlimited Card are classified as either "Pay Over Time" or "Pay In Full":
- Pay Over Time: This optional feature allows you to carry a balance from one month to the next. If you activate this option, eligible purchases are automatically classified as Pay Over Time. The ongoing APR is 17.99%-28.74% Variable APR. Although the American Express® Graphite™ Business Cash Unlimited Card does not have a preset spending limit, it does impose a limit on your Pay Over Time balance. Any eligible purchases above that limit become Pay In Full. Terms apply.
- Pay In Full: You must pay off these purchases completely each month, so they do not incur interest. All purchases over your Pay Over Time balance limit are Pay In Full. If you choose not to use Pay Over Time, then all purchases are Pay In Full. Terms apply.
🎆 Other benefits:
- One AP® Statement Credit: Card Members can unlock up to $2,400 in statement credits for use in the following calendar year on monthly fees for American Express’ accounts payable automation platform One AP® after spending $250,000 on eligible purchases on their Graphite Card in a calendar year. Terms apply.
Where the AmEx Graphite™ Business Cash Unlimited Card shines
Flat 2% cash back on purchases
The Graphite™ Business Cash Unlimited Card is the first AmEx business credit card to earn a flat 2% cash back on all eligible purchases. No bonus categories. No spending caps. It’s a viable alternative for business owners who’ve outgrown the Blue Business Cash, which limits 2% rewards to the first $50,000 spent each year (1% thereafter). Terms apply.
Graphite cardholders also earn 5% cash back on flights and prepaid hotels booked via American Express Travel®. That can add up quickly.
Spend $6,000 in a single month on flights and hotels for employee travel and you'll earn $300 in cash back — enough to cover the annual fee outright.
Welcome offer with a six-month runway
Most business credit cards give you three months to earn your welcome offer. The Graphite™ Business Cash Unlimited Card doubles that runway.
From AmEx: As High As $2,000 Cash Back. Apply and find out your offer. You may be eligible for as high as $2,000 Cash Back after spending $50,000 in eligible purchases on your new Card within the first 6 months of Card Membership. Welcome offers vary and you may not be eligible for an offer. Terms Apply.
You'll need it: The $50,000 spending requirement is steep — $20,000 more than similar cards ask for.
That means you’d have to spend roughly $8,335 per month for six months to earn that bonus. That’s a slightly lower bar than the Capital One Spark Cash Plus. You need to spend $30,000 in three months — at least $10,000 per month. But you also net a higher $2,000 bonus. (See
Pay in full, but with room to breathe
The Graphite™ Business Cash Unlimited Card defaults to a pay-in-full card. But it has a Pay Over Time option. This lets you carry a balance on eligible purchases up to an assigned limit. Terms apply.
This hybrid approach gives business owners on-demand cash flow flexibility. Need to cover a surge in inventory ahead of a busy season? You can stretch a large expense across a few billing cycles instead of tapping reserves. Just don't lean on it too heavily — the APR can be steep enough to wipe out whatever cash back you've earned.
Compare premium cash-back business cards
Graphite™ Business Cash Unlimited Card | Capital One Spark Cash Plus | Ink Business Premier® Credit Card | |
|---|---|---|---|
Annual fee | $295 | $150, refunded if you spend at least $150K annually. | $195 |
Base cash-back rewards | 2% | 2% | 2% |
Bonus cash-back rewards | 5% prepaid flights & hotels via AmEx Travel® | 5% hotels & rental cars via Capital One Business Travel | 5% travel via Chase Travel℠ 2.5% on purchases ≥$5,000 |
Welcome offer | $2,000 | $2,000* | $1,000 |
Bonus spend requirement | $50,000 / 6 months | $30,000 / 3 months | $10,000 / 3 months |
Card type | Hybrid (pay in full + pay over time) | Charge card (pay in full monthly; no preset limit) | Hybrid (pay in full + Flex for Business) |
Foreign transaction fee | None | None (See | None |
*Earn an additional $2,000 cash bonus for every $500K spent during the first year. | |||
Reasons to consider a different card
High annual fee
At $295, the Graphite™ Business Cash Unlimited Card carries one of the highest annual fees in the cash-back business card space. And it’s not even close.
These cards offer unlimited 2% back for far less.
Annual fee | |
|---|---|
AmEx Graphite™ Business Cash Unlimited Card | $295 |
Ink Business Premier® Credit Card | $195 |
Capital One Spark Cash Plus | $150, refunded if you spend at least $150K annually. (See |
Capital One Spark Cash | $0 intro for the first year, then $95. (See |
Wells Fargo Signify Business Cash® Card | $0 |
Purchases could be declined
The Graphite™ Business Cash Unlimited Card has no preset spending limit. That’s not the same thing as no limit. Rather, your spending power adjusts dynamically relative to your spending and payment history.
Since the Graphite is brand new, we haven’t seen reports yet from cardholders about this feature. But no preset spending limit is a hallmark of many AmEx cards. And it’s easy to find confusion and complaints online about shifting limits and unexpected declines.
AmEx definitely designed the Graphite with big spenders in mind. The annual fee, welcome offer and rewards imply as much. We’ll be watching to see if users’ reports of initial limits support that as well.
No premium benefits
The Graphite’s high annual fee might sting less if it came with a few premium perks. But the card’s only spend-to-earn credit may benefit AmEx more than you.
From AmEx: Get $2,400 in statement credits for use in the following calendar year on monthly fees for American Express’ accounts payable automation platform One AP® after spending $250,000 on eligible purchases on their Graphite Card in a calendar year. Terms apply.
The Capital One Spark Cash Plus better rewards high spenders. Capital One will refund your $150 annual fee every year that you spend at least $150,000. You can also earn an additional $2,000 bonus for every $500,000 you spend in the first year. (See
💬 From our Nerds: “AP” is in style
“It’s no surprise that a One AP credit is a big perk for this card. It’s in line with a trend I’m seeing: more emphasis on accounts payable services for business owners.
“Automated AP tools with approval workflows and invoice processing have long been central to corporate cards from companies like Brex and Ramp. But business banking options like U.S. Bank, Mercury and Bluevine have gotten into the AP game too.
“Why? Simply put, these services are sticky and valuable. The latter is especially true if a provider lands a big-spending business. AmEx is clearly targeting those with this card.
“The upside for business owners is harder to square, particularly if you already have an AP tool.
“One AP charges a $200 monthly fee to pay vendors with non-card methods, plus a per-check/ACH fee over a certain limit. A $2,400 credit can knock that monthly fee down to $0. But you have to charge $250,000 to unlock those credits. Many platforms already offer built-in AP features for free.”
- Kelsey Sheehy, senior writer covering small business
How we evaluated the AmEx Graphite™ Business Cash Unlimited Card
NerdWallet's experts do the following for our business credit card reviews:
- Compare American Express Graphite™ Business Cash Unlimited Card to similar cards. NerdWallet’s writers and editors evaluate how the card’s rewards, perks, fees and features stack up to its peers. This is the basis of our star rating.
- Get feedback from business owners. We gather insight directly from business owners when possible. We also scan online forums for discussion specific to the Graphite™ Business Cash Unlimited Card. Since we cannot confirm the accuracy of these comments, they do not affect our ratings.
- Survey the card’s issuer. We conduct an annual survey to get details that are less available to the public, but important for business owners. We ask about spending controls, minimum credit limits and credit limit increases, among other things.
To view rates and fees of the Graphite™ Business Cash Unlimited Card, please visit this page.
View
View
The information about Ink Business Premier® Credit Card has been collected by NerdWallet and has not been provided or reviewed by the card issuer.
To view rates and fees of The American Express Blue Business Cash® Card, see this page.