Link: Learn more about the Graphite™ Business Cash Unlimited Card
American Express has just launched a new cash back business card. While it’s always nice to see new cards introduced, I have a hard time getting too excited about this one.
Details of the new Amex Graphite Business Cash Card
The Amex Graphite Business Cash Card is now open for applications, and it’s pretty straightforward:
- The card has a $295 annual fee, and authorized users cost $95 each, though you can also get a no annual fee Employee Business Expense Card
- The card has a welcome offer of $1,500 cash back after spending $50,000 within the first six months
- The card offers unlimited 2% cash back on all eligible purchases, plus 5% cash back on flights and prepaid hotels booked through Amex Travel Online, all with no foreign transaction fees
- The card is a hybrid product, meaning it has no preset spending limit
- The card offers up to $2,400 in American Express One AP statement credits, after spending $250,000 on eligible purchases on the card in a calendar year; statement credits will be applied to the monthly bill charged to the card for Amex’s accounts payable solution, One AP
I have a hard time getting excited about this card
The Amex Graphite Business Cash Card earns 2% cash back, and I consider that to be the minimum “gold standard” of credit card rewards. So the card’s rewards structure is perfectly fine. The 5% cash back on travel is also pretty limiting, given that you have to book through Amex.
I think the issue is the steep annual fee, given that there are also much more affordable (and even no annual fee) cards with that kind of a rewards structure.
The $1,500 sign-up bonus is pretty good, but the spending requirement is huge, so I don’t think that’s going to be that appealing to so many people. If you are a big spender, the American Express One AP statement credits could add some value, though I’d consider that to be niche.
In fairness, Amex doesn’t have another business card earning unlimited 2% cash back, so this is at least a new product for the card issuer. It’s just not a new concept more broadly, and there are lots of competing cards that I’d consider to be superior.
Amex does have a reputation for being a “premium” card issuer, so I guess Amex is more going after those who want an Amex cash back business card, rather than just the broader market of savvy consumers looking for the best value business card.
I’m sure a good number of people will apply for this card, but it’s not one that interests me much, personally.
Bottom line
The Amex Graphite Business Cash Card has just launched, and it’s a new product that offers a minimum of 2% cash back, but it also has a $295 annual fee. While 2% cash back is solid, there’s not much about this product that I’d consider to be industry leading. So I’ll give this card a pass, but maybe others feel differently.
What do you make of the Amex Graphite Business Cash Card?
