Amex Graphite Business Cash Unlimited Card review 2026: Heavy annual fee, uncapped 2% cash back
Written byLee Huffman
Reviewed by Robin Saks Frankel
Summary
- The Amex Graphite Business Cash Unlimited Card, launched March 2026, earns unlimited 2% cash back on eligible purchases and 5% on flights and prepaid hotels booked through Amex Travel — with no spending cap.
- The card charges a $295 annual fee, so businesses need to spend at least $14,750 a year just to earn back the cost in rewards.
- When it launched it came with a welcome bonus of $2,000, which has since dropped to $1,500 (a still-generous offer)
- The card has no preset spending limit, meaning your buying power adjusts based on payment history and other factors rather than a fixed credit line — but it's not unlimited credit.
The Amex Graphite™ Business Cash Unlimited Card is one of just two cash-back cards in the issuer's business card lineup, and it's the only one that charges an annual fee, a relatively steep $295. It's rewards rate is uncapped, which bigger spenders may find more rewarding then competing options that drop the rewards rate once you hit certain spending thresholds. Get more for your travels with 5% cash back* on flights and prepaid hotel bookings through American Express Travel® Online. Get unlimited 2% cash back* in Reward Dollars on all eligible purchases.
Card details
Annual fee | $295 |
Rewards | Unlimited 2% eligible purchases, 5% Amex Travel flights and prepaid hotels |
Welcome offer | 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. |
Spending limit | No preset spending limit, with limits that adjust based on payment history and other factors |
Issuer | American Express |
APR | 17.74% - 28.49% Variable |
Foreign transaction fees | None |
Late payment fee | $39 or 2.99% of any past due Pay in Full amount, whichever is greater |
Returned payment fee | Up to $39 |
Pros and cons
Is the $295 fee worth it?
With so many no-annual-fee business credit cards available, you may be wondering if the $295 annual fee for the Graphite™ Business Cash Unlimited Card is worth it. The answer depends on how much you plan to spend each year on the card. You'll need to spend $14,750 each year to earn enough cash-back to justify the annual fee. Although if you're willing to book travel through the Amex Travel portal to earn 5% cash back it could take less spending. For this reason, paying the Graphite™ Business Cash Unlimited Card's annual fee is worth it only for businesses with large purchase needs or big travel budgets.
If your spending skews much less, look to other cash-back business credit cards that don't charge an annual fee. For example, with you can Earn 2% cash back on all eligible purchases on the first $50,000 of purchases each calendar year, 1% thereafter. The Intuit Business Credit Card earns an unlimited 2% on every purchase.
How do Amex Graphite rewards work?
Cash-back rewards with the Graphite™ Business Cash Unlimited Card are simple and straightforward. You'll earn an unlimited 2% cash back on every purchase, without any spending caps, bonus categories to remember, or manual activations. If you book flights or prepaid hotels through Amex Travel, your cash-back rewards increase to 5%.
Redeeming rewards is simple as well. You can choose statement credits that reduce your card balance, or use rewards at checkout when shopping at Amazon.com. This card does not earn Membership Rewards points, like , so rewards cannot be transferred to Amex's hotel or airline partners.
Features of the AmexGraphite™ Business Cash Unlimited Card you need to know
The Amex Graphite™ Business Cash Unlimited Card includes numerous features that can benefit your business and make the annual fee worth it.
Generous welcome bonus
Eligible new cardholders who can spend big on the card can be rewarded big. 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. American Express has a once-per-lifetime limit on welcome bonuses, so you cannot earn the bonus more than once, even if you close the card and reopen it at a later date.
Up to 5% cash-back rewards
Get more for your travels with 5% cash back* on flights and prepaid hotel bookings through American Express Travel® Online. Get unlimited 2% cash back* in Reward Dollars on all eligible purchases.
Employee cards
You can add up to 99 employee cards to your account. Those purchases also earn cash-back rewards and qualify towards the welcome bonus. You can set individual spending limits for each employee and receive alerts if an employee makes a purchase outside of approved spending categories.
There are two types of employee cards: Employee Graphite™ Business Cash Unlimited Cards and Employee Business Expense Cards. Both types earn the same cash-back rates and enjoy the same features. The main difference is the material.
It costs $95 per year to add up to five metal Employee Graphite™ Business Cash Unlimited Cards to your account. Each additional card is $95 per year. The Employee Business Expense Cards have no annual fee and are made out of plastic.
Up to $2,400 Amex One AP statement credits
American Express allows business customers to pay suppliers and other bills through its Amex One AP platform. When you spend $250,000 in a calendar year on the Graphite™ Business Cash Unlimited Card, you'll receive up to $2,400 in Amex One AP statement credits applied to your monthly statement. These credits are in addition to the rewards earned on your purchases.
No preset spending limit
While most business credit cards have a credit limit, the Graphite™ Business Cash Unlimited Card has no preset spending limit. While you cannot spend an unlimited amount, your spending power adjusts regularly based on your payment history, income, and other factors. If you're unsure of how much you can spend, the Amex Check Spending Power tool lets you see whether a potential purchase will be approved.
The ability to increase your spending power is ideal for growing businesses that don't want to apply for a new card or request a credit limit increase as their needs change.
No foreign transaction fees
If you travel outside the U.S. or make purchases from foreign suppliers, you won't be charged foreign transaction fees for making purchases in another currency. This feature saves up to 3% on your purchases compared to other cards.
Purchase protection
This benefit protects eligible purchases if they are stolen or accidentally damaged for the first 90 days. Each purchase is covered up to $1,000, with a maximum claim limit of $50,000 per year.
Return protection
If a supplier won't accept returns, you can return eligible purchases made in the U.S. to American Express within the first 90 days. You'll receive a refund of the full purchase price (less shipping and handling charges) up to $300 per item and up to $1,000 per year.
Rental car insurance
Use your Graphite™ Business Cash Unlimited Cardto book rental cars and decline their optional insurance to receive rental car protection against theft or damage to the vehicle. This coverage is secondary, and it does not cover liability claims for damage or injuries to other vehicles, property, or people.
Extended warranty coverage
Eligible purchases receive up to one extra year beyond the manufacturer's warranty. This coverage applies to purchases made within the U.S. where the manufacturer's warranty is five years or less.
Virtual cards
Use the free virtual cards to protect your card information from thieves while setting specific controls for each virtual card payment. The controls include spending limits and expiration dates, and you can change or deactivate virtual cards at any time.
Approval and requirements
American Express typically requires customers to have good to excellent credit to be approved for a new card. Additionally, Amex has credit card application rules that limit how many of their cards you can have open at once as well as generally limiting applicants to only earning a welcome bonus on the card one time, even if you close the card and reopen it at a later date.
Like most business credit cards, owners of 25% or more of the company must personally guarantee the account.
American Express does not report business credit cards to personal credit reports unless you are seriously delinquent or default on the debt. If you're looking to build your business credit, Amex reports to the Small Business Financial Exchange (SBFE), a trade association that collects business credit payment history from members, including small business lenders and financial institutions, and makes that information available to partner credit bureaus. It may also report to other bureaus.
Nav is not a lender or a credit bureau. Credit information is provided by third-party sources.
Graphite™ Business Cash Unlimited Card vs. The American Express Blue Business Cash® Card
The American Express Blue Business Cash® Card is Nav’s top pick for a cash-back business credit card. It carries no annual fee and the rewards are similar to the Graphite, with one big caveat: The 2% rate is capped.
Other Amex Graphite alternatives include:
Intuit Business Credit Card
If the Graphite’s annual fee is a turn-off, consider the Intuit Business Credit Card. It has no annual fee and earns an unlimited 2% cash back on every purchase. Plus, you'll earn 5% cash back on all Intuit products and services. Employee and virtual cards are free, and you can easily submit receipts from your phone to keep your accounting updated.
U.S. Bank Triple Cash Rewards Visa Business Card
Another $0-annual-fee option is the U.S. Bank Triple Cash Rewards Visa Business Card. If your spending is concentrated in a few common areas of business spending, you’ll likely come out ahead of a flat-rate 2% cash-back card. The Triple Cash card earns an unlimited 3% cash back on eligible purchases at gas and EV charging stations (transactions of $200 or less), office supply stores, cellphone service providers, and restaurants and 1% back on all other spending.
The card also comes with a low intro offer on both purchases and balance transfers (few business credit cards offer promotional 0% APR balance transfers) and a recurring $100 software subscription credit for services like Freshbooks or Quickbooks.
Ink Business Unlimited® Credit Card
The Ink Business Unlimited® Credit Card also has a $0 annual fee and has a slightly lower ongoing rewards rate.Earn unlimited 1.5% cash back on every purchase made for your business.
However, the card comes with some notably robust benefits for a card at this price point, including primary auto rental coverage, purchase protection and extended warranty coverage. Those features could be worth more to you than the additional 0.5% rewards rate.
Is it worth it?
The Graphite™ Business Cash Unlimited Card can be worth it for businesses with spending that exceeds $14,750 annually and/or spend a significant amount on Amex Travel bookings. Otherwise, it can be a challenge to break even with the card's $295 annual fee and you’d likely fare better with a no-annual fee card that earns 2% cash back.
How to apply
If the Graphite™ Business Cash Unlimited Card sounds like a good fit for your business, here's how to apply for a business credit card.
- Gather your business information, including EIN and owner information.
- Visit the American Express Graphite Card application page.
- Review the credit card offer to ensure the welcome bonus, annual fee, and other details match your expectations.
- Enter your business information, including name, address, phone number, EIN, revenue, and years in business.
- Enter personal information about owners with more than 25% ownership.
- Click submit to receive a decision on your application.
