Unlimited 2% Cash-Back With a High Annual Fee: Meet the Amex Graphite Business Cash Unlimited Card

American Express has announced a significant addition to its business card lineup today, March 25, 2026.

The Graphite™ Business Cash Unlimited Card is now available, offering business owners unlimited cash-back on every eligible purchase — no categories to track, no earnings caps, and no complicated redemption process.

While that prospect sounds interesting, the positioning of the Amex Graphite Business Cash Unlimited card is interesting when you compare its perks, spending requirements, and annual fees against similar offerings from other issuers.

Should you add the Amex Graphite Business Cash Unlimited card to your wallet? Let’s take a closer look to assess its strengths and weaknesses.

Meet the New Amex Graphite Business Cash Unlimited Card

The Amex Graphite Business Cash Unlimited Card earns unlimited 2% cash-back on all eligible purchases and unlimited 5% cash-back on flights and prepaid hotel bookings made through AmexTravel.com.

The card carries a $295 annual fee (rates & fees) and arrives in a metal design with a carbon fiber-inspired finish. All cash-back is earned in the form of Reward Dollars, redeemable as a statement credit or at Amazon.com checkout at a 1:1 ratio. There’s no minimum redemption amount.

Beyond the earning structure, the card includes a solid suite of business tools, some of which require enrollment:

• No preset spending limit: No Preset Spending Limit means your spending limit is flexible. Unlike a traditional card with a set limit, the amount you can spend adapts based on factors such as your purchase, payment, and credit history. This flexibility is useful for businesses with variable or high-volume needs.
• Pay Over Time option: Carry a balance with interest up to your Pay Over Time Limit for handling larger or unexpected expenses.
• Virtual cards: Issue virtual cards with adjustable spending limits for added control and security.
• Employee cards: Add employee cards for $95 per year for the first 5 cards and $95 for each thereafter, with Reward Dollar earning and spending alerts included. A no-annual-fee Business Expense Card is also available (rates & fees).
• One AP^® statement credit: Spend $250,000 or more in a calendar year and unlock up to $2,400 in statement credits for Amex’s One AP accounts payable platform the following year.

Welcome Bonus Offer on the Amex Graphite Business Cash Unlimited Card

The Amex Graphite Business Cash Unlimited card launches with a big welcome offer. New cardholders can earn $1,500 in cash-back after spending $50,000 on purchases within the first 6 months of account opening.

Yes, that’s a big bonus amount, and yes, it requires a lot of spending. The math can be compelling for businesses with a high volume of spending. The $1,500 bonus alone represents a 3% return on $50,000 in spending. Stack that with the standard 2% cash-back on those same purchases ($1,000), and you’re looking at $2,500 total — an effective 5% return during the welcome offer window.

If your business is already spending at that level, this offer is worth prioritizing. If you’d have to stretch to hit it, it probably isn’t — especially when other cards may offer valuable welcome offers that don’t require so much spending to achieve.

Comparing the Amex Graphite Business Cash Unlimited Card to Other 2% Cards

How does the new Amex offering stack up against its competitors? Here’s a comparison:

The Amex Graphite Business Cash Unlimited card has some explaining to do regarding its annual fee. At $295, it’s the most expensive card in the group. It clocks in at $100 above any other card on this list. And Wells Fargo offers an unlimited 2% cash-back card with no annual fee.

On earning rates, the Ink Business Premier card wins for businesses making large individual purchases, and the Capital One Spark Cash Plus card matches its 2% general rate at a fraction of the annual fee. The case for the Amex Graphite Business Cash Unlimited card rests on what surrounds the earning rates: no preset spending limit (which Capital One and Chase offer), the Pay Over Time option, virtual cards, and the depth of Amex’s business ecosystem.

For high-volume spenders who lean on those features, the premium may be defensible. For everyone else, the competition offers stronger value for less.

Final Thoughts

The Amex Graphite Business Cash Unlimited Card is a polished card that delivers on its promise: unlimited cash-back, flexible spending, and integration with American Express’s business tools. The 5% cash-back on AmexTravel.com is a genuine differentiator, and the welcome offer provides strong short-term value for businesses that can hit the high spending threshold.

That said, the $295 annual fee is a real obstacle. Earning rates alone don’t justify the premium over lower-cost alternatives. The value of the Amex Graphite Business Cash Unlimited card depends on actively using its flexible spending and business management features. If you’re embedded in the Amex ecosystem and spend at scale, it’s worth a serious look. If you’re optimizing purely for cash-back returns, the comparison table above offers compelling alternatives at a lower ongoing cost.