American Express Launches Graphite Business Card with Unlimited 2% Cash Back
Event summary
- American Express introduced the Graphite™ Business Cash Unlimited Card on March 25, 2026.
- The card offers unlimited 2% cash back on all eligible purchases and unlimited 5% cash back on flights and prepaid hotels through American Express Travel®.
- The annual fee for the Graphite™ Card is $295, with additional features like No Preset Spending Limit and Pay Over Time options.
The big picture
American Express is doubling down on small business financing with a high-reward, high-fee card. The move reflects broader industry trends toward flexible payment solutions and integrated financial tools for SMBs. With high-spending business card members already favoring American Express over competitors, the Graphite™ Card aims to solidify that lead.
What we're watching
- Competitive Positioning
- How American Express will differentiate the Graphite™ Card in a crowded business cash back market.
- Adoption Rates
- The pace at which small businesses will transition to the new card given its $295 annual fee.
- Reward Utilization
- Whether the unlimited cash back feature will drive higher spending and loyalty among business owners.
Related topics