New Amex business card: Graphite Business Cash Unlimited

American Express has officially launched the Graphite Business Cash Unlimited, a new business cash-back card carrying a $295 annual fee and built around a simple headline feature: unlimited 2% cash back on eligible purchases.

The launch gives Amex a new option between its no-annual-fee small-business cash-back products and its pricier premium business cards. At first glance, this looks less like a play for side hustles and more like a card meant for businesses with meaningful annual spend that want a flat-rate return without a rewards cap.

Core Offer

Here are the main details now live on the official American Express card page:

• $295 annual fee
• Unlimited 2% cash back on eligible purchases
• 5% cash back on flights and prepaid hotels booked through American Express Travel
• $1,500 welcome offer after $50,000 in purchases within 6 months
• No foreign transaction fees

Cash back is earned as Reward Dollars, according to American Express.

Protections and Business Features

Amex is also positioning the card with a familiar set of protections and travel-related support benefits, including:

• Purchase Protection
• Return Protection
• Car Rental Loss and Damage Insurance
• Extended Warranty
• Global Assist Hotline

Those benefits help make the package more compelling for businesses making larger equipment, inventory, or travel purchases, especially compared with a plain 2% card that offers very little beyond the earning rate.

Who This Card Seems Built For

In our read, this is probably a card for actual operating businesses with high spend, not the typical sole proprietor or low-spend side business that may still be better served by the Blue Business Cash or Blue Business Plus.

That is partly an inference, but it is supported by the structure of the product itself: the $295 annual fee, the very high $50,000 minimum-spend requirement for the welcome offer, and American Express's own marketing language around businesses spending at much larger scale. The on-page cash-back section explicitly frames the card around businesses spending from roughly $5,000 to $500,000 or more per year, which strongly suggests Amex expects heavier-spend customers to be the target audience.

Bottom Line

The Graphite Business Cash Unlimited will likely appeal most to businesses that can justify paying an annual fee in exchange for uncapped 2% cash back, international usability with no foreign transaction fees, and a layer of purchase and rental protections.

For smaller businesses that will not come close to the spending levels implied by this launch, Amex's existing no-annual-fee business cards may still be the better fit. But for larger-spend operators, Graphite gives American Express a more direct answer to the growing market for straightforward, flat-rate business rewards cards.