Small Business News
Amex Introduces Graphite Business Cash Unlimited Card
American Express has announced a new business credit card, along with some incoming updates to a couple of its other products.
About the American Express Graphite Business Cash Unlimited Card
This week, Amex revealed a brand new card. With the Graphite Business Cash Unlimited Card, cardmembers can earn 2% cashback on all eligible purchases. Additionally, cardholders earn 5% back on flights and prepaid hotels booked via Amex Travel.
As the name implies, there’s no cap on cashback earnings. These rewards can be redeemed either as a statement credit or at Amazon checkout (at a dollar-for-dollar rate). There’s also no minimum redemption amount.
Similar to some other American Express products, the Graphite Business card has no preset spending limit. Instead, the card is said to adapt based on cardholders’ purchase history, payments, and credit.
The new Graphite card is available now and features a “carbon fiber-inspired design” on a metal card. Notably, the card does carry a $295 annual fee.
With the launch of the Graphite Business Cash Unlimited Card, Amex is also offering a welcome bonus. Currently, new cardholders can earn $1,500 cashback after spending $50,000 on the card within the first six months from account opening.
Other Amex Business Credit Card Updates:
In addition to the news about the new Graphite Business Cash Unlimited Card, American Express also announced some income perks for other cards in its lineup.
Specifically, the company has revealed that a $300 per year ChatGPT credit is on the way. This benefit will be added to both the American Express Business Platinum Card and the American Express Business Gold Card. According to Amex, this perk comes as a survey of small business owners found that 87% use AI technology to save their business time, while 81% use ti to reduce time spent on manual processes. Additionally, 73% report that AI technology has helped their employees improve productivity.
At this time, it’s unclear whether this $300 credit will be annual or divided into small increments. The benefit is expected to be added “this spring.”
My Thoughts:
I… do not understand this card. For a $295 fee, I would have expected to see more than simply 2% back (and 5% from Amex Travel). Even if you consider that business credit cards are indeed different from consumer ones, there are still more attractive 2% options out there. For example, the Capital One Spark Cash card offers 2% unlimited cashback for a $95 annual fee — which is actually waived for the first year. Elsewhere, the Chase Ink Business Premier earns 2% on everything and 2.5% on purchases over $5,000 for an annual fee of $195.
Perhaps I’m missing something, but this Graphite Business Cash Unlimited Card doesn’t seem competitive to me. Also, $50,000 in spending for $1,500 cashback sounds like a pretty weak ratio to me. All in all, this is not one I’d recommend at this time.
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