The American Express Graphite Business Cash Unlimited Card earns 2.5% cash back on all eligible purchases with no category restrictions and no annual spending cap. It carries a $250 annual fee and is positioned as a premium flat-rate cash back card for high-volume business spenders.
What the product is structurally
The Graphite Business Cash Unlimited is a revolving credit card issued by American Express. Cash back is earned at a single flat rate across all eligible purchase categories — there are no bonus tiers, rotating categories, or spending thresholds to manage.
Cash back is returned as a statement credit. It does not accumulate as Membership Rewards points, so there are no transfer partner options.
The Expanded Buying Power feature is included, allowing purchases above the credit limit up to an Amex-assessed maximum. These above-limit charges must be repaid in full by the statement due date.
How it works in practice
Every eligible purchase earns 2.5% cash back. The rate applies uniformly to domestic and international purchases. There is no annual or category-level cap on earning at 2.5%.
Cash back posts as a statement credit on a monthly basis. Employee cards are available at no additional cost and contribute their spending to the primary account’s cash back pool.
A welcome offer for new cardholders provides a defined cash bonus after meeting a spending threshold in the first months of account opening. Specific amounts vary and are disclosed during application.
Fees and pricing mechanics
The annual fee is $250. No foreign transaction fees apply.
At 2.5% cash back, a business spending $100,000 per year earns $2,500 in cash rewards. After the $250 annual fee, the net return is $2,250. The same business earning 2% on a no-fee card would net $2,000. The $250-fee card provides incremental net value only if total annual spending exceeds $50,000 (where the extra 0.5% on $50,000 begins to exceed the $250 fee).
Limits, eligibility, and availability
Eligibility requires a U.S. business entity and a personal credit evaluation by American Express with personal guaranty.
The Expanded Buying Power ceiling is dynamic and varies based on payment history, spending patterns, and Amex’s ongoing risk assessment. It cannot be used as a reliable fallback for planned high-value purchases without prior confirmation of availability.
Tradeoffs, risks, or limitations
The $250 annual fee is the primary friction point. At 2.5% flat, this card outperforms competing 2% flat-rate no-fee cards only for businesses spending more than $50,000 per year in total eligible purchases. Below that threshold, a no-fee 2% card delivers higher net value.
The cash back structure locks rewards into dollar value. Businesses interested in airline miles or transferable points for premium cabin awards will not find that here — the Amex Blue Business Plus Card earns transferable Membership Rewards points at 2x (with a $50,000 cap) under no annual fee.
American Express acceptance is not universal. At merchants that do not accept Amex, no rewards are earned — structurally reducing the effective earn rate relative to what spending would generate on a Visa or Mastercard alternative.
See also: Amex Blue Business Cash Card Review, Chase Ink Business Premier Card Review
