Amex has launched the American Express Graphite™ Business Cash Unlimited Card which is a 2% back card for $295.
- Unlimited 2% cash back, plus 5% on flights and prepaid hotel bookings through American Express Travel redeemed as statement credits or at Amazon.com
- $1,500 initial bonus after $50,000 spend on purchases within the first six months
- Metal Card with a carbon fiber-inspired design.
- Employee cards are $95 per year for the first 5 Cards and $95 for each thereafter for metal cards that earn rewards. (A no annual fee Employee Business Expense Card is also available.)
- Up to $2,400 in statement credits for the One AP American Express accounts payable platform, after spending $250,000 on eligible purchases in a calendar year.
You’re basically buying Amex’s AP platform credits for $250,000 of spend on the card in a calendar year and $295. Somehow the spend isn’t enough. Without that kicker, which many will value at $0, you’re just buying a 2% cash back card that you can get without an annual fee. I assume Amex will sell some of these but in my view they are charging too much for the value they’re delivering with this new product.
Maybe just get a Wells Fargo Signify Business Cash Card, which gets you the 2% back with no annual fee? Or Capital One Spark Cash with $0 the first year then $95? (Spark Cash Plus has a $150 annual fee but you get it back with $150k spend). Bank of America Business Advantage Unlimited Cash Rewards can beat those with Preferred Rewards for Business account balances.
American Express even offers Amex Blue Business Cash — $0 annual fee, 2% cash back on up to $50,000 per calendar year, then 1% and Amex Blue Business Plus — $0 annual fee, 2X Membership Rewards on up to $50,000 per year, then 1X. So the Graphite card charges you $295 to spend more on their product. They should be encouraging that, not disincentizing! It’s hard to understand what Amex is thinking here with the price point on this card.
Can you convert to MR points if you have a plat?