New Amex Graphite Business Cash Unlimited Card: Is It Worth It?

• 5% cash back on flights and prepaid hotels booked through American Express Travel®
• 2% cash back on all other eligible purchases

The cash back return from this card is strong, but the $295 annual fee (see rates and fees) is what sinks it. Here’s another way to analyze the annual fee*: It takes $14,750 in annual spending at 2% cash back to earn enough rewards to pay for it. On top of that, you pay $95 per year for the first five employee cards and $95 for each additional employee card*.

That’s not an unrealistic amount to spend for an average business. The problem is that you can get 2% cash back on all of your eligible business purchases for a much lower annual fee. (We cover some of those options further below.)

The Graphite Business currently features a huge welcome offer worth $1,500 cash back (in the form of Reward Dollars) after spending $50,000 in purchases on the card within the first six months of card membership. It also has one main benefit: You can earn up to $2,400 in Amex One AP® statement credits to use on monthly fees in the next calendar year. American Express One AP® is Amex’s accounts payable automation platform, and to receive this credit, you’ll need to spend $250,000 on eligible purchases in the current calendar year.

Those massive credits are on top of thousands of dollars in other annual perks, including credits for hotels, airline fees and business services.

While it costs $400 a year per Employee Business Platinum Card® you add to your account, each cardholder can enroll to receive airport lounge access, hotel elite status and other benefits. You can save money by opting for Employee Business Expense Cards that have no annual fee but far fewer perks. You can add up to 99 employee cards to your account in total (see rates and fees).

The Spark Cash Plus is also loaded with big bonuses for large spenders. You’ll earn a welcome bonus of $2,000 after spending $30,000 in the first three months and another $2,000 for every $500,000 you spend in the first 12 months. Also, after spending $150,000 in any year, the $150 annual fee is refunded.

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