The news: American Express launched the Graphite Business Cash Unlimited Card with a $295 annual fee, per a press release.

• Graphite offers unlimited 2% cash-back rewards on all eligible purchases and 5% back on flights and hotels booked through Amex Travel. 
• Cardholders benefit from no preset spending limits and Pay Over Time payment flexibility.
• Members also can earn up to $2,400 in statement credits a year toward monthly fees for Amex’s accounts payable automation platform after spending $250,000 on eligible purchases.

The Graphite card marks the start of a series of new or enhanced commercial products set to launch over 2026, including new expense management software, a corporate cash-back card, a $300 ChatGPT business statement credit for US business Platinum and Gold cards, an AI Insight Agent for spending analysis, and an AI-backed corporate expense app.

How we got here: Commercial card spending is driving payment providers’ revenue growth, especially as consumer spending strains under tariffs, wartime uncertainty, and resumed student loan burdens.

• Visa launched a commerce platform targeting SMBs; commercial money movement was one of Visa’s key revenue engines, per its Q4 2025 earnings.
• PayPal noted seven consecutive quarters of profitable growth for enterprise payment in its last earnings statement.
• Capital One acquired Brex for $5.15 billion to snag the fintech’s corporate client list and scale its corporate card operation.
• And Mastercard partnered with LoanPro to offer card-linked personal loans for SMBs. It also offered ultra-low-cost POS for SMBs through its US Small Business Navigator Program with Fiserv.

Why this matters: Amex is hoping value-oriented small business owners and entrepreneurs will be enticed by solid cash-back rewards. 

However, it faces stiff competition: Capital One’s Spark also offers unlimited 5% cash back on travel and 2% cash back on other eligible purchases, plus a $1,000 sign-up bonus with a lower annual fee—$95. 

Implications for issuers: As SMBs seek rewarding yet value-driven financial products, issuers need to justify their annual fees with robust rewards, lower interest rates, and payment flexibility. 

Fifty-six percent of businesses are very or extremely interested in a card that allows the holder to switch between rewards or lower APR per statement period, and 54.9% want payment due dates aligned to their business’s cash flow or receivables, per a PYMNTS Intelligence report.