How to weigh Amex Graphite’s US$295 fee before your next business trip

For US business travellers, Amex’s Graphite Business Cash Unlimited offers straightforward cash back—not Membership Rewards points. Before paying its US$295 annual fee, check whether your regular expenses and travel bookings justify it.

1. Check your spending before applying. The welcome offer pays US$1,500 after US$50,000 in purchases within six months. Combined with the base 2% return, that spending earns at least US$2,500 before the annual fee. Use planned business expenses rather than extra purchases to reach the threshold.

2. Compare booking prices. With the card and Amex Travel Online, you can earn 5% back on flights and prepaid hotels booked through the portal; other eligible purchases earn 2%. Check the airline’s or hotel’s direct price before booking. A higher portal price can eat up the extra rewards, and the hotel booking must be prepaid to qualify.

3. Use cash back to offset costs. Redeem Rewards Dollars as statement credits against transactions. The card charges no foreign transaction fees, making it an option for overseas business purchases. Pay your balance in full to avoid interest: Pay Over Time allows eligible charges to accrue interest, while amounts outside that feature must be paid in full. No preset spending limit does not mean unlimited purchasing power; approvals depend on factors including payment and credit history.

4. Count only credits you can use. The advertised annual benefit of up to US$2,400 requires US$250,000 in eligible calendar-year spending and enrollment in American Express One AP. Credits offset that accounts-payable service’s monthly bill—not flights or hotels. Leave them out of your value calculation unless your business uses the service.

5. Compare the ongoing cost. Amex Blue Business Cash has no annual fee and earns 2% on the first US$50,000 spent each calendar year, then 1%, but charges foreign transaction fees. Capital One Spark Cash Plus offers uncapped 2% back with a US$150 annual fee and no foreign transaction fees. For employee spending, consider Graphite’s no-annual-fee Employee Business Expense Card rather than its US$95 authorized-user option.

Graphite is most plausible for high-spending businesses that can earn the bonus or use One AP credits. For straightforward cash back alone, cheaper alternatives deserve the first look.