American Express just dropped a cryptic post on Instagram Thursday, announcing that a new business credit card will soon hit the market. The caption boasted that this new card will be “strong, adaptable, and ready for what's next.”
Strong? Like … graphite?
View this post on Instagram
There's no official word yet on when we can expect this card to hit the market or what it might entail … but that hasn't stopped the rumor mill from going to work. Just remember, these are just unconfirmed rumors!
A post on U.S. Card Forum dug up a graphic spelling out many of the details, indicating this new card will be called the Graphite™ Business Cash Unlimited Card, earning unlimited 2% cash back on eligible purchases. In addition, the card will (supposedly) earn unlimited 5% cash back on flights and prepaid hotels booked through American Express Travel®, while carrying a $250 annual fee.
Beyond that, details are scarce. There's no other information on a potential welcome offer or any additional benefits that might help justify its moderate annual fee. This being Amex and all, you'd have to think the card will come with some sort of use-them-or-lose-them statement credits to help make the math work.
The bad news for travelers like you and me? This card earns cash back instead of Membership Rewards points, which can be transferred to airline and hotel partners for often-outsized value. As much as it pains me to admit it, there are plenty of business owners out there that spend big and have no interest in travel (what's wrong with them?!), and that's likely Amex's target market for this new card.
Similarly, Chase offers the $ 250-per-year Ink Business Premier® Credit Card that earns 2% cash back on every purchase, 2.5% cash back on purchases of $5,000 or more, and 5% cash back on any travel purchases made through Chase Travel℠. If the rumors are true, this new Graphite Business Cash Unlimited looks poised to compete directly with the Ink Business Premier.
If you're a business owner with big travel dreams, you've already got a much better option than this new Graphite Card. The no-annual-fee (see rates & fees) *blue biz plus*, earns 2x Membership Rewards points on everyday business purchases (up to $50,000 a year). After the first $50,000 spent, you'll simply earn 1x Membership Rewards for every additional dollar of eligible business purchases.
The fact that this (rumored) Graphite Card offers unlimited 2% cash back could make it more appealing to big-spending businesses. But if you don't typically spend that much – or use even more rewarding business cards for other purchases – you're probably better off with the Blue Business Plus anyway.
Bottom Line
American Express teased a new business credit card is coming soon on Instagram today. If the rumors are true, it looks to be the $250-per-year Graphite Business Unlimited Cash Card, offering unlimited 2% cash back (and potentially 5% on Amex Travel bookings).
While it could appeal to high-spending businesses focused on simple cash back, it won’t earn transferable Membership Rewards points. For business owners prioritizing travel rewards, the no-annual-fee Blue Business Plus remains the better option.
