Amex Launches the New Graphite Business Card: What Hawaii Business Owners Should Know
Aloha ʻohana! American Express just made a big move in the business card space with the launch of its brand new Graphite Business Cash Unlimited Card. It is getting plenty of attention for its clean earning structure and solid sign-up bonus, and if you run a business here in Hawaii, it is worth understanding what this card is and what it is not before deciding if it belongs in your wallet.
The short version: this is a well-built cash-back card, but it is a different animal from the Amex business cards most of our HRT readers use for travel rewards. Let me walk you through the details so you can make the right call for your situation.
What the Card Offers
Amex officially launched the Graphite Business Cash Unlimited Card on March 25, 2026 as part of their largest commercial product expansion in recent history. The card is designed for business owners who want straightforward rewards without managing a points program. Here is the full breakdown, also covered by Doctor of Credit:
- Sign-up bonus: $1,500 cash back after spending $50,000 in the first six months. Some applicants are seeing a $2,000 offer via incognito mode or referral link, worth checking before you apply.
- Earning rate: Unlimited 2% cash back on all eligible purchases, plus 5% on flights and prepaid hotels booked through American Express Travel Online.
- Annual fee: $295, not waived the first year.
- No preset spending limit and the option to pay over time, useful for businesses with fluctuating large expenses.
- One AP credit: Spend $250,000 in a calendar year and unlock up to $2,400 in statement credits toward Amex's One AP accounts payable platform the following year.
The One Thing Hawaii Reward Travelers Need to Understand
Here is the most important thing to know before applying: this card does not earn Membership Rewards points. It earns "Reward Dollars", Amex's cash-back currency, and that is a meaningful distinction for anyone building a points-based travel strategy.
Reward Dollars are fixed-value cash back worth 1 cent each. They can be redeemed as statement credits or used toward Amazon purchases, but they cannot be transferred to any airline or hotel loyalty partner.
Membership Rewards points, by contrast, transfer to 20+ partners including ANA, Flying Blue, Avianca LifeMiles, Hilton, and Marriott, often unlocking significantly more value per point when used for travel redemptions. If your goal is earning points for flights and hotels, the Graphite card sits in a different lane.
That is not a knock on the card, it is just an honest description of what it is. For business owners who want simple, predictable cash back with no program to manage, this card delivers exactly that. The question is just whether that matches your goals.
Who This Card Works Well For
- High-volume spenders chasing the bonus: If you can hit $50,000 in six months, you are looking at $1,500 to $2,000 in bonus cash back plus another $1,000 from the spend itself. That is a strong short-term return worth paying attention to.
- Business owners who prefer simplicity: No transfer partners, no category tracking, no points program. Just flat 2% back on everything you buy. For some businesses, that ease is genuinely valuable.
- Very heavy spenders who can unlock the One AP credit: If your business puts $250,000 or more on the card in a year, that $2,400 in One AP statement credits the following year becomes a meaningful offset against the annual fee.
Before applying, check the offer in an incognito browser window or ask a current cardholder for a referral link. Some people are seeing a $2,000 sign-up bonus instead of the public $1,500, a $500 difference worth a few extra clicks.
Not sure if this card fits your Hawaii travel strategy?
Join our Ohana Program and we will build you a personal credit card plan, completely free. Whether you want points for travel or straightforward cash back, we will match you with the right cards for your goals.
Join the Ohana Program, It's Free →I actually like what Amex is doing here for the right kind of business owner. A metal card, no preset spending limit, unlimited 2% back with no categories to track, that is a clean, professional product. If you run a business that spends big and just wants a reliable return without overthinking it, the Graphite card does its job well.
For our HRT community though, the key question is always: does this help me travel more? And since this card earns Reward Dollars instead of Membership Rewards points, it sits outside the transfer-partner ecosystem we lean on for premium travel. It will not help you get to Japan in business class on ANA or book a free Hyatt night in New York. For that, the Amex Business Platinum or Business Gold are still where it is at.
That said, if you are already maxed out on MR-earning cards and need a cash-back option for overflow spending, the Graphite is worth a look, especially if you can snag that $2,000 bonus offer. As always, reach out or drop a comment if you want to talk through whether this card makes sense for your specific situation. Mahalo for reading!
