$295 fee shock: Card users hit with steep annual charge starting today

Americans are being charged a $295 yearly fee for a new credit card launched today. The card is called the Graphite Business Cash Unlimited Card and it is launched by American Express. The new card is made mainly for business lenders who want flexible spending. The card offers unlimited 2% cash back on all eligible purchases.

It also gives unlimited 5% cash back on flights and prepaid hotels booked through American Express Travel, according to The Sun. These travel bookings must be done through American Express Travel to get the rewards. The card comes with a $295 annual fee, which is the major point drawing attention.

No preset spending limit

There is no preset spending limit, meaning users can spend based on their past usage and financial history. Card members can carry a balance with interest or pay the full amount each month. Users may unlock up to $2,400 in credit for the next calendar year on monthly fees using the Graphite card.


Raymond Joabar, Group President of Global Commercial Services at American Express, praised the card’s flexibility in a press release. He said businesses need trusted partners who understand their needs. He added that the company provides solutions with value to simplify business operations. He also said Amex Business Membership combines service, card products, software, and AI tools.

More products coming soon

The Graphite card is one of eight products American Express plans to launch this year, as per the report by The Sun. These updates will include new expense management software. A new Corporate Cash Back Card is also planned. The company will introduce a ChatGPT Business statement credit for U.S. Business Platinum and Business Gold Cards.

American Express also plans to roll out new AI-powered features later this year. The report also warned consumers about bank scams and advised contacting banks through official numbers only, as noted by The Sun. Customers should verify calls claiming to be from banks to avoid fraud, as scammers often pretend to be bank representatives.

FAQs

Q1. What is the $295 fee credit card?

The $295 fee is the yearly charge for the new Graphite Business Cash Unlimited Card launched by American Express.

Q2. What rewards does the new Graphite card offer?

The card gives unlimited 2% cash back on purchases and 5% cash back on flights and prepaid hotels booked through American Express Travel.