American Express is launching a new business credit card today called The American Express Graphite™ Business Cash Unlimited Card. We’ll have more about that card shortly, but in the meantime there are a couple of other newsworthy items that have also been announced today.
$300 ChatGPT Business credits on Amex Business Platinum & Business Gold cards
A couple of months ago, American Express surveyed some cardholders about potential new benefits on the American Express® Business Gold Card and yet another annual fee increase. The proposed changes were:
- Annual Fee: $495 (up from $375)
- $300 annual ChatGPT credit, $250 LegalZoom credit, $20/month Xero credit, $20/month Notion credit
- $100 annual Resy credit ($50/6 months)
- Earn an extra 1 point per dollar when paying your bill with an Amex Business Checking account (maximum of 50,000 points/year)
- Earn 5x on flights and hotels booked through Amex Travel (currently 3x)
Well, at least one of those proposed changes is definitely coming to fruition, and not just on this card. This spring (the exact date hasn’t been provided yet), both the American Express® Business Gold Card and Business American Express Platinum Card® will get a $300 ChatGPT Business statement credit.
It’s not clear yet if that’ll be a $300 credit that’s valid for an annual subscription or if it’ll be up to $25 back per month. I suspect the former because a ChatGPT Business annual subscription is $300 per user, while monthly billing costs $30 user. Redcat has highlighted in the comments that a ChatGPT Business plan has a minimum two user requirement, so this new credit will only cover the cost of up to one person. You’ll therefore be out of pocket for the other person.
For people who have no desire to use ChatGPT for one reason or another, this new benefit will be meaningless. However, for businesses who already pay a subscription fee to ChatGPT, this’ll be a welcome update to the Business Platinum and Business Gold cards.
New Corporate cash back card
Then this fall there’ll be a new Corporate card launched. Per Amex’s announcement, the card will feature the following:
- A straightforward way to earn cash back, plus service, security and financial tools businesses need
- Integration with a new expense management platform and statement credits on American Express’ accounts payable platform One AP®
- Corporate liability plus tailored underwriting to help support different spending capacity needs
- A new application and onboarding experience to the Amex Corporate program to quickly get started
- Unlimited Cards for a flat annual fee for simple and transparent pricing
As you can see, details on this new card are scant, so there’s no information on any kind of welcome offer, annual fee, earning rates, overall benefits, etc. Note though that this will be a Corporate card rather than a small business card, so it’s not a card that’ll have widespread appeal nor applicability.
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If it required just 1 ChatGPT user I’d gladly keep the card. But with fee increase when annual fee hits easy cancel decision unless they have a good retention.
Here is what I predict will happen, which will mean that any use of this credit requires substantial out of pocket cost.
$300 credit, given in $25 monthly allotment.
That means you must pay $60 per month for two seats at $30 per seat per month. And it prevents you from splitting the $60 across two cards.
I will be genuinely surprised if there is some way to use more than $25 per month in a way that would let you drain the $300 credit in 5 months and then bill subsequent months to a different card.
Why on earth would Amex launch a card like this when they already have the Plum card and also the Blue Business Cash?? They should have simply refreshed one or both cards. One already offers straight 2% cash back. It seems odd to launch a new product that is so similar to not just one but two cards already available. Heck, 3 cards if you factor in the Amex Business Green card. Just makes no sense
Does ChatGPT sell giftcards?
I have ChatGPT for the $20/month pro plan and have 2 business golds. Any idea if I can switch to the business plan and split the $600/year fee between both cards to cover the cost entirely and save me my $20/month?
That would be the dream….
I genuinely didn’t know what the point was of paying $600/yr for a business account vs just using AI on your own in a free personal account, and so I asked, uh… AI… and it told me a number of things, but the really important answer I gleaned was “If you pay for it, then you get the version that doesn’t steal your data.” Cool.
The credits were easy and nice on my current Gold cards but these new possible credits are not something that I need or that I want, especially for a $500 AF card. Looks like that Chase Sapphire Business card that I opened up in January for the 200K UR SUB will be my new ad spending card.
Two ABG cards is $1000 for $300k ad spend, the CSB is $800 for unlimited ad spend. I think Amex is really missing the mark on this refresh, but I could be wrong.
The big question I have is can you split payments if you have both cards to cover almost all the cost.
Note that ChatGPT Business has a two-seat minimum so far as I can tell. So it will cost you $600 less a $300 credit. You won’t get access for $0 out of pocket.
Thanks for the heads up – I hadn’t seen that on the pricing page, so that’s good to know. I’ll get the post updated.
Redcat, any idea if you can split payments on that across 2 AMEX Business Cards?
I suspect you could on the monthly plan if you had two cards. You would just change billing midway through the year. But it’s still $720 per year monthly (30x2x12) so again you are still not getting something for nothing but $120 per year out of pocket for two business seats is a great deal if you have two cards.
Maybe they will allow us to go monthly and then for 2 users at $30/month each you’d get 5 free months with the credit.
Seems likely and that’s what I’ll probably do. Since the feature won’t start until April or May it seems and will reset in January, you can probably get 10 months out of it to start with just a short gap in between. you could downgrade to a one seat tier during that 2 month gap.
I love it when a bank tells me what services/products to prepay for.
Well, I’ll just cancel. $495 for gold card is absurd.