American Express this year will launch its "most significant commercial product expansion in one year" in its recent history, which will include new card products, AI benefits and capabilities and the expense management platform built from its acquisition of Center, the company said.
One of those new offerings, a new card for business leaders, launched on Wednesday. The American Express Graphite Business Cash Unlimited, for which Amex is charging a $295 annual fee, has features including 2 percent cash back on all purchases and 5 percent on flights and prepaid hotels booked through American Express Travel, the ability to carry balances with interest and access to unlimited virtual cards.
The card is one of two for business customers that Amex plans to launch this year. In the fall, Amex will begin offering a new Corporate Cash Back Card that will include a quicker application and onboarding experience for clients, unlimited cards for a flat annual fee and statement credits on One AP, Amex's accounts payable platform, the company said.
The card also will integrate with Amex's new expense management platform that follows last year's acquisition of Center. Amex said the platform—from which businesses can manage employee expenses, request physical and virtual cards, see spending insights and connect to ERP and HR systems—will open this summer with "early access for select customers."
On the AI front, Amex announced that this spring it is beginning to offer a $300 business credit for ChatGPT Business on its Business Platinum and Business Gold cards in the U.S. It said it is also launching an "Insights Agent" for its largest corporate customers to build reports and analyze spending as well as an AI-powered expense app for corporate card members, through which employees can upload photos of receipts and submit expenses for approval.
"AI will play a central role in how we deliver better payment and spend management experiences for our business customers, and businesses need financial software that simplifies their financial back office, backed by people who understand their distinct needs," Amex group president of global commercial services Raymond Joabar said in a statement.
Other commercial offerings Amex is planning for this year include a new corporate onboarding experience this spring that will let companies apply online to programs in as quickly as 10 minutes as well as an expansion of where clients can create and manage Amex Virtual Cards. The company already announced an integration with SAP Concur to enable creation of virtual cards within Concur Expense, and Amex also is enabling virtual card management within Emburse, according to the company.