Link: Ink Business Premier℠ Credit Card
Small business credit cards are incredibly competitive nowadays, and there are amazing cards for every kind of consumer. Chase has recently launched the Ink Business Premier Card, which is the issuer’s best business cash back card yet.
If you have a business that spends a lot on credit cards and want to earn cash back, then this will probably be your new favorite credit card. Let’s go over all the details of this product, including the welcome offer, annual fee, rewards structure, how to redeem rewards, and benefits.
Chase Ink Business Premier Card $1,000 Bonus
The Chase Ink Business Premier Card has a massive welcome bonus of $1,000 cash back after spending $10,000 within the first three months. That’s a huge bonus, especially for those looking to earn cash back.
Chase’s standard application rules apply, including the 5/24 rule. Note that you’re eligible for the bonus on this card even if you have other Chase business cards, including any of the other Chase Ink business credit cards.
Chase Ink Business Premier $195 Annual Fee
The Chase Ink Business Premier Card has a $195 annual fee, and you can add authorized users at no extra cost. While this is one of the higher annual fee business cards out there, you should quickly be able to recoup the annual fee on the card if you have a lot of business spending.
Chase Ink Business Premier 2-5% Cash Back Rewards
The Chase Ink Business Premier Card offers 2-5% cash back on all purchases, all with no foreign transaction fees. Let’s go over how that’s structured.
2.5% Cash Back On $5K+ Purchases
The Chase Ink Business Premier Card offers 2.5% cash back on all purchases of $5,000 or more. There’s no limit to how many purchases you can make where you earn 2.5% cash back, as long as each transaction is at least $5,000.
While there are lots of great cash back credit cards, we’ve never before seen a “no strings attached” 2.5% cash back feature on large purchases. Obviously this won’t be for everyone, but I know all kinds of people who have businesses where they spend millions per year on cards (typically in large transactions), so earning 2.5% cash back on those purchases is going to add up quickly.
2% Cash Back On Other Purchases
The Chase Ink Business Premier Card offers a minimum of 2% cash back for all other purchases. That’s typically in line with the best return on spending you’ll find on most cash back cards, so that’s still really good.
5% Cash Back On Chase Travel Portal Purchases
The Chase Ink Business Premier offers 5% cash back for purchases through the Chase Travel Portal. You can use this to book flights, hotels, and rental cars, so it’s a good way to rack up extra rewards.
Redeeming Chase Ink Business Premier Rewards
How does the cash back earned with the Chase Ink Business Premier Card actually work? Well, it’s super easy. You can redeem your cash back as a statement credit, apply it to your card balance, or get cash deposited directly to checking and savings accounts. There are no minimums to redeem your rewards.
Now, you can also redeem your rewards for gift cards, travel, or purchases with retailers, though you won’t be getting outsized value that way. In other words, $1,000 cash back will still only get you at $1,000 worth of travel or gift cards. Therefore it seems easiest to just redeem your rewards as cash back straight into your account (it’s not like cash back rewards from spending are going to be taxed), and then you can use that however you’d like.
An important thing to understand is that the Chase Ink Business Premier is in no way in the Chase Ultimate Rewards ecosystem. So unlike other Chase Ink credit cards, you can’t transfer these rewards to Chase airline and hotel partners. This card is most valuable for those who want to earn cash back that they can redeem however they’d like.
Chase Ink Business Premier Purchase & Travel Protection
The Chase Ink Business Premier Card offers a variety of valuable purchase and travel protection, including:
- Auto rental collision damage waiver coverage (CDW)
- Trip cancellation and trip interruption insurance
- Travel and emergency assistance services
- Purchase protection
- Cell phone protection
- Extended warranty protection
You’ll want to consult the cardmember agreement for full details, but in general this is some useful protection (especially the rental car coverage, cell phone protection, and purchase protection).
Is The Chase Ink Business Premier Worth It?
With the basics of the Chase Ink Business Premier Card out of the way, is this a card you should be considering for your small business? First of all, this card is for those who want to earn cash back. That’s a large percentage of the population, though admittedly in the miles & points world, many of us prefer to earn travel rewards.
For those with businesses that spend a lot on credit cards, the Ink Business Premier is unrivaled. Being able to earn 2.5% cash back on purchases of over $5,000 is pretty incredible, and you’ll quickly recoup the annual fee compared to a 2% cash back card. I know there are so many people who have businesses where they spend millions per year on supplies, so getting 2.5% back on that is sweet.
So yes, for the right type of consumer, this card is a no-brainer. Let me just share a couple of other considerations.
How Do Other Chase Ink Business Cards Compare?
The Chase Ink Business Premier Card is the fourth product in the Chase Ink credit card lineup, so how do the other options compare?
- The Ink Business Preferred® Credit Card (review) has a $95 annual fee, and offers 3x points on the first $150,000 of combined purchases per account anniversary year on travel, shipping, internet, cable, phone services, and advertising purchases made with social media sites and search engines
- The Ink Business Cash® Credit Card (review) has no annual fee and offers 5x points on the first $25,000 of combined purchases per account anniversary year on office supply stores, internet, cable TV, mobile phones, and landlines, and 2x points on the first $25,000 of combined purchases per account anniversary year on restaurants and gas stations
- The Ink Business Unlimited® Credit Card (review) has no annual fee and offers 1.5x points on all purchases
For those looking to earn travel rewards, I’d say picking up all three cards could make a lot of sense. Meanwhile for those looking to earn cash back, the Ink Business Premier is better.
How Does The Capital One Spark Cash Plus Compare?
I’d say the closest competitor to the Chase Ink Business Premier Card is the Capital One Spark Cash Plus (review).
The card has a $150 annual fee, and offers a flat 2% cash back on all purchases, with no foreign transaction fees. On top of that, the card offers a $200 annual cash bonus when you spend $200,000 on the card during an account anniversary year, so that bonus will more than offset the annual fee for big spenders.
While this is also a cash back card, the benefit is that cash back can be converted into travel rewards in conjunction with another Capital One travel card, like the Capital One Venture X Rewards Credit Card (review).
The $195 annual fee Ink Business Premier Card is Chase’s lucrative new cash back card. The card has a welcome bonus of $1,000 cash back upon completing minimum spending, and offers up to 2.5% cash back on purchases, which is almost unheard of.
While this card isn’t for those looking to earn travel rewards, it’s a phenomenal cash back card for businesses that spend a lot.
Apply now for the Chase Ink Business Premier with a bonus of $1,000!
Don’t each one of the Big Three now own one of these startups now??? Crazy!!
While it's a consumer card, the BofA Travel Rewards offers up to 2.625 percent on all purchases (not just large purchases), has no annual fee, and has no foreign transaction fees. If one can muster $100k in a Merrill account, one would receive the higher cash-back rate.