Ink Business Premier® Credit Card: 5 Must-Know Benefits

Earn 2.5% Cash Back on Business Expenses with Ink Business Premier®

The Ink Business Premier® Credit Card by Chase offers a variety of benefits that can significantly help small business owners. With rewards programs, travel perks, and comprehensive purchase protection, this card provides essential tools to improve business finances. In this in-depth review, we will explore all the features, rewards, fees, and added protections of the Chase Ink Premier card to help you decide if it’s the right fit for your business.

What is the Ink Business Premier® Credit Card?

The card is an ideal option for business owners who regularly make large purchases or want to simplify their business expense management.

Card Highlights of Ink Business Premier® Credit Card

• Earn $1,000 bonus cash back after spending $10,000 in the first 3 months.
• Earn 2.5% cash back on purchases of $5,000 or more.
• Get 2% cash back on all other business purchases.
• Employee cards at no additional cost with individual spending limits.
• $195 annual fee with potential for high rewards.
• Flex for Business feature to pay qualifying purchases over time.
• Earn 5% cash back on Lyft rides through March 2025.
• Chase Ultimate Rewards® allows easy reward redemption for travel and gift cards.
• Travel protections include auto rental, roadside assistance, and purchase protection.
• Cell phone protection is available when paying your phone bill with the card.
• Purchase protection for up to 120 days (90 days for New York residents).
• Extended warranty on eligible purchases.
• Access to Chase TravelSM to book business travel with no blackout dates.
• Flexible redemption with options for cash back, travel, or gift cards.
• Build business credit by using the card for daily expenses.
• There is no minimum redemption for cash-back rewards, making rewards easy to use.

Rates and Fees of Ink Business Premier® Credit Card

• Annual fee: $195.
• APR for purchases: 18.49%–26.49%, based on creditworthiness.
• APR for cash advances: 29.99%.
• Cash advance fee: Either $10 or 5% of the amount, whichever is greater.
• Foreign transaction fee: None.
• Late payment fee: Up to $39.
• Returned payment fee: Up to $39.
• Additional card fee: No extra cost for employee cards.
• Cash back redemption: No minimum is required for cash-back rewards.

The Ink Business Premier® Credit Card offers a competitive APR range, making it a great option for business owners. The card’s flexibility with no foreign transaction fees helps reduce travel costs. Although the card has a $195 annual fee, it provides high rewards, such as 2% cash back on most purchases. Keep in mind that late payments and returned payments may incur fees, so it’s important to stay on top of your payments to avoid additional charges. The ability to earn rewards on business expenses and the potential to use points for travel or gift cards add significant value to this card.

See Full Rates and Fee

Key Features of the Ink Business Premier® Credit Card

The Ink Business Premier® Credit Card stands out for its unlimited earning potential and flexibility in business credit cards.

Here are its key features:

1. Cash Back Rewards: With the Ink Business Premier® Credit Card, you can earn 2.5% cash back on every purchase of $5,000 or more. This makes it an excellent card for businesses that regularly make large transactions, such as equipment purchases or bulk supplies. For example, a $10,000 purchase could earn you $250 in cash back, which you can use for other expenses or investments.

Additionally, you earn 2% cash back on all other business purchases. This means you’ll also earn rewards for routine company expenses like office supplies, utilities, and travel, helping your rewards accumulate quickly.

2. Earn Bonus Cash Back: As an added incentive, when you apply for the Ink Business Premier® Credit Card, you can earn a $1,000 bonus cash back after spending $10,000 in the first 3 months of account opening. This is an attractive offer, especially for organizations that need to make large purchases or regularly spend in their first few months of using the card. It’s important to keep in mind that the bonus offer applies to new cardholders only.

Rewards and Redemption Options

As a cash-back business credit card, the Ink Business Premier® Credit Card offers several convenient ways to redeem your rewards. One of the highlights of this card is its integration with Chase Ultimate Rewards®, which provides a multitude of options for redeeming your accumulated points. Here’s a breakdown of how you can make the most of your rewards:

1. Cash Back Redemption: You can redeem your points for cash back, either as a statement credit or through direct deposit into most U.S. checking or savings accounts. One of the best aspects of this card is that there are no minimums for redeeming cash-back rewards. Whether you want to redeem $5 or $500, you can easily access your rewards as long as you have enough points.

2. Travel and Business Travel Rewards: The Ink Business Premier® Credit Card also offers valuable travel rewards. You can use your points to book trips through Chase TravelSM. The rewards can be redeemed for flights, hotel stays, car rentals, and even vacation packages from major airlines with no blackout dates. For business owners who travel frequently, this can be a great way to save on travel expenses.

3. Gift Cards and More: Through the Chase Ultimate Rewards® platform, you can also redeem your points for over 150 gift card brands, including popular retailers and office supply stores. You can use the gift cards for personal use, enterprize-related needs, or even as gifts for your employees.

4. Apple Ultimate Rewards Store: Another exciting option is the Apple Ultimate Rewards Store, where you can use your rewards points to purchase Apple products such as computers, tablets, smartphones, and other technology. If you need to upgrade your office equipment or technology, this is an excellent way to stretch your rewards points.

Employee Cards: No Additional Cost

An attractive feature of the Ink Business Premier® Credit Card is that it allows you to add employee credit cards at no additional cost. This makes it easier to manage your team’s purchases while simultaneously earning rewards. With employee cards, you can set individual spending limits, allowing you to control your business expenses while keeping track of spending patterns.

Business Travel Protection

The Ink Business Premier® Credit Card comes with several valuable business credit card travel protections designed to give you peace of mind when travelling for work. Here are some of the key benefits:

1. Auto Rental Coverage: When you use your card to pay for a rental vehicle, you are covered for theft or collision damage up to $60,000, as long as the rental is for business purposes. This coverage is primary, meaning it takes precedence over other insurance you may have, saving you the cost of purchasing additional insurance from the rental company.

2. Travel and Emergency Assistance: Business trips can sometimes go awry, but with the Chase Ink Premier® Credit Card, you’ll have access to legal and medical referrals as well as other travel assistance services. This can be invaluable if you run into any legal or medical emergencies while travelling.

3. Purchase Protection and Extended Warranty: The card also offers purchase protection for up to 120 days (90 days for New York residents) against damage or theft for eligible new purchases. If you make a large purchase for your business, this protection can save you from potential losses. Additionally, the extended warranty feature adds another year to the manufacturer’s U.S. warranty for eligible items.

4. Cell Phone Protection: Another notable protection is cell phone protection. If you pay your monthly cell phone bill with your Ink Business Premier® Credit Card, you can receive up to $1,000 per claim for damage or theft of your cell phone. This benefit can be incredibly helpful for businesses that rely on mobile communication.

How to Build Business Credit with Ink Business Premier® Credit Card

The Ink Business Premier® Credit Card is not just a tool for earning rewards; it can also help you build business credit. As you use the card responsibly and make timely payments, you’ll be helping to establish and improve your company’s credit history. This can be beneficial as your firm grows and you need access to more capital.

Flexibility in Business Credit Cards

The Flex for Business feature allows you to manage your payments more easily. Depending on your business’s cash flow situation, you can choose to pay your balance in full each month to avoid interest or carry a balance with interest. This flexibility is a great option for companies that experience fluctuating income.

Is the Ink Business Premier® Credit Card Right for Your Business?

The Ink Business Premier® Credit Card is ideal for owners who want to earn 2% cash back on purchases and 2.5% cash back on large expenses. The $195 annual fee is reasonable given the $1,000 bonus cash-back offer and other perks.

This card is a great asset for those making frequent large purchases or regularly traveling. The employee cards at no extra cost and the travel protections add significant value to the overall offering.

Comparison of Ink Business Premier® Credit Card With Similar Cards

When selecting the right credit card for your business, it’s crucial to evaluate important factors like reward opportunities, introductory bonuses, annual fees, and interest rates. The following table outlines the major details of four popular Chase Ink business credit cards to help you make an informed decision.

Comparison of Ink Business Premier® Credit Card vs. Ink Business Unlimited® vs. Ink Business Preferred® vs. Ink Business Cash®

Comparison Analysis

1. Ink Business Premier® Credit Card: Offers the highest bonus of $1,000 cash back, along with 2.5% cash back on large purchases and 2% on others. However, it has an annual fee of $195.
2. Ink Business Unlimited® Credit Card: Offers a simple 1.5% cash back on all purchases with no annual fee. It has a smaller bonus of $750 and a 0% intro APR for the first 12 months.
3. Ink Business Preferred® Credit Card: Stands out for its 3X points on select business categories, offering 90,000 bonus points. The $95 annual fee is moderate compared to others.
4. Ink Business Cash® Credit Card: Provides a high 5% cash back on select categories, with a $750 bonus. The $0 annual fee makes it a top choice for small businesses focused on everyday spending.

Which Card is Worth Buying?

Why You Might Think About a Different Credit Card Than Ink Business Premier® Credit Card?

1. High Annual Fee: The Ink Business Premier® Credit Card charges a $195 annual fee, which may not be ideal for businesses looking to minimize costs. However, there are alternatives available if you prefer cards with no annual fee.

2. Limited High Cash Back Categories: While the card offers 2.5% cash back on purchases of $5,000 or more, many businesses may find that the 2% on all other business expenses isn’t the most rewarding option for their spending patterns. If you’re looking for more flexibility in your cash-back categories, other cards might serve you better.

3. Flexibility with Rewards: Some business owners prefer credit cards that offer more diverse rewards programs, such as travel points or points redeemable for other purchases beyond cash back. Cards like the Ink Business Preferred® Credit Card or Ink Business Cash® Credit Card offer rich rewards with no annual fee.

4. Introductory APR Offer: If you need to finance larger purchases and carry a balance, the Ink Business Premier® Credit Card lacks an introductory APR offer. Cards like the Ink Business Unlimited® Credit Card provide 0% intro APR for the first 12 months, which can help you manage business expenses with more flexibility.

Why Capital One Spark Business Cards Are the Top Alternatives to Chase Ink

Short Analysis:

The Chase Ink cards offer a more diverse set of reward categories, making them ideal for businesses that can take advantage of specific spending areas, such as office supplies, travel, and advertising. With the Ink Business Preferred® Credit Card, you also get a 25% bonus on travel rewards, making it attractive for frequent travelers. However, managing multiple cards might be required to maximize your rewards across different categories, which could be complex for some businesses.

On the other hand, the Capital One Spark cards provide a simpler structure, with flat cash back or miles on all purchases, which may appeal to business owners who want to avoid tracking multiple bonus categories. The Spark Miles and Spark Cash Plus cards offer decent earning rates and flexible rewards, but they don’t have the same targeted bonus categories as Chase Ink. These cards also provide great travel benefits, and the absence of foreign transaction fees is a plus.

For businesses that prioritize simplicity, Capital One Spark might be the better choice, while Chase Ink is better suited for businesses with more complex spending patterns that want to leverage specific bonus categories for maximum reward potential.

Frequently Asked Questions (FAQs)

Final Thoughts

The Ink Business Premier® Credit Card offers valuable benefits for entrepreneurs, especially those who frequently make large purchases. It provides 2.5% cash back on purchases over $5,000 and 2% on other professional expenses. The $1,000 bonus after spending $10,000 in the first 3 months is an additional incentive for companies that can meet the threshold.

Key features include comprehensive travel protections like auto rental coverage and cell phone protection, as well as no extra cost for employee cards. The integration with Chase Ultimate Rewards® offers flexible redemption options, including cash back, travel, or gift cards.

However, the $195 annual fee and focus on larger transactions may not suit all enterprises. Smaller organizations or those seeking a wider variety of rewards may find alternatives like the Ink Business Unlimited® or Ink Business Cash® credit cards a better fit, particularly if they want lower fees.

In conclusion, the Ink Business Premier® Credit Card is a great choice for ventures with substantial spending and travel needs, but others may find better value with simpler or lower-fee options.

Additionally, you can read a comprehensive guide on using a business credit card for personal use: Is it Legal or Illegal?