Businesses come in all shapes and sizes — so whether you’re the owner of a fine dining restaurantWhether you are an agile startup or an online consulting firm, there are plenty of opportunities to maximize your daily operating costs with small business credit card.
For an annual fee of $195, Ink Business Premier® Credit Card Get unlimited 2% cash back on all purchases, unlimited 2.5% cash back on large purchases of $5,000 or more, and unlimited 5% cash back on travel booked through Chase Ultimate Rewards.
In this guide, we’ll look at the card’s other ongoing benefits to determine who it’s right for.
Key Benefits
New applicants approved to join Ink Business Premier will receive a welcome bonus of $1,000 cash (in the form of 100,000 Ultimate Rewards points) after spending $10,000 on eligible purchases within the first three months of account opening.
Unlike other Ink business credit cards, however, the Ink Business Premier is designed primarily as a business cashback card. Therefore, the points you earn are not transferred to the Ultimate Rewards program. airline and hotel partnerssuch as United MileagePlus, Southwest Rapid Rewards, and World of Hyatt.
Unfortunately, the points you earn with Ink Business Premier cannot be transferred to other Ultimate Rewards accounts even if you have another account. Chase card. You can, however, transfer points from other Chase Ultimate Rewards accounts to the account linked to your Ink Business Premier card and redeem them from there. But there are a few reasons why you might not want to do this, which we’ll cover below.
You will also get the following:
- Flex for Business allows cardholders to pay off eligible purchases over time with interest, giving them more flexibility in their payments.
- Mobile phone protection up to $1,000 per claim, with a maximum of three claims per year and a $100 deductible per claim
With all that in mind, let’s take a look at who could benefit most from this card.
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Who should get Ink Business Premier?
Businesses with large operating costs
As one of Chase’s premium business credit cards, the Ink Business Premier is clearly aimed at businesses with thousands of dollars in operating expenses each year.
First, you’ll need to spend $10,000 in the first three months to unlock the $1,000 cashback bonus.
The $195 annual fee is another consideration. While not expensive, it’s still $100 more expensive than Ink Business Preferred® Credit Cardfor example, so anyone applying will want to make sure they can recoup the cost through earning annual cash back. That’s not hard to do, given the types of bonuses this card offers.
Chase’s Flex for Business payment feature is also designed for business owners who need more flexibility to make large purchases and plan their repayments over time.
People who already have an Ink Business Cash Credit Card
Ink Business Premier package pairs well with the no annual fee plan Ink Business Cash® Credit Card as the latter offers valuable bonus categories for business-focused purchases — but only up to a certain limit.
Ink Business Cash cardholders can earn 5% back at office supply stores and internet, cable and phone services, but only on the first spend up to $25,000 per account anniversary year.
You can then transfer any rewards earned from Ink Business Cash to Ink Business Premier, but note that this will not work the other way around. However, the fixed, unlimited 2% earning rate on Ink Business Premier can be quite valuable to take advantage of if you’ve reached your maximum spending limit on Ink Business Cash, and of course, to earn points on business purchases that fall outside of these bonus categories.
Who should not join Ink Business Premier?
Small businesses or self-employed individuals
The Ink Business Premier isn’t a good fit for business owners who don’t have thousands of dollars in annual expenses. Fortunately, Chase’s other business card options are a much better fit. These cards offer great earning potential at a fraction (or none) of the cost of the Ink Business Premier.
People who want to double their Chase Ultimate Rewards transferable points
As mentioned above, rewards earned on the Ink Business Premier cannot be transferred to your other Ultimate Rewards earning cards. This is a big disappointment for many people because you can combine rewards earned on other Chase cash back cards and then transfer them to the airline and hotel partners of the Ultimate Rewards program.
Regardless, you’ll want to skip applying for Ink Business Premier if you hope to Unlock thousands of Ultimate Rewards points with this card.
Even if you just want to redeem your Ultimate Rewards points Direct for travel booked through ChaseInk Business Preferred might be a better choice. Because, for these redemptions, your points will be worth 1.25 cents per point with Ink Business Preferred, but only 1 cent per point with Ink Business Premier.
Related: Why Doubling Down on a Rewards Program Can Be Better Than Diversifying
Someone with a position above 5/24
While Most business cards will not count toward your Chase 5/24 amount.you will probably need to under 5/24 to qualify for the new Ink Business Premier. Not familiar with this rule? Basically, applicants will likely not be eligible for a Chase-issued credit card (not just the Ink Business Premier) if they have opened five or more credit cards from any issuer in the past 24 months. In any case, to maximize your chances of approval, you’ll want to keep the number below 5/24.
Last line
The fact that the Ink Business Premier can’t transfer your rewards to your other Chase credit cards is pretty limiting and won’t help you earn more points if you’re hoping to combine it with Chase Trifecta card.
However, it’s clear that Chase has designed this card to target businesses that don’t care about travel rewards and want to earn cash back. With an earning rate of up to 2.5% on purchases and no limit on the amount of cash back you can accumulate, the Ink Business Premier offers great earning potential—but only for the right businesses.
Register here: Ink Business Premier Credit Card
