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Chase recently launched the Chase Ink Business Premier*, a cash back card that it touts as “Rich Rewards. Limitless Opportunities.” The prospect of 5% cash back on travel purchased through Chase Ultimate Rewards®, 2.5% cash back on every purchase of $5,000 or more, and 2% cash back on every other purchase is attractive to many small business owners, but the card’s $195 annual fee might give some small business owners pause, especially if they hold one of the many cards offering 2% rewards with no annual fee.
Should you consider adding a Chase Ink Business Premier* card to your wallet? Let’s see if this card is right for you.
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What Is the Chase Ink Premier?
The Chase Ink Business Premier* is Chase’s newest offering for small business owners. It’s a charge card – Chase calls it a “Pay in Full” card – rather than a credit card, so except for eligible Flex for Business payment options you should expect to pay off the card each month. The card carries a $195 annual fee and earns a flat 5% cash back on travel purchased through Chase Ultimate Rewards®, 2.5% cash back on every purchase of $5,000 or more, and 2% cash back on every other purchase in addition to a suite of travel protection benefits more common to premium travel cards.
The Chase Ink Premier offers a welcome bonus: $1,000 cash back after spending $10,000 on purchases in the first 3 months from account opening.
The card also offers employee cards at no additional cost and tools to manage and monitor employee use of the account, which can enable you to grant purchasing power to your employees without opening additional credit accounts.
Rewards and Benefits
The Chase Ink Business Premier* earns Ultimate Rewards points. Unlike the Ink Business Preferred® Credit Card, the Chase Ink Business Premier* does not offer the ability to transfer points to airline and hotel partners or the ability to redeem points for travel at an increased value, so the highest-value use of the Ultimate Rewards points you earn with the Chase Ink Business Premier* is cash back. Note that unlike other Chase Ink cards, you can’t combine these Ultimate Rewards with another card that allows you to transfer to travel partners.
Your Ultimate Rewards points can also be redeemed for a variety of awards including “shop with points,” travel and gift cards from over 175 brands, but these redemption options are generally worth less than 1 cent per point.
The card’s headline feature is that it earns 5% cash back on travel purchased through Chase Ultimate Rewards®, 2.5% cash back on every purchase of $5,000 or more, and 2% cash back on every other purchase.
Travel and Consumer Insurance Protections
In addition to cash-back rewards, the Chase Ink Premier card offers a suite of travel and consumer insurance protections that are common to premium cards that carry an annual fee.
- Trip Cancellation/Trip Interruption Insurance: Provides up to $5,000 per trip reimbursement if your trip is canceled or cut short by sickness, severe weather, and other covered situations.
- Travel and Emergency Services: Provides legal and medical referrals or other travel and emergency assistance.
- Cell Phone Protection: Get up to $1,000 per claim in cell phone protection against covered theft or damage for you and your employees listed on your monthly cell phone bill when you pay it with your Chase Ink Business Premier Credit Card.
- Extended Warranty Protection: Extends the time period of the US manufacturer’s warranty by an additional year, on eligible warranties of three years or less.
- Purchase Protection: Covers your new purchases for 120 days against damage or theft up to $10,000 per claim and $50,000 per account.
- Auto Rental Collision Damage Waiver: Provides primary collision damage waiver coverage when renting for business purposes and provides reimbursement up to the actual cash value of the vehicle for theft and collision damage for most cars in the US and abroad.
How Is the Chase Ink Premier Different?
Unlike other Chase credit cards earning Ultimate Rewards points, the Chase Ink Business Premier*‘s points can’t be transferred to one of your other accounts. Unfortunately, this negates one of the greatest benefits of the Ultimate Rewards ecosystem: the ability to mix and match point earning opportunities across several credit cards.
If you earn Ultimate Rewards points with an Ink Business Unlimited® Credit Card, for example, you can transfer those points to your Ink Business Preferred® Credit Card. This unlocks additional value from your points, as they can be used to book travel through Chase Ultimate Rewards at 1.25 cents per point or transferred to airline and hotel partners for high-value award travel redemptions.
While you can transfer Ultimate Rewards points to your Chase Ink Business Premier*there is little reason to do so, as all of the redemption options available to the Chase Ink Business Premier* are also available to no-annual-fee credit cards that earn Ultimate Rewards.
Who Should Get the Chase Ink Premier?
Businesses with Large Purchases
If you frequently make purchases greater than $5,000 for your business, the Chase Ink Business Premier* is an excellent choice for your business. The ability to earn 2.5% cash back is among the highest rates of cash back earning available on a business card for general purchases, and the fact that cash back rewards are uncapped can make this card quite lucrative if you pay vendors with your card.
The Business Platinum Card® from American Express (Terms apply. See rates & fees.) offers 5 Membership Rewards® points per dollar on flights and prepaid hotels through American Express Travel, Earn 1.5X points on eligible purchases at US construction material & hardware Suppliers, electronic goods retailers and software & cloud system providers, and shipping providers, as well as on purchases of $5,000 or more everywhere else, on up to $2 million of these purchases per calendar year. Earn 1 point per dollar on all other eligible purchases. That said, Membership Rewards points can be more valuable than one cent per point if you use them strategically.
Business Owners Wanting a 2% Cash Back Card Within the Chase Ecosystem
As a small business owner, you may be more invested in running your business than in chasing the best, most lucrative cash-back credit card. While there are many cards earning 2% rewards, the Chase Ink Business Premier* is the only card within the Chase ecosystem that earns at least 2% cash-back rewards on all purchases. If you are an existing Chase small business banking customer and want to keep your business with Chase, the 2% cash back offered by the Chase Ink Business Premier* may be the balance between simplicity and generous rewards that you are looking for.
Businesses With a Lot of Spending
Paying an annual fee for a credit card to earn cash back can make sense if your business spends a lot on credit cards. The 2% cash-back rewards are attractive, but Chase also offers the Ink Business Unlimited® Credit Card, a no-annual-fee card that earns 1.5% cash back rewards on every business purchase. Compared to the Ink Business Unlimited® Credit Card, you would need to spend almost $40,000 annually for the additional cash back rewards you earn from the Chase Ink Business Premier* to offset the Premier’s annual fee.
Who Should Avoid the Chase Ink Premier?
If you don’t spend a lot on your small business cards, you should probably avoid the Chase Ink Business Premier*. Compared to the Ink Business Unlimited® Credit Card, you would need to spend nearly $40,000 per year for the Premier’s cash back rewards to offset the Premier’s annual fee. If you spend less than $40,000 and want a Chase small business credit card that offers generous rewards on all spending, consider the Ink Business Unlimited® Credit Card, which awards 1.5% cash back rewards on every business purchase.
If you are interested in cards outside the Chase ecosystem, the (Terms apply. See rates & fees.) and the Blue Business® Plus Credit Card from American Express (Terms apply. See rates & fees.) from American Express are worth considering . The former earns 2% cash back on all eligible purchases on up to $50,000 per calendar year, then 1% and the latter earns 2 Membership Rewards points per dollar on everyday business purchases such as office supplies or client dinners up to the first $50,000 in purchases per year, then 1 point per dollar on all other purchases.
Category Bonus Chasers
A card offering 2% cash back on all purchases may not be the best fit if your small business spending skews heavily toward categories where other cards offer increased rewards. Many credit cards offer increased rewards for spending in categories like travel, restaurants, transportation, gas stations or office supplies.
Within the Chase ecosystem, you might find a better fit with either the Ink Business Preferred® Credit Card or the Ink Business Cash® Credit Card. The Ink Business Preferred® Credit Card has a lower $95 annual fee and earns 3 points per dollar on the first $150,000 spent on travel and select business categories each account anniversary year. Earn 1 point per dollar on all other purchases. If you spend a lot of money at office supply stores, the Ink Business Cash® Credit Card card earns 5% cash back on the first $25,000 spent in combined purchases at office supply stores and on internet, cable and phone services each account anniversary year and 2% cash back on the first $25,000 spent in combined purchases at gas stations and restaurants each account anniversary year. Earn 1% cash back on all other purchases.
Outside of the Chase ecosystem, there are a number of credit cards that offer increased rewards in spending categories. To find out if one of these cards is a better fit check out the Forbes Advisor Guide to the best rewards credit cards.
Businesses Owners Seeking Transferable Points
The Chase Ink Business Premier* is unique in that it earns Ultimate Rewards points, but its points can’t be transferred to other Ultimate Rewards-earning credit cards, nor can they be transferred to travel partners. This means that the card effectively becomes a cash back card and offers no synergies with the other Chase cards in your wallet.
If you are looking to use Ultimate Rewards points for transfers to airline and hotel partners, look at the Chase Ink Business Preferred. If you already hold a card that allows transferring Ultimate Rewards points to travel partners, consider the Ink Business Unlimited® Credit Card and Chase Ink Business Cash cards.
Find The Best Credit Cards For 2022
No single credit card is the best option for every family, every purchase or every budget. We’ve picked the best credit cards in a way designed to be the most helpful to the widest variety of readers.
The Chase Ink Business Premier* makes sense for a very specific kind of small business customer: The customer that wants a simple cash-back reward structure, spends a lot on credit cards and frequently charges purchases over $5,000. If you are looking to maximize rewards on your business purchases through bonus categories or by transferring Ultimate Rewards points to travel partners, look at one of the other cards in Chase’s Ink portfolio.
To view rates and fees for The Business Platinum Card® from American Express please visit this page.
To view rates and fees for American Express Blue Business Cash™ Card please visit this page.
To view rates and fees for The Blue Business® Plus Credit Card from American Express please visit this page.