Running a business involves juggling countless responsibilities and making tough decisions to drive growth and profitability. One of those key choices is selecting the right business credit card to maximize your spending power and rewards earnings.
The Chase Ink Business Premier Credit Card stands out with its unique combination of premium rewards rates and valuable cardholder benefits. But is this premium business card worth its $195 annual fee for your specific situation? Let’s dive deeper to find out.
What Is the Chase Ink Business Premier Credit Card?
The Ink Business Premier is a charge card designed for businesses with significant monthly expenses. While it functions similarly to a credit card in many ways, it requires you to pay your balance in full each billing cycle.
Where it really shines is its stellar rewards program tailored to big spenders. You’ll earn:
- 5% cash back on travel booked through Chase
- 2.5% back on purchases of $5,000 or more
- 2% back on all other eligible purchases
There’s no preset spending limit, and no confusing bonus categories to track. Plus, you can redeem your rewards as cash back, gift cards, travel, merchandise, and even at Amazon.com and PayPal with the same high redemption value.
New Cardholder Welcome Bonus
The Ink Business Premier also features a solid welcome bonus to help recoup the annual fee: Earn $1,000 cash back after you spend $10,000 on purchases in the first 3 months from account opening.
That’s one of the highest publicly-available bonuses for a business credit card. While the minimum spending requirement is steep, it could be achievable if your business has significant upfront expenses or inventory purchases.
READ ALSO: Ink Business Preferred® Credit Card
Key Benefits of the Chase Ink Business Premier
Beyond rewards, the Ink Business Premier also provides some valuable cardholder benefits, including:
- Travel insurance: Coverage for trip cancellation/interruption, auto rental collision damage waivers, baggage delays, and more
- Purchase protection: Extends manufacturer’s warranty and covers eligible items against theft or damage
- Cellphone protection: Up to $1,000 per claim ($100 deductible) if your cellphone is stolen or damaged
- Employee cards: Get unlimited employee cards at no additional cost
- Pay over time: With Flex for Business, you can pay for eligible purchases of $500+ over time with interest
- Fraud monitoring: Zero liability protection for unauthorized purchases
There are also no foreign transaction fees, which is ideal for businesses that make international purchases or travel abroad.
When Is the Chase Ink Business Premier Worth It?
The Ink Business Premier could be an excellent fit if your business fits into one or more of these categories:
You Have Significant Monthly Expenses
The more you spend each month, the more valuable the Premier card becomes thanks to its premium rewards rates. Let’s compare two scenarios:
- Scenario 1: You spend $10,000 per month, including one $6,000 purchase
- Scenario 2: You spend $3,000 per month, with no purchases over $5,000
Scenario 1:
- $6,000 purchase at 2.5% cash back = $150
- $4,000 in other purchases at 2% cash back = $80
- Total rewards in one month = $230
Scenario 2:
- $3,000 in purchases at 2% cash back = $60 total rewards
In scenario 1, by maximizing the 2.5% cash back rate, you’d earn $230 in rewards in just one month. Over a year, that amounts to a staggering $2,760 in cash back <em>after</em> deducting the annual fee. In scenario 2, you’d only earn $720 annually, not enough to offset the fee.
Chase business credit cards are geared toward companies that have substantial expenses and can benefit from top-tier rewards rates. If your business doesn’t spend much annually, a no-annual-fee business card may be a better choice.
READ ALSO: American Express® Business Gold Card Review: Unveiling the Perks and Benefits
Your Largest Expenses Are Individual Purchases Over $5,000
The Ink Business Premier is purposefully designed to reward businesses that frequently make large singular purchases of $5,000 or more. Think of expenses like:
- Expensive equipment or machinery
- Bulk inventory purchases
- Leasing costs for vehicles or real estate
- Hiring contractors for renovations
- Legal services or tax payments over $5,000
If you routinely shell out for big-ticket items like these, the Premier card can help you rake in rewards at an accelerated 2.5% cash-back rate.
You Want Unlimited Flexible Rewards Without Transfer Partners
One of the Ink Business Premier’s most significant limitations is that it doesn’t allow you to transfer rewards to hotel or airline partners. However, it earns flexible cash-back rewards that can be redeemed for:
- Travel booked through Chase at the same 1:1 ratio
- Cash back as a statement credit or direct deposit
- Gift cards from over 175 brand partners
- Merchandise, including products from Amazon and Apple
- And more redemption options added regularly
If you don’t need to squeeze maximum value from your rewards through transfer partners, the Ink Premier offers excellent value and versatility.
The Ink Business Premier May Not Be Worth It If…
You Want to Transfer Points to Travel Partners for More Value
The Premier card may not be ideal if you’re looking to maximize your return on spending by transferring points to hotel and airline partners. Unlike the Chase Ink Business Preferred card, the Ink Premier doesn’t allow you to move your rewards to Chase’s travel partners. This limits your redemption options strictly to cashback and Chase’s in-portal travel bookings.
You Spend Less Than $5,000 Per Month
To offset the Ink Business Premier’s $195 annual fee, you’ll need to spend enough each month to rack up substantial rewards. If your business spends less than around $5,000 monthly, you likely won’t earn enough cash back with this card to justify its fee. You may be better off with a no-annual-fee business credit card.
You Don’t Want to Pay Interest on Large Purchases
The Ink Premier functions as a charge card, requiring you to pay your entire statement balance each month. While Flex for Business allows you to pay off eligible purchases of $500 or more over time, you’ll accrue interest charges. If you anticipate needing to carry a balance for an extended period, a business credit card with an intro APR or lower ongoing APR may suit your needs better.
You Want to Pool Rewards Across Multiple Chase Cards
Unfortunately, the Premier card has another key limitation: You can’t combine your cash-back rewards with those earned from other Chase Ultimate Rewards cards.
READ ALSO: Chase Freedom Flex℠ Credit Card
How to Maximize the Chase Ink Business Premier
To get the most value from the Ink Business Premier card, consider these tips:
Use It for Large Purchases and Travel Bookings
Make it a point to put all your large business purchases of $5,000 or more on the Ink Premier to capitalize on its 2.5% cash-back rate. And when booking travel, always do so through the Chase Travel Portal to earn an impressive 5% back.
Pair It With Other Chase Business Cards
While you can’t combine cash back earned with other Ultimate Rewards cards, the Ink Premier can complement cards that earn transferable points. For example, use the Ink Business Cash for bonus categories like office supplies, internet/cable/phone services, gas, etc.
Explore Other Redemption Options
Yes, cashback is straightforward and valuable, but don’t overlook other redemption choices. Using your rewards for gift cards, merchandise rewards, or even Amazon purchases can provide the same high redemption value.
Take Advantage of Benefits
Maximize the card’s purchase and travel protections, like extended warranties, cell phone coverage, and trip cancellation insurance. These perks add significant value beyond the rewards alone.
Add Employee Cards
Issue free employee cards to earmark spending, set individual limits, and track expenses more easily. Just be sure to implement a policy for responsible usage.
Use the Flex for Business Feature Responsibly
While the ability to pay off large purchases over time is convenient, be mindful of interest charges and have a payment plan. This card’s APR is not insignificant.
Conclusion – Is the Chase Ink Business Premier Worth the Annual Fee?
The Ink Business Premier Credit Card provides unparalleled value for businesses with significant spending power. If your company routinely makes purchases over $5,000 and has sizable monthly expenses, the Premier’s 2.5% cash back rate and $1,000 welcome bonus could easily offset the $195 annual fee. Remember that this card does not allow point transfers to travel partners. So if maximizing redemption value is crucial, the Ink Business Preferred may be a better fit.
For businesses that don’t spend heavily enough to capitalize on the rewards structure, a no-annual-fee business card, like the Ink Bussiness Unlimited or Blue Business Cash from American Express (see rates and fees), may provide greater long-term value.
As with any credit card decision, careful consideration of your business’s spending patterns and goals will reveal whether the Chase Ink Business Premier card belongs in your wallet and expense management strategy.
READ ALSO: The Ultimate Guide to Corporate vs. Small Business Credit Cards: Which is Best for Building Credit?
Chase Ink Business Premier FAQs
What Credit Score Do You Need for the Ink Business Premier?
Chase recommends having good to excellent credit to qualify, which typically means a FICO score of 670 or higher. Also, be aware of Chase’s 5/24 rule, which means you’ll likely be denied if you’ve opened 5 or more new credit card accounts in the past 24 months across all issuers.
Can I Transfer Points From Other Chase Cards to the Ink Premier?
No, the Ink Business Premier does not allow points transfers from other Ultimate Rewards-earning cards. Its cash back rewards are kept completely separate.
Is the Ink Premier a Chase 5/24 Card?
Yes, the Ink Business Premier is subject to the 5/24 rule like most other Chase cards. If you’ve opened 5 or more new credit card accounts (from any issuer) in the past 24 months, your application will likely be denied.
What Are the Benefits of the Ink Business Premier?
Key benefits include travel insurance, purchase protection, extended warranties, primary rental car coverage, cell phone protection, employee cards, pay over time flexibility, and no foreign transaction fees.
Which Card Is Better – The Ink Business Premier or Preferred?
The better card depends on your goals and spending habits. The Ink Business Preferred offers bonus categories and the ability to transfer points, but the Premier could be more rewarding if you make lots of large purchases over $5,000.
