Business owners who spend thousands of dollars on monthly expenses should get a business credit card that earns cashback for every purchase they make.
However, there are several business credit cards in the market, and it can be difficult to pick one that suits your needs. You’d have to consider multiple factors such as annual fees, rewards categories, insurance benefits, etc.
In this review, we’ll feature the Chase Ink Business Premier℠ Credit Card, one of Chase bank’s latest addition to its co-branded card lineup.
Previously, only existing Chase for Business Customers was eligible to apply for this card, so it’s good to hear that it’s now available to all.
We’ll discuss everything you need to know about the Chase Ink Premier Business card and help you decide if it’s perfect for you.
- Earn a $1,000 Bonus Cash Back After Spending $10,000 on Purchases in the First 3 Months
- 2.5% Cash Back on Purchases of $5,000 or More
- 2.0% Cash Back on All Other Business Purchases
- Purchase Protection and Extended Warranty
- Cell Phone Insurance and Rental Car Insurance
- $195 Annual Fee
Chase Ink Premier Welcome Bonus
New cardholders of the Chase Ink Premier Business Card will get a welcome bonus of $1,000 cashback after spending $10,000 on your card within the first three months of account opening.
The spending requirement is reasonably easy to reach since most businesses spend thousands of dollars per month on utilities, travel, and advertising expenses alone.
You can still apply for the Ink Premier Business Card and get the welcome bonus even if you already have other Chase business cards.
Just be mindful of the Chase 5/24 rule when you apply. It’s Chase’s “unofficial rule” wherein credit card applicants don’t get approved if they open five or more new credit card accounts in the last 24 months.
This card’s annual fee is $195, the highest among all Chase business cards.
Alternatively, Chase offers several other business cards with lower annual fees:
- Ink Business Preferred® Credit Card (review) – $95 Annual Fee
- Ink Business Unlimited® Credit Card (review)- No Annual Fee
- Ink Business Cash® Credit Card (review) – No Annual Fee
Earning Cashback
The Chase Ink Premier Business card has a simple yet solid rewards structure. Here are the rates at which cardholders can earn per dollar spent:
- Earn 2.5% cash back for every purchase of $5,000 or more.
- Earn 2.0% cash back on all other business purchases.
- Earn 5% cash back on travel purchased through Chase Travel Portal.
As you can see, it doesn’t have complicated rotating categories like other cashback cards have, yet the earning rates are reasonably competitive.
There’s also no spending limit on each reward category, so you can earn as many points on your purchases.
Other Chase cards usually have a spending limit, such as the Ink Business Cash® Credit Card, which has a $25,000 limit per year for its 5% cash back on office supply stores and on internet, cable and phone services each account anniversary year.
Chase Ink Premier Card Benefits
The Chase Ink Premier Business card comes with a plethora of travel protection, purchase protection, and account management benefits that can be very beneficial for your business.
Free Employee Cards
You can add employee cards to your card account for free. You can even set spending limits and monitor all transactions made from their cards. All of this can be done through your card’s online account.
Rental Car Insurance
This card offers primary rental car insurance when you rent either (1) for business purposes in almost every country worldwide, (2) renting outside your country of residence for personal reasons, or (3) if you don’t have automobile collision insurance.
Primary rental car insurance covers any damage to a rental car when you pay for the rental using this card.
But you still need to maintain liability car insurance to cover damage to another person or property.
Purchase Protection
Purchase protection can save you a lot of money if you bought an eligible item that is damaged or stolen within 120-days.
For example, if accidentally dropped your new phone or laptop and broke the screen, you could file a claim to get it replaced if it was purchased within the last 120 days.
Coverage for this benefit is limited to $10,000 per claim and up to $50,000 per cardholder.
Extended Warranty
Credit card extended warranty protection adds up to an additional year of coverage for eligible purchases on manufacturer’s warranties up to 3 years.
Coverage matches the protection provided by the original warranty so that damage or defect would have to be covered by the original warranty for extended warranty coverage.
Cellphone Protection
Breaking or losing your cell phone is never a pleasant experience, especially when cell phones cost over $800+ to replace.
You can avoid paying these steep costs when you pay your cell phone bill with this credit card.
There is no cost for cell phone insurance saving you about $10 per month per phone, but you will have to pay a small deductible if you make a claim.
There is a limit of $1,000 coverage per incident for damage or theft, up to 3 claims per year with a $100 deductible per claim.
What’s great about this benefit is that it also covers employee cell phones. However, the claims are deducted from the primary cardholder. If your employee made one claim, you only have two left for the remaining calendar year.
Trip Cancellation and Trip Interruption Insurance
Trip cancellation and interruption insurance reimburses you for non-refundable expenses if your trip is interrupted or canceled for a covered reason such as illness, severe weather, or an accidental injury when you pay for your travel expenses with this card.
If you used your card to pay for an eligible trip, you could get up to $5,000 per trip if your trip was canceled or interrupted for eligible reasons.
Trip Delay Reimbursement
This card offers trip delay insurance when you purchase your flight with this card.
This reimburses you for reasonable expenses things like hotels, food, transportation, and other necessary items.
Flights are increasingly delayed or canceled, and it is too risky to not use a card that offers free trip delay insurance.
Baggade Delay Insurance
Pay for baggage fees using your card, and you can get a reimbursement of up to $100 per day (maximum of 5 days) if your baggage was delayed for more than 6 hours.
The reimbursement lets you purchase essential items such as toiletries, chargers, and clothes, while you’re waiting for your baggage.
Roadside Dispatch
Call 1-800-847-2869 anytime if you have a roadside emergency. Services include towing, jumpstart, tire change, lockout service, winching, or gas delivery. The prices of each service will be determined during the call and will be automatically billed to your card.
24/7 Travel & Emergency Assistance
Get a dedicated 24/7 hotline for emergency transportation services, translation referral services, medical or legal referrals, and other assistance while you’re traveling. Just call the Benefit Administrator at 1-800-935-9935. See the complete list of Chase contact numbers here.
Remember that the primary cardholder will shoulder all the costs of the services received.
Redeeming Rewards
Cash back points earned from the Chase Ink Premier Business card can not be converted into Ultimate Rewards Points.
Cardholders can only redeem the cashback they’ve earned towards:
Cashback – No minimum amount is required. Cashback redemptions can be credited to your credit card account or transferred to your Chase savings or checking account.
- Travel – Cashback points can be redeemed for travel at 1 cent apiece through the Chase Ultimate Rewards travel portal.
- Shopping – While we don’t recommend this redemption, you can redeem your cashback points at a value of 0.8 cents apiece on Amazon or Paypal.
- Gift Cards – Redeem your cashback points for gift cards.
Chase released a statement on why they removed the points transfer option for the Chase Ink Premier Business card, and they said that the card already has a “rich rewards earn potential.”
We can assume that it’s the company’s way of keeping the expenses down since the 2% and 2.5% unlimited cashback is a competitive rate for a cashback card. But still, what a bummer, right?
For those of you that don’t know, most Chase cashback cards credit cards allow you to convert your cashback points into Ultimate Rewards Points.
For example, if you have an Ink Business Cash Credit Card or an Ink Business Unlimited Credit Card, you can transfer the cashback you’ve earned to another points-earning Chase card you have, such as the Chase Sapphire Reserve or the Chase Ink Business Preferred.
You’ll then get Ultimate Rewards Points which can be transferred to Chase transfer partners like British Airways, United Airlines, Marriott, and many more. Having Ultimate Rewards Points gives you redemption flexibility, potentially maximizing your points’ value.
With all that was said, we think that the Chase Ink Premier Business card was intended for businesses who want cashback, not award redemptions.
Pros & Cons
Here’s a quick overview of this card’s advantages and disadvantages:
Pros:
- The card has a solid welcome offer.
- The card comes with a high and unlimited cashback rates compared to other Chase cashback cards and competing cards.
- Offers one of the best cellphone protection benefits, plus other purchase and travel protections.
Cons:
- Cashback points earned from your card cannot be transferred to other loyalty programs.
- Cashback points earned from your card cannot be transferred to other Ultimate Rewards Points-earning cards.
- The card has a high annual fee.
Alternatives to the Ink Premier Business
Now that you know about the pros and cons of this card and its benefits, it’s time to review the alternatives.
Or, if you are like me, who loves to maximize my rewards, here are other cards you should add to your wallet in addition to this card:
Ink Business Preferred® Credit Card
- Earn 100,000 Ultimate Rewards Points After Spending $15,000 in Purchases in the First 3 Months
- 3X Points on Travel, Shipping, Advertising (Social Media and Search Engines), Internet, Cable, and Phone on the First $150,000 Each Account Year
- 25% Additional Points Value in Travel Redemption
- Primary Rental Car Insurance
- Trip Cancellation/Interruption Insurance
- Cell Phone Protection
- Purchase Protection and Extended Warranty
- No Foreign Transaction Fees
- $95 Annual Fee
The Ink Business Preferred® Credit Card (review) is an excellent choice for business owners looking for a card that offers valuable rewards and benefits.
With this card, you’ll earn:
- 3 points per $1 spent on travel, shipping purchases, internet, cable, phone services, and advertising purchases made with social media sites and search engines (up to $150,000 in combined purchases per account anniversary year).
- 1 point per $1 spent on all other purchases, with no limit on the number of points you can earn.
Beyond the rewards, the Ink Business Preferred provides valuable benefits, including:
- Primary rental car insurance (when renting for business purposes).
- Cell phone protection (up to $600 per claim against theft or damage, with a maximum of three claims per year and a $100 deductible per claim).
- Purchase and extended warranty protection.
American Express Blue Business Cash™ Card
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- 2% Cash Back On Up to $50,000 Per Year (1% Thereafter)
- 0% Intro APR on Purchases for 12 Months. After that, reg_apr,reg_apr_type.
- No Annual Fee (rates & fees)
The American Express Blue Business Cash™ Card offers simple, straightforward rewards for no annual cost.
This zero-annual-fee card earns a flat 2% cashback rate on all qualifying purchases up to $50,000 each year (1% thereafter).
The Blue Business Cash also offers expanded buying power, giving your business the flexibility to spend above your credit limit for your business expenses.
Ink Business Unlimited® Credit Card
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- Unlimited 1.5% Cash Back on Every Purchase
- Primary Rental Car Insurance
- Purchase Protection and Extended Warranty
- No Annual Fee
The Ink Business Unlimited® Credit Card is a valuable no-annual fee option for entrepreneurs and small business owners looking for simplicity and value.
This card offers a straightforward rewards structure, with 1.5% cash back on all purchases, making it easy for you to keep track of your rewards.
It also pairs well with the Chase Sapphire Preferred® Card (review) or Chase Sapphire Reserve® (review), which unlocks the ability to convert the Ink Business Unlimited cash back to airline or hotel points from any of Chase’s transfer partners.
This combo allows you to effectively earn 1.5 airline miles per dollar with this card, which is worth more than 1.5% cash back.
Is The Chase Ink Premier Business Card Worth It?
The Chase Ink Premier Business is worth it for businesses that want to earn cash back and make several large purchases each year to offset the $195 annual fee.
For example, an $8,000 purchase earns $200 cash back at 2.5%, which would offset the annual fee.
But if you want to earn points and have the flexibility to transfer those points to multiple loyalty programs, then you should consider a card like the Ink Business Preferred® Credit Card (review).
- Earn a $1,000 Bonus Cash Back After Spending $10,000 on Purchases in the First 3 Months
- 2.5% Cash Back on Purchases of $5,000 or More
- 2.0% Cash Back on All Other Business Purchases
- Purchase Protection and Extended Warranty
- Cell Phone Insurance and Rental Car Insurance
- $195 Annual Fee
For rates and fees of the American Express Blue Business Cash™ Card, please click here.
