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The Chase Ink Business Premier℠ Credit Card is officially available to the public, allowing small business owners to earn up to 5% cash back on select purchases. It had a soft launch in December 2021, initially available only to Chase for Business customers who had Business Relationship Manager.
If you’re a small business owner, getting a credit card rewards break on your purchases can be a huge help to your business — especially without a long list of expense categories to keep track of. Additionally, this card is a little different from other credit cards and aims to give your business more purchasing flexibility.
Here’s what you need to know about the card.
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Chase Ink Business Premier launched
The card comes with an annual fee of $195. But as a small business owner, you can deduct this expense as a business expense on your annual tax return.
New business card! Ink Business Premier℠ Credit Card
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Awards
Earn unlimited 2.5% gross cash back on purchases of $5,000 or more and unlimited 2% cash back on other business purchases.
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Welcome bonus
Earn $1,000 in bonus cash after spending $10,000 on purchases within the first 3 months of account opening.
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Annual fee
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Introduction APR
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Standard APR
Flex for Business Variable APR: 16.49% – 24.49%
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Account transfer fee
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Foreign transaction fee
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Credit is required
Welcome bonus
The first feature of the card that caught our eye was the sign-up bonus, which could be useful for any business owner. After spending $10,000 on purchases within the first three months of account opening, you’ll be eligible to earn $1,000 cash back. And the best part is that this signup bonus may not be taxable income.
Now, you should never overspend to get a welcome bonus, but if you have a few big purchases related to your business, this can be a great way to get cash back and get a big $1,000 bonus.
Since you get at least 2% cashback along the way, you’ll get $1,200 in cash after your welcome bonus.
Awards
In addition to the sign-up bonus, ongoing rewards for the Chase Ink Business Premier Credit Card include:
- Unlimited 2% cash back on all eligible purchases
- Unlimited 2.5% cash back on purchases of $5,000 or more
- Unlimited 5% cash back on travel purchased through Chase Ultimate Rewards®
The money you earn on the card can be redeemed for cash back or used for travel purchases in the Chase shopping portal. Unlike other Chase Inc. business credit cards, rewards cannot be transferred to Chase Ultimate Rewards® points at Chase’s travel partners even if you have an eligible Sapphire Credit Card.
Additional benefits
Other benefits of the card include:
But the main attraction for small business owners should be the spending flexibility the card offers. This is the first Chase business credit card to offer “Full Pay,” which mirrors the same model as a charge card. Cardholders must pay off their balance in full each month, but in return, you’ll have more spending power. However, this is not an “unlimited charge card” as there are limits on how much you can withdraw.
Plus, if you can’t afford to pay in full each month, Chase is reaching out. ‘Flex For Business’, which provides payment flexibility. This benefit allows a portion of your line of credit to be allocated to purchases you plan to pay off over time.
Other options
Ink Business Unlimited® Credit Card
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Awards
Earn 1.5% cashback on every purchase you make
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Welcome bonus
Earn $750 in bonus cash after spending $7,500 on purchases in the first 3 months after account opening
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Annual fee
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Introduction APR
Account opening 0% on purchases for the first 12 months; N/A for account transfers
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Standard APR
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Account transfer fee
$5 or 5% of each transfer amount, whichever is greater
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Foreign transaction fee
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Credit is required
Why you should consider a small business cash back credit card
Here’s a quick list of how a cash-back credit card can benefit your business:
- Reinvestment of prizes; Some business owners take their prize money to reinvest it into their business. This could mean buying new equipment, paying for helpful software, or any other expense you deem appropriate.
- Stack Prizes: If you have employees who need a business credit card, you can order an authorized user credit card and all the money from the employee will go into your account.
- Organization of expenses; Chase offers easy integrations to sync your purchases with popular accounting software like QuickBooks®.
- Ease of staffing costs; If you have employees spending money for business purposes, you can easily see where and how much they’re spending. Additionally, by issuing a credit card, you can eliminate the process of issuing invoices and returns.
at last
As the credit card landscape becomes more competitive, Chase seems to be targeting small business owners who want flexibility with it. Chase Ink Business Premier Credit Card.
The card’s benefits are strong, but it’s worth considering before applying for the annual fee. But in the first year, if you spend $20,000, you can expect at least $400 in cash back, plus an additional $1,000 from the signup bonus. And even after the $195 annual fee, that still leaves you with $1,200.
But before considering this card for your wallet, be sure to build a budget to see if it makes sense for your business.
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Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the Editors’ Choice only, and have not been reviewed, endorsed or approved by any third party.
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