Chase launched the Ink Business Premier Credit Card

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.

The new one Chase Ink Business Premier℠ offers strong cash back opportunities and financial support for small business owners. Although initially only available to Chase for Business customers with a business relationship manager, apps are now publicly available.

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.

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.

A A small business credit card can be a great tool to help your business get cash back on purchases. Whether it’s buying supplies, customer gifts, paying for company travel or gifts for your employees, a small business credit card can provide the flexibility and organization needed for business expenses.

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.

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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