Chase has steadily expanded its portfolio of business credit cards and this time around it is launching the Chase Ink Business Premier Card. At $195 per year, the card is designed to appeal to business owners whose large purchases and high monthly expenses will earn them up to 2.5% unlimited cash back.
The sleek metal design and higher cash back rates for large purchases indicate that this rewards card is for more established business owners who will take advantage of this payment card’s features.
Essentially, cardholders will pay the balance in full each month without paying interest. At the same time, they will accumulate rewards that can be redeemed for cash and a number of other rewards such as trips, purchases from Amazon.com and more. In other words, it’s a generous line of credit that also offers cash back, a win-win situation for business owners.
What does the Chase Ink Business Premier offer?
The most appealing feature of Chase Ink Business Premier is the ability to earn unlimited money, and there are other perks on top of the card benefits:
- Reward rate: Unlimited 2% cash back on every purchase; 2.5% unlimited total cash back on every purchase of $5,000 or more; Unlimited 5% Total Cash Back on trips purchased through Chase Ultimate Rewards
- welcome bonus: $1,000 cash back on $10,000 in business purchases within the first three months of account opening
- Flex for business: Flexibility to pay eligible purchases over time with interest, up to their business flex limit
- Travel coverage: No foreign transaction fees; Trip Cancellation/Interruption Insurance; travel delay reimbursement; baggage delay insurance; car rental collision damage waiver
- Additional protections: Fraud, zero liability, purchase, extended warranty protection and mobile phone protection
How is the Chase Ink Businesses Premier different from other Chase business credit cards?
The rewards structure is designed to help business owners earn more on larger purchases. Although you can earn 2% on all purchases, you can earn 2.5% on purchases over $5,000 or more. Then, when you spend on trips on the Chase Ultimate Rewards portal, you can earn 5% back. There is no limit to the amount you can earn and rewards do not expire as long as your account is active.
Rewards can be redeemed like a travel credit card on the Chase Ultimate Rewards portal, as well as Amazon.com and PayPal purchases, gift cards from over 175 brands, Apple products and more.
Chase’s first full-pay business card
The Chase Ink Business Premier Card is a charge card, which means the full balance must be paid at the end of each billing cycle. As Chase says, “Chase Ink Business Premier will be the first Pay in Full business credit card with built-in flexibility for greater spending potential and rich rewards offered by Chase.”
However, as many payment cards have recently done, it is also possible to refund certain purchases over time. With the Flex for Business feature, cardholders can refund purchases over $500, with interest, over time.
Who would benefit from the Chase Ink Business Premier Card?
This card is ideal for business owners who don’t mind paying higher annual fees to access what is essentially a rewards line of credit. If you’re a business owner who can funnel large amounts of expenses through your business credit card each month, the Chase Ink Business Premier Card is supposed to provide generous cash back while saving tons on interest payments. .
For these reasons, we believe this card is not suitable for individual entrepreneurs or small businesses with low monthly and annual income. In fact, the card really seems to be more of a marketing tool to get business owners into Chase’s pipeline for more sophisticated financial products that larger business owners tend to need more than small business owners. That’s not a bad thing, but it does mean that not all business owners will be ready for this type of business credit card.
If you think this card is a little out of your league, there are plenty of other Chase business credit cards you can apply for — many with lower annual fees or no annual fee, no obligation to pay the balance monthly, and the opportunity to earn Chase Ultimate Rewards points:
Additionally, there are other issuers like American Express, Bank of America, Capital One, and Citi that also offer a wide range of business credit cards to meet your needs.
However, if you meet the criteria for this card and have an existing relationship with a Chase Business Relationship Manager, you can register for the Chase Ink Business Premier Waitlist for a request when the card becomes available.