The Chase Ink Business Premier℠ Credit Card is officially open to the public, allowing small business owners to earn up to 5% cash back on select purchases. It soft-launched in December 2021, initially only for Chase for Business customers with an existing business relationship manager.
If you’re a small business owner, reducing your purchases with credit card rewards can be of great help to your business — especially without a long list of spending categories to track. Plus, this card is a little different from other credit cards and is designed 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 Released
The card comes with a hefty 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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award
Get unlimited 2.5% total cash back on purchases of $5,000 or more and unlimited 2% cash back on all other commercial purchases.
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Welcome bonus
Earn $1,000 in bonus cash back when you spend $10,000 within the first 3 months of account opening.
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annual fee
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Introducing APR
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Regular annual interest rate
Flex for Business Variable APR: 16.49% – 24.49%
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balance transfer fee
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foreign transaction fee
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need credit
Welcome bonus
The first feature of the card that caught our eye was the sign-up bonus, which is valuable for almost any business owner. After spending $10,000 within the first three months of account opening, you’ll be eligible for $1,000 in cash back. The best part is that this sign-up bonus may not be considered taxable income.
Now, you should never overspend just to get your welcome bonus, but if you have some big purchases coming up related to your business, this could be a great way to earn cash back and a massive $1,000 bonus.
Since you get at least 2% back in the process, you’ll end up with $1,200 in cash back after the welcome bonus.
award
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% back on eligible purchases of $5,000 or more
- Unlimited 5% back on travel purchased through Chase Ultimate Rewards®
The cash back you earn on the card can be redeemed or used in the Chase shopping portal, including travel purchases. Unlike other Chase Ink business credit cards, cash back cannot be converted into Chase Ultimate Rewards® points, which can be used to transfer to Chase’s travel partners, even if you have an eligible Sapphire credit card.
extra 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 “pay in full,” and it mirrors a similar model to charge cards. Cardholders are required to pay the balance in full each month, but in return, you’ll have greater spending power. However, this is not an “unlimited top-up card” as there is a limit to how much you can spend.
Plus, if you can’t pay the full monthly fee, Chase offers “Business Flexibility”, which provides flexibility in repayment. This benefit allows a portion of your credit line to be allocated to purchases you plan to pay over a period of time, plus interest.
other options
Ink Business Unlimited® Credit Card
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award
Earn 1.5% cash back on every purchase you make for your business
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Welcome bonus
Earn $750 in bonus cash back when you spend $7,500 in the first 3 months of account opening
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annual fee
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Introducing APR
Purchases are 0% for the first 12 months after account opening; balance transfers do not apply
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Regular annual interest rate
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balance transfer fee
$5 or 5% of each transfer amount, whichever is greater
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foreign transaction fee
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need credit
Why You Should Consider a Small Business Cash Back Credit Card
Here is a brief list of how cash back credit cards can benefit your business:
- Return on reinvestment: Some business owners will use their returns to reinvest in their business. This could mean buying new equipment, paying for useful software, or whatever else you see fit.
- Stacking Bonuses: If your employees require a business credit card, you can order an Authorized User Credit Card and all cash back on employee spending will go into your account.
- Expense Organization: Chase offers simple integrations to sync your purchases with popular accounting software like QuickBooks®.
- Ease of spending staff costs: If you have employees spending money for business purposes, you can easily see where and how much they are spending. Also, by giving them a credit card, you can eliminate the step for them to spend a receipt and get reimbursed.
bottom line
As competition in the credit card space heats up, Chase appears to be going after small business owners looking to spend flexibly with its Chase Ink Business Premier Credit Card.
The card’s benefits are solid, but the annual fee is worth considering before applying. But in the first year, if you spend $20,000, you can get at least $400 in cash back, and possibly an additional $1,000 from the sign-up bonus. Even after the $195 annual fee, you still get $1,200.
But before you consider using this card for your wallet, be sure to create a budget to see if it makes sense for your business.
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Editor’s Note: The views, analyses, comments or recommendations expressed in this article represent the views, analyses, comments or recommendations of Select editors only and have not been reviewed, approved or otherwise endorsed by any third party.