Chase Launches Ink Business Premier Credit Card

The Chase Ink Business Premier℠ credit card is officially available to the public, giving small business owners the ability to earn up to 5% cash back on select purchases. It had a soft launch in December 2021, first only available to Chase for Business customers that had an existing Business Relationship Manager.

If you’re a small business owner, getting a break on your purchases through credit card rewards may be a great help to your business — especially without a long list of spending categories to keep track of. Plus, this card is a bit different than other credit cards and aims to give your business more purchasing flexibility.

Here’s what you need to know about the card.

The new Chase Ink Business Premier℠ offers solid cash-back opportunities and financing flexibility for small business owners. Although it was initially only available to Chase for Business customers that had an existing Business Relationship Manager, applications are now publicly available.

The card comes with a somewhat hefty $195 annual fee. But as a small business owner, you can deduct this cost on your yearly tax return as a business expense.

Welcome bonus

The first feature of the card that caught our eye is the sign-up bonus, which can be valuable to nearly any business owner. You’ll be eligible to earn $1,000 cash back after you spend $10,000 on purchases in the first three months of account opening. And the best part is this sign-up bonus might not be considered taxable income.

Now, you should never overspend just to earn a welcome bonus, but if you have a few large purchases coming up related to your business this could be a great way to earn cash back and a big $1,000 bonus.

Since you’re earning at least 2% back along the way, you’ll end up with $1,200 in cash back after earning the welcome bonus.

Rewards

In addition to the sign-up bonus, the ongoing rewards of the Chase Ink Business Premier credit card include:

• Unlimited 2% cash back on all eligible purchases
• Unlimited 2.5% cash back on eligible purchases of $5,000 or more
• Unlimited 5% cash back on travel purchased through Chase Ultimate Rewards®

The cash back you earn on the card can be cashed out, or used in the Chase shopping portal, including for travel purchases. Unlike the other Chase Ink business credit cards, the cash back cannot be converted into Chase Ultimate Rewards® points that are available to transfer to Chase’s travel partners, even if you having a qualifying Sapphire credit card.

Additional benefits

Other perks of the card include:

But the main attraction for small business owners should be the spending flexibility that the card offers. This is the first Chase business credit card offering “Pay in Full,” which mirrors a similar model as a charge card. Cardholders will need to pay their balance in full each month, but in return, you will have greater spending power. However, this is not an “unlimited charge card” as there will be limits to how much you can spend.

Additionally, if you aren’t able to pay in full each month, Chase is offering ‘Flex For Business’, which gives repayment flexibility. This benefit allows part of your credit line to be allotted to purchases that you plan to pay over time, with interest.

A small business credit card offering cash back for purchases can be a great tool to help your business. Whether it is purchasing supplies, client gifts, paying for company travel or gifts for your employees, a small business credit card can provide needed flexibility and organization for business expenses.

Here’s a brief list of how a cash-back credit card can benefit your business:

• Reinvesting the rewards: Some business owners will take their rewards to reinvest in their business. This could mean purchasing new equipment, paying for helpful software or any other expenses you deem fit.
• Stacking rewards: If you have employees that need a business credit card you can order an authorized user credit card and all cash back from employee spend will go to your account.
• Organization of expenses: Chase offers simple integrations to have your purchases sync with popular accounting software like QuickBooks®.
• Ease of expensing employees costs: If you have employees spending money for business purposes, you can easily see where and how much they are spending. Additionally, by giving them a credit card, you can eliminate the step of them expensing receipts and getting reimbursed.

As the credit card landscape continues to get more competitive, it looks like Chase is going after small business owners who desire spending flexibility 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 expect at least $400 in cash back, along with potentially an extra $1,000 from the sign-up bonus. And even after the $195 annual fee, that still leaves you with $1,200.

But before you consider this card for your wallet, be sure to build a budget to see if it makes sense for your business.

Catch up on Select’s in-depth coverage of personal finance, tech and tools, wellness and more, and follow us on Facebook, Instagram and Twitter to stay up to date.