Is the Chase Ink Business Premier worth it?
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Chase has announced the long-awaited launch of its new Chase Ink Business Premier℠ Credit Card. It’s always exciting when a major card issuer like Chase comes up with a new rewards offering, and this cash back business credit card is sure to not disappoint.
While you’ll almost certainly be enticed by the rewards rate on the Chase Ink Business Premier, you should know that this card comes with one major downside: It earns cash back instead of flexible rewards points.
This may work just fine for you and your business, or it could be an absolute deal-breaker. Read on to learn when the Chase Ink Business Premier Credit Card can be worth it, when it’s not worth it and who this business card is typically best for.
When is the Chase Ink Business Premier worth it?
The Chase Ink Business Premier Credit Card can definitely be worth it in the long run, but only in specific circumstances. Here are some scenarios where the Chase Ink Business Premier℠ Credit Card could be the best business credit card for your wallet.
Your business spends a ton of money each month
If your business spends a lot of money each month or makes an array of purchases over $5,000, the Chase Ink Business Premier Credit Card could be ideal for your needs. This card offers 2.5 percent cash back on purchases of $5,000 or more, as well as 2 percent cash back on all other spending. Plus, you get 5 percent back on travel booked through Chase.
Compare that to the next-closest flat-rate business credit card from Chase, the Ink Business Unlimited® Credit Card, which offers just 1.5 percent cash back on all spending. If your business spends $10,000 per month on plastic, including one purchase of $5,000, you would earn $225 in cash back each month with the Ink Business Premier and just $150 per month with the Ink Business Unlimited.
That translates into $2,700 in cash back with the Ink Business Premier over the course of one year and just $1,800 in cash back with the Ink Business Unlimited — which is a huge difference.
You want flexible rewards, but not necessarily for travel
The Ink Business Premier offers cash back on your spending, but you can redeem your rewards for more than just statement credits. In fact, this card lets you cash in rewards for gift cards, merchandise, travel through Chase and even purchases made on Amazon.com or PayPal.
Paying an annual fee doesn’t bother you
The Ink Business Premier charges a $195 annual fee, whereas several Chase business credit cards don’t charge one at all. That said, paying the annual fee on this card can be well worth it if your business spends a lot on purchases each month.
You don’t need an intro APR for purchases
Finally, remember that the Chase Ink Business Premier does not have an introductory APR for purchases, whereas the Ink Business Unlimited and Ink Business Cash® Credit Card do. Due to its high APR, you should only choose the Chase Ink Business Premier Credit Card if you know you can pay your credit card balance in full each month.
When is the Chase Ink Business Premier not worth it?
While the reasons above are good ones in favor of getting this card, there are definitely scenarios where the Ink Business Premier is not worth it. These include the following:
You want to be able to transfer points to airline and hotel partners
If you want to be able to transfer your rewards to Chase airline and hotel partners, the Ink Business Premier is not for you. This card lets you use cash back to book travel through the Chase portal, but you cannot transfer points to partners like Marriott Bonvoy, Southwest Rapid Rewards, United MileagePlus or World of Hyatt.
You have other Chase cards and love combining your rewards in one account
If you have other Chase credit cards, including ones that earn Chase Ultimate Rewards points that transfer to airlines and hotels, you should know that the Ink Business Premier will not let you combine your rewards.
That makes it different from other Chase credit cards that earn cash back, and it’s a major downside.
Paying an annual fee is out of the question
If you don’t want to pay an annual fee for a business card, the Ink Business Premier is not the best fit. This card requires an annual fee of $195, yet plenty of other business cards come with $0 annual fees and generous rewards and perks of their own.
Should you get the Chase Ink Business Premier?
If you have high business expenses and prefer to earn the highest cash back rate possible, the Ink Business Premier could be a good fit for your wallet. This is mostly due to its exceptional rewards rate, yet you can also earn $1,000 in bonus cash back after spending $10,000 on purchases within three months of account opening.
A few cardholder perks also help boost this card’s value, including purchase protection against damage or theft, cellphone protection, extended warranties, trip cancellation and interruption insurance, baggage delay coverage and more.
With an annual fee of just $195 per year and so much to offer, the Chase Ink Business Premier Credit Card can be well worth it in the end.
The bottom line
If you still can’t decide whether to choose this card, you should make it a point to read over our Chase Ink Business Premier Credit Card review. Take the time to understand its rewards and benefits, and you’ll be in the best position to compare it to other top business credit cards on the market today.