The Ultimate Guide to Credit Cards
Thursday, April 18, 2024

Ink Business Premier® Credit Card Review

Eric Bank

By: Eric Bank

Eric Bank
Eric Bank

Eric Bank is an M.B.A. who has covered financial and business topics since 1985, appearing regularly on Credible, eHow, WiseBread, The Nest, Zacks, Chron, BadCredit.org and dozens of other outlets. Eric specializes in taking complex subject matters and explaining them in simple terms for consumer audiences, particularly in the world of personal finance. Eric holds a Master's in Business Administration from New York University and a Master's in Finance from DePaul University.

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Editor: Jon McDonald

Jon McDonald
Jon McDonald

Jon leverages 15-plus years of journalism expertise to inform financial consumers about emerging trends and companies making an impact in the industry. He is most knowledgeable in the areas of budgeting, credit card rewards, and responsible credit use. Jon has a passion for writing and editing, and his articles have appeared in publications produced by The New York Times.

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Reviewer: Ashley Fricker

Ashley Fricker
Ashley Fricker

Ashley Fricker has more than a decade of experience as a finance contributor and editor, and has specialized in the credit card industry since 2015. Her credit card commentary is featured on national media outlets that include CNBC, MarketWatch, Investopedia, and Reader's Digest, among many others. She has worked closely with the world’s largest banks and financial institutions, up-and-coming fintech companies, and press and news outlets to curate comprehensive content and media. Ashley holds a bachelor's degree in multimedia journalism from Florida Atlantic University.

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Ink Business Premier® Credit Card Review

Rated 4.8 /5.0 ★★★★★

Remember when Doublemint gum implored you to “Double your pleasure, double your fun?” I put the Ink Business Premier® Credit Card in a similar category: It’s half cash back, half travel — and all business. It’s also the most expensive of the Chase Ink card lineup, but the most jam-packed with benefits.

If you own a business, you should take a serious look at this card. If it doesn’t quite fit your business needs, I’ll also review three leading competitors to help you choose the best credit card to manage your company.

Main Points:

  • The Ink Business Premier® Credit Card ays a whopping 2.5% cash back on purchases of $5,000 or more, making it perfect for startups that need to buy furniture and equipment. Any business that can bulk order supplies to meet this spending threshold will enjoy the high cash back rate.
  • The card charges a $195 annual fee, the highest of the Ink Cards.
  • You need good to excellent credit to qualify for the card, and you must personally guarantee to make the monthly payments if your business can’t.
  • It provides a rich assortment of travel benefits and purchase protections that easily justify its yearly fee.
  • Unlike the other Ink business cards, you can’t transfer the card’s points to travel partners or other Chase credit cards. That means you can’t boost the point values by transferring them to, say, a Chase Sapphire Reserve® card.
  • The card is also subject to Chase’s 5/24 Rule, which rejects applicants who’ve obtained five or more credit cards (from any issuers) in the past 24 months.

How to Qualify & Apply For the Card

Applying for a business credit card is a significant financial decision, although the process is usually quick and easy. Before applying, it’s wise to understand how the card will support your business needs.

The application requires you to fill in detailed information about your business, including its legal name, type, annual revenue, and number of years in operation. Personal information, such as your name, address, Social Security number (SSN), and your role in the business, is also necessary for Chase to assess your personal credit history alongside your business’s creditworthiness.

You can access the application on Chase’s website here by clicking on the Apply Now button below:

Disclosure: When you apply through links on our site, we often earn referral fees from partners. For more information, see our ad disclosure and review policy.

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Ink Business Premier® Credit Card Review

at the issuer'ssecure website

BEST OVERALL RATING

★★★★★

4.8

OVERALL RATING

  • Earn $1,000 bonus cash back after you spend $10,000 on purchases in the first 3 months from account opening.
  • Earn unlimited 2.5% total cash back on purchases of $5,000 or more and unlimited 2% cash back on all other business purchases.
  • Travel Benefits: Unlimited 5% total cash back on travel purchased through Chase Travel℠, No Foreign Transaction Fees and Trip Cancellation/Trip Interruption Insurance.
  • The only business credit card with 2.5% cash back on every purchase of $5,000 or more.
  • Get the buying power you need to make large purchases, cover monthly expenses and help your business grow. While you must pay your Pay In Full balance each month, this card has built-in flexibility. The Flex for Business feature allows for qualifying purchases to be paid over time with interest.
  • Purchase with confidence with built-in protections like Fraud Protection, Zero Liability Protection, Purchase Protection, Cell Phone Protection, and Extended Warranty Protection.
  • There's no additional cost for employee cards. Monitor spend with digital tools like purchase alerts, set spending limits, reporting, and more.
  • Member FDIC
Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
N/A
N/A
Flex for Business variable APR: 19.49% - 27.49%
$195
Good/Excellent

To qualify, you must be a business owner, at least 18 years old, and reside in the United States. It would be best if you also have a good to excellent FICO score, typically 700 or higher.

The approval process can take a few minutes to a few days. Some applicants receive instant approval, while others may need to provide additional documentation or information.

After approval, the bank will disclose your credit limit and mail out your new card. You can start using it for your business spending immediately after activating it online or over the phone.

Benefits & Drawbacks to Consider

Considering the pros and cons of obtaining a business credit card is essential due to its significant impact on your company’s financial health and operational flexibility. Here’s a closer look at the Ink Business Premier® Credit Card’s pros and cons to help guide your decision.

Benefits

    • Generous rewards program: Earn points for your business expenditures, which you can redeem for travel, cash back, or other rewards. This card lets you earn a signup bonus as well as elevated reward points on spending in specific categories and amounts.

    • Enhanced cash flow management: The card offers flexible payment options, allowing you to manage your cash flow more effectively.

    • Travel benefits: It provides valuable travel perks to businesses requiring frequent travel. You’ll save money and travel more comfortably.

    • Higher credit limits: The Ink Business Premier® Credit Card typically offers relatively high credit limits, giving you more purchasing power for your business needs.

    • Expense management tools: You can access advanced expense management tools that help you track and categorize business expenditures.

    • Security features: The card offers enhanced security measures to protect against fraud and unauthorized transactions.

    • Free employee cards: You can authorize employees to use the card account while you collect all the rewards.

Drawbacks

    • Annual fee: This card comes with a $195 annual fee. You need to assess whether the benefits and rewards you expect to receive will outweigh this cost.

    • Interest rates: Be mindful of the card’s interest rates if you plan to carry a balance. Depending on your creditworthiness and market conditions, the interest rate could be high. Additionally, the card doesn’t offer new cardmembers an introductory 0% APR promotion for purchases or balance transfers.

    • Complex rewards structure: While earning rewards is great, busy owners may find the structure complex.

    • No point transfers: You can’t transfer your reward points to external loyalty programs or other Chase credit cards.

    • Qualification criteria: Chase designed the card for businesses and owners with strong credit histories. Small business ventures or startups without established credit may find it challenging to qualify.

While I wouldn’t understate the significance of these drawbacks, I think they’re relatively minor compared to the card’s many strong points. Only you can decide whether the card will provide your business with enough value to offset its fees.

Other Cards Worth a Look

The following trio of business cards cost less to own. Two have no annual fee, and the third’s yearly fee is about half of the Ink Business Premier® Credit Card. They are all reasonable alternatives if you value thriftiness over fancy perks.

BEST OVERALL RATING

★★★★★
4.7

OVERALL RATING

  • Earn a one-time bonus of 50,000 miles – equal to $500 in travel – once you spend $4,500 on purchases within the first 3 months from account opening
  • Earn unlimited 2X miles per dollar on every purchase, everywhere, no limits or category restrictions, and miles won't expire for the life of the account
  • Unlimited 5X miles on hotels and rental cars booked through Capital One Travel
  • Transfer your miles to 15+ travel loyalty programs
  • Redeem your miles instantly for any travel-related purchases, from flights and hotels to ride-sharing services
  • Skip the lines with up to a $100 statement credit on TSA PreCheck® or Global Entry
  • $0 intro annual fee for the first year; $95 after that
  • Free employee cards which also earn unlimited 2X miles from their purchases
Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
N/A
N/A
26.24% (Variable)
$0 intro for first year; $95 after that
Excellent, Good

The Capital One Spark Miles for Business offers unlimited 2x miles per dollar on every purchase, catering to businesses that prefer travel rewards over cash back. This card also includes the flexibility to transfer miles to more than 15 travel loyalty programs, enhancing its appeal to businesses looking to maximize travel benefits and options.

Additionally, the Capital One Spark Miles for Business card provides a statement credit on TSA PreCheck® or Global Entry fees and bonus rewards on certain bookings through Capital One Travel. It has a lower annual fee but lacks many of the Ink Business Premier® Credit Card’s valuable perks.

BEST OVERALL RATING

★★★★★
4.7

OVERALL RATING

  • 0% Intro APR for the first 12 months; 21.24% - 29.24% variable APR after that
  • Earn unlimited 1.5% cash back for your business on every purchase, everywhere — with no limits or category restrictions
  • No annual fee
  • Earn unlimited 5% cash back on hotels and rental cars booked through Capital One Travel
  • Rewards won't expire for the life of the account
  • Redeem your cash back rewards for any amount
  • Free employee cards, which also earn unlimited 1.5% cash back on all purchases
  • $0 Fraud Liability for unauthorized charges
Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
0% for 12 months
N/A
21.24% - 29.24% (Variable)
$0
Good

The Capital One Spark Cash Select for Good Credit targets businesses with good rather than excellent credit ratings. It’s an accessible option that offers 1.5% cash back on every purchase (and 5% on Capital One Travel bookings).

With no annual fee and an introductory 0% for 12 months APR on purchases, the card positions itself as a cost-effective choice for businesses on a tight budget. It also serves owners who desire a straightforward cash back structure without complicated tiered rewards.

BEST OVERALL RATING

★★★★★
4.6

OVERALL RATING

  • Earn $750 bonus cash back after you spend $6,000 on purchases in the first 3 months from account opening
  • Earn unlimited 1.5% cash back on every purchase made for your business
  • No Annual Fee
  • Redeem rewards for cash back, gift cards, travel and more through Chase Ultimate Rewards®.
  • Earn rewards faster with employee cards at no additional cost. Set individual spending limits for greater control.
  • Round-the-clock monitoring for unusual credit card purchases
  • With Zero Liability you won't be held responsible for unauthorized charges made with your card or account information.
  • 0% introductory APR for 12 months on purchases
  • Member FDIC
Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
0% Intro APR on Purchases 12 months
N/A 12 months
18.49% - 24.49% Variable
$0
Good/Excellent

The Ink Business Unlimited® Credit Card offers a flat 1.5% cash back rate on every purchase without caps or category restrictions, as opposed to the tiered rewards on the Ink Business Premier® Credit Card. With no annual fee, the Ink Business Unlimited® Credit Card appeals to a broader range of small businesses looking for simplicity and consistent rewards on everyday spending.

The Ink Business Unlimited® Credit Card also allows you to transfer points to other Chase cards that are part of the Ultimate Rewards points program, which may increase their value when you redeem them through Chase Travel.

Cardholder Reviews Around the Web

Checking online forums before applying for the Ink Business Premier® Credit Card provides actual insights and experiences from current cardholders, helping you understand how the card performs in the real world. Additionally, it can highlight any potential issues or benefits not immediately apparent from the official card description.

JoeRockhead has some good advice for fellow cardmembers:

Congratulations on your Ink Premier approval! They’re all great cards, and I wouldn’t worry about the spending limit. If you show [Chase] your spending and you pay in full, it won’t be shy about dishing out automatic credit limit increases. I’d go back to your Chase account and try to register your new credit card account. Once registered, it will show you your limit. If you’re having trouble registering the card, you can simply call customer service with your SSN or application number, and they’ll help you.”

Tparks5961 likes the card’s credit limit:

“I was approved for the Chase Business Ink Premier charge card with a $30,000 limit. The card also has a $6,000 Flex limit, which is the pay-over-time amount that you can carry from month to month. This card will eventually replace my Amex Platinum Card. It will most likely be my primary card because of my high annual spend. [It provides] 2% cash back and 2.5% on transactions of $5000 or more.”

FAQs: What Is the Card’s Credit Limit?

The Ink Business Premier® Credit Card is a Visa® Signature card, meaning its minimum Credit Access Line is $5,000. Anecdotal evidence on Reddit and other online sources suggests much higher limits are available.

Be sure you understand the distinction between the card’s Credit Access Line and Flex for Business limits. Chase may assign a portion of your Credit Access Line for use with Flex for Business, which you use to pay for qualifying purchases over time, with interest. You can avoid interest on new Flex for Business purchases if you remit the entire statement balance by the due date.

How Do the Card’s Rewards Work?

Chase designed the rewards structure of the card to benefit companies that spend heavily. The 2.5% cash back rate (denominated in points) applies to purchases of $5,000 or more. Bookings through Chase Travel earn 5% cash back, and all other eligible purchases earn 2%.

Chase Travel benefits
Cardholders can earn rewards by booking via Chase Travel.

You also earn a signup bonus if you spend the required amount on purchases in the first three months after account opening.

You can redeem your bonus point rewards (at a rate of one cent each) for cash back, travel bookings through Chase Travel, gift cards, and payments for business purchases at Amazon.com or PayPal. You cannot transfer your rewards to other Chase cards or partner loyalty programs.

Should I Pair the Card With a Business Travel Card?

No need! The Ink Business Premier® Credit Card already functions as a travel card. It offers a high bonus cash back rate on travel you book through Chase. Moreover, it provides several travel-related benefits, including a $0 foreign transaction fee and trip cancellation or trip interruption insurance.

If you frequently fly for your business, you may want to consider adding the Ink Business Preferred® Credit Card because it boosts your point values by 25% when you redeem them through Chase Travel. This card doesn’t offer a comparable point boost, nor does it let you transfer bonus point rewards to Chase cards that do.

If you also frequently fly for non-business reasons, you should consider a personal travel card. My top pick is the pair of Sapphire cards from Chase, but several other excellent alternatives exist.

How Does the Card Compare to the Ink Business Cash® Credit Card?

Comparing the Ink Business Cash® Credit Card with the Ink Business Premier® Credit Card helps you decide which one is a better match for your spending habits and financial goals. This comparison also highlights the importance of understanding each card’s costs and benefits so that you can select the more valuable option for your business.

Feature Ink Business Premier® Credit Card Ink Business Cash® Credit Card
Annual Fee $195 $0
APR Flex for Business variable APR: 19.49% - 27.49% 18.49% - 24.49% Variable
Cash Back on Travel Through Chase Travel℠ 5% Not Applicable
Cash Back on Purchases of $5,000 or More 2.5% Not Applicable
Cash Back on All Other Business Purchases 2% 1%
Cash Back at Office Supply Stores Not Applicable Top tier up to the annual limit
Cash Back on Internet, Cable, and Phone Services Not Applicable Top tier up to the annual limit
Cash Back at Gas Stations Not Applicable Middle tier up to the annual limit
Cash Back at Restaurants Not Applicable Middle tier up to the annual limit
Signup Bonus Higher Lower
Introductory 0% APR Not Applicable 0% Intro APR on Purchases 12 months
Foreign Transaction Fees No Yes
Employee Cards at No Additional Cost Yes Yes
Flex for Business Feature Yes, pay off eligible purchases over time with interest Not Applicable
Cell Phone Protection Yes Not Applicable
Extended Warranty Protection Yes Yes
Purchase Protection Yes Yes
Rental Car Insurance Auto Rental Collision Damage Waiver Auto Rental Collision Damage Waiver
Travel and Emergency Assistance Services Yes Yes
Roadside Dispatch Yes Not Applicable
Trip Cancellation/Interruption Insurance Yes Not Applicable
Pay-In-Full Requirement You must pay in full except for Flex for Business purchases No, you can carry a balance
Redemption Options Cash back, travel, gift cards, and selected shopping Cash back, gift cards, and travel
Transfer of Points Cannot transfer points to travel partners or other Chase cards You can transfer Ultimate Rewards points to other Chase cards
Recommended Credit Score Excellent, Good Excellent, Good

You may prefer the Ink Business Cash® Credit Card if you don’t often travel for business and if your spending aligns with the card’s bonus categories. But the Ink Business Premier® Credit Card may be a better choice despite its annual fee if you frequently take business trips or make large purchases.

Is the Card Worth Its Annual Fee?

I’ll work out a couple of scenarios to find the break-even point between the card’s rewards and its annual fee (disregarding the signup bonus). The reward rates are 5% cash back on travel purchased through Chase Travel, 2.5% on purchases of $5,000 or more, and 2% on all other business purchases. The annual fee is $195.

Scenario One

Assuming a business solely benefits from the 2% cash back on all purchases, the equation for the break-even point (B) would be:

(.02 × B) − $195 = 0.

Rearranging and solving for the break-even point:

B = $195 / 0.2 = $9,750 per year.

The business must spend at least $9,750 annually in eligible purchases to earn back the annual fee.

Scenario Two

In this scenario, assume a business spends 20% on travel purchased through Chase Travel, 20% on purchases of $5,000 or more, and 60% on all other business purchases.

The break-even equation in this case is:

(0.05 × 0.20B) + (0.025 × 0.20B) + (0.02 × 0.60B) = $195.

Factoring out the B:

B × (0.05 × 0.20) + (0.025 × 0.20) + (0.02 × 0.60) = $195

The equation simplifies to:

0.027B = $195

Therefore, B = $195 / 0.027 = $7,222 per year.

The results indicate that even in the worst case, businesses with approximately $10,000 or more in eligible annual spending will profit from using the card based solely on rewards. The more you spend on higher-tier purchases, the lower the break-even point.

But if you factor in the potential monetary benefit of the card’s various travel and protection perks, the required annual spending may be much lower. Therefore, all but a very small business could benefit from the card.

This Card May Be For You If Your Business…

    • Regularly makes large purchases: Owners who frequently make large purchases exceeding $5,000 earn 2.5% cash back on such transactions.

    • Requires frequent travel: Those who spend a sizable portion of their budget on travel booked through Chase Travel.

    • Seeks flexible cash flow management: The card appeals to entrepreneurs looking for the flexibility to manage cash flow through the option to pay over time with interest on eligible purchases, along with comprehensive expense tracking and reporting tools.

It’s clear to me that the Ink Business Premier® Credit Card successfully competes in the business credit card market through its generous rewards on large purchases and travel. It provides the flexibility of managing cash flow with options to pay in full or over time, coupled with several expense management tools, making it ideal for businesses looking for both rewards and financial flexibility. From my perspective, it’s the best business credit card for the price.

However, its $195 annual fee and the absence of point transferability to travel partners or other Chase cards may force you to weigh its benefits against those of different cards such as the three I reviewed above that offer similar rewards without an annual fee or with more flexible redemption options.

About the Author

Eric Bank
Eric Bank Finance Expert

Eric Bank is an M.B.A. who has covered financial and business topics since 1985, appearing regularly on Credible, eHow, WiseBread, The Nest, Zacks, Chron, BadCredit.org and dozens of other outlets. Eric specializes in taking complex subject matters and explaining them in simple terms for consumer audiences, particularly in the world of personal finance. Eric holds a Master's in Business Administration from New York University and a Master's in Finance from DePaul University.

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