Money Analysed

Maximizing Rewards: A Guide to the Chase Ink Business Premier Credit Card

The world of business is constantly evolving, and small businesses must keep up with these changes to succeed. One way to stay ahead of the curve is by using a credit card that offers excellent rewards and perks.

The Chase Ink Business Premier Credit Card is one such card that has a lot to offer to small business owners. In this article, we shall examine the features and benefits of this card and explain why it might be an excellent choice for high-spending businesses.

Overview of the Chase Ink Business Premier Credit Card

If you own a small business and spend a lot of money each year, the Chase Ink Business Premier Credit Card might be the perfect fit for you. The card has several benefits that make it ideal for businesses that require significant spending.

The elevated earning rates give cardholders a chance to earn cash back on their purchases, which can help you offset business expenses and increase your savings. With an annual fee of $195, the Chase Ink Business Premier Credit Card is not the cheapest credit card option in the market, but it offers exceptional value when it comes to the rewards and perks you can get.

Target audience

The Chase Ink Business Premier Credit Card is ideal for small business owners who spend a lot on their business. If your business requires you to travel frequently, make frequent purchases, or use paid services, this card could be an excellent option for you.

Additionally, if you have several employees who also make business purchases, the Ink Business Premier Credit Card offers free employee cards with no added fee. Finally, this card may be an excellent option for entrepreneurs who want to earn cashback on their business expenses.

Benefits and perks of the Ink Business Premier Credit Card

Sign-up bonus and earning potential

When you sign up for the Chase Ink Business Premier Credit Card, you can earn a $1,000 bonus cash back if you spend $15,000 in the first 3 months of opening the account. This bonus is an excellent way to get started on racking up your rewards.

Additionally, cardholders get 5% cash back on travel purchases made through Chase Ultimate Rewards, 2.5% cash back on purchases over $5,000, and 2% cash back on all other business purchases. These elevated rewards rates can help you earn a lot of cashback each year, which can significantly impact your bottom line.

Flex for Business

Flex for Business is a feature unique to the Chase Ink Business Premier Credit Card and a great way to manage your business expenses. It allows you to choose the categories in which you want to earn the most cashback and which expenses you want to control with customized employee cards.

This feature has a lot of flexibility, which makes it easy for you to tailor your spending to meet your business needs.

Redemption options

After earning cashback, you can redeem it in several ways, including requesting a statement credit, transferring it to an eligible Chase Bank account, or buying gift cards or merchandise. Additionally, Chase Ultimate Rewards makes it easy to redeem your points on travel, as rewards are worth 25% more when you use them to purchase travel through Chase Ultimate Rewards.

No foreign transaction fees

If your business requires you to travel overseas, the Chase Ink Business Premier Credit Card can save you money on foreign transaction fees. This feature can help you save a lot of money over time, especially if your business involves frequent international travel.

Purchase protection

The Ink Business Premier Credit Card offers extended warranty protection and purchase protection. These benefits can help you create an added layer of security for your business purchases, ensuring you get the most out of your spending.

Lyft

As a cardholder, you also gain access to

Lyft benefits, including $5 in

Lyft credit for every three rides taken in a calendar month and a complimentary

Lyft Pink membership. This feature is an excellent way to save money on business trips and provide additional perks to your employees.

Travel insurance and benefits

Finally, the Chase Ink Business Premier Credit Card offers several travel benefits, including trip interruption and cancellation insurance, baggage delay insurance, lost luggage reimbursement, and travel accident insurance. These benefits can come in handy when traveling for business, providing an added layer of protection and peace of mind.

Conclusion

The Chase Ink Business Premier Credit Card is an excellent option for small business owners who spend a lot on their business expenses. The elevated earning rates and wide variety of perks make this card a worthwhile investment for high-spending businesses.

Additionally, the various travel and purchase protections add an extra layer of security to your business, providing a sense of comfort and peace of mind. The Chase Ink Business Premier Credit Card is a great option for small businesses that need to make significant purchases and earn rewards.

However, there are some drawbacks to using this card that potential cardholders should be aware of before applying. In this article, we will examine the drawbacks of using the Ink Business Premier Credit Card and explore the benefits of earning and redeeming cashback using this card.

Drawbacks of the Ink Business Premier Credit Card

Annual Fee

One of the biggest drawbacks of the Chase Ink Business Premier Credit Card is the annual fee of $195. This fee is higher than many other business credit cards in the market, which can be a deterrent for small business owners who are looking to save money on their business expenses.

However, for businesses that spend heavily on travel and other expenses, the rewards earned from this card can still make the annual fee worth paying.

Pay-in-Full Requirement

The Chase Ink Business Premier Credit Card is a charge card, which means that you must pay off eligible purchases in full every month. This requirement can be challenging for businesses that cannot afford to pay in full and may lead to late fees and high-interest charges.

However, the pay-in-full requirement can also be viewed as a positive factor as it forces businesses to only make purchases they can realistically afford.

Limited

Redemption Options

The Ink Business Premier Credit Card comes with limited redemption options, which can be a drawback for some businesses that value flexibility in their rewards program. There are no transfer partners, which means that cardholders must redeem their rewards through Chase Ultimate Rewards, limiting their options.

Additionally, points cannot be combined with other Chase cards, reducing the flexibility of this program.

Earning Rewards

Despite its limitations, the Ink Business Premier Credit Card offers excellent rewards for businesses that can maximize its features. The card has several bonus categories that earn the highest cash back percentages, including 5% on travel purchased through Chase Ultimate Rewards, 3% on the first $150,000 spent annually on advertising and shipping, and 1% on all other purchases.

Additionally, cardholders can earn 2% cash back on the first $25,000 spent annually on gas stations and restaurants. By utilizing these bonus categories, businesses can earn a lot of cashback on their expenses, offsetting costs and accumulating savings.

Redemption Options

The Ink Business Premier Credit Card offers a variety of redemption options for cardholders. Cashback can be redeemed as a statement credit, which can reduce monthly payments, or as a deposit into an eligible Chase checking or savings account.

Rewards can also be redeemed for travel, including flights, hotel stays, and car rentals, with a points worth of 1.25 cents each when redeemed through Chase Ultimate Rewards. Additionally, Chase Ultimate Rewards points can be redeemed for online shopping, gift cards, or through Amazon’s Shop with Points program, offering businesses a lot of flexibility in their rewards program.

Conclusion

The Chase Ink Business Premier Credit Card is an excellent choice for businesses that need to make significant purchases and earn rewards. However, it’s important to consider the card’s drawbacks, including the annual fee, pay-in-full requirement, and limited redemption options.

Despite these drawbacks, the card’s elevated earning rates, excellent sign-up bonus, and multiple redemption options make it a worthwhile investment for businesses that are looking to earn cashback while offsetting costs and accumulating savings. The decision to apply for a credit card, especially a business credit card, can be a daunting one.

Potential applicants often have many questions about the application process, credit checks, and the impact on their personal credit reports. In this article, we will provide answers to some frequently asked questions about the Ink Business Premier Credit Card, including credit checks, the card’s appearance on personal credit reports, qualification requirements, adding employees to the card, and other cards to consider.

Credit Check and Bureau Used

When you apply for any credit card, including the Ink Business Premier Credit Card, the credit card issuer will conduct a hard pull on your credit report. This process can have a temporary negative impact on your credit score, so it’s essential to ensure that you are eligible to apply for the card before submitting an application.

The three primary credit bureaus used by most credit card issuers are Experian, Equifax, and TransUnion. It’s essential to check all three credit reports before applying to ensure they are free from errors or fraudulent activity that could affect your credit score.

Appearance on Personal Credit Reports

While Ink Business Premier Credit Card is a business credit card, the card may still appear on your personal credit reports if you fail to make payments or if your debt is sent to collections. However, if you make payments on time and do not accrue debt that is sent to collections, the card will not negatively impact your personal credit score.

In fact, using the card responsibly can even help improve your credit score over time.

Qualification for a Chase Business Card

To qualify for the Ink Business Premier Credit Card, you will generally need a good to excellent credit score, typically above 670. Additionally, issuers may use the “Chase 5/24 rule,” which means that if you have opened five or more credit cards from any issuer within the past 24 months, you may not qualify for the Ink Business Premier Credit Card.

Adding Employees to the Ink Business Premier Card

As a cardholder of the Ink Business Premier Credit Card, you have the option of adding employees to the account as authorized users. This feature is an excellent way for businesses to earn more rewards while keeping all business expenses on one account.

Authorized users can have individual credit limits and will receive their cards, making it easy for them to make business-related purchases.

Other Cards to Consider

Chase offers several other business credit cards that businesses may want to consider when looking for other reward options. For example, the Ink Business Preferred Credit Card offers a higher sign-up bonus and 3X points per dollar on the first $150,000, whereas the Ink Business Unlimited Credit Card offers a flat 1.5% cashback on all purchases.

Choosing the right card depends on your business’s unique needs, such as spending patterns, rewards, and annual fees. Cardholders of multiple Chase business cards, including the Ink Business Premier Credit Card, can combine points earned across all accounts, providing even more flexibility in their rewards programs.

Conclusion

The Ink Business Premier Credit Card is an excellent option for businesses that spend significant amounts on business expenses. Even though there are some limitations and potential drawbacks to using the card, it still offers excellent rewards and can save businesses money over time.

When considering applying for the card, it’s essential to keep in mind qualification requirements, adding employees to the card, other cards to consider, and the impact on personal credit reports. Ultimately, the right credit card choice for any business depends on numerous factors, and careful consideration and research should be conducted before applying for any credit card.

Credit cards can be a valuable tool for small businesses, with the Ink Business Premier Credit Card offering rewards and benefits to suit the needs of high-spending businesses. Despite its annual fee and pay-in-full requirement, its elevated earning rates, sign-up bonus, and multiple redemption options make it a worthwhile investment.

Potential cardholders should be aware of limitations, such as the appearance of the card on personal credit reports. Adding authorized users can boost rewards, while evaluating other similar Chase business credit cards can provide even more flexibility.

Ultimately, the right credit card choice depends on the specific needs of the business.

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