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The Ink Business Preferred® Credit Card may be a solid option for small business owners who prefer the flexibility of unlimited cash back rewards. Yet, before you open a credit card that features a $195 annual fee, it’s wise to assess the benefits and drawbacks of the card, and to confirm that the perks the card offers are worth the expens
Depending on your spending habits, this type of small business credit card might work well for you. Here’s how to find out if the Ink Business Premier Card is worth adding to your wallet or whether another business rewards card could make more sense.
Ink Business Premier Credit Card Overview
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The Ink Business Premier Credit Card is a flexible cash rewards credit card that comes with several attractive features for small business owners. One of the biggest benefits the card offers to new account holders is an opportunity to earn $1,000 bonus cash back after you spend $10,000 on purchases in your first three months from account opening.
You can enjoy an elevated 2.5% cash back on large purchases of $5,000 or more with the Ink Business Premier Card. The account also features unlimited 2% cash back on every eligible purchase you make that falls below the $5,000 threshold. And if you use your card to book travel through the Ultimate Rewards® travel portal, you’ll earn a 5% cash back rate on those purchase
Pros
- Generous welcome bonus
- Elevated 2.5% cash back on purchases of $5,000 or more
- Unlimited 2% cash back on all other eligible purchases
- No extra cost for employee cards
Cons
- High annual fee ($195)
- Cannot transfer rewards to Chase airline or hotel partners
- Points ineligible to combine with rewards from other Chase cards
How the Ink Business Premier Card Is Different
It’s no secret that Chase is a leader when it comes to travel rewards, both in the small business credit card space and where the best personal travel credit cards are concerned as well. The Chase Ultimate Rewards program stands out as one of the most valuable and flexible rewards programs around.
Yet, the Ink Business Premier Card differs from the other cards in the Ink Business lineup in a number of ways. Before you decide to add one of these cards to your wallet, it’s important to understand these differences and whether they make sense for your business.
Flexible and Unlimited Rewards-Earning Potential
The general rewards rate available with the Chase Ink Business Premier is higher than what Chase offers on its other Ink Business Credit Cards. You can earn 2% cash back on every eligible purchase you make with no limits on rewards. Plus, on purchases of $5,000 and over you can earn unlimited 2.5% cash back.
As a result, it could be easy to earn enough rewards to offset the cost of the annual fee on this card depending on your spending habits. If you make even a single $5,000 purchase, the cash rewards would be worth $125. For businesses that routinely make large purchases, the elevated earnings (without having to worry about tracking any category bonuses or rewards spending limits) could be a big benefit.
To be fair, some Chase Ink Business cards do offer higher reward rates in individual spending categories. However, none of these cards also feature an elevated base rewards rate.
Take a look at how the Ink Business Premier Card compares to the other Chase Ink Business Cards' elevated spending categories. If one of these cards' elevated spending categories aligns with your typical business expenses, you may very well find that card offers you more long-term value.
Can't Transfer Points
The Ink Business Premier Card earns Chase Ultimate Rewards points and gives you several flexible ways to enjoy your rewards. You can redeem the rewards you earn in any of the following w
- Cash Back As a Direct Deposit (No Minimums)
- Statement Credit
- Travel Booked with Chase Ultimate Rewards
- Apple Products (Via Ultimate Rewards Store)
- Gift Cards
- Pay with Points (Select Retailers)
On the negative side, you can’t redeem your rewards in the same way you can redeem the rewards you earn with other Chase Ink Business cards. You cannot transfer points to Chase airline or hotel partners. You also can’t combine the rewards you earn on the card with any Chase Ultimate Rewards points you earn on other account
No Intro APR
Some of the Chase Ink Business cards feature a special 0% introductory APR for purchases. But the Ink Business Premier Card doesn’t include this benefit.
So, if you’re looking for an affordable, short-term financing option for your business, you might want to consider some of the other Chase Ink Business options instead.
Who Should Consider Applying?
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As a small business owner, it’s wise to have dedicated business credit cards to keep your personal and business spending separate. And if those business credit cards come with the potential to help you earn valuable rewards, even better.
If your business has high expenses, having a card like the Ink Business Premier that offers a higher cash back rate on a wide variety of purchases could be helpful. The elevated earning rate combined with the flexibility of cash back redemptions that you can spend however you choose makes for a nice combination that many busy small business owners appreciate.
On the other hand, if your business expenses are on the lower side, you might have a hard time meeting the minimum spending requirement on this card. It may also be more difficult to earn enough rewards throughout the year to offset the cost of the $195 annual fee.
Finally, keep in mind that the ability to transfer rewards to travel partners and other Chase credit cards can add extra value to the points you earn. If your goal is to travel for free using credit card rewards in the future, you may want to consider credit cards that make it easier to accomplish this goal.
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Michelle Lambright Black
Michelle Black is founder of CreditWriter.com and HerCreditMatters.com. Michelle is a leading credit card journalist with over a decade and a half of experience in the financial industry. She’s an expert on credit reporting, credit scoring, identity theft, budgeting, small business, and debt eradication. Michelle is also a certified credit expert witness and personal finance writer.
