Ink Business Premier^® Credit Card Review [2024]: High Cost, But Worth It?

Card basics

Who should get the Ink Business Premier Credit Card?

What really drew me to the Ink Business Premier® Credit Card is the higher cashback percentage (2.5%) on purchases of $5,000 or more. A new business owner may not make such large purchases, but established business owners who are trying to expand, need to replace equipment, or make other large purchases certainly could.

It's important to note that the high annual fee doesn't make sense if you don’t make at least two purchases of $5,000 or more annually. One purchase of $5,000 would earn you $125, and two would earn you $250, which exceeds the annual fee and makes the card a sensible choice. If you can't meet this requirement, it’s not a cost-effective option.

However, there are a few situations where Ink Business Premier® Credit Card shines. For example, if you make purchases of $5,000 or more at least once annually and travel frequently, you’ll earn more than your annual fee back because booking travel purchased through Chase Travel℠ earns 5% cash back.

If you spend $1,500 on travel purchased through Chase Travel℠, you’d earn $75 cash back. Between the travel and 2.5% cash back on purchases of $5,000 or more, you’d break even, and any rewards you earn beyond that are money in your pocket.

If large purchases aren’t feasible for your business, or you don’t travel often, the 2% cashback earning rate on all other business purchases is still a decent option. However, other credit cards offer similar earning rates at lower annual fees.

Also, remember that you cannot transfer your points to another Chase card or travel partner. If you prefer a specific airline or hotel rewards program, this could be one reason not to choose this card.

A closer look at the card’s top perks:

• Great sign-up bonus: You can earn earn $1,000 bonus cash back after you spend $10,000 on purchases in the first 3 months from account opening. Take it as cash, and it's like saving $1,000 on your regular business purchases just for opening and using a credit card.
• High cash-back reward on large purchases: The 2.5% rate only applies to purchases of $5,000 or more, billed at once. If you have multiple items in the order that bill separately, the reward defaults to 2% — so order together if you can to get that extra boost.
• Earn 5% cash back on travel purchased through Chase Travel℠: If you book travel through Chase, you earn 5% cash back on your purchases.
• Lyft: Through 3/2025, cardholders also earn 5% back on qualifying Lyft rides. That’s an additional $5 per $100 spent, and if you take Lyft, that can be a nice savings.
• Flex for Business: While most purchases require immediate payment, qualified cardholders may have access to Flex for Business. This feature allows you to turn a portion of your Credit Access Line into a line of credit, giving you the flexibility to pay the balance over time, with interest. This option is available for purchases of $500 or more and requires enough room in your line for the entire purchase. I try not to use the plan just because I want to avoid the interest charges, but it's nice to know it's there.
• Many redemption options: This is one of my favorite perks because you can choose how to redeem your rewards. I always choose cash back because it's like getting paid to pay for business expenses. But you can also choose gift cards, use the points toward travel expenses, or pay for points for products.
• Employee cards: If your employees make purchases for your business, they can get a free employee card. This card earns you rewards and allows you to track their spending. It's a win-win in my book.

Let’s not forget the travel and purchase protections:

• Auto rental collision damage waiver: Renting a car can be scary when something happens. You’re either trusting your primary auto insurance company’s coverage or paying excessive charges for the rental company’s coverage. This protection reimburses you for most collision damage or theft when a card member is the rental car’s primary driver.
• Trip cancellation/trip interruption insurance: No one can predict what may happen on any trip, but if you pay with your Ink Business Premier® card, you may get reimbursed for prepaid, non-refundable travel costs.
• Travel and emergency assistance services: This benefit provides access to a Benefits Administrator if you experience medical or legal emergencies while traveling.
• Purchase protection: The Ink Business Premier® card includes fraud and zero liability protection on purchases made with your card.
• Cell phone protection: If you pay your employees (or your own) cell phone bills and the phones become damaged or someone steals them, your card provides up to $1,000 in protection with a maximum of three claims per year.

Earning & redeeming cash back

Best ways to earn

The best way to earn rewards with the Ink Business Premier is to use it as much as possible in its highest-earning bonus categories. This includes earning 5% back on travel purchased through Chase Travel℠.

You can also earn 2.5% on purchases of $5,000 or more when you use your Ink Business Premier for high business spending. For example, you can earn $250 in rewards when you make a $10,000 purchase using this rate. That’s why large purchases can help you earn more rewards than the 2% rate on all other business purchases.

In my search to find the best cash back business credit card, I came across a few other cards from Capital One and American Express that offer similar earning rates with lower annual fees. They include:

• Capital One Spark Miles for Business: $95 (waived first year) annual fee and offers 5X miles on hotels, vacation rentals and rental cars and booked through Capital One Travel, and 2X miles on every purchase, every day.
• Capital One Spark Cash Plus: $150 annual fee and offers unlimited 2% cash back on every purchase, every day; plus unlimited 5% cash back on hotels and rental cars booked through Capital One Travel.
• The Blue Business^® Plus Credit Card from American Express: $0 annual fee (terms apply) and offers 2X Membership Rewards points on everyday eligible business purchases up to $50,000 each year, and 1X points on eligible purchases after that.

Maximizing your redemptions

The Ink Business Premier has several redemption options:

• Cash back: Receive a statement credit or a deposit into an eligible checking or savings account.
• Travel: Use your points for flights, hotel stays, car rentals, activities, and cruises through the Chase Travel portal.
• Online shopping: Use your points for online purchases through PayPal and Amazon or Apple product purchases through Chase.
• Gift cards: Receive a gift card or certificate from one of the participating merchants.

In most cases, you get a value of 1 cent per point for your cashback rewards regardless of the redemption option you choose. So 10,000 points typically equal $100.

One exception is using Amazon’s Shop with Points program. This program only offers 0.8 cents per point, so 10,000 points equals $80 for this redemption option, which is much less valuable. That’s why I typically opt for cash back: I get the maximum amount and can use the cash however I need it.

Ink Business Premier Credit Card FAQ

Other cards to consider

If the Ink Business Premier doesn’t seem like the right fit for your small business, you can compare credit cards and their offers to find a better option. The following two cards can be good alternatives:

Ink Business Preferred^® Credit Card

The Ink Business Preferred^® Credit Card has a lower $95 annual fee compared with the $195 annual fee on the Ink Business Premier. Points on this card are worth 25% more toward travel redemptions in the Chase travel portal. Even better, you can combine points onto the Ink Business Preferred from other Chase credit cards and transfer your points to airline or hotel partners.

Find out more in our Ink Business Preferred review.

Ink Business Unlimited^® Credit Card

The Ink Business Unlimited^® Credit Card has a $0 annual fee and offers unlimited 1.5% cash back on every purchase. The Ink Business Unlimited makes more sense than the Ink Business Premier if you want a lower annual fee and don’t typically have frequent purchases that are more than $5,000. You can also combine the rewards you earn on the Ink Business Unlimited with other Chase credit cards, including the Ink Business Preferred and Chase Sapphire Preferred^® Card.

Check out our Chase Ink Business Unlimited review.

Ink Business Premier^® Credit Card: bottom line

The Ink Business Premier from Chase can be an attractive option for small business owners seeking to maximize rewards on their spending. I strongly urge you to consider how much you’d spend on the card annually. If you don’t make large purchases often, more affordable options with more achievable rewards exist.

Many people also find the limitation on transferring rewards to travel partners a deal breaker. I don’t travel enough for that to be an option; I’m happy with the cash back on travel and the option to redeem my points for cash. If it doesn’t feel like the right fit, consider alternative Ink Business credit cards from Chase, such as the Ink Business Cash^® Credit Card or the Ink Business Preferred^® Credit Card.

Flexible Payment Options with Unlimited Rewards

Ink Business Premier^® Credit Card

5.0

FinanceBuzz writers and editors score cards based on a number of objective features as well as our expert editorial assessment. Our partners do not influence how we rate products.

Ink Business Premier^® Credit Card

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Current Offer

Earn $1,000 bonus cash back after you spend $10,000 on purchases in the first 3 months from account opening

Annual Fee

$195

Rewards Rate

5% cash back on travel purchased through Chase Travel℠; unlimited 2.5% cash back on purchases of $5,000 or more; unlimited 2% cash back on all other business purchases

Benefits and Drawbacks

Benefits

• Earn $1,000 bonus cash back after you spend $10,000 on purchases in the first 3 months from account opening
• Opportunity to pay eligible purchases off over time with Flex for Business
• Employee cards earn rewards, and the cards are available at no additional cost

Drawbacks

• Has a high annual fee
• Most new cardholders must pay the balance in full monthly
• No option to transfer to travel partners or combine points

Card Details

• 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