25 December 2023
A comprehensive review of the Ink Business Premier Credit Card, exploring its benefits, rewards, fees, and alternatives.
The Ink Business Premier Credit Card is gaining attention in the business credit card market for its generous cash back rewards and enticing welcome bonus. However, with a high annual fee and limited additional perks, is this card the best option for business owners? In this article, we delve into the details of the Ink Business Premier Credit Card, comparing its features to alternative options and providing insights to help you make an informed decision.
Welcome Bonus and Benefits
The Ink Business Premier Credit Card offers a substantial welcome bonus of $1,000 cash back after spending $10,000 on purchases within the first three months of account opening. This bonus is an attractive incentive for businesses looking to maximize their initial spending. However, it’s important to consider whether your business can meet the spending requirement before committing to the card.
In terms of benefits, the Ink Business Premier Credit Card provides free employee cards, allowing business owners to easily manage and track their employees’ expenses. Additionally, the card has no foreign transaction fees, making it a suitable choice for businesses with international operations. However, it lacks the robust benefits and perks that some other business credit cards offer, such as travel insurance or airport lounge access.
Earning and Redeeming Rewards
The Ink Business Premier Credit Card earns unlimited 2% cash back on all business purchases, providing a consistent and reliable return on spending. Notably, the card offers an increased rate of 2.5% cash back on purchases of $5,000 or more, making it a compelling option for businesses with significant expenses.
However, it’s important to note that the rewards can only be redeemed for cash and cannot be transferred to Chase’s travel partners. This limitation may be a drawback for businesses seeking to maximize their rewards through travel or other redemption options.
Rates and Fees
The Ink Business Premier Credit Card comes with a $195 annual fee, which is higher than many other business credit cards on the market. While the card offers a solid rate of return on spending, businesses should carefully consider whether the annual fee is justified based on their expected level of spending and cash back rewards.
Late payments on the Ink Business Premier Credit Card are subject to a fee of the greater of $40 or 2% of the minimum payment due. However, the card does not charge foreign transaction fees, making it a suitable choice for businesses with international transactions.
Alternatives to Consider
When comparing the Ink Business Premier Credit Card to alternative options, two notable alternatives stand out: the Capital One Spark Cash Plus Credit Card and the Ink Business Preferred Credit Card.
The Capital One Spark Cash Plus Credit Card offers unlimited 2% cash back on every purchase, similar to the Ink Business Premier Credit Card. However, it has a higher welcome bonus with a higher spending requirement and a slightly lower annual fee. Businesses that regularly make large transactions may find the Ink Business Premier Credit Card more advantageous due to its increased cash back rate of 2.5% on purchases over $5,000.
On the other hand, the Ink Business Preferred Credit Card offers a similar welcome bonus to the Ink Business Premier Credit Card but with additional features and a lower annual fee. The Ink Business Preferred Credit Card allows for the transfer of points to Chase’s travel partners, potentially increasing the value of the rewards. It also earns 3X points on select categories, including travel and advertising purchases, making it a more versatile option for businesses with diverse spending patterns.
Is the Ink Business Premier Credit Card Right for You?
While the Ink Business Premier Credit Card offers solid cash back rewards and a generous welcome bonus, it may not be the best choice for every business. Businesses with lower levels of spending or those seeking additional benefits may find alternative cards with lower annual fees and more robust perks to be a better fit.
Conclusion: The Ink Business Premier Credit Card presents an attractive option for businesses seeking cash back rewards and a substantial welcome bonus. However, it’s essential to carefully consider your business’s spending habits, redemption preferences, and the value of additional perks before committing to the card. By comparing alternative options and weighing the costs and benefits, business owners can make an informed decision that aligns with their unique needs and goals.
Subscribe to the CNBC Select Newsletter for expert tips, strategies, and news to help you maximize your money.