Earn $1,000 Cash Back And Up To 2.5% Cash Back Everywhere On The New Ink Business Premier® Credit Card!

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Earn $1,000 Cash Back On The New Ink Business Premier® Credit Card!

Signup bonus:

The Ink Business Premier℠ Credit Card is launching with a whopping signup bonus of $1,000 for opening the card and spending $10,000 in 3 months.

Annual fee: 

$195.

Signup bonus terms: 

• You might not be approved for this card if you have received a signup bonus on an Ink Premier card for the same business within the past 24 months, but you can get approved and if you are approved you will get the signup bonus.
• You can get approved and get the signup bonus for this card for multiple businesses.
• You can get approved and get the signup bonus for this card even if you have other Chase Ink cards.

Card earnings: 

• 2% cash back everywhere.
• 2.5% cash back everywhere on $5,000+ purchases.
• 5% cash back on travel purchased via the Chase Portal.
• There are no foreign transaction fees.

Higher Credit Limits:

This card is designed to offer higher credit limits for businesses to make larger purchases.

Business card and 5/24 info:

This is a business card, but you may already have a business that needs a card to keep track of expenses. For example if your name is Joe Smith and you sell items online, or if you have any other side business and want a credit card to better keep track of business expenditures you can open a business credit card for “Joe Smith” as the business. You don’t need to file any messy government paperwork to be allowed to do that. Just be sure to select “Sole Proprietorship” as the business type and just use your social security number in the Tax Identification Number field.

If you have business paperwork you can apply under your business name. Otherwise, it’s critical to just write your own name as the business name if you are just applying for your own small business as a Sole Proprietorship that doesn’t have any business paperwork. You can then send in bills in your own name for verification.

If you’re like me and you run more than one business, you can signup for multiple of the same card for each business to manage each businesses expenses separately.

All Chase cards appear to be subject to 5/24 restrictions, meaning that you are not likely to be approved if you have been approved for 5 or more consumer credit cards in the past 24 months. Note that the Chase system automatically counts cards like authorized user cards and store cards as cards that count towards 5/24, but if you explain to Chase that those cards are merely authorized user cards or store cards they can manually approve you for a new card. You can check your credit report for free at the federally authorized annualcreditreport.com to check how many accounts are shows as being open in the past 24 months.

However, it’s important to note that business cards from most banks, including Chase business cards, do not get added to your 5/24 count of recently opened cards. That’s because business cards from most banks don’t show up on your personal credit report and the 5/24 count is based off of your personal credit report. That means that applying for these cards won’t “hurt” your 5/24 count.

Another benefit of the card not reporting on your personal credit report is that when you spend money on personal cards your credit score will be hurt even if you pay your bill on time. A whopping 30% of your credit score is based on credit utilization. You can pay off your card bill before your statement is generated to avoid that, but that takes effort and laying out money well before you have to. Additionally it’s good to have the statement close with a couple dollars to show the card is active and being paid every month. On an business cards from banks like AMEX and Chase it’s just not reported, so you can wait until the money is due without it having a negative effect on your score. That also means if you close the card, it won’t have an effect on your credit score.

Spend Threshold:

You’ll need to spend $10,000 on this card within 3 months.

You can pay your federal taxes for a 1.82% fee. If you overpay your taxes you can request a refund or apply it to your next year’s taxes.

That’s a no-brainer as you’ll earn 2.5% on a tax payment that’s $5,000 or more, so you’ll come out ahead on that, not even counting the signup bonus.

My local natural gas company allows me to prepay up to $1,000 on a credit card for a $1.65 flat fee. That’s a great way to earn miles and help meet a spend threshold. My electricity supplier allows me to pay with a credit card for free as long as I am enrolled in autopay.

See this post for more ideas on meeting a credit card spend threshold.

Cell Phone Protection:

If you pay your cell phone bill on the card you cell phone will be insured from damage, theft, or involuntary and accidental parting until the end of the calendar month following the payment.

This benefit covers claims up to $1,000 and there is a $100 deductible for claims. You do not need to pay for the phone on this card to file a claim.

You can file up to 3 claims per 12 month period.

Other card benefits:

• Primary rental car CDW insurance in every country, when the rental is for business purposes.
• Primary rental car CDW insurance in every country outside of the US, when the rental is for personal purposes. Rentals without a business purpose in the US have secondary coverage.
• Extended warranty adds a year of coverage, up to $10,000 per claim.
• Purchase protection for items damaged or stolen within 120 days, up to $10,000 per claim.
• Trip Delay Reimbursement covers $500 per person for reasonable expenses (Hotel, food, toiletries, medicine, etc) required for delays more than 12 hours.
• Trip Cancellation/Trip Interruption Insurance covers $5,000 per trip or $10,000 per trip with multiple travelers.
• Travel Accident Insurance covers $500,000 per person.
• Lost Luggage Insurance covers $3,000 per person per trip (limit of $500 per person for jewelry, watches, electronics)
• Baggage Delay Reimbursement covers $100 per day per person (max of 5 days) for essential items needed (Clothing, toiletries, charger, etc) for delays more than 6 hours.

Visa Savings Edge:

All Chase Ink cards are eligible for additional cash back via Visa Savings Edge.

That means you can earn points plus cash back at ParkWhiz, Chevron, AutoZone, Boost Mobile, MailChimp, Microsoft, MGM hotels, Wyndham hotels, and more.

Dan’s Quick Thoughts:

If you make large purchases or tax payments and want cash back without jumping through any hoops, the Chase Ink Premier is an excellent card to have.

If this would earn transferable Ultimate Rewards points, it would be a must-have, but sadly the cash back and points on this card can’t be transferred to other cards or redeemed at a higher value.

If you want to earn a large signup bonus on a business card with points that can be used for cash back or mileage transfers, consider the Ink Business Unlimited® Credit Card, Ink Business Cash® Credit Card, or Ink Business Preferred® Credit Card.

While the Ink Premier’s $1,000 signup bonus is obviously worth well more than the fee, in subsequent years you’ll need to spend $39,000+ on large purchases annually to come out ahead of no annual fee 2% cash back cards like Citi Double Cash® Card, though that is a consumer card that may also have a smaller credit line and spending will count against your credit score on that card. Plus, the Ink Premier card has no foreign transaction fees, versus 3% on the Double Cash card that makes it worthless for spending abroad.

In the business card space, the Capital One Spark Cash Plus has a $150 annual fee with no foreign transaction fees, though you’ll only earn 2% cash back with that card, making the case for Chase Ink Premier fairly easy if you just want to maximize cash back.

Will you signup for the Chase Ink Premier?