Small company owners who are interested in earning rewards and making use of beneficial perks have found that the Chase Ink Business Premier credit card is one of the most popular options available to them. In this analysis, we will examine the card’s features, advantages, fees, and other aspects to assist you in determining whether or not this card is an appropriate choice for your company.
Overview
The Chase Ink Business Premier credit card is tailored to assist owners of small businesses in accumulating points for the transactions they make on a daily basis. Cardholders receive three points for every dollar spent on travel, shipping, advertising expenditures made with social media sites and search engines, as well as transactions made for internet, cable, and phone services. For all other purchases, you will receive one point for every dollar spent. Through Chase Ultimate Rewards, members may exchange their accumulated points for a variety of other rewards, including cash back, travel, and gift cards.
The card comes with a number of perks in addition to the points it offers, such as main vehicle rental insurance, trip cancellation/interruption insurance, extended warranty protection, purchase protection, and mobile phone protection.
Fees
The annual charge for the Chase Ink Business Premier credit card is $95, which is a reasonable amount when compared to the fees associated with other business credit cards currently available on the market. In addition, the card comes with an introductory annual percentage rate (APR) of 0% for the first year on both purchases and balance transfers. Following the promotional period, the APR will be determined by your creditworthiness and change accordingly.
Because the card imposes a 3% fee on all transactions made outside of the United States, it is possible that firms that often make purchases in other countries would find it to be an unfavorable choice.
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Rewards
As was indicated previously, cardholders of the Chase Ink Business Premier credit card get three points for every dollar spent on travel and shipping expenses, as well as advertising expenditures made with social media sites and search engines, and on internet, cable, and phone services. For all other purchases, you will receive one point for every dollar spent.
Your points will never become invalid as long as your account is active and in good standing, and there is no limit on the total amount of points that you may accumulate. In addition, there are no limits or blackout dates associated with redeeming your points, which makes it simple for you to make use of your rewards whenever you want to do so.
The option to transfer your points to other loyalty programs at a ratio of 1:1 is one of the many valuable benefits that come with having the Chase Ink Business Premier credit card. This indicates that if you have 50,000 Chase Ultimate Rewards points, you may transfer them to a partner loyalty program, such as United Airlines or Marriott Bonvoy, and in exchange, you will earn 50,000 miles or points in the receiving reward program. Because of this functionality, it is now possible to get even more value from your incentives.
Benefits
The Chase Ink Business Premier credit card provides cardholders with a number of advantages that might be advantageous to owners of small businesses. The following are some of the most important advantages:
- Primary vehicle rental insurance: If you use your Chase Ink Business Premier credit card to hire a car for business reasons, you will be insured for damage or theft of the rental car up to the real cash value of the car. This protection is included at no additional cost to you.
- Insurance against trip cancellation and interruption: If your trip is canceled or cut short due to a covered cause, you may be compensated for non-refundable travel expenditures up to $5,000 per person and $10,000 per trip. The maximum amount that may be refunded is determined by the policy.
- Extended warranty protection: If you use your card to make qualifying purchases, you may be able to get an extra year of warranty protection on top of any coverage the original manufacturer provides for the product.
- Purchase protection: Your qualifying purchases are guaranteed against damage or theft for a period of 120 days beginning on the date of purchase, with coverage of up to $10,000 per claim and $50,000 per account, respectively.
- Cell phone protection: If you pay your monthly cell phone bill with your Chase Ink Business Premier credit card, you are eligible to receive up to $600 per claim for damage or theft of your phone, with a $100 deductible. This benefit is only available to cardholders who pay their monthly cell phone bill with their Chase Ink Business Premier credit card.
These advantages may be especially useful for smaller enterprises, particularly those that depend on costly equipment or travel.
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Drawbacks
Before applying for the Chase Ink Business Premier credit card, it is important to keep in mind that despite the many advantages offered by the card, there are still some disadvantages to consider. The following are a few possible drawbacks:
Only a few types of bonuses are available: Although the 3X points bonus categories are rather lucrative, they are only applicable to a select few different kinds of acquisitions. It is possible that you may not earn as many points with this card as you would with a card that gives incentives in more broad areas, such as eating out or office supplies, if your company does not spend a significant amount of money in these categories.
Fee for transactions made in a foreign currency The Chase Ink Business Premier credit card carries a 3% fee for transactions made in a foreign currency, as was previously indicated. This charge has the potential to pile up rapidly, which will reduce the card’s allure for your company if you often make purchases from sellers located in countries other than the United States.
There is no sign-up incentive available The Chase Ink Business Premier credit card, in contrast to certain other business credit cards, does not provide new cardholders with a sign-up bonus of any kind. Although this may not be a deal breaker for you, it is something to think about if you are interested in receiving a significant number of incentives all at once.
Requires a high credit score In order to qualify for the Chase Ink Business Premier credit card, applicants must have a high credit score. This is consistent with the requirements of the majority of credit cards that provide rewards. If you have a credit score that is lower than 700, it is possible that you may not be authorized for the card.
A Few Parting Thoughts
Small company owners that spend a substantial amount on travel, shipping, and advertising with social media sites and search engines might benefit from applying for the Chase Ink Business Premier credit card. This card offers a variety of valuable perks and benefits. The option to transfer points to partner loyalty programs may give even more value, in addition to the significant 3X point bonus categories that are now available.
The perks that come with the card, such as main vehicle rental insurance and mobile phone protection, may be very beneficial for companies that depend heavily on travel or pricey equipment.
On the other hand, some company owners may find the card less enticing since it has a restricted number of bonus categories and charges a fee for making overseas transactions. In addition, the fact that there is not an initial incentive associated with the card and that it requires exceptional credit may make it challenging for some people to justify paying the annual cost.
In general, the Chase Ink Business Premier credit card is one that should be considered for its rewards and perks if you have good credit and the card’s features and incentives are aligned with the requirements of your company.
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Darren Trumbler is a versatile content writer specializing in B2B technology, marketing strategies, and wellness. With a knack for breaking down complex topics into engaging, easy-to-understand narratives, Darren helps businesses communicate effectively with their audiences.
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