Chase Ink Business Premier® Credit Card Review

The Chase Ink suite of cards just grew with the addition of the Ink Business Premier® Credit Card. More selection makes for harder decisions when it comes to choosing the right card for your business.

Let’s explore the newest member of the Ink card lineup and see if the Ink Business Premier is for you.

Ink Business Premier Credit Card Overview

The Ink Business Premier Credit Card duplicates many of the benefits of the other Chase Ink business cards, such as free employee cards and no foreign transaction fees. Other familiar benefits, such as trip cancellation/interruption insurance, primary rental car insurance when used for business purposes and cell phone protection, are included when using your Ink Business Premier for your purchases.

The biggest difference between the Ink Business Premier and other Chase cards is that the Ink Business Premier doesn’t allow you to transfer Ultimate Rewards to any of Chase’s transfer partners or other Chase cards. While Ultimate Rewards from the Ink Business Unlimited® Credit Card or the Ink Business Cash® Credit Card aren’t technically transferable to partners either, you can move them to one of the Sapphire cards. This makes them effectively transferrable.

The inability to move points from a Business Premier account to more lucrative cards effectively renders it into a simple cashback rewards card.

Its $195 annual fee makes it the most expensive business card Chase offers and for little reason. Let’s explore the many reasons you shouldn’t get the Ink Business Premier Card.

Ink Business Premier Credit Card Quick Facts

• Annual Fee: $195
• Bonus Categories
  • 5% on Lyft rides (through March 2025)
  • 2.5% on purchases of $5,000 or more
  • 2% on all other purchases
• Benefits
  • No-cost employee cards
  • Travel insurance and protection
  • No foreign transaction fees
• Redemption opportunities
  • Cashback for gift cards, travel or statement credits. Each point is worth 1 cent.
• Drawbacks
  • Ultimate Rewards are not transferable to partners or other Chase products.
  • Each point is worth 1 cent on Ultimate Rewards.

Benefits of the Ink Business Premier Credit Card

While the Ink Business Premier lets us down with its point redemption limitations, it does offer quality benefits for any business owner or frequent traveler. While you likely won’t plan your next vacation with the points earned on this card, its benefits may come in handy for certain purchases.

Let’s explore the benefits of the Ink Business Premier® Credit Card.

Trip cancellation/interruption insurance: If a planned trip for you or an employee is canceled or interrupted due to sickness, severe weather or another covered cause, this coverage will reimburse you for the prepaid, non-refundable expenses incurred.

Trip delay reimbursement: If your flight is delayed by more than 12 hours or requires an overnight stay, Chase will reimburse you up to $500 for the necessary costs of the delay. This includes food, transportation or hotel stays. This coverage is in addition to any compensation you receive from an airline. The terms and conditions of this benefit don’t specifically indicate that employees are covered for this benefit.

Lost luggage reimbursement: If a common carrier loses your luggage, the contents and the baggage are covered up to $3,000 per person. Jewelry, watches, cameras and other electronic equipment are only covered up to $500. This benefit includes family members and employees as long as you pay with your Ink Business Premier for the trip.

Auto rental collision damage waiver: Decline the damage insurance at the rental desk, and you’ll be covered for damage or theft to a rental vehicle. This is primary coverage when renting for business purposes, in a foreign country or if you don’t have a personal auto policy. Keep in mind that this benefit doesn’t apply to some key vehicles your business may rent, such as U-Haul style box trucks, large passenger vans or expensive and/or exotic vehicles.

Purchase protection: You’ll receive reimbursement for new business equipment purchases damaged or stolen within the first 120 days of purchase up to $10,000 per claim. Did someone spill coffee on the point-of-sale machine? Was your new laptop stolen from a job site? You may qualify for a claim. You’re covered up to $50,000 per account.

Cell phone protection: Company-issued cell phones paid for with the Ink Business Premier Credit Card are covered for damage or theft. The phones must have been purchased from your phone carrier and monthly service payments must be paid by the business. You’re covered up to $1,000 per claim with a $100 deductible. You can make up to three claims per year. Notably, this benefit is $400 higher than the Ink Business Preferred’s benefit of $600 per phone.

Earning Ultimate Rewards with the Ink Business Premier Credit Card

The Ink Business Premier Credit Card bills itself as a serious cashback card for serious businesses. It earns in the following categories, and 2% on everything else:

Purchases over $5,000: Whether you’re purchasing new equipment, inventory or prepaying for advertising, you can earn 2.5% points per dollar on any purchase over $5,000 with no cap.

Lyft: Through March 2025, Lyft rides earn 5%. Chase seems to be test-driving a relationship with Lyft, so it’s possible this bonus gets extended.

Redeeming Ultimate Rewards

A major drawback of the Ink Business Premier Card is a big one. While Ultimate Rewards are a staple of any points and miles enthusiast, the Ink Business Premier Credit Card’s Ultimate Rewards aren’t transferable to travel partners or other Chase cards.

That’s right. You’ll be able to redeem your rewards points only for cash back, travel or gift cards at a fixed value of 1 cent per point.

Redeeming Ultimate Rewards Through Chase Ultimate Rewards

Without the ability to transfer points to partners, the only way to redeem your Ultimate Rewards for travel is through the Ultimate Rewards portal at a rate of 1 cent per point. You can book hotels, flights, car rentals or experiences.

Using Ultimate Rewards to book travel is intuitive. The portal, powered by cxLoyalty, is just like any other online travel agency. You can complete your reservation using points, cash or a combination of the two.

Notably, you can’t pool points across cards that earn Ultimate Rewards. For instance, many people carry the Chase Freedom Unlimited® or the Ink Business Unlimited® Credit Card so they can transfer points to the Chase Sapphire Reserve®, increasing their points value by 50%. This won’t work with the Ink Business Premier. However, you can transfer points from other Chase cards to the Ink Business Premier, but we don’t recommend it.

Redeeming Ultimate Rewards for Statement Credits or Gift Cards

Ultimate Rewards points are worth 1 cent apiece when redeemed for a statement credit. While this can only occasionally make sense with personal cards, it rarely makes sense for your business.

Using a statement credit to offset a purchase may be considered a rebate, erasing the tax deductibility of your original purchase. While earning points on business expenses can lower your business costs, it’s more lucrative to keep the deductions and the points. Check with your tax advisor before using points to offset business expenses.

You can redeem Ultimate Rewards for a statement credit, check or gift card at a value of 1 cent per point.

Is the Ink Business Premier Credit Card Annual Fee Worth It?

The Ink Business Premier Credit Card doesn’t justify its $195 annual fee. Travel protections like rental collision damage waiver and trip interruption insurance are available on the Ink Business Preferred® Credit Card or the Chase Sapphire Preferred® Card for $100 less.

The biggest strike against the Ink Business Premier is its inability to transfer points to travel partners. With no way to increase the value of your points, you’re essentially paying Chase for the privilege of earning 2% on all purchases and 2.5% on big-ticket items. This isn’t that impressive considering you can earn unlimited 1.5% with the Ink Business Unlimited Card for free or 3% in select categories, up to a limit, with the Ink Business Preferred Card.

If you make hundreds of thousands of dollars of large purchases per year, the increased cash back might seem tempting. Consider that Ultimate Rewards can often be redeemed at values exceeding 2 cents per point. Non-transferrable Ultimate Rewards are worth far less than transferable ones.

What Cards Compete with the Ink Business Premier Credit Card?

With many great business cards competing for space in your wallet, there are few reasons to apply for the Ink Business Premier Credit Card. Let’s explore some of the best alternatives to this lackluster card.

Ink Business Preferred® Credit Card

The Ink Business Preferred® Credit Card is what most small business owners intend to apply for when they accidentally apply for the Ink Business Premier.

You’ll earn 3X points on the first $150,000 in combined purchases in these select categories each account anniversary year:

• Shipping purchases
• Advertising purchases made with social media sites and search engines
• Internet cable and phone services
• Travel

You’ll earn 1X on all other categories or category purchases beyond $150,000. This card is still eligible for the 5X Lyft earnings through March 2025.

The travel protections are nearly identical, but the cellphone protection is $600 instead of $1,000 that comes with the Ink Business Preferred. Most importantly, you’ll be able to transfer your Ultimate Rewards to any of Chase’s travel partners or combine them with other Ultimate Rewards cards in your wallet.

The Business Platinum Card® from American Express

With a steep $695 annual fee, The Business Platinum Card® from American Express (rates & fees) better bring some premium benefits, and it does. Like with the Ink Business Premier Credit Card, you’ll earn extra points on purchases over $5,000.

However, instead of earning 2.5X, you’ll earn 1.5X for purchases over $5,000 in these key categories only:

• Construction materials
• Electronic goods
• software cloud system providers
• Shipping providers

The highlight of the Amex Business Platinum Card is the access to airport lounges across the world, including complimentary Priority Pass Select membership, The Centurion Lounge access and Delta Sky Club access. Additionally, the card is packed with over $1,000 in statement credits.

You can redeem Membership Rewards with 20 transfer partners or on amextravel.com for a value between 0.7 and 1 cent per point.

You won’t pay a fee for employee cards or foreign transactions.

The Business Platinum Amex Card also offers comparable travel benefits to the Ink Business Premier.

Capital One Spark Miles for Business Card

If you’re looking for a lower annual fee, check out the Capital One Spark Miles for Business Card. Its $95 annual fee is waived for the first year. Just like virtually every Capital One card, the Spark Miles earns a fixed 2X per dollar on all spending.

The Capital One Spark Miles for Business Card has 15 transfer partners. This gives you plenty of places to transfer points, making statement credit redemptions less attractive.

The Capital One Spark Miles for Business Card card also offers a $120 credit toward enrollment in TSA PreCheck or Global Entry every four years.

Final Thoughts

There’s no kind way to say it. The Chase Ink Premier Credit Card is the latest “newbie trap” to points and miles. With a relatively steep annual fee, no lounge access or statement credits, there’s little this card offers that you can’t get cheaper elsewhere.

Not being able to transfer your points and miles makes this card a big “no, thank you.” Even if you’re spending some serious cash every year on your business, the extra earning potential ends up being a loss when you consider that transferable Ultimate Rewards are often worth multiples of their stated value.