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How to maximize your earning with the Chase Ink Business Premier Card

Dec. 22, 2021
8 min read
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There seems to be a credit card for just every type of business owner out there, whether you're a freelancer or manage a physical storefront. The choice boils down to the kind of rewards you'd like to earn: cash-back or travel rewards.

Apply now: New Business Card! Ink Business Premier Credit Card

If you belong to the first camp, and your business spends a lot on annual operating expenses, then there's a new credit card that may be a good fit for you. The Ink Business Premier Credit Card comes with a $195 annual fee — making it the most expensive business card in Chase's portfolio — but is equipped with a strong earning rate that's hard to beat.

Alternatively, you may be a savvy TPG reader and think that this new Ink Business Premier will be a fantastic addition to your Chase trifecta cards. Unfortunately, while the card earns Ultimate Rewards points, they're only redeemable for cash back, gift cards, travel and more through the Ultimate Rewards portal at a rate of 1 cent each.

You cannot transfer your points on the Ink Business Premier to Chase's airline and hotel transfer partners, or transfer your points over to other Ultimate Rewards cards (such as the Chase Sapphire Preferred Card or the Ink Business Preferred Credit Card) to turn them into fully-transferable points.

In sum, the Ink Business Premier will appeal to some business owners who don't want to deal with the hassle of travel rewards.

Regardless, if you decide this is the card for you and your business, let's go over the strategies for maximizing the card to its full potential and discuss scenarios when the Ink Business Premier might not be the best card to use.

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Overview of the Ink Business Premier benefits

(Photo by The Points Guy)

The new Ink Business Premier is intended for business owners who want a solid return on the thousands of dollars spent on monthly operating expenses. At $195 per year, it will take a significant amount of spend to justify this annual fee (more on this below) — though that shouldn't be a difficult feat for businesses that can garner enough rewards to make up for it. Here's an overview of what you can expect from the card:

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  • Sign-up bonus: Earn $1,000 cash back (in the form of 100,000 Ultimate Rewards points) after spending $10,000 on eligible purchases within the first three months of account opening.
  • Earning rate: Unlimited 5% cash back on travel booked through Chase Ultimate Rewards, 2.5% cash back on purchases of $5,000 or more and 2% cash back on all other eligible purchases.
  • Flex for Business: Ink Business Premier cardholders to pay for eligible purchases over time with interest for greater payment flexibility.
  • Travel and purchase coverages: When you book your trip with your Ink Business Premier, you'll receive complimentary trip cancellation and interruption insurance, trip delay reimbursement, primary car rental coverage, purchase protection and extended warranty.
  • Cell phone protection: When you pay your monthly cell phone bill with your Ink Business Premier, you can receive up to $1,000 per claim for damaged or stolen phones, for a maximum of three claims per year. Note that there's a deductible of $100 per claim.
  • Free employee cards: Add employee cards for no additional cost to help you earn cash-back rewards even faster.
  • No foreign transaction fees: When traveling internationally, you won't incur any foreign transaction fees for purchases.

Related: Chase’s newest cash-back business card: Ink Business Premier card review

Strategies for maximizing the Ink Business Premier

The Ink Business Premier is likely not the best card for self-employed people. (Photo by Gary Friedman/Los Angeles Times via Getty Images)

Use your Ink Business Premier to pay for large purchases

One of the biggest advantages to the new Ink Business Premier is its 2.5% earning rate on purchases of $5,000 or greater — no matter the type of purchase and with no limit. Very few business cards can promise a comparable return. Among the best we've seen on the market is the American Express® Business Gold Card, which offers 4 points per dollar on the two categories your business spends the most each month, up to the first $150,000 spent each calendar year, then 1 point per dollar. This 4 points per dollar earning rate is quite lucrative, yet there are several limitations, while the Ink Business Premier offers 2.5% cash back (2.5 points per dollar) with uncapped potential.

Even The Business Platinum Card® from American Express offers a similar earning rate as the Ink Business Premier, with 1.5 Membership Rewards points on purchases of $5,000 or more and in select key business categories, on up to $2 million spent each calendar year (then 1x). When factoring in the $695 annual fee (see rates and fees), on the Amex Business Platinum, the Ink Business Premier takes the cake for simplicity and affordability.

Use your Ink Business Premier for purchases that don't fit in bonus categories

Similarly, the Ink Business Premier offers a 2% earning rate on all other eligible purchases. That means no matter the purchase, you'll always earn bonus points no matter the type of items you spend on. For example, if your business spends $10,000 annually, you'll receive $200 in cash-back rewards. This 2% earning rate alone will make up for the $195 annual fee, but you can only start to imagine how the rewards will multiply the more your business can put on the card.

Use your Ink Business Premier to pay for your cell phone bill

Using the right credit card matters when it comes down to paying your cell phone bill. With complimentary cell phone protection on the Ink Business Premier, you'll be covered in case your phone is stolen or damaged, potentially saving you hundreds of dollars — and giving you peace of mind.

When not to use the Ink Business Premier

The Ink Business Premier offers a 5% return for travel booked through the Ultimate Rewards portal. (Photo by Zach Griff/The Points Guy)

On the flip side, here are a couple of instances where you'll want to avoid using the Ink Business Premier.

Don't use your Ink Business Premier for travel

The Ink Business Premier offers a 5% return for travel — but only if your trips are booked through the Ultimate Rewards portal. Since the Ink Business Premier is a cash-back card, it's best to use this card for those routine bills or unexpected business expenses you'll inevitably incur. There are substantially better cards available that can help you maximize your travel spend to help you accrue points toward redeeming for future travel, which you can read all about here.

Don't use your Ink Business Premier to double down in the Ultimate Rewards program

As mentioned in the introduction, the Ink Business Premier is not the card to apply for if you want to double-down on earning Ultimate Rewards points. You'll want to look elsewhere if you want to maximize your business spend to earn travel rewards. As an alternative, the Ink Business Preferred has long been a TPG favorite and comes with a manageable $95 annual fee. Read here for our guide on earning Chase Ultimate Rewards points.

You can still maximize your points

If you're still on the market for a business cash-back credit card, the Ink Business Unlimited Credit Card or the Ink Business Cash Credit Card are fantastic options without an annual fee. That way, your business won't have to worry about justifying the $195 annual fee, and there are still strong earning rates involved. Plus, the points earned on these cards can be transferred over to other Ultimate Rewards-earning cards for maximum travel potential.

Bottom line

For many businesses, the appeal of earning cash back is much greater than points and miles. Among the business cash-back credit cards on the market, the Ink Business Premier offers the best earning potential for businesses that frequently have large purchases or cumulatively spend thousands of dollars every year.

For rates and fees of the Amex Business Platinum, click here.

Featured image by THE POINTS GUY
Editorial disclaimer: Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, airline or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.

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Our points-obsessed staff uses a plethora of credit cards on a daily basis. If anyone on our team wouldn’t recommend it to a friend or a family member, we wouldn’t recommend it on The Points Guy either. Our opinions are our own, and have not been reviewed, approved, or endorsed by our advertising partners.
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TPG featured card

Best for earning alternative rewards for travel purchases
TPG Editor‘s Rating
Card Rating is based on the opinion of TPG‘s editors and is not influenced by the card issuer.
3 / 5
Go to review
Apply for Credit One Bank Wander® Card
at Credit One Bank's secure site

Rewards

1 - 10X points
10XEarn 10x points on eligible hotels and car rentals booked through the Credit One Bank travel partner site
5XEarn 5x points on eligible travel, dining, and gas
1XEarn 1x points on all other purchases

Intro offer

Earn 10,000 Bonus Points
Earn 10,000 bonus points after spending $1,000 on eligible purchases in the first 90 days and redeem for a $100 statement credit, gift cards, or travel

Annual Fee

$95

Recommended Credit

Fair/Good
Credit ranges are a variation of FICO© Score 8, one of many types of credit scores lenders may use when considering your credit card application.

Why We Chose It

The revamped Wander Card from Credit One Bank earns cardmembers up to 10 points per dollar spent on eligible travel purchases. With no foreign transaction fees, the card is also great for international travel. However, points earned from this card can only be used at a fixed value, so it may not be the best option for those striving to get maximum value from their rewards.

Pros

  • This card has no foreign transaction fees and earns up to 10 points per dollar on travel purchases through the Credit One Bank travel partner site.

Cons

  • While cardholders can earn a significant amount of points on travel purchases, there isn't any way to redeem points from the Wander Card for maximum value (beyond 1 cent per point).
  • Earn 10,000 bonus points after spending $1,000 on eligible purchases in the first 90 days and redeem for a $100 statement credit, gift cards, or travel
  • Earn 10x points on eligible hotels and car rentals booked through the Credit One Bank travel site
  • Earn 5x points on eligible travel, dining, and gas
  • Earn 1x points on all other purchases
  • Redeem your reward points for statement credits, gift cards, merchandise, flights, hotels, and more
  • With $0 Fraud Liability, you won’t be responsible for unauthorized charges
  • Free Online Credit Score and Credit Report summary, terms apply
  • If you are a Covered Borrower under the Military Lending Act, you may get a different offer
  • See Rates & Fees
Apply for Credit One Bank Wander® Card
at Credit One Bank's secure site
Terms & restrictions apply. See rates & fees
Best for earning alternative rewards for travel purchases
TPG Editor‘s Rating
Card Rating is based on the opinion of TPG‘s editors and is not influenced by the card issuer.
3 / 5
Go to review

Rewards Rate

10XEarn 10x points on eligible hotels and car rentals booked through the Credit One Bank travel partner site
5XEarn 5x points on eligible travel, dining, and gas
1XEarn 1x points on all other purchases
  • Intro Offer
    Earn 10,000 bonus points after spending $1,000 on eligible purchases in the first 90 days and redeem for a $100 statement credit, gift cards, or travel

    Earn 10,000 Bonus Points
  • Annual Fee

    $95
  • Recommended Credit
    Credit ranges are a variation of FICO© Score 8, one of many types of credit scores lenders may use when considering your credit card application.

    Fair/Good

Why We Chose It

The revamped Wander Card from Credit One Bank earns cardmembers up to 10 points per dollar spent on eligible travel purchases. With no foreign transaction fees, the card is also great for international travel. However, points earned from this card can only be used at a fixed value, so it may not be the best option for those striving to get maximum value from their rewards.

Pros

  • This card has no foreign transaction fees and earns up to 10 points per dollar on travel purchases through the Credit One Bank travel partner site.

Cons

  • While cardholders can earn a significant amount of points on travel purchases, there isn't any way to redeem points from the Wander Card for maximum value (beyond 1 cent per point).
  • Earn 10,000 bonus points after spending $1,000 on eligible purchases in the first 90 days and redeem for a $100 statement credit, gift cards, or travel
  • Earn 10x points on eligible hotels and car rentals booked through the Credit One Bank travel site
  • Earn 5x points on eligible travel, dining, and gas
  • Earn 1x points on all other purchases
  • Redeem your reward points for statement credits, gift cards, merchandise, flights, hotels, and more
  • With $0 Fraud Liability, you won’t be responsible for unauthorized charges
  • Free Online Credit Score and Credit Report summary, terms apply
  • If you are a Covered Borrower under the Military Lending Act, you may get a different offer
  • See Rates & Fees