Small Business News
Chase Introduces Ink Business Premier Card
As many small business owners have discovered, business credit cards can be a useful tool for managing cash flow while also earning rewards. In turn, the business credit card market has continued to grow in recent years. The latest entry comes from Chase, which has just announced the new Ink Business Premier card.
The Ink Business Premier will be Chase’s first “pay-in-full” card — also known as a charge card. According to the bank, this will allow it to meet the larger spending needs of certain businesses while earning them significant rewards in return. However, thanks to the introduction of Flex for Business, cardholders will be able to either pay off their entire balance each month or opt for payment flexibility. Thus, the offering is more a hybrid akin to the American Express Business Platinum or Gold cards, which were traditionally charge cards but have since added Pay Over Time features.
In terms of rewards, the Chase Ink Business Premier will offer 2% cashback on all purchases made with the card. Meanwhile, purchases over $5,000 will earn 2.5%. Finally, travel purchased through the Chase Ultimate Rewards portal will earn 5% cashback.
With the Chase Ink Business Premier card’s launch comes a welcome bonus offer as well. Currently, business owners who are approved for the card can earn $1,000 cashback after spending $10,000 on the card during their first three months. However, it should be noted that the metal card does come at a cost of $195 per year.
Speaking on the new offering, Chase Branded Cards President Catherine Hogan stated, “We’re thrilled to be expanding our portfolio of Chase Ink business credit cards to meet the unique needs of larger business owners.” Hogan added, “We heard from our customers that rich rewards, increased purchasing power and payment flexibility are essential for them to grow their businesses, and we look forward to gathering additional feedback from our most engaged customers.”
Incidentally, the debut of the Ink Business Premier comes as small business credit card satisfaction is on the rise. According to a survey by J.D. Power, overall satisfaction rose 12 points from 2020 to reach 852 on the 1,000-point scale. Unfortunately for Chase, however, they ranked below average, with a score of 841. Although that was below competitors such as American Express, Capital One, and Discover, it did best U.S. Bank’s 819 score.
Overall, it’s interesting to see Chase mixing things up by introducing a “pay in full” business credit card option — even if it does still have options for those who don’t want to pay in full after all. Additionally, the rewards offered on the card are pretty solid and the $195 annual fee could prove reasonable if businesses can make use of that 2.5% category. All in all, the Ink Business Premier is yet another option small businesses may be able to use to their advantage.
