New Chase Card Now Available With a Huge Cash Back Bonus

If your business frequently makes expensive purchases, you need to check out this cash back card.

After months of anticipation, Chase made its Ink Business PremierSM Credit Card available to all eligible business customers today. It was previously only available to a select group starting in Dec. 2021.

This is clearly a credit card designed for big spenders, and it has the benefits to match, including a huge sign-up bonus and some of the highest cash back rates I've seen. There's also a $195 annual fee, so you'll want to be sure it's the right card for you before applying. Here's a breakdown of its best features and a couple of potential drawbacks to be aware of.

$1,000 in bonus cash back

The first thing that jumps out at you with the Ink Business PremierSM Credit Card is its sign-up bonus. You earn $1,000 in bonus cash back after you spend $10,000 on purchases in the first three months. To clarify, the $195 annual fee doesn't count toward that spending requirement.

This is one of the biggest sign-up bonuses you'll find, especially among cash back credit cards. If you can meet the spending requirement, this Chase card provides significant upfront value.

Excellent cash back rates

What makes the Ink Business PremierSM Credit Card special is its cash back structure. On every purchase of $5,000 or more, it earns 2.5% cash back. This makes it a great fit for business owners who regularly pay for those kinds of large purchases.

On travel purchases made through Chase's Ultimate Rewards program, this card earns 5% back. And on other purchases that don't fall into those bonus categories, it earns 2% back, which is still a competitive rate. All its cash back rates are unlimited, as well, meaning there's no spending cap on how much you can earn.

Since rewards are earned as cash back, they're easy to redeem. There are several ways to use your cash back, with the simplest being a statement credit on your credit card bill or a direct deposit to your bank account. There's no redemption minimum.

Free employee cards you can manage

The Ink Business PremierSM Credit Card may have a $195 annual fee, but employee cards are available at no additional cost. Your account earns the same cash back rates on purchases made with employee cards.

Chase also provides some helpful digital tools to manage employee cards. You can set spending limits, get purchase alerts, and more.

Rewards aren't transferable

There's one big change Chase made on this card's rewards program. With the Ink Business PremierSM Credit Card, you're not allowed to transfer your rewards to Chase travel partners or move them to any other Chase credit cards you have.

Previous Chase Ultimate Rewards cards let you move your rewards around from one card to the other. This allows you to send the rewards you earn on a cash back card to a travel card and open up more redemption opportunities, like transferring those points to a travel partner.

The Ink Business PremierSM Credit Card is the first Ink card that doesn't offer this. Because of this limitation, it's only worth getting if you like earning cash back and don't care about travel redemptions.

A card you pay in full -- with some wiggle room

One other unique thing about this card is that it's what Chase calls a "Pay in Full business credit card." It works like a charge card, where you're expected to pay your bill in full every month.

There is a Flex for Business feature that lets you pay for eligible purchases over time with interest. But since this card doesn't have any sort of 0% intro APR, it's better if you stick to paying in full.

Overall, the Ink Business PremierSM Credit Card is an interesting addition to Chase's lineup of business credit cards. While most businesses could benefit from its generous cash back rates, you'll get the most value if you have high business spending with regular purchases of $5,000 or more.