Chase Ink Premier is the first Charge Business Card from Chase that earns Ultimate Rewards that are redeemable as cash only (not transferable to partner programs compared to other Ink family of business cards). There was a brief system glitch when the Chase portal allowed the transfers, but it is no longer possible.
Chase Ink Premier Features
- $195 annual fee.
- $1,000 cash back after spending $10,000 on purchases in first 3 months of account opening. When you spend 10K you will earn at least $200 cash back that can take care of the annual fee.
- 2.5% cash back on purchases over $5,000.
- 2% cash back on all other purchases.
- 5% cash back on travel booked through the Chase travel portal.
- The Ultimate Rewards earned are worth 1 cent each and are redeemable for gift cards, cash back, and travel through the Ultimate Rewards portal.
- Despite being a charge card, it comes with a credit limit (typically 10K). It is NOT possible to transfer the available credit to other INK cards.
- No foreign transaction fees.
- Free authorized user cards.
- Industry-leading cellphone protection: up to $1,000 per claim (three claims per 12 months with a $100 deductible) against covered theft or damage. Cardholders and employees listed on the monthly cell phone bill paid by the Chase Premier card are eligible for this benefit.
- Primary Auto Rental Collision Damage Waiver.
- Trip cancellation/trip interruption insurance: up to $5,000 per person and $10,000 per trip; pre-paid, non-refundable travel expenses can be reimbursed.
Redeeming rewards on the Chase Ink Business Premier
Cash back earned from using Chase Ink Premier posts as “Ultimate Rewards” (see image below), which could be confusing since you cannot transfer them to partners. You can also transfer points from other Chase accounts to your Ink Business Premier rewards account, where they can be redeemed for 1 cent a point (not recommended).
Ways to use Chase Ink Premier cashback earnings
Best Cash Back Rewards for Chase Ink Premier Earnings
Ultimate Rewards points earned from Chase Ink Premier may be redeemed as a statement credit using “Pay Yourself Back” for purchases made within the 90 days before the redemption request date (a maximum of 12 transactions can be selected in a single order). Ultimate Rewards earned from Chase Ink Premier are worth 1.25 cents per point when donating to eligible charities through December 31, 2023.
You can earn 5x cash back when spending on travel on the Chase portal, but the Ultimate Rewards earned from Chase Ink Premier are still only worth 1 cent per point for travel redemptions.
Request cash to be deposited into any bank account
The easiest thing to do here is simply request the cash to be deposited to any bank account you have linked to Chase.
Is Chase Ink Premier a long-time keeper card?
Chase Ink Premier is absolutely worth it for the first time bonus and for churning through repeated applications (https://awardcracker.com/how-to-earn-points-stay-under-5-24-forever/). The card is worth it to big business spenders who like 2.5% cash back when spending more than $5000 at a time.
For manufactured spending via Simon Mall $1000 gift cards: if one spends 10K a week (40K a month) that yields a total earnings of $1000 (40 x 2.5) and you will lose $240 in fees ($4 activation + $2 for each $500 money order). Again, I would rather use this method to earn transferable points rather than cash.
For manufactured spending via Buyer Groups (couch MS): this will change the math based on how many items you will purchase and lose them in shipping/not get paid (https://awardcracker.com/churning-credit-cards-to-earn-points/).
Summary
Chase Ink Premier is a great card to keep long-term only if Chase allows the transfer of Ultimate Rewards to partners. I will only keep this card for one year at a time to earn the sign-on bonus.