The Ink Business Premier® Credit Card is designed to support business owners with substantial spending needs. It offers a welcome bonus of $1,000 cash back after spending $10,000 in the first three months. The card provides 2.5% cash back on purchases of $5,000 or more and 2% cash back on all other business purchases. With a variable APR ranging from 19.49% to 27.49% and an annual fee of $195, this card includes features such as no foreign transaction fees and employee cards at no additional cost.
Features
Welcome Bonus. Earn $1,000 bonus cash back after spending $10,000 on purchases in the first three months from account opening.
Cash Back Rates. Earn 2.5% cash back on every purchase of $5,000 or more. Earn 2% cash back on all other business purchases.
No Foreign Transaction Fees. No charges for transactions made in foreign currencies, which is beneficial for international business dealings.
Pros and Cons
Pros
Employee Cards. Issued at no additional cost with the ability to set individual spending limits for better expense management.
Flex for Business Feature. Allows qualifying purchases to be paid over time with interest, offering flexibility in payment terms.
5% Cash Back on Lyft Rides. Earn 5% cash back on Lyft rides through March 2025.
Cons
Annual Fee. The $195 annual fee may be a consideration for businesses with lower spending or those seeking a no-fee card.
High APR Range. With a variable APR of 19.49% to 27.49%, interest rates can be high for those who carry a balance, potentially leading to significant interest charges.
Payment in Full Requirement. The card requires the balance to be paid in full each month, which might not be suitable for all businesses, especially those with inconsistent cash flow.
How to Apply for an Ink Business Premier® Credit Card
Online
Explore Credit Card Options. Browse through the available credit card options to find the Ink Business Premier® Credit Card. Click on the card to access more details.
Review Card Details. Take your time to review the features, benefits, and terms of the Ink Business Premier® Credit Card to ensure it meets your needs.
Initiate Application. Look for the "Apply Now" button to start the application process. Click on it to proceed.
Fill Out Application Form. Complete the online application form with accurate personal, financial, and contact information as required. Ensure all fields are filled correctly.
Submit Application. After filling out the form, review the information provided to avoid any errors. Once satisfied, submit your application.
Wait for Approval. After submission, the bank will review your application. You may receive an instant decision or have to wait a few days for a response.
Receive Card. If approved, your Ink Business Premier® Credit Card will be mailed to the address provided during the application process.
Mobile App
Log In or Register. Open the Chase mobile app and log in to your existing online banking account. If you're a new user, you may need to register for mobile banking by providing your account details and creating login credentials.
Navigate to Credit Cards. Once logged in, navigate to the section of the app dedicated to credit cards or banking products. This may be accessible from the main menu or homepage.
Find Ink Business Premier® Card. Look for the Ink Business Premier® Credit Card among the available options. Tap on the card to view more details.
Start Application. Locate the option to apply for the Ink Business Premier® Credit Card within the app. It may be labeled as "Apply Now" or something similar. Tap on it to initiate the application process.
Complete Application Form. Fill out the application form provided in the app with accurate information, including personal, financial, and contact details. Double-check for accuracy before proceeding.
Submit Application. After completing the form, review the information provided to ensure accuracy. Once verified, submit your application through the mobile app.
Wait for Response. The bank will review your application. Depending on their process, you may receive an instant decision or have to wait for a few days to receive a response.
Receive Confirmation. If approved, you'll receive confirmation within the app or via email. Your Ink Business Premier® Credit Card will be mailed to the address provided during the application process.
In Bank's Office
Research and Preparation. Begin by researching the various credit cards offered by Chase to determine which best suits your needs and preferences. Consider factors such as rewards, interest rates, annual fees, and benefits.
Gather Necessary Documents. Collect all required documents, such as a valid photo ID (e.g., driver's license or passport), Social Security number, proof of income (e.g., pay stubs or tax returns), and any other relevant financial information.
Visit a Chase Branch. Locate the nearest Chase branch by using the Chase website or mobile app. Plan your visit during the branch’s operating hours.
Meet with a Chase Representative. Once at the branch, request to speak with a representative about applying for a credit card. The representative will guide you through the process, answer any questions, and provide you with the necessary forms.
Complete the Application Form. Fill out the application form provided by the representative. Ensure all information is accurate, including personal details, employment information, and financial data.
Submit Your Application. After completing the form, submit it to the representative along with your supporting documents. The representative will review your application for completeness and accuracy.
Wait for Approval. The representative will submit your application for processing. Approval times can vary; in some cases, you may receive an instant decision, while others may require further review. You will be notified of the decision by mail or email.
Receive Your Card. If approved, your new credit card will be mailed to you. Upon receiving your card, follow the instructions to activate it and begin using it to earn rewards and manage your finances effectively.
Infographic
Eligibility Requirements
Credit Score. Applicants need a good to excellent credit score.
Age. Must be at least 18 years old (19 in Alabama and Nebraska, 21 in Puerto Rico).
Residency. Must have a valid permanent home address within the 50 United States, the District of Columbia, or a U.S. military address.
Business Ownership. Applicants must be owners, officers, or partners of the business applying for the card, with the authority to bind the company to the terms and conditions.
Income and Financial Information. Must provide proof of steady income and financial information about the business for credit assessment.
Personal and Business Credit History. Both personal and business credit reports will be reviewed for approval.
Usage Agreement. The card must be used only for business purposes.
Authorization for Credit Checks. Applicants must authorize the lender to obtain credit bureau reports, employment, and income information.
Company Headquarters. The company must be headquartered within the 50 United States or the District of Columbia.
Compliance with the USA PATRIOT Act. Must provide identifying information (name, residential address, date of birth, Social Security number, etc.) for identity verification.
Mobile Phone Consent. Providing a mobile phone number gives permission to be contacted regarding accounts, including through text messages and automated calls.
Marital Status Disclosure. Married applicants may need to disclose their marital status and provide spousal information, if required by state law.
Reasons You May Be Denied a Card
Insufficient Credit History. If you have a limited credit history or no credit history at all, the issuer may be unable to assess your creditworthiness, which could result in a denial of your credit card application.
Low Credit Score. A low credit score, often indicative of past financial difficulties or missed payments, may lead to a denial of your credit card application. Credit scores below a certain threshold may be considered risky by the issuer.
High Debt-to-Income Ratio. If you have a high debt-to-income ratio, meaning you have significant outstanding debt relative to your income, the issuer may view you as a higher credit risk and deny your application.
Recent Bankruptcy. If you have filed for bankruptcy recently, you may be denied a credit card as it indicates financial instability and an increased risk for the issuer.
Delinquent Accounts. If you have a history of late payments, defaults, or delinquent accounts on your credit report, it may signal to the issuer that you are not financially responsible and may lead to a denial of your application.
Multiple Recent Credit Applications. Applying for multiple credit cards or loans within a short period, especially if accompanied by rejections, may raise concerns for the issuer about your financial stability and lead to a denial.
How to Pay Off Credit Card Debt
Access Your Account. Sign in to your Chase online banking account or mobile app to access your credit card information.
Review Your Balance. Take a moment to examine your outstanding balance, including any accumulated interest or fees.
Choose a Payment Method. Determine how you wish to proceed with your payment. Chase provides several convenient options, such as online banking, mobile banking, in-person at a financial center or ATM, by phone, or through the mail.
Online Payment. If you opt for online payment, log in to your account, proceed to the bill pay section, and follow the prompts to initiate a payment. You can select to pay the minimum amount due, the full balance, or a customized amount.
Mobile Payment. Alternatively, you can utilize the Chase mobile banking app to complete a payment. Choose your Ink Business Premier® credit card account and follow the prompts to finalize the payment process.
In-Person Payment. For those preferring in-person transactions, visit a Chase financial center or ATM. You can make a payment using cash, a check, or your debit card at the ATM, or seek assistance from a representative at the financial center.
Phone Payment. To make a payment over the phone, dial the Chase customer service number and follow the automated instructions to navigate to the payment section. From there, you can complete the payment using your checking account or debit card.
Mail Payment. Lastly, if mailing your payment suits your preference, utilize the payment address provided on your billing statement. Ensure to include your Ink Business Premier® credit card account number on the check or money order and allow adequate time for delivery.
Confirm Payment. Following your payment submission, verify that it has been successfully processed. You can check your account balance online or via the mobile app to confirm the payment's application to your Ink Business Premier® credit card debt.
Editorial Opinion
In considering the Ink Business Premier® Credit Card, it is important to evaluate how its rewards structure and fees align with your business's spending patterns. The card's high cash back rates on large purchases can be beneficial for businesses with frequent significant expenses, while the requirement to pay in full each month necessitates careful cash flow management. Additionally, the absence of foreign transaction fees adds value for companies with international dealings.
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