Chase Ink Business Preferred Review
The Chase Ink Business Preferred credit card offers exceptional value for small businesses. It comes with 3x rewards points for spending in multiple categories and offers additional travel and business management benefits for business owners.
Our review of the Chase Ink Business Preferred credit card covers all the pros and cons of the card. It highlights the specific benefits that cardholders can take advantage of, including sign-up bonuses, annual fees, redeeming points and cash back offers. Businesses can also benefit by transferring the points to Chase’s travel partners or by redeeming the points directly for bookings made through the company’s travel portal.
Card Details to Know Up Front
- Bonus, Fee or FeatureHas or Not
- Has Annual Fee
- Has Balance Transfer Offer
- Has APR Offer
- Cash Back Rewards
- Travel Rewards
Chase Ink Business Preferred at a Glance
The Chase Ink Business Preferred credit card gives users a generous sign-up bonus and covers an extensive list of spending categories. This card offers additional rewards when used to book hotels and flight tickets. It is a great choice for companies that do a lot of business travel, internet advertising or have a lot of shipping expenses.
- Ink Business Preferred® Credit Card
A great business card with sign-up bonuses and no foreign transaction fees
- Good-ExcellentCredit Needed
- $95Annual Fee
- 1–3 Points per $1Rewards Rate
- 3xRewards Rate on TV, Phone, Internet Services
- 3xRewards Rate on Air Travel
Pros & Cons Explained
While the benefits offered by the Chase Ink Business Preferred card warrant consideration, it is important to take a look at some of its drawbacks as well.
- Sign-up bonusOnce your card is active, you will be eligible to earn a welcome bonus of 100,000 points after you spend $15,000 in the first three months. These bonus points amount to at least $1,250 in value when redeemed through Chase Ultimate Rewards travel portal.
- Bonus category rewardsSmall business owners will find this card immensely beneficial as it offers multiple bonus categories with 3x rewards points for every dollar spent. These categories include travel, internet, cable and phone services and advertising purchases on social media sites and search engines.
- No international transaction feesIf your business involves significant international travel, you will benefit from the zero foreign transaction fees that this card offers. You can save up to 3% on each transaction completed using this card as compared to other cards on the market.
- High annual feeUnlike other business credit cards offered by Chase, the Chase Ink Business Preferred has an unusually high annual fee of $95.
- No introductory APR offerJust like the annual fee, this is the only business credit card offered by Chase that does not provide a zero APR period. This means that any purchases made using this card will start accruing interest instantly.
- Limited bonus categoriesAlthough the card offers 3x points across multiple categories, those categories may not work for the typical expenses of every business.
The Chase Ink Business Preferred credit card was selected as one of our best business credit cards of 2022. You can read our full review to know more about all the available options.
Bonuses & Rewards Explained
The Chase Ink Business Preferred credit card has a 100,000 point welcome offer after spending $15,000 within the first three months of account opening. Using the card to reach the spending requirement will also earn you anywhere between 15,000 and 45,000 points.
You may also utilize the points to buy gift cards of your choice from any of the 150 top stores or in the Apple Ultimate Rewards Store. However, the best option to redeem these points would be to use them to book business travel with Chase Ultimate Rewards. You can pay for rental cars, flights or hotels through Chase. You can even transfer them to Chase's wide network of travel partners.
The company even offers unlimited free employee cards to small businesses that have several employees to help meet the spending requirement.
3x points categories
With this card, you can earn 3x points for every dollar spent on the first $150,000 in purchases on travel, internet, cable and phone services and advertising purchases made through search engines.
Excellent point redemptions
You can choose one out of the several options to redeem your rewards points from Chase. Points redeemed through Chase Ultimate Rewards are worth 25% more when used for travel. Cardholders also have the option of transferring points to travel partners for redemptions.
The welcome offer of 100,000 bonus points can be redeemed either as cash back for $1,000 or as $1,250 for travel rewards when you redeem your points through Chase.
Other Features Explained
The Chase Ink Business Preferred credit card gives you the ability to earn plenty of rewards points along with many other perks.
- Card FeatureDescription
- Trip cancellation or interruption insuranceIf you must cut a trip short due to a listed reason such as illness or severe weather, you are eligible for reimbursement of up to $5,000 per person with a limit of $10,000 per trip.
- Rental car insuranceIf you use this card to pay for your business rental car, you are eligible for rental insurance that covers the vehicle's actual cash value.
- Cell phone protectionWhen you pay your cell phone bill using the Chase card, you get $600 worth of coverage per claim in case your cell phone is damaged or stolen. This protection also extends to employees who are included in your cell phone plan.
"This card makes a lot of sense for online businesses. The 3x bonus categories for travel, advertising, shipping, phone, cable, and internet services can build up your stash of Ultimate Rewards for products you advertise and sell online." - Alene Laney, Credit Card Journalist
Understanding the Fine Print
The earning rates and redemption options offered by this card make it highly rewarding. There are also other specific charges that you must consider.
- Card FeatureAmount or Rate
- Annual Fee$95
- Cash Back Rewards
- Rewards Rate1–3 Points per $1
- Airline Benefits
There is a $95 annual fee for this card.
Regular APR & Cash Advance APR
The Chase Ink Business Preferred card offers a considerably high regular APR that varies between 15.99%-20.99% for purchases. The cash advance APR for the card is even higher at 24.99%. The APRs for the balance transfers and cash advances start accruing interest from the date of the transaction.
Balance Transfer APR & Fees
The card offers a variable balance transfer APR between 15.99%-20.99%. If you choose to utilize this APR for a balance transfer, you will have to pay a fee of either $5 or 5% for each transfer, whichever is higher. This means if you transfer a balance of $1,000 from your previous credit card, you'll end up paying $50 in balance transfer fees.
You earn 3x points when you use your card for travel and to pay for internet, cable and phone services or when you make advertising purchases on social media sites and search engines. You earn 3x rewards points on these spending categories up to $150,000 and 1 point for every dollar spent in other categories. Redemption options are flexible.
When comparing this card with other cards for small businesses, it is important to consider the APR and other related fees. If you want to compare the benefits with a card you already have, you can do so by checking the last billing statement of your existing card or your card provider's website or app. You can also find information on the credit card agreement database maintained by the Consumer Financial Protection Bureau (CFPB).
Who Should & Shouldn’t Consider Chase Ink Business Preferred?
Other Considerations for Chase Ink Business Preferred
Before you decide whether the Chase Ink Business Preferred card is ideal for you or not, you must evaluate the purposes for which you will use the card. Another important factor to contemplate is whether you are going to use it as a standalone card or along with other cards.
Things to Consider if This Will Be Your First or Only Credit Card
If this is the first or the only card that you plan to use, then you must be cognizant of the high APR when using the card for purchases. You might end up with substantial interest charges if you do not pay your balances within the same month.
If you think that the spending categories that provide 3x rewards points will be useful for your business, it could be a significant value add. You must have good credit to be eligible for this card.
Things to Consider if This Will Be an Additional Card in Your Wallet
If you want to use this card in addition to existing cards, ensure that you meet Chase’s 5/24 rule. If you already have five or more credit card accounts elsewhere (including non-Chase accounts), you will probably be declined irrespective of your credit score.
As an additional card with no international transaction fees, the Chase Ink Business Preferred card is perfect for international travel, though you must keep in mind the high APR even in such scenarios.
At MoneyGeek, we have a well-balanced process to review credit cards. Our practices include collating information from the Consumer Finance Protection Bureau’s database, regularizing data points for an accurate comparison, understanding the value provided by the product over a sustained period and ensuring timely reviews.
How Chase Ink Business Preferred Compares to Other Cards
While the Chase Ink Business Preferred card is worth considering, there are other options business owners can consider. We looked at some other credit cards in the same category to give you an idea of how it stacks up against the competition.
In-Depth Credit Card Comparisons:
- Chase Ink Business Preferred vs Chase Ink Business Cash
- Chase Ink Business Preferred vs Chase Ink Business Unlimited
Quick Comparison of Chase Ink Business Preferred
Chase Ink Business Preferred
- Annual Fee: $95
- Purchase APR: 15.99%-20.99%
- International transaction fee: $0
- Rewards rate on travel & hotels: 3x
- Mini verdict: Best for small businesses that involve frequent travel
American Express Business Gold
- Annual Fee: $295
- Purchase APR: 14.24%-22.24%
- International transaction fee: $0
- Rewards rate on travel & hotels: 1x
- Mini verdict: Best for businesses that can be flexible with the rewards categories
Other Helpful Decision-Making Q&As
Having to choose one credit card out of the many options available in the market can be daunting. Knowing the answers to some of the most frequently asked questions about the Chase Ink Business Preferred card can help you make the right decision.
Still not sure about this card? Consider these options.
If you are still considering alternate options for your business needs, you can explore other business credit cards and their offerings. If you are looking for higher rewards for credit card usage, it might be a better option to choose one with lucrative cash back rewards.
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