Which Chase Ink business credit card is best for you? – October 2018
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Could you benefit from a travel card or no-annual-fee cashback card?
At first glance, the three Ink by Chase cards may seem worlds apart, but they are quite similar. Even so, based on your business’s needs, one of these cards may stand out for its value while the others could be useless.
But before we go into details, know that all Chase Ink business cards let you earn points, despite one of them having cash in the name or another being advertised as an unlimited cashback card. You can redeem the points you earn for cash back as a statement credit or as a deposit to your savings or checking account. For the highest return, redeem your points for travel rewards through Chase Ultimate Rewards® and get 25% more value.
Businesses that want a simple rewards card could find the Ink Business Unlimited℠ credit card to be a great choice. As the name suggests, you’ll get unlimited 1.5% back in Chase Ink rewards on all of your purchases and can redeem them as either cash back or travel rewards. If you redeem your points for travel rewards — such as airfare, hotels, car rentals and cruises — through Chase Ultimate Rewards®, your return will be 1.87%.
Credit line.
The minimum credit line you’ll get with this card is $3,000. When compared to other cards, this is relatively high. For credit limits higher than $25,000, Chase may request additional information from you.
Travel protection.
With this card, you get access to legal, medical and other emergency assistance you may need when you travel. Also, you’re insured against theft or collision damage for your car rental when you pay the rental with your card.
Roadside assistance.
Whenever you need help with towing, replacing a tire, charging your car battery or gas delivery, call 1-800-847-2869 and the emergency service will assist you. Note that third-party service costs will be charged to your card.
Purchase protection.
Get coverage against damage or theft up to $10,000 per claim and $50,000 per account for purchases you made in the last 120 days. You also get extended warranties on eligible items.
Balance transfer limits.
You can only make balance transfers up to the size of your credit limit or $15,000, whichever is lower. And you can transfer up to three balances. Also, Chase won’t accept balance transfers from other accounts or loans that Chase has issued to you.
High balance transfer fees.
You’ll pay $5 or 5% of the transfer, whichever is greater. That means you’ll pay $150 for a $3,000 balance transfer. Other small business cards have fees of 3% to 4%.
You can lose points.
Your points don’t expire, but you can lose them if you don’t make the minimum payment within 60 days when its due.
Best for cashback rewards: Ink Business Cash℠ credit card
If your annual business expenses mostly revolve around office supplies, Internet and cable services, but you also spend on gas and dining up to $25,000 in a calendar year, then you’ll get the highest value with this card. Despite being marketed as a cashback card, you earn points that can be redeemed for cash back or for travel purchases through Chase Ultimate Rewards® where your maximum return value could be up to 7.5%.
Credit line.
Chase offers a minimum credit limit of $3,000. But based on your creditworthiness and other factors determined by the bank, you could get a higher credit line. For credit limits higher than $25,000, Chase may request additional information from you.
Travel protection.
Get access to legal, medical and other emergency assistance when you travel. Also, if you rent a car and pay for the entire rental with your card, you’re insured against theft or collision damage.
Roadside assistance.
Call 1-800-847-2869 if you need help with towing, replacing a tire, charging your car battery or gas delivery, and Chase’s emergency service will assist you. Note that you’ll have to pay for any third-party service costs.
Purchase protection.
For purchases made with this card, you have 120 days of coverage against damage or theft up to $10,000 per claim and $50,000 per account.
Balance transfer limits.
You can only make up to three balance transfers that — including balance transfer fees — don’t exceed your credit limit or $15,000, whichever is less. Know that Chase won’t accept balance transfers from other accounts or loans that Chase has issued to you.
High balance transfer fees.
For each transfer you make, you’ll pay $5 or $5 of the transfer, whichever is greater. This means a balance transfer of $3,000 would cost $150 in fees. Other small business credit cards have fees of 3% to 4%.
You can lose points.
Try to make your payments on time. Otherwise, if you fail to make a minimum payment within 60 days, you may lose all of your points.
Best for travel: Ink Business Preferred℠ credit card
This is the only card in the Chase Ink suite that has an annual fee. But it’s also the card that lets you earn the most points, especially in categories such as travel, shipping, advertising purchases made with social media sites and search engines and Internet, cable and phone services. To get the highest value for your points, redeem them through the Chase Ultimate Rewards® platform for 25% more value.
Aside from earning points, this is a great travel card, as it’s the only Chase Ink card that has no foreign transaction fees. Plus, it has additional travel insurance if your trip is canceled or interrupted, and you can transfer points in a 1:1 ratio with Chase’s airline and hotel partners.
Points transfer.
This is one of the best perks this card offers. You get to transfer points in a 1:1 ratio with airline miles and hotel points of Chase’s partners, including United Airlines, Virgin Atlantic, Southwest Airlines, Marriott hotels and Hyatt hotels, among others.
Free employee cards.
Despite the card having an annual fee, adding authorized users to your account is free of charge. Keep in mind that you are responsible for their balances.
Trip cancelation and interruption insurance.
In addition to travel and car rental insurance, this card offers trip cancelation and interruption insurance in case of sickness, weather conditions and other situations. The costs for passenger fares, hotels and tours that you already paid will be reimbursed up to $5,000 per trip.
Cell phone protection.
Aside from purchase protection and extended warranties, you also get phone protection against theft or damage for up to $600 per claim.
Credit line.
Unlike the other two cards from the Ink suite where the minimum credit line you could get is $3,000, with this card you get a minimum credit line of $5,000. For credit lines above $25,000, Chase may require additional information from you.
Balance transfer limits.
You can perform up to three balance transfers with this card, and they can’t exceed your credit limit or $15,000, whichever is lower. However, Chase won’t accept balance transfers from other accounts or loans that Chase has issued to you.
High balance transfer fees.
You’ll pay $5 or 5% of each transfer, whichever is greater. If your requested balance transfer amount is $5,000, your fee will be $250. Other small business cards have fees of 3% to 4%.
You can lose points.
If you don’t make the minimum payment within 60 days when its due, you’ll lose all of your points.
Depending on your business’s requirements, you can get the Ink Business Preferred℠ credit card for the highest travel rewards, the Ink Business Cash℠ credit card if you spend across several business categories or the simple Ink Business Unlimited℠ credit card if you want flat returns for your spending.
But the great thing about the Chase Ink business credit cards is that they all share a single rewards program, so you can combine two different cards to get the highest value.
Frequently asked questions
Pair any Chase credit card that has the Unlimited Rewards program. For example, use the Ink Business Preferred℠ credit card when you buy in categories that earn 3x points and use the Ink Business Unlimited℠ credit card for all other purchases to earn 1.5x points instead of the 1x points that the other card earns.
Yes, if you don’t make the minimum payment within 60 days of its due date, you’ll lose all of your points.
With the Ink Business Preferred℠ credit card, you’ll start with a credit line of at least $5,000. The other two cards have a $3,000 minimum credit line.
Kliment Dukovski is a writer who specializes in global financial markets and personal finance, with a focus on credit cards. His main goal is to deliver honest and accurate information to help you make the right financial decision. When he's not writing about finance-related subjects, he writes sci-fi stories.
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