Chase Ink Business Preferred credit card review | finder.com

Chase Ink Business Preferred℠ Credit Card review – June 2019

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Ink Business Preferred℠ Credit Card

An excellent card for select business spending, especially when paired with Chase Ultimate Rewards.

  • Get this card if your business spends heavily in Chase’s 3x-points categories.
  • Pick something else if you want a card with no annual fee.
  • Apply with a good to excellent credit score of 670 or higher.
Product NameInk Business Preferred℠ Credit Card
Card TypeVisa
Annual Fee$95
Standard Purchase APR18.24% to 23.24% variable
Intro Purchase APR

N/A

Standard Balance Transfer APR18.24% to 23.24% variable
Intro Balance Transfer APR

N/A

Balance Transfer Fee$5 or 5% of the transaction, whichever is greater
Cash Advance Rate27.24% variable
Cash Advance Fee$15 or 5% of the cash advance amount, whichever is greater
Foreign Transaction FeeNone
Interest Free PeriodUp to 20 days
Late Payment FeeUp to $39
Returned Payment Fee$39
Additional Cardholder Fee$0
Rates & FeesRates & Fees
Minimum Age18 years of age
Welcome Offer80,000 points after spending $5,000 in the first 3 months
Rewards3x on travel, shipping, Internet, cable, phone and online ads up to $150,000 combined annually; then 1x after and on all other purchases
Base Rewards1x points
Rewards Points ExpiryNever

The basics

The Chase Ink Business Preferred℠ Credit Card comes with a lucrative signup bonus: 80,000 points after you spend $5,000 on purchases within the first three months of opening your account. That’s equal to $1,000 toward travel rewards if you book through Chase Ultimate Rewards®.

You might come for the signup bonus, but you’ll stay for the rewards. You earn a fantastic 3x points on the first $150,000 you spend per year on combined purchases in select categories (then 1x points). On all other purchases, you earn 1x points.

The Ink Business Preferred℠ Credit Card can generate a trove of rewards through everyday business spending, especially when points are worth 25% more when redeemed through Chase Ultimate Rewards.

The perks

  • Signup bonus: 80,000 bonus points.

    Earn 80,000 bonus points after you spend $5,000 on purchases in the first 3 months your account is open. That’s a handsome haul that’s worth $1,000 when you redeem them through Chase Ultimate Rewards.

  • Rewards: Earn up to 3x points.

    Earn 3x points on the first $150,000 spent per year in combined purchases on travel, shipping purchases, internet, cable and phone services, and advertising purchases made with social media sites and search engines. Then you’ll earn 1x points.

    All other purchases earn 1x points.

  • Power up your points: 25% more value through Chase Ultimate Rewards.

    Your points are worth 25% more when redeemed for airfare, hotels, cruises and car rentals through Chase Ultimate Rewards. Redeem points for airline tickets on most major carriers as well as vacation packages and cruises. Other options include cash back, gift cards and products and services from third-party merchants.

  • Transfer your points: Get 1:1 value in frequent-travel programs.

    Chase lets you transfer your points at a 1:1 value in participating rewards programs. Programs include British Airways Executive Club, Singapore Airlines KrisFlyer, Virgin Atlantic Flying Club, Southwest Airlines Rapid Rewards, Marriott Rewards and Ritz-Carlton Rewards.

You’ll also like …

  • 0% foreign transaction fees.

    You’ll pay no foreign transaction fees when you use this card to make purchases outside the US or through international websites.

  • Employee cards.

    Get employees their own cards at no extra cost — though you’re ultimately responsible for the balances on additional cards.

  • Travel and purchase coverage.

    This chip-enabled card offers peace of mind through trip cancelation and trip interruption insurance, roadside dispatch, auto rental collision damage waivers, cell phone protection, purchase protection and extended warranties.

Survey data on Chase Ink Business Preferred℠ Credit Card

What credit score did you have when you were approved for this credit card?

survey question 2
Based on a survey of 10 people on finder.com
Answer choicesResponses
740-85030.00%
670-73920.00%
580-66920.00%
300-57930.00%

What interests you most about this credit card?

survey question 3
Based on a survey of 38 people on finder.com
Answer choicesResponses
Rewards57.89%
Low fees15.79%
Features and benefits18.42%
APR7.89%

What to watch out for

  • Annual fee.

    Through regular spending, it may be easy to make up the Ink Business Preferred℠ Credit Card‘s $95 annual fee.

  • Penalties and fees.

    You’ll pay for late and returned payments, as well as cash advances and balance transfers.

Best rewards business cards

Updated June 16th, 2019
Name Product Rewards Purchase APR Annual Fee
N/A
0% for the first 20 billing cycles (then 12.24% to 20.24% variable)
$0
Enjoy a market-leading 0% intro APR on purchases and balance transfers for the first 20 billing cycles, reverting to a variable 12.24% to 20.24% APR. Rates & Fees
5% back at US office supply stores and on US wireless telephone services on up to $50,000 annually (then 1%). 3% on a chosen category on up to $50,000 annually, then 1% after and on everything else
0% for the first 15 months (then 14.49% to 21.49% variable)
$0
Save on interest with a 0% intro APR on purchases for 15 months. After that your APR will be variable. Rates & fees
2x points on everyday business purchases on up to $50,000 annually, then 1x points
0% for the first 12 months (then 15.49% to 21.49% variable)
$0
Earn 2x Membership Rewards® points on everyday business purchases on up to $50,000 with no category restrictions. Rates & fees
12x points at Hilton, 6x points on select business and travel and 3x points on all other purchases
17.99% to 26.99% variable
$95
Earn 125,000 Hilton Honors Bonus Points after you spend $3,000 in eligible purchases within the first 3 months of card membership. Rates & fees
2x miles on Delta purchases and 1x miles on all other purchases
0% for the first 6 months (then 17.99% to 26.99% variable)
$0 intro annual fee for the first year ($95 thereafter)
Earn 70,000 bonus miles after you make $4,000 in purchases on your new card within your first 3 months. Plus earn $50 after you make your first Delta purchase in the same timeframe. Rates & fees
4x points on two categories on up to $150,000 combined annually, then 1x points after that and on all other purchases
16.49% to 24.49% variable
$295
Earn 35,000 Membership Rewards® points after you spend $5,000 on eligible purchases with the Business Gold Card within the first 3 months of card membership. Rates & fees
5x points on flights and prepaid hotels through Amex Travel, 1.5x points if you spend $5,000 on a single eligible purchase on up to 1 million additional points per year and 1x points on all other purchases
N/A
$595
Earn 50,000 points after spending $10,000 and an extra 25,000 points after spending an additional $10,000 on purchases in the first 3 months from account opening. Rates & fees
2x points on purchases through Amex Travel and x points on all other purchases
N/A
$0 intro annual fee for the first year ($95 thereafter)
Earn 5,000 Membership Rewards® points after your first purchase on the card within the first year of card membership. Rates & fees
1.5% discount when you pay early
N/A
$0 intro annual fee for the first year ($250 thereafter)
Get a 1.5% discount when you pay early, with no cap on what you can earn back. Rates & fees
6x points at Marriott Bonvoy, 4x points at US restaurants, US gas stations and on US wireless telephone and shipping services, 2x points on all other purchases
17.99% to 26.99% variable
$125
Earn 75,000 bonus points after you use your new card to make $3,000 in purchases within the first 3 months of card membership. Rates & fees
2x miles on direct Delta purchases and 1x miles on all other purchases
0% for the first 6 months (then 17.99% to 26.99% variable)
$450
Earn 80,000 bonus miles and 5,000 Medallion Qualification Miles (MQMs) after you spend $6,000 in purchases on your new card in your first 3 months. Rates & fees
2x miles on direct Delta purchases and 1x miles on all other purchases
0% for the first 6 months (then 17.99% to 26.99% variable)
$195
"Earn 5,000 Medallion Qualification Miles (MQMs) plus 80,000 bonus miles after spending $6,000 in the first 3 months. In addition, earn a $100 statement credit after you make a Delta purchase with your new Card within your first 3 months. Rates & fees"
7x points on rideshares, 4x on Brex Travel, 3x at restaurants, 2x on software subscriptions and 1x points on all other purchases
N/A
$0
The first corporate card for startups. No personal liability or security deposit needed, meaning your personal credit score won't be affected.
N/A
N/A
$0
60-day interest-free financing for e-commerce businesses.
3x on travel, shipping, Internet, cable, phone and online ads up to $150,000 combined annually; then 1x after and on all other purchases
18.24% to 23.24% variable
$95
80,000 bonus points after you spend $5,000 on purchases in the first 3 months after account opening. That's $1,000 toward travel rewards when you redeem through Chase Ultimate Rewards®
5% on office supplies, Internet, cable and phone up to $25,000 combined annually; 2% on gas and dining up to $25,000 combined annually; 1% on all other purchases
0% for the first 12 months (then 15.49% to 21.49% variable)
$0
$500 bonus cash back after you spend $3,000 in the first 3 months

Compare up to 4 providers

What type of business is the Ink Business Preferred℠ Credit Card good for?

Because Chase offers 1x points on up to $150,000 in combined eligible purchases each card year, the Ink Business Preferred℠ Credit Card is a good choice for businesses both large and small.

You break even on the $95 annual fee once you earn points equivalent to that amount.

So if you earn 7,600 points, you’ll break even. With another card, these points might be worth $76 — that means each point is equal to 1 cent. But when you redeem through Chase Ultimate Rewards®, your points are worth 25% more.

That means those 7,600 points get a 1,900-point boost for a total of 9,500 points — or a $95 value.

How much do you need to spend to make the card worth it?

The Ink Business Preferred℠ Credit Card offers a fantastic 1x points for specific categories of spending:

  • Travel
  • Shipping purchases
  • Internet, cable and phone services
  • Advertising purchases at social media sites or search engines

If your business spends just a couple grand on these purchases, you’ll break even on your annual fee. You need to spend just $2,533 in these categories each 12-month period, after which your point earnings are all upside.

If you don’t spend much in those categories, you might be better off with a card that offers a flat rewards rate. For example, the Spark® Cash from Capital One® offers 2% cash back on any purchase.

Best business credit cards with high limits

What should I know before I apply?

Apply for the Ink Business Preferred℠ Credit Card if:

  • You’re at least 18 years old (or at least 19 years old, if you live in Alabama of Nebraska).
  • You operate a small business.

Information you’ll need

To complete the application, you’ll need to provide information about yourself and your business, including:

  • Your name, residential status and residential address.
  • Your Social Security number.
  • Your email address, phone number and date of birth.
  • Financial information like your annual income and source of income.
  • The name of your business, its mailing address and its employee count.
  • Your years in business and annual business revenue.
  • Your tax identification number.

What credit score do I need?

You have a better chance of approval for this card if you apply with a good to excellent credit score of 670 or higher.

What’s my likelihood of being approved?

If you have a healthy business and excellent credit, your likelihood of approval is good.

Here are a few other factors that might affect your odds of approval:

    hard pulls — on your report, Chase might think you’re desperate for credit. It could imply that you’re have trouble managing your debt, and Chase may be less likely to take you on as a customer.
  • Factors that tie into your credit score. Your credit utilization is a major factor Chase considers. The bank prefers a customer with low balances relative to their credit limit. Having many new card accounts may be a red flag too, as it could indicate you’re desperate for credit. It may also give the impression that you’re a flighty customer who’s just hunting for signup bonuses.

What do customers say about the Chase Ink Business Preferred℠ Credit Card?

Small business owners generally have positive things to say about the Chase Ink Business Preferred℠ Credit Card, and many of them give special praise to the card’s signup bonus and rewards.

Chase earns a Trustpilot score of 5.5 out of 10 at the time of this writing. Most negative reviews cite slow responses to fraud complaints and less-than-helpful customer service. Positive reviews cite the bank’s great mobile app and quick resolutions to their issues. Overall, your mileage may vary with Chase customer support.

The JPMorgan Chase Credit Card division earns an overall A+ rating from the Better Business Bureau.

How to apply for the Ink Business Preferred℠ Credit Card

  1. Go to Chase’s website and click Apply now.
  2. Complete the application with details like your name, address, annual income, Social Security number and business information.
  3. Review and submit your application.

How long will it take to be approved?

Because approval is automated on the Chase website, you’re likely to get a decision within minutes. If there are issues with your application, it could take up to a few weeks to hear back.

I got the card. Now what?

  • Make timely payments. Pay your card bill online at the Chase website, where you can enroll in autopay.
  • Avoid interest. After the close of each billing cycle, you have a grace period of at least 20 days to pay your balance. If you do, you won’t pay interest on your purchases.
  • Avoid fees. Late and returned payments come with fees of up to $39. The balance transfer fee is $5 or 5% of the transaction, whichever is greater of each transfer, and the cash advance fee is $15 or 5% of the cash advance amount, whichever is greater.
  • Contact customer service. If you have questions, contact Chase Credit Cards support at 1-800-432-3117.

Best business credit cards for startups

Bottom line

The Ink Business Preferred℠ Credit Card is an easy choice if your business spends heavily in Chase’s 3x-points categories. Your points go farther too, as they’re worth 25% more through Chase Ultimate Rewards.

If your business can’t take advantage of the 3x points, consider a flat-rewards card like the Spark® Cash from Capital One®.

Or comparing other business card options to find the one that’s best for your needs.

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