Chase Ink Business Preferred credit card review | finder.com

Chase Ink Business Preferred℠ Credit Card review – December 2018

We value our editorial independence, basing our comparison results, content and reviews on objective analysis without bias. But we may receive compensation when you click links on our site. Learn more about how we make money from our partners.

Ink Business Preferred℠ Credit Card Learn more Apply now

Don't worry, clicking "Apply now" won't leave a mark on your credit report. It may only appear on your report after you submit an application.

What happens when I click Apply now?
  • Clicking Apply now will take you to your online application on the bank's website. You do not need to be an existing customer of this bank to apply.
  • Your application will typically take you no more than 10-15 minutes to complete
  • Once approved, you will typically receive your credit card within 1-2 weeks
Click here to start your application >>

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
APR (Annual Percentage Rate) for Purchases17.99% to 22.99% variable
Balance Transfer APR17.99% to 22.99% variable
Balance Transfer Fee$5 or 5% of the transaction, whichever is greater
Cash Advance Rate26.99% variable
Foreign Transaction FeeNone
Cash Advance Fee$15 or 5% of the cash advance amount, whichever is greater
Interest Free PeriodUp to 20 days
Late Payment Fee$39
Returned Payment Fee$39
Additional Cardholder Fee$0
Rates & FeesRates & Fees
Minimum Age18 years of age
Welcome Offer80,000 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®.
Reward Value per Dollar1x points
Rewards Points ExpiryNever

Apply now

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.

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

Consider other cards if …

Top cash back business cards

Compare business credit cards

Updated December 15th, 2018
Name Product APR (Annual Percentage Rate) for Purchases Introductory Purchase APR Annual Fee
17.99% to 22.99% 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®
15.24% to 21.24% variable
0% for the first 12 months (then 15.24% to 21.24% variable)
$0
$500 bonus cash back after you spend $3,000 on purchases in the first 3 months after account opening
15.24% to 21.24% variable
0% for the first 12 months (then 15.24% to 21.24% variable)
$0
$500 bonus cash back after you spend $3,000 in the first 3 months
None (Charge Card)
$0
The first corporate card for startups. No personal liability or security deposit needed, meaning your personal credit score won't be affected.
17.74% to 25.74% variable
$0 annual fee for the first year ($99 thereafter)
70,000 AAdvantage® miles after making $4,000 in purchases in first 4 months of account opening
None (Charge Card)
$450
New cardholders can earn 75,000 Membership Rewards® bonus points by spending $10,000 on purchases for the first 50,000 points and then another $10,000 for the next 25,000 points on their new card 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 Capital One® Spark® Cash Business offers 2% cash back on any purchase.

Best business credit cards with high limits

Apply now

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:

      • You’re a current Chase customer. Chase is reportedly more likely to approve its current banking and credit card customers. This makes sense, as it can more readily evaluate your financial stability with the data it already has. Furthermore, it has an incentive to keep you happy as a customer.
      • You have few hard pulls on your credit report. If you’ve several hard inquiries — or 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 the Chase 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 Capital One® Spark® Cash Business.

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

Frequently asked questions

Adrienne Fuller

Adrienne Fuller leads the publishing team at finder.com. She has one goal: to deliver the accurate and transparent information she wishes she had when she made some of life's important financial decisions. When she's not helping folks save money, she's hiking with her two Catahoulas around her home in San Diego.

Was this content helpful to you? No  Yes

US Credit Card Offers

Important Information*
Deserve® Classic Card
Deserve® Classic Card

APR

24.49
variable

Annual fee

0 For the first year
More info
Luxury Card Mastercard® Gold Card™
Luxury Card Mastercard® Gold Card™

APR

16.74
variable

Annual fee

995 For the first year
More info
First Access Visa Card®
First Access Visa Card®

APR

29.99
variable

Annual fee

75 For the first year
More info
Indigo® Platinum Mastercard® Credit Card
Indigo® Platinum Mastercard® Credit Card

APR

23.9
variable

Annual fee

75 For the first year
More info

Ask an Expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and Terms of Use.

Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.
Go to site