Is the Chase Ink Business Preferred credit card worth it? | October 2018

Chase Ink Business Preferred℠ credit card review – October 2018

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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 690 or higher.
Product NameInk Business Preferred℠ credit card
Card TypeVisa
Annual Fee$95
APR (Annual Percentage Rate) for Purchases17.74% to 22.74% variable
Balance Transfer Fee$5 or 5% of the transaction, whichever is greater
Cash Advance Rate26.74% 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 Dollar1 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.

Compare this card to other business credit cards.

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 …

  • You don’t want to pay an annual fee.

    If you don’t think you’ll use the card enough to take advantage of its rewards, consider a card with no annual fee. The Chase Ink Business Cash℠ credit card is a good choice, offering accelerated rewards in business categories for $0 annual fee.

Top cash back business cards

Compare business credit cards

Updated October 21st, 2018
Name Product APR (Annual Percentage Rate) for Purchases Introductory Purchase APR Annual Fee
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.
None (Charge Card)
$0 annual fee for the first year ($250 thereafter)
This charge card gives you the option to pay in full each month or to carry a balance for up to 60 days with no interest.
20.24% variable
$0 annual fee for the first year ($175 thereafter)
Earn 50,000 Membership Rewards® points after you spend $5,000 in qualifying purchases on the Card within your first 3 months of Card Membership.
14.24%, 19.24% or 21.24% variable
0% for the first 9 months (then 14.24%, 19.24% or 21.24% variable)
$0
Save on interest with a 0% intro APR on purchases for 9 months; after that your APR will be 14.24% - 21.24% variable.
14.99% to 20.99% variable
0% for the first 12 months (then 14.99% to 20.99% variable)
$0
$500 bonus cash back after you spend $3,000 in the first 3 months.
17.74% to 22.74% 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®.
17.74% to 24.74% variable
$0 annual fee for the first year ($99 thereafter)
75,000 Bonus points after you spend $3,000 on purchases in your first 3 months from your account opening with your Marriott Rewards Premier Business credit card.
24.74% variable
$0
Get the credit you want for your business, and unlimited 1% cash back on every purchase, every day.
14.74%, 18.74% or 22.74% variable
0% for the first 9 months (then 14.74%, 18.74% or 22.74% variable)
$0
Unlimited 1.5X miles per dollar on every purchase, every day.
18.74% variable
$0 annual fee for the first year ($95 thereafter)
Unlimited 2 miles per dollar on every purchase, every day.
14.74%, 18.74% or 22.74% variable
0% for the first 9 months (then 14.74%, 18.74% or 22.74% variable)
$0
Unlimited 1.5 cash back on every purchase, every day.
18.74% variable
$0 annual fee for the first year ($95 thereafter)
Unlimited 2% cash back from Spark Cash could mean thousands of dollars each year going back into your business. No minimum to redeem.
17.74% to 24.74% variable
$0 annual fee for the first year ($95 thereafter)
50,000 bonus miles after you spend $3,000 on purchases in the first 3 months your account is open.
17.74% to 24.74% variable
0% for the first 9 months (then 17.74% to 24.74% variable)
$99
Earn 2x points on Southwest® purchases and 1x point on all other purchases. Plus 6,000 anniversary bonus points.
17.99% to 25.99% variable
$0 annual fee for the first year ($99 thereafter)
For a limited time, earn 70,000 American Airlines AAdvantage® bonus miles after making $4,000 in purchases within the first 4 months of account opening.

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 for Business 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 690 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 for 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.

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