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

Review: Chase Ink Business Preferred credit card – February 2018

Make the most of your business spending by earning up to 3x points for a variety of rewards.

  • Get this card if… you want to earn rewards and pay no foreign transaction fees.
  • Pick something else if…you want a card that comes with no annual fee.
  • Good to excellent credit score of 690 or higher recommended.
Product NameChase Ink Business Preferred credit card
Balance Transfer Rate (not intro)17.24% to 22.24% variable
APR for Purchases ( Purchase Rate )17.24% to 22.24% variable
Annual fee$95
Cash Advance Rate26.24% variable
Card TypeVisa
Interest Free Period
The interest-free period on purchases is the period or number of days you do not have to pay interest on your card purchases. You will be charged interest either from the day you make a purchase or from the statement date, unless you pay the closing balance in full by the due date (or within the interest-free period) on your statement.
Up to 20 days
Returned Payment Fee$39
Foreign Currency Conversion Fee (VISA)
Foreign currency conversion fees are charged when you make a transaction that is converted by a credit card network, such as MasterCard, Visa or American Express, from Australian dollars to a foreign currency. You’ll also incur a currency conversion fee if you make a purchase or obtain a cash advance in Australian dollars while overseas or shopping online with a foreign merchant or financial institution.
0% of transaction value
Minimum Credit ScoreFair (660-699)
Minimum Age18 years of age
Annual fee$95
Returned Payment Fee$39
Late Payment Fee$39
Cash Advance Fee$15 or 5% of the amount of each transaction, whichever is greater
Rewards ProgramChase Ultimate Rewards®
Bonus Points on Sign-up80,000
Rewards Points per $ spent (VISA/MC)3
Points ExpiryNever

The Basics

Introduced in 2016, the Chase Ink Business Preferred credit card is a fairly new card but a solid winner when it comes to rewards. To start, it comes with a signup bonus of 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 travel through Chase Ultimate Rewards.

You’ll earn 3x points on the first $150,000 that you spend in combined purchases on select categories. And you can redeem your points to pay for Amazon purchases.

Though you’ll pay a $95 p.a. annual fee, generous rewards make this card worth it. Additionally, if you find yourself traveling abroad, you won’t pay foreign transaction fees on your spending. Along with a cash back option and free additional cards, you’ll find this card pays for itself.

The Perks

  • Signup bonus. You’ll get 80,000 bonus points if you spend $5,000 on purchases in the first three months after opening your account.
  • Earn up to 3x points. Earn 3x points for the first $150,000 you spend in specific categories, including internet, phone and cable services; travel; shipping; and advertising with online search engines and social media platforms. All other purchases earn 1x points.
  • Redeeming points. Get 25% more value when you redeem your points for airfare, hotels, cruises and car rentals through Chase Ultimate Rewards. Redeem your points for airline tickets on most major carriers as well as vacation packages and cruises. Other options include purchases at Amazon.com, gift cards from more than 70 different retailers or or cash back.
  • Transferring points. Chase lets you transfer your points at a 1:1 value in participating rewards programs. Alternatives 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 …

  • No foreign transaction fees. You’ll pay no foreign transaction fees when you use this card to make purchases outside of the US or through international websites.
  • Employee cards. Get employee cards at no extra cost (though you will be responsible for the balances on all additional cards).
  • Travel and purchase coverage. This chip-enabled card offers peace of mind through trip cancellation and trip interruption insurance, roadside dispatch, auto rental collision damage waiver, cell phone protection, purchase protection and extended warranty protection.

What to watch out for

  • Annual fee. With regular spending, it’s easy enough to make up the $95 p.a. annual fee. But if you don’t use the card, it may not be worth it.
  • Penalties and fees. You’ll pay for late and returned payments as well as cash advances and balance transfers.

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 fees.
  • You want better travel perks. Some airline credit cards offer such perks as free access to airport lounges and concierge services.

What to know before you apply

Apply for the Ink Business Preferred credit card from Chase if:

  • You’re at least 18 years old.
  • You’re a US citizen or permanent resident.

Always consider your options and your financial situation before you apply for a credit card.

Information you’ll need

To complete the application, you’ll need to provide your business and contact information that includes:

  • The name of your business, its mailing address and the number of your employees.
  • Your years in business and annual business revenue.
  • Your tax identification number.

What credit score do I need?

The possibility of your application’s approval increases with a credit score of 690 or higher.

How to apply for the card

Always consider your options and your financial situation before you apply for a credit card.

1. On the Ink Business Preferred credit card website, click Apply Now.

Ink Business Preferred credit card step1

2. Provide the required personal, business and financial information to complete your application.

Ink Business Preferred credit card step2a

Ink Business Preferred credit card step2b

Ink Business Preferred credit card step2c

Ink Business Preferred credit card step2d

3. Verify the information you’ve provided and click Submit.

How long will it take to be approved?

Chase processes your application online, so you could learn about your conditional approval almost immediately.

I got the card. Now what?

  • Avoid interest. Your due date comes at least 20 days after the end of each billing cycle. Avoid unnecessary interest by paying your full statement balance by the due date.
  • Contact customer service. Find support at 877-242-7372, send a secure online email or tweet @ChaseSupport.

Bottom line

This business credit card rewards you for spending on whatever it is that your business might need. Offering a generous signup bonus, multiple points for spending and flexible ways to redeem your points, it’s a solid rewards card — even considering the $95 annual fee.

But always compare your options to find a card that’s right for you.

Common questions about Ink Business Preferred credit card

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