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

Review: Chase Ink Business Preferred℠ credit card – June 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 670 or higher.
Product NameInk Business Preferred℠ credit card
Balance Transfer Rate (not intro)17.49% to 22.49% variable
APR for Purchases ( Purchase Rate )17.49% to 22.49% variable
Annual fee$95
Cash Advance Rate26.49% 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 Interest$0
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

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 on combined purchases in select categories. 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 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 three months your account is open. 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 for the first $150,000 you spend in specific categories that include travel; shipping; Internet, phone and cable services; and advertising through search engines and social media platforms.

    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.

Consider other cards if …

Compare business credit cards

Rates last updated June 22nd, 2018
Name Product APR for Purchases ( Purchase Rate ) Intro Purchase APR Intro Purchase APR Period Annual fee Product Description
Applied Bank® VISA® Business
23.99% variable
Turn your hobby or passion into a business with a new Applied Bank® VISA® Business card! This Visa Business card is perfect for sole proprietors and entrepreneurs.
Apply now Read review
Ink Business Cash℠ credit card
14.74% to 20.74% variable
0%
12 months
$0
$500 bonus cash back after you spend $3,000 on purchases in the first 3 months after account opening
Ink Business Preferred℠ credit card
17.49% to 22.49% variable
$95
80000 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®
Spark® Classic for Business
24.49% variable
$0
Get the credit you want for your business, and unlimited 1% cash back on every purchase, every day
Spark® Miles Select for Business
14.49%, 18.49% or 22.49% variable
0%
first 9 months
$0
Unlimited 1.5X miles per dollar on every purchase, every day
Spark® Miles for Business
18.49% variable
$0 annual fee for the first year ($95 thereafter)
Unlimited 2X miles per dollar on every purchase, every day
Spark® Cash Select for Business
14.49%, 18.49% or 22.49% variable
0%
9 months
$0
Unlimited 1.5% cash back on every purchase, every day.
Capital One® Spark® Cash for Business
18.49% 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.
Marriott Rewards® Premier Business credit card
17.49% to 24.49% variable
$0 annual fee for the first year ($99 thereafter)
75000 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.
United MileagePlus® Explorer Business Card
17.49% to 24.49% variable
$$0 intro annual fee for the first year, then $95
50000 bonus miles after you spend $3,000 on purchases in the first 3 months your account is open.
Southwest Rapid Rewards® Premier Business Credit Card
17.49% to 24.49% variable
$99
Earn 2x points on Southwest® purchases and points on all other purchases. Plus 6,000 anniversary bonus points.
CitiBusiness® / AAdvantage® Platinum Select® World Mastercard®
17.24% to 25.24% variable
$0 annual fee for the first year ($95 thereafter)
Earn 60000 American Airlines AAdvantage® bonus miles after you spend $3,000 in purchases within the first 3 months of account opening.
The Business Platinum Card® from American Express
19.99% variable
$450
Earn 50000 Membership Rewards® points after you spend $10,000 and an extra 25,000 points after you spend an additional $10,000 all on qualifying purchases on the Business Platinum Card within your first 3 months of Card Membership.
SimplyCash® Plus Business Credit Card from American Express
13.99%, 18.99% or 20.99% variable
0%
9 months
$0
Earn cash back with buying power to help pay for business needs.

Compare up to 4 providers

What type of business is the Ink Business Preferred℠ credit card good for?

Because Chase offers 3x 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.

Theoretically, you’ll break even on the $95 annual fee if 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 3x 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 Capital One® Spark® Cash for Business offers 2% cash back on any purchase.

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.

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

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 39.00. The balance transfer fee is whichever is greater, $5 or 5% of each transfer, and the cash advance fee is $15 or 5% of the amount of each transaction, whichever is greater.
  • Contact customer service.If you have questions, contact Chase Credit Cards support at 1-800-432-3117.

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 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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