What we like:
Earn 20,000 points for every person you refer, up to 100,000 points per year
|Sign-Up Offer||80,000 points after you spend $5,600 in 3 months|
|Rewards Rate||3x points on travel, shipping, advertising, and phone and internet|
1x points on everything else
|Regular APR||18.24% – 23.24|
- Good rewards rate in select business categories
- Helps small businesses track everyday expenses with financial tools
- Travel insurance, car rental damage waivers, and cell phone protection
- No foreign transaction fees
- Employee cards are available at no additional cost
- Benefits aren’t as good as some other small business credit cards
- The card has a $95 annual fee
- High interest rates, with no intro APR on balance transfers
Recommended Credit Score
Chase Ink Business Preferred Card: Great for Mid-Sized Businesses
This offering from Chase Bank is designed for the mid-sized business and comes with a great signup bonus and excellent rewards rates—but only for select business purchase categories. If you have a small business that doesn’t need to make a lot of purchases or do a lot of travel, the card may not be worth it.
In this review:
- Chase Ink Business Preferred Benefits
- Downsides of the Chase Ink Business Preferred Card
- How It Compares to Similar Cards
Chase Ink Business Preferred Benefits
The signup bonus for Chase Ink is excellent—you’ll receive 80,000 bonus points if you spend $5,000 or more during the first three months after account opening. These are Chase Ultimate Rewards Points, which means they’re worth up to $1,000 if you redeem them for travel through the Ultimate Rewards Portal.
You can also earn up to 100,000 points per account anniversary year by getting referring others to the card. You’ll get 20,000 per business that signs up.
The card offers 3 points per $1 spent on internet bills, phone services, travel, shipping purchases, or social media advertising purchases, on up to $150,000 in purchases per year. Everything else earns 1 point per $1 spent.
These points can be transferred at a 1:1 ratio to travel partners, including airlines and hotel lines. But the best way to redeem them is for travel through the Ultimate Rewards portal, as you’ll get a 25% boost to your points’ value.
Travel Rewards and Shopping Perks
Finally, the card comes with the common travel and shopping perks you get with other Chase cards, including:
- Trip cancellation/interruption insurance
- Rental car collision damage waivers
- Roadside dispatch
- Mobile phone insurance
- Extended warranties and purchase protection
Downsides of the Chase Ink Business Preferred Card
As we mentioned, this card isn’t for every type of business. The $95 annual fee can be cost prohibitive to some small businesses that won’t use the card often, and its everyday one-point-per-dollar rewards rate isn’t great for a paid card.
While it does offer solid triple rewards for certain business spending categories, not all businesses will spend in these areas, which means they’ll miss out on some of the benefits they could be getting.
How It Compares to Similar Cards
Chase Ink Business Preferred is an average business credit card overall. While its signup bonus is top-notch, even other Chase credit cards have better every-day rewards rates or cash back on purchases; the Ink Business Unlimited, for instance, offers 1.5% cash back on all purchases with no limit.
The Blue Business Plus Credit Card from American Express, offers 2X Membership Rewards points on all purchases for the first $50,000 you spend each calendar year, with one point per dollar after that. The Chase Ink Business Preferred gives you 3X rewards for the first $150,000, but only on the previously mentioned categories.
Chase Ink Business Preferred vs Ink Business Cash
If you aren’t going to use the travel benefits often, don’t want to pay an annual fee, or even just want cash back instead of reward points, you might be more interested in the Chase Ink Business Cash card.
It offers 5% cash back on the first $25,000 spent on office supplies, internet, cable, and phone bills, but it also offers 2% cash back on gas and business meals, with 1% cash back on all other purchases. If you’d rather use your rewards to purchase gift cards, you can use your spending to reward employees, or even shop with your points at Amazon.com to purchase more things for your business.
If you do need to book travel, you can still use the Chase Ultimate Rewards center to book your tickets and accommodations, with no restrictions or blackouts.
The best part about the Business Cash card is that there is no annual fee, with a lower interest rate range, starting at 15.49% APR and going up to 21.49% APR based on your creditworthiness.
Bottom Line: Is the Chase Ink Business Preferred Card Right for Your Business?
The Chase Ink Business Preferred could be an excellent rewards card for many mid-sized businesses. Before applying, however, make sure that you’ll use the card often enough to pay for the annual fee, and have some use for the rewards points. If your business is smaller than a mid-sized company or you don’t spend a lot in the card’s bonus categories, you might want to check out the Business Cash card instead.null4.38Chase Ink Business Preferred Card
Author: Jeanette Perez
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