Last updated on July 13th, 2023
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Ink Business Preferred® Credit Card
Ink Business Preferred® Credit Card
- 21.24% to 26.24% variable based on creditworthiness and Prime Rate Regular Purchase APR
- 21.24% to 26.24% variable based on creditworthiness and Prime Rate Balance Transfer APR
- 29.99% variable based on the Prime Rate Cash Advance APR
At a Glance
The Ink Business Preferred® Credit Card is a versatile small business credit card that simultaneously helps propel your business forward and rewards you for using it often.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Earn 100,000 bonus points after you spend $8,000 on purchases in the first 3 months after account opening
- Earn 3 points per $1 on the first $150,000 spent in combined purchases on shipping, select advertising, travel, and phone/internet/cable purchases each account anniversary year
- Earn unlimited 1 Point Per $1 spent on all other purchases
- Redeem points through Chase Ultimate Rewards for an added 25% in value
- No additional cost for issuing employee cards
- No foreign transaction fees
- Regular Purchase APR: 21.24% to 26.24% variable based on creditworthiness and Prime Rate
- Balance Transfer APR: 21.24% to 26.24% variable based on creditworthiness and Prime Rate
- Balance Transfer Transaction Fee: Either $5 or 5% of the amount of each transfer, whichever is greater
- Cash Advance APR: 29.99% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either $15 or 5% of the amount of each transaction, whichever is greater
- Penalty APR: Up to 29.99% variable based on the Prime Rate
- Annual Fee: $95
- Late Payment Penalty Fee: $40
- Return Payment Penalty Fee: $40
- You own or operate a business
- You travel often, especially work-related travel
- You make recurring purchases for your business
- You have excellent credit personally, or with their business
- You are part of a Chase-partnered frequent travel program
Ink Business Preferred® Credit Card Review
Chase Bank tailors the Ink Business Preferred® Credit Card for the traveling small business owner. The card easily passes the quality test by rewarding holders with points for the dollars you spend with it. Plus, the card surpasses typical business credit card expectations by netting excellent earnings for travel purchases.
Earn Impressive Points with Every Purchase
The Ink Business Preferred® Credit Card is a is small business rewards card that prioritizes quality, business-centric bonus categories and impressive redemption options for travel. The card earns 3X Ultimate Rewards points per $1 spent on the first $150,000 in combined purchases each calendar year in select categories. These 3X categories are:
- Shipping purchases
- Internet, cable, and phone services
- Advertising purchases made with social media sites and search engines
All other purchases with the Ink Business Preferred® Credit Card earn 1X points per $1 spent, with no cap on the total number of points earnable.
The $150,000 annual cap on spending per year seems monumental, but in reality, breaks down to about $12,500 per month in the select 3X categories. For larger companies this threshold is easily attainable, but still provides exceptional value – namely, $9,000 in travel rewards when redeeming points through Chase.
A Gigantic Welcome Offer
The premier business credit cards typically feature an impressive points welcome bonus – and the Ink Business Preferred® Credit Card certainly holds up its end of the bargain here. The card offers a dizzying 100,000-point welcome bonus after spending $8,000 on purchases in the first three months from account opening.
That 100k Ultimate Rewards points haul has an award value of $1,250 when redeeming for travel through Chase and a value of $1,000 when redeemed for cash back. Because the Ink Business Preferred® Credit Card earns Ultimate Rewards, however, the opportunities for redeeming points are almost endless, making the card perfect for small businesses that plan to spend heavily in the first three months and want a versatile rewards structure that works for them.
Additional Value Through Chase Ultimate Rewards
As mentioned, the Ink Business Preferred® Credit Card really shines when redeeming its impressive points for travel via the Chase Ultimate Rewards portal. Through Chase’s proprietary Ultimate Rewards® program, cardmembers and authorized employees can squeeze an additional 25% value out of their points for travel redemption.
Again, this means 100,000 points will be worth $1,250 rather than the usual $1,000. If users prefer redeeming points through a different frequent travel program, Chase offers a 1:1 transfer rate for partnered brands. This means that cardmembers are potentially earning points for over a dozen different loyalty programs and have the choice to select any of them. Those Chase transfer partners include:
|Aer Lingus (AerClub)||Air France/KLM (Flying Blue)||Emirates (Skywards)|
|Air Canada (Aeroplan)||British Airways (Executive Club)||Iberia Plus|
|JetBlue (TrueBlue)||Southwest (Rapid Rewards)||Singapore Airlines (KrisFlyer)|
|Virgin Atlantic (Flying Club)||United Airlines (MileagePlus)||IHG Rewards|
|Marriott Bonvoy||World of Hyatt|
For those who prefer other reward options to travel, the program also provides other award choices. These options include:
- Statement credits
- Gift Cards
Chase Ink Business Cards Comparison
Not sure which Chase Ink card is right for your small business? Here’s a quick breakdown of all of Chase’s proprietary small business credit cards:
|Ink Business Cash®||Ink Business Unlimited®||Ink Business Preferred®|
|3X on travel, shipping, internet, cable and phone services and advertising purchases made with social media sites and search engines on the first $150,000 in combined purchases each account anniversary.||Earn unlimited 1.5% cash back on all purchases||Earn 5% cash back on the first $25,000 spent in combined purchases at office supply stores and on internet, cable and phone services each account anniversary year|
|25% more points value through Ultimate Rewards||0% APR for 12 months on purchases||Earn 2% cash back on the first $25,000 spent in combined purchases at gas stations and restaurants each account anniversary year|
|No annual fee||No annual fee||No annual fee|
Other Things to Consider
Because of the impressive rewards and perks, companies will require excellent credit to get the Ink Business Preferred® Credit Card. The card also carries a $95 annual fee, but the earned rewards points can quickly offset it. Fortunately, the card also offers extra employee cards at no additional cost, plus a suite of business protection and monitoring tools. Even better, the card has no annual fee.
Chase Ink FAQ
Here you can find answers to some of the commonly asked questions about Chase Ink business credit cards:
- Yes. Most credit cards result in a hard pull when applying. Chase may use a soft pull when checking for prequalified offers, but a full application will result in a credit inquiry.
- Data suggests that Chase uses Experian for credit checks.
- Chase typically reports to the credit agencies approximately 3 to 4 days after the closing data on the card statement.
- Chase representatives are available through the Chase mobile app or by calling 1-800-935-9935.
Chase credit, debit, and banking products are available in all 50 U.S. states plus the District of Columbia.
JP Morgan Chase and Ink Business Credit Card Ratings
Should You Apply for the Ink Business Preferred® Credit Card?
The Ink Business Preferred® Credit Card differs from other Ink products in that it is a travel rewards card and not a cash back card. That said, the card still offers the same excellent business tools and complimentary employee cards.
Where it differs from the other Ink Business Cards is the annual fee ($95) and the considerable spend requirements for the signup bonus of 100,000 points. For larger companies, or those who travel often, however, this spend probably won’t be a huge concern. And, since Chase Ultimate Rewards are so valuable, the $8,000 spend may well be worth it for those who regularly fly for work. The additional 25% value on Ultimate Rewards travel bookings is another great perk.
Keep in mind that Chase Bank has stringent credit score requirements with their credit cards. Chase does not offer secured credit cards for personal or small business use. The Ink Visa requires good or excellent credit scores for approval. Make sure to check your business’ credit score – if it needs boosting, consider applying for the Ink Business Preferred® with your personal credit score.
Overall, the Ink Business Preferred® Credit Card is an excellent option for the company that often travels – and uses their credit card to do so.