Chase Ink Business Preferred Pros & Cons
- My favorite feature of Chase Ink Business Preferred is that you’re eligible for some big bonuses after signing up. You can earn 80,000 bonus points (worth about one cent each) just by spending $5,000 in the first 3 months.
- You'll earn 1 point for every dollar you spend on the card, and 3 points per dollar for purchases related to telecommunications, travel, shipping and advertising.
- Depending on your credit history, your APR could be as low as 16.99%. On the other hand...
- If your credit isn’t exactly top-notch, your APR might be as high as 21.99%, which is pretty steep.
- Chase Ink Business Preferred has a $95 annual fee. While this is a pretty standard per-year cost, it's worth noting that some other business credit cards (like Capital One Spark Select, or Chase’s standard Ink-branded card) don’t charge annual fees.
- Some entrepreneurs prefer a straightforward cash-back system as opposed to the reward points program offered by Chase Ink Business Preferred.
Chase Ink Business Preferred Card Fees & Features
Take a quick look at how Chase advertises this card on their site, then we’ll dive into the details.
As we've mentioned, Chase Ink Business Preferred operates on a points system for rewards rather than a direct cash-back system. Have a look at a summary of their other important features:
- $95 annual fee
- Earn reward points to redeem on travel or Amazon purchases, or apply points toward a cash-back reward
- Earn 1 point per $1 (unlimited) on all purchases, and 3 points per $1 (up to $150k spent) on travel, telecommunications, etc.
- Earn 80,000 bonus points after spending $5,000 in your first 3 months as a cardholder
- Points are worth roughly $0.01 each
- Points spent on travel are worth 25% more
- 16.99-21.99% APR
- No foreign transaction fees
All told, there’s a good selection of rewards to be had -- although I will point out that the card's cash-back option comes out to a rate of less than 1%. The travel rewards are where the real bargain is, so if you don't plan on using your points for travel-related purchases, I'd recommend considering a different card.
Unfortunately, you won’t find many reviews of individual credit cards on any 3rd-party review aggregate sites. Thankfully, however, Chase has an extensive customer feedback section on their website for each of their business credit cards.
According to the reviews, most customers are pleased with their Ink Business Preferred cards, frequently mentioning its ease of use and Chase’s top-notch customer service. Some cardholders say their credit limit isn’t high enough, but this is the only major issue I noticed.
Customer Reviews Section Last Updated 11-13-17
- Chase.com: 4.5/5, 51 reviews
Conclusion: While there are only a few dozen reviews of Chase Ink Business Preferred online, it’s encouraging that most of those reviews are quite positive. Again, some customers have lower credit limits than they would like, but this doesn’t seem to be a widespread problem.
How Chase Ink Business Preferred Compares
Chase Ink Business Preferred is a decent credit card that perfectly fulfills the needs of many entrepreneurs, but that doesn’t necessarily mean it's the right card for you. Let’s take a look at how this card compares to another popular business credit card, Capital One Spark Cash.
Fees: Both of these cards charge a $95 annual fee, and neither of them charges any foreign transaction fees.
Cashback: Capital One Spark Cash offers a flat unlimited 2% cash-back rate, while Chase Ink Business Preferred uses a point-based reward system. In most cases, you’ll get more value out of Spark Cash’s cash-back system than Chase Ink’s point system.
Bonuses: Spark Cash offers a $500 cash bonus if you spend $4,500 in your first 3 months. Business Preferred offers 80,000 bonus points when you spend $5,000 in the first 3 months (worth up to $1,000, depending on how you spend the points).
APR: Spark Cash has a flat APR of 17.99% for all cardholders. On the other hand, Business Preferred uses a variable rate based on your credit. Customers with strong credit can get an APR as low as 16.99%, but those with less impressive credit histories may see an APR as high as 21.99%.
Here's A Quick Visual
Service Charge of $95/year
unlimited 2% cash back on all purchases
Perfect for: Anyone looking for a business credit card with a high cash-back rate
Service Charge of $95/year
earn 3x reward points in select categories
Perfect for: Anyone looking for a business credit card with great travel rewards
Frequently Asked Questions
Do They Provide Fraud Protection?
They certainly do. Chase Ink Business Preferred tracks your card’s usage carefully, alerting you of any suspicious transactions and quickly suspending your account if the card is stolen. You also won’t be liable for any fraudulent charges.
Is It Easy to Get Cards for My Employees?
It really couldn’t be much easier -- you don’t even need to pay them anything to acquire employee cards. With Chase Ink Business Preferred, you can set individual spending limits on employee cards and manage them in your own Chase account. Also, you’ll get full reward points for any purchases they make.
Are There Any Other Special Features?
At this point, I’ve discussed all of the features that are specific to Chase Ink. However, you’ll also get all of the standard features that come with a Visa credit card, including extended product warranties, comprehensive purchase protections, and more.
Should You Use Chase Ink Business Preferred?
Chase Ink Business Preferred earns a score of 3.9/5 in our book. Their points-based reward system can be quite lucrative if you know how to take advantage of it, and if you have strong credit you can get a decently low APR. If you’re ready to apply for a Chase Ink Business Preferred card, or if you need more time to research other options, use the buttons below to get started!