Chase Ink Business Preferred Review

What Is Chase Ink Business Preferred?

Chase Ink Business Preferred is Chase’s flagship business credit card. Introduced in 2016 as part of Chase’s industry-leading Ink Business line of credit cards, Ink Business Preferred is one of the best business credit cards you’ll find, offering 3 points per dollar spent on several common business purchase categories, a lucrative welcome offer, and a 25% point value bonus when you redeem your points for travel.

Ink Business Preferred may be the business credit card for you if your business spends a lot on the card’s high-earning purchase categories: travel, shipping, cable/internet/phone services, and online advertising. However, the card sports a $95 annual fee, so you’ll want to make sure you’ll be earning enough rewards with your business spending to offset the annual cost of the card.

Read on for the full Ink Business Preferred scoop.

Chase Ink Business Preferred: Quick Facts

Chase Ink Business Preferred Rewards & Perks

The Ink Business Preferred card has a rewards scheme designed for small business use. With such a carefully crafted design, this card’s rewards setup will suit a wide array of businesses. However, there is a spending cap to keep in mind, and purchases outside the designated categories pick up points at a fairly pedestrian rate.

A Welcome Offer Worth $1,000 ($1,250 When Redeemed For Travel)

The Ink Preferred’s welcome offer provides remarkable value to businesses that meet the offer’s spending threshold. You’ll collect 100,000 bonus points should you spend $8,000 on purchases within three months of opening your account. These points will be deposited into your account within six to eight weeks.

This bonus is equivalent to $1,000 if redeemed for cash back. And since points redeemed through Chase Ultimate Rewards — Chase’s travel portal — get a 25% value boost, your bonus will be worth $1,250 if redeemed for travel.

3x Points For Select Categories

You’ll receive triple points for several select purchase categories whenever you whip out your Ink Business Preferred card. Chase has designated these categories as:

• Travel
• Shipping purchases
• Internet, phone, and cable services
• Advertising purchases with social media and search engines

However, there is a catch to these bonus categories: You’ll only net the 3x point rate on the first $150,000 spent in combined purchases each account anniversary year. After you hit the $150,000 threshold, purchases made in these categories will score the standard 1 point per dollar.

Outside of the Ink Preferred’s base rewards scheme, Chase is currently in a limited-time partnership with the ridesharing service Lyft. This partnership gives you 5x points when you book Lyft rides with an Ink Business Preferred card. You’ll be able to take advantage of this bonus rate until March 2025. Note that Lyft purchases won’t count toward the $150K/year cap on 3x rewards.

1 Point Per $1 On Everything Else

Everything outside of the bonus categories snags 1 point per dollar spent. As mentioned above, the bonus categories are dropped down to the same 1 point rate once you spend $150,000 combined in those categories each account anniversary year.

Redeeming Rewards

When you redeem points through the Chase Ultimate Rewards online portal for travel, they’ll be worth 25% more than other redemption methods. For example, 25,000 points will be worth $312.50 instead of $250, and 50,000 points will stretch to $625 instead of $500.

Additionally, you can redeem your points for cash back in the form of a statement credit or deposited into an eligible US bank account. You can also redeem points for Apple purchases through Chase Ultimate Rewards for gift cards from over 150 brands and/or transfer your points on a 1:1 basis to 13 different airline and hotel travel partner programs.

Chase Ink Business Preferred Pricing & Fees

As with any credit card, Ink Business Preferred includes a few fees worth keeping an eye on. While the annual fee is certainly a downer, this card could be effective when wielded by a frequent international traveler — there is no foreign transaction fee.

An Average APR

At the time of writing, Chase Ink Business Preferred’s APR sits at 20.99% – 25.99% (variable). Considering the precipitous rise in average credit card APRs over the last few years, the lower-end number is quite competitive, while the upper-end is fairly average compared to other business credit cards. Of course, if you pay off your balance in full each month, the APR won’t be relevant to you.

A $95 Annual Fee

The Ink Business Preferred’s biggest drawback is its annual fee. Chase charges card members $95 per year to use the card. While $95 isn’t a massively high number for a card offering lucrative spending rewards, it’s still something you have to hand over annually.

You’ll also want to factor the annual fee into calculating how much you might earn with the card. Assuming you only spend in the bonus points categories and redeem those points earned for travel, you’ll need to spend — at a minimum — at least $2,533 to offset the annual fee ($95 annual fee / 3 points per dollar × 1.25 travel redemption = $2,533). Of course, assuming you spend outside the bonus categories or redeem your points for something other than travel, your actual target spending point may be higher.

No Foreign Transaction Fee

While you will have to deal with the $95 annual fee, there’s no foreign transaction fee to factor in when traveling. Coupled with the other reward perks for travelers, the lack of a foreign transaction fee will make Ink Business Preferred a tantalizing option for frequent fliers.

Other Fees

As with most other credit cards, there are a few additional fees to consider. Balance transfers charge either $5 or 5% of each transfer (whichever is higher), while cash advances will cost an extra $15 or 5% of each transaction (whichever is higher). Besides those fees, late or returned payments will cost the industry standard $40.

Chase Ink Business Preferred Eligibility Requirements

We generally recommend that business applicants have good to excellent credit before applying for Ink Business Preferred. That means you’ll want to have a credit score of at least 640 before filling out the application. Don’t know your score? Find it out via one of these free credit score check websites.

Note that this is just a recommendation — Chase doesn’t market a minimum credit score for this card.

Chase Ink Business Preferred Features

With Chase being one of the bigger players in the credit card scene, it’s unsurprising that Ink Business Preferred comes with an arsenal of strong benefits.

Free Employee Cards

Free employee cards should be included with every business credit card. Thankfully, Ink Business Preferred does have this option. You’ll be able to pick up rewards when your employees make purchases, and you can also set individual spending limits.

Trip Cancellation & Interruption Insurance

If you can’t make a trip, or the journey is cut short for some reason, it can be frustrating when you have to eat the trip’s costs. Luckily, Chase bundles in trip insurance with Ink Business Preferred. Eligible reasons for receiving reimbursement include sickness and severe weather.

All told, you can be reimbursed up to $5,000 per person and $10,000 per trip. The payout can cover prepaid, non-refundable travel expenses, including passenger fares, tours, and hotels.

Auto Rental Collision Damage Waiver

When you rent a car with an Ink Business Preferred Card, you may be able to receive coverage against theft or damage toward your rental car. Note that if you want coverage through Chase, you must pay for the rental in full with your card and decline any damage waivers shown to you at the rental car desk. Chase’s coverage will be primary when you rent a car for business use.

Cell Phone Protection

Cell phone protection is a rarity in the business credit card world. As such, this card from Chase is one of the few that can protect you against theft or damage to your cell phone.

You’ll be able to get up to $1,000 per claim in cell phone protection for both you and any employee listed on your monthly cell phone bill. You can make up to three claims in a 12-month period, and there’s a $100 deductible per claim. Note that you will need to be paying off your cell phone bill with your Ink Business Preferred card to be eligible to make a claim.

Roadside Dispatch

Should your car suffer a breakdown on the road, you’ll be able to ring Chase’s roadside dispatch service. They can lend a hand with various car woes, including jump starts, tire changes, gas delivery, and lockouts. Note that you will be responsible for any charges sent your way.

Purchase Protection

If you’ve made a purchase with your Ink Business Preferred card and the item has become damaged or stolen, you may be eligible to trigger Chase’s purchase protection policy. With this protection in hand, you’ll be covered against damage or theft for up to $10,000 per claim and $50,000 per account. The policy only covers items within 120 days of purchase.

Extended Warranty Protection

Purchases made with an Ink Business Preferred card may also qualify for extended warranty coverage for up to one year. Note that warranties already longer than three years won’t be eligible for this additional protection.

Account Management Tools

Additional tools can help you manage your card account. Some included perks are:

• 24/7 access to view account details, quarterly reports, and more
• Integration with bookkeeping software
• Account alerts

Fraud Protection

Chase offers fraud protection in case purchases are made on the card without your consent.

Chase Ink Business Preferred Customer Service

Chase offers a full range of support options for all its business credit card customers. With 24/7 direct customer support and numerous FAQs, Chase’s business credit card customer service is quite robust.

Chase Ink Business Preferred Reviews

Chase’s line of Ink Business credit cards are all well-reviewed and highly regarded in the industry, and the Ink Business Preferred is particularly well-received by reviewers. With a high top points-earning rate, a 25% value bonus when you redeem your points for travel, and a laundry list of premium features and benefits, the card offers tremendous value, despite the annual fee.

Negative Chase Ink Business Preferred Reviews & Complaints

• $150K spending cap on the highest rewards-earning rate
• $95 annual fee
• No intro 0% APR

Positive Chase Ink Business Preferred Reviews

• Generous welcome offer worth $1,000 or $1,250 for travel
• High top rewards-earning rate with a high annual spending cap
• No foreign transaction fee
• Flexible redemption options

Chase Ink Preferred FAQs

Final Verdict: Is Chase Ink Business Preferred Right For You?

There are plenty of reasons to like Chase’s Ink Business Preferred Card: Its bonus categories should suit a wide range of small businesses. However, there is a $95 annual fee to keep in mind — if you don’t plan to spend enough on the card to offset the fee, look for a different card, like Ink Business Cash.

The biggest spenders may want to look elsewhere, too. Because the card caps the 3x points categories at $150,000 spent per year, if you plan to put hundreds of thousands of dollars on your card, a flat-rate credit card with no spending cap may be the way to go. Furthermore, large corporations and investor-powered tech startups may want to select from the best corporate credit cards instead.

You might want to apply if…

• You frequently spend in the card’s bonus categories (travel, shipping, internet/phone/cable, and online advertising)
• You don’t mind the $95 annual fee
• You travel a lot and can take advantage of Chase’s 25% travel redemption bonus and 1:1 point transfer perks

You might want to look for a different card if…

• You don’t spend enough in the card’s bonus categories to offset the annual fee
• You can’t afford (or would rather not pay) the $95 annual fee
• You plan to spend well over $150,000 annually on the card and would benefit from a flat-rate card with no spending cap

The editorial content on this page is not provided by the companies mentioned and has not been reviewed, approved, or otherwise endorsed by any of these entities. Opinions expressed here are the author’s alone.

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