Ink Business Preferred® Credit Card review
Best for businesses with high purchase levels
- Rewards rate: Earn 3 points per $1 on the first $150,000 spent on travel and select business categories each account anniversary year; 1X points per dollar after that
- Welcome offer: 100,000 bonus points after spending $15,000 on qualifying purchases within three months
- Annual fee: $95
- Purchase intro APR: N/A
- Balance transfer intro APR: N/A
- Regular APR: 15.99 percent to 20.99 percent variable
Chase throws its weight behind small businesses with the Ink Business Preferred® Credit Card. Businesses that have regular, high-dollar purchases are the prime market for this card thanks to its 100,000-point welcome bonus (earned after spending $15,000 on qualifying purchases within three months).
According to Chase, the welcome offer is valued at $1,250 in travel purchases when redeemed through Chase Ultimate Rewards®. Even if you don’t use it for travel, it’s still worth around $1,000. For business owners, this is money that can go right back into the business to increase the bottom line. It also makes the fact that there is an annual fee and no intro APR offers a little easier to swallow.
Ink Business Preferred current sign-up bonus
Cardholders who can manage the $15,000 spend requirement on qualifying purchases within the first three months of opening the card will get 100,000 bonus points. The points are valued at $0.01 per point, meaning cardholders can put $1,000 into additional purchases.
Chase has a 1:1 point transfer system, meaning one point equals one partner mile or rewards point. For business travelers, this can translate into great savings.
You’ll earn rewards at a rate of 3X points per dollar on up to $150,000 worth of combined purchases within each account anniversary year on qualifying purchases. These purchases are:
- Shipping purchases
- Internet, cable and phone services
- Advertising purchases made with social media and search engines
Cardholders also earn unlimited points at a rate of 1X per dollar on all other purchases (and on qualifying purchases once the $150,000 limit is reached).
Travelers have an extra 25 percent added to their points balance when they redeem their points for travel purchases through Chase Ultimate Rewards®.
Simple points transfer
You can transfer points to partner programs at a 1:1 ratio to use your rewards with airlines or hotels.
Rewards points can easily cover all or at least part of that annual fee of $95 through a straightforward statement credit.
Apple Ultimate Rewards store
A technological overhaul is possible without spending any money, thanks to easy points redemption with this vendor.
Collaboration with various retail partners allows cardholders to redeem vouchers and gift cards at more than 150 merchants.
How much are points worth?
According to Chase, 100,000 points plus the 25 percent travel bonus is worth $1,250 in travel purchases when redeemed through Chase Ultimate Rewards®, which means a simple conversion would make the points worth $0.01 each.
Ink Business Preferred: Benefits
While those bonus points and healthy rewards earning rates are obvious benefits, the Ink Business Preferred benefits also include perks such as travel and partner programs.
Employee cards at no additional cost
Gone are the days where staff members had to carry around petty cash. Businesses can issue cards to individual cardholders who will automatically share in the main card limit. These cards can also have individualized limits.
Wide range of travel partners
Chase Ultimate Rewards can be redeemed at full value with any of the following airline and hotel partners:
- Aer Lingus AerClub
- British Airways
- Air France/Flying Blue
- Iberia Plus
- Singapore Airlines KrisFlyer
- Southwest Airlines Rapid Rewards
- United MileagePlus
- Virgin Atlantic
- IHG Rewards Club
- Marriott Bonvoy
- World of Hyatt
Cardholders don’t pay any foreign transaction fees on their cards for purchases made outside the United States. There is also a number of travel and purchase coverage benefits, such as:
- Trip cancellation/trip interruption insurance
- Roadside dispatch
- Auto rental collision damage waiver
- Extended warranty protection
Cell phone protection
Cardholders or the employees listed on the monthly cell phone bill enjoy up to $600 per claim in cell phone protection against covered theft or damage, but the bill needs to be paid with your Ink Business Preferred card. You’re limited to three claims in a 12-month period, and there’s a $100 deductible.
New purchases are covered for 120 days against damage or theft for up to $10,000 per claim and $50,000 per account.
Rates and fees
While the biggest fee is the $95 annual fee, there are also other fees to be aware of such as the late or returned payment fee of $39. Balance transfers are charged at $5 or 5 percent for each transfer, whichever is greater. Cash advances cost $15 or 5 percent, whichever is greater.
How the Ink Business Preferred compares to other business credit cards
The Ink Business Preferred is a tough card to beat, but the Southwest Rapid Rewards® Premier Business Credit Card and the American Express® Business Gold Card do offer some advantages.
The Southwest Rapid Rewards Premier Business ticks all those boxes for the traveling business professional, such as rewards and manageable annual fees. It also happens to offer an annual points bonus, which comes in handy when you’re just short of booking a free trip.
The Amex Gold Business plays on the ability to earn rewards at a record rate. While there is an annual cap once cardholders have reached $150,000, it will still take a while to reach that cap for a small business owner, making it an attractive option. The annual fee of $295, however, is unnecessarily high.
|Ink Business Preferred
||Southwest Rapid Rewards® Premier Business Credit Card||American Express® Business Gold|
|Welcome offer||100,000 bonus points after spending $15,000 in the first 3 months||60,000 bonus points after spending $3,000 in the first 3 months||35,000 points after spending $5,000 in the first 3 months|
|Rewards rate||Earn 3 points per $1 on the first $150,000 spent on travel and select business categories each account anniversary year, 1x thereafter||2X points per dollar on Southwest Airline purchases
1x point per dollar thereafter
|Earn 4x points on up to $150,000 per year in two select categories your business spends the most in each billing cycle, 1X thereafter|
|Regular APR||15.99% to 20.99% variable||15.99% to 22.99% variable||14.24% to 22.24% variable|
|Additional cards||Employee cards at no extra cost||Employee cards at no extra cost||Employee cards at no extra cost|
|Additional perks||25% more value for travel redemptions when redeemed through Chase Ultimate Rewards®||6,000 bonus points on card account anniversary||25% points back (up to 250,000 per year) after redeeming your Membership Rewards on eligible flights booked through the Amex Travel.|
Best card to pair with the Ink Business Preferred
The Costco Anywhere Visa® Business Card by Citi is the ideal companion for businesses that rely heavily on Costco purchases to keep their business going. But the most important benefit of the card has to be the 4 percent cash back on eligible gas purchases (up to $7,000 in spending per year and 1 percent afterward), which can be a great boost to those who are permanently driving from one site to another. Furthermore, there’s no annual fee (with a Costco membership), making it pretty cost-effective.
Bankrate’s take—Is the Ink Business Preferred worth it?
If you’re looking for a card that has a great welcome offer and a fairly low annual fee, the Ink Business Preferred is it. The rewards rate compares well with other business credit cards in the market since your rewards don’t have to be used to settle an exorbitant annual fee. It also happens to have a decent maximum APR, and you won’t have to pay extra to outfit your employees with their own cards.
- Low annual fee for a business card
- Impressive welcome offer
- Additional employee cards at no extra costs
- High expenditure to qualify for the welcome bonus
- Capped rewards rate
The information about the Costco Anywhere Visa Business Card by Citi has been collected independently by Bankrate.com. The card details have not been reviewed or approved by the card issuer.