Cash News
The Ink Business Preferred® Credit Card offers a massive welcome bonus, great rewards on common business expenses, and flexible redemption options geared toward travel. If your business frequently spends in this card’s bonus categories, it could be a no-brainer.
-
Annual fee
$95
-
Welcome offer
Earn 120,000 points after spending $8,000 in first 3 months (that’s $1,200 cash back or $1,500 toward travel when redeemed through Chase Travel℠)
-
Card type(s)
Business, Travel
-
Ongoing Purchases APR
21.24% – 26.24% Variable
-
Recommended credit score
Good, Excellent
-
Rewards rate
- 3x on the first $150,000 spent each account anniversary year in the following categories: shipping purchases; advertising purchases via social media sites and search engines; internet, cable, and phone services; and travel
- 1x on all other purchases with no earning cap
-
Benefits
- Redeem points for cash back, gift cards, travel and more
- Points are worth 25% more when you redeem for travel through Chase Travel
- Covers your new purchases for 120 days against damage or theft up to $10,000 per claim and $50,000 per account
The Chase Ink Business Preferred is a popular card for small business owners because it earns valuable Ultimate Rewards points, which are flexible and maintain a strong redemption value in most categories.
Additional benefits
Outside of its rewards and welcome offer, the Ink Business Preferred Card doesn’t offer a lot of extra perks, but here are some that can add value to your everyday spending:
-
Bonus rewards on Lyft rides: Through March 2025, you’ll earn 5 points per dollar on Lyft rides when you use your card.
-
Travel protections: The card offers trip cancellation and interruption insurance, auto rental collision damage waiver and roadside dispatch.
-
Shopping protections: You’ll get cell phone protection when you use your card to pay your bill, as well as purchase protection against damage and theft and extended warranty protection on eligible purchases.
-
No foreign transaction fees: If you regularly travel abroad for business or pleasure, the card won’t charge you the standard 3% fee on international purchases.
How to earn rewards
The Ink Business Preferred offers a few different ways to rack up rewards on your everyday business expenses, with triple points on four different spending categories. That said, some small business owners may need to be mindful of the annual spending limit on the card’s bonus categories.
Also, it’s likely that most of your expenses will net the card’s base rewards rate, which is a measly 1 point per dollar. If your business doesn’t spend a lot in the card’s bonus categories, it might not be a good fit. Even if it is, it might make sense to pair the Ink Business Preferred with another card that offers a higher base rewards rate, so you can maximize your rewards.
How to redeem rewards
Chase Ultimate Rewards is one of the most versatile rewards programs available. While the card is geared toward travel redemptions, you have the flexibility to redeem your points in a number of ways, including:
-
Travel: If you use your rewards to book travel through Chase, you’ll get 25% more value, giving you a redemption rate of 1.25 cents per point. You also have the choice to transfer your points to one of the card issuer’s 14 airline and hotel loyalty program partners, giving you the potential to get even more value out of your rewards.
-
Cash back: You can request a statement credit or a deposit into a U.S. bank account at a rate of 1 cent per point. With the Pay Yourself Back feature, Chase offers bonus value when you redeem your points to cover select spending categories, such as charitable donations, grocery stores, or dining. Eligible categories vary by card.
-
Gift cards: You can buy gift cards from major retailers and restaurant chains, usually at a rate of 1 cent per point. However, Chase regularly offers sales of up to 15% off gift card purchases.
-
Online shopping: Chase allows you to redeem your points for purchases on Amazon.com or through PayPal at a rate of 0.8 cents per point. Alternatively, you can buy Apple products through the Ultimate Rewards platform at a rate of 1 cent per point.
One of the benefits of the Ultimate Rewards program is that you can combine points earned with both personal and business credit cards that offer Ultimate Rewards points. Pairing the Ink Business Preferred with other Ultimate Rewards cards can make it easier to rack up rewards on all of your spending.
Read more: Best Chase credit cards [2024]
Who is the Ink Business Preferred Credit Card best for?
This Chase card is primarily suited for small businesses with expenses that align with its bonus rewards categories. Even with the 25% bonus value on travel redemptions, the card’s base rewards rate isn’t enough to outshine other card options if you aren’t earning much in the bonus categories.
If your business expenses align with the card, consider it if you want a rewards program that gives you a lot of flexibility in how you use your points.
Ink Business Preferred pros
-
Large welcome bonus: There aren’t many business credit cards that offer a higher welcome bonus. If you can meet the minimum spending requirement, you can get $1,000 or more in value.
-
Generous bonus rewards: For small businesses that spend a lot on shipping, advertising, travel, and communication services, it should be easy to rack up a lot of points with this card.
-
Flexible rewards program: Other business credit cards that offer travel-focused rewards may punish you for choosing things like cash back or gift cards in the form of subpar redemption rates. With this card, most redemptions will give you a minimum of 1 cent per point in value.
Ink Business Preferred cons
-
Low base rewards rate: While the card is a rewards powerhouse for some businesses, its base rewards rate is low. Other top business credit cards offer higher base rewards rates — some even offer a high rate on all of your purchases.
-
Bonus rewards cap: For businesses that spend more than the annual $150,000 cap, the Ink Business Preferred may be too limiting.
-
Annual fee: If your business is brand new or you’re generally trying to minimize your expenses, the card’s annual fee may not be worth it.
Where can you use Ink Business Preferred Credit Card?
As a Visa credit card, you can use the Ink Business Preferred just about anywhere, both within the U.S. and internationally.
How to make an Ink Business Preferred payment
There are a few different ways you can pay your credit card bill with Chase, including:
-
Online: Log in to your online account or the Chase mobile app.
-
Phone: Call 800-436-7958 and use the automated phone service.
-
Chase branch or ATM: Visit a local Chase branch or ATM to pay in person.
-
Mail: Send a check or money order, including your full card number, to:
Cardmember Services
P.O. Box 6294
Carol Stream, IL 60197-6294
Ink Business Preferred customer service info
-
Phone: Customer service is available 24/7 by phone at 800-242-7338
-
Email: Chase doesn’t offer email support, but you can send a secure message through your online account.
Alternative cards to consider
If you’re not sure whether the Ink Business Preferred® Credit Card is the right fit for you, here are some other options to consider.
-
Annual fee
$0
-
Welcome offer
Earn $750 bonus cash back after spending $6,000 in the first 3 months
-
Card type(s)
Business, Travel
-
Ongoing Purchases APR
18.49% – 24.49% Variable
-
Introductory Purchases APR
0% Intro APR on Purchases for 12 Months
-
Recommended credit score
Good, Excellent
-
Benefits
- $0 annual fee
- 0% intro APR on purchases for 12 months (18.49% – 24.49% variable APR after that)
- You won’t be held responsible for unauthorized charges made with your card or account information
Why we like it: The Ink Business Unlimited is a great alternative for business owners who want to avoid an annual fee or prefer a simpler rewards program. You’ll earn a flat cash-back rate on every purchase you make.
The card also offers an impressive welcome offer, plus an introductory 0% APR for 12 months on purchases. After that, you’ll pay the ongoing purchase APR.
-
Annual fee
$195
-
Welcome offer
Earn $1,000 bonus cash back after spending $10,000 in the first 3 months
-
Card type(s)
Business, Travel
-
Ongoing Purchases APR
Flex for Business Variable APR: 19.49% – 27.49%
-
Recommended credit score
Excellent/Good Credit
-
Rewards rate
- 5% total cash back on travel purchased through Chase Travel℠
- 2.5% total cash back on purchases of $5,000 or more
- 2% cash back on all other business purchases
-
Benefits
- No foreign transaction fees and trip cancellation/trip interruption insurance
- Fraud protection, zero liability protection, purchase protection, cell phone protection, and extended warranty protection
- No additional cost for employee cards
Why we like it: For businesses with bigger spending profiles, the Ink Business Premier could be worth considering. You’ll get a solid rewards rate on every purchase.
While you’re required to pay in full each month, but you can opt to pay certain purchases over time with the Flex for Business feature.
-
Annual fee
$375
-
Welcome offer
Earn 100,000 Membership Rewards® points after you spend $15,000 on purchases within the first 3 months. NEW: The Business Gold Card now comes in three metal designs — Gold, Rose Gold, and Limited Edition White Gold (while supplies last).
-
Card type(s)
Business, Rewards
-
Introductory Purchases APR
0% on purchases for 6 months from the date of account opening
-
Ongoing Purchases APR
19.49% – 28.49% Variable
-
Recommended credit score
Excellent/Good
-
Rewards rate
- Earn 4x Membership Rewards points on the top two eligible categories (out of 6 total categories) where your business spends the most each month. Although your top 2 categories may change each month, you will earn 4x points on the first $150,000 in combined purchases from these categories each calendar year, then 1x after that (only the top 2 categories each billing cycle will count towards the $150,000 cap; terms apply).
- 3x points on flights and prepaid hotels booked on AmexTravel.com
- 1x points on all other purchases
-
Benefits
- Earn up to $20 in monthly statement credits (up to $240 annually) for eligible U.S. purchases at FedEx, Grubhub, and office supply stores
- Receive a monthly $12.95 statement credit after you pay for a monthly Walmart+ membership (subject to auto-renewal; up to $12.95 plus applicable taxes on one membership fee)
- Your spending limit is flexible and adjusts based on factors such as your purchase, payment, and credit history
Why we like it: If you want flexible rewards and perks, the Amex Business Gold should be on your radar.
To help offset the card’s steep annual fee, you’ll get up to $240 in statement credits annually (up to $20/month) toward FedEx, Grubhub, and office supply store purchases, as well as statement credits toward a monthly Walmart+ membership.
Read more: Our picks for the best business credit cards [2024]
This article was edited by Alicia Hahn
Editorial Disclosure: The information in this article has not been reviewed or approved by any advertiser. All opinions belong solely to Yahoo Finance and are not those of any other entity. The details on financial products, including card rates and fees, are accurate as of the publish date. All products or services are presented without warranty. Check the bank’s website for the most current information. This site doesn’t include all currently available offers. Credit score alone does not guarantee or imply approval for any financial product.