- Annual percentage rate (APR): 15.99% to 20.99%.
- Purchase intro APR: None.
- Rewards: 1 – 3 points per $1 spent.
- Annual fee: $95.
- Late fee: $39.
- Credit score: Good to Excellent (700-850).
- Compare cards here.
Table of Contents
Benefits
- Additional cards at no cost: As a business owner, you may need to authorize employees to use your Chase Ink Business Preferred card. Order cards that are linked to this account at no additional cost. When an employee makes authorized purchases using the card, the respective rewards points are added to the card holder’s account.
- Introductory bonus rewards points: When you sign up for a Chase Ink Business Preferred card and spend $15,000 in eligible purchases within the first three months, you’re eligible to receive 100,000 bonus rewards points. If you plan to redeem these points through the Chase Ultimate Rewards travel program, your bonus amounts to $1,250 in travel rewards.
- Various ways to redeem points: When you’re ready to redeem your rewards points, you have several options. If you book travel through the Chase Ultimate Rewards program, your points are worth an additional 25% for rental cars or airfare. Transfer your points to a frequent traveler program at a one-to-one ratio. You may also redeem points for cash as a statement credit or for gift cards at retailers. Additionally, you can use your points at the Apple Ultimate Rewards Store to purchase technology.
Drawbacks
- Annual fee: As a cardholder, you’re responsible for paying a $95 annual fee. While there are some business credit cards that don’t charge annual fees, the Chase Ink Business Preferred card includes several valuable benefits that make up for this fee, such as cell phone protection and trip cancellation insurance.
- Additional fees: If you fail to make a payment or your payment is returned, a default 29.99% APR is applied to your balance and may remain in place indefinitely. Additionally, you’ll owe a $39 late or returned payment fee. If you make a balance transfer, you’ll owe $5 or 5% of the amount, whichever total is greater. The cash advance APR is 24.99% and the transaction costs $15 or 5% of the transaction amount, whichever is greater.
- Generous rewards points in select categories: You can earn three points on every dollar you spend in select business-related categories, including travel, shipping purchases, advertising expenses, and communication services. However, after you spend $150,000 for the year on these eligible expenses, your reward decreases to one point per every dollar spent, no matter the category.
What Can You Expect From the Chase Ink Business Preferred Card?
Track Business Expenses With Online Banking
Manage your business expenses and track transactions at any time through your online banking account with Chase. You can also download the Chase smartphone app and sign into your account to view your balance or make payments from your phone.
Your online account can be divided into business and personal expenses and you’re able to view quarterly reports to see your biggest spending categories. Set up account alerts and be informed by email, text, or smartphone notification when transactions are processed or your balance reaches a certain limit.
Travel and Purchase Coverage
The purchases you make with your card are covered against damage and theft for 120 days. You have $50,000 maximum coverage on your account and a $10,000 payout limit per claim. Your card also comes with cell phone protection, up to $600 per claim, with a maximum of three claims per year and a $100 deductible per claim.
Trip cancellation and interruption coverage are also included with the Chase Ink Business Preferred card. If severe weather, sickness, or other covered losses interrupted or canceled your trip, you may be eligible for a refund of up to $5,000 per person or $10,000 per trip. This insurance covers pre-paid travel fare, hotel charges, tour fees, and other travel expenses that are non-refundable.
Who Should Get the Chase Ink Business Preferred Card?
The Chase Ink Business Preferred card is ideal for small business owners who plan to use the card for business-related expenses. Since rewards points stretch further through the Chase Ultimate Rewards travel program, it’s also good for business owners who travel frequently. While spending more earns more rewards points, cardholders should pay attention to the potentially high APR and be prepared to make payments on time.
If you’re a business owner who travels frequently, you may benefit from the Chase Ink Business Preferred card’s generous rewards program. However, if you plan on conducting balance transfers and cash advances or you’re notorious for making late payments, you’ll be responsible for high fees.
Compare other business credit cards and learn more here.
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