The Chase Ink Business Preferred Card offers an enticing rewards program without charging an excessively high annual fee. You’ll earn one point per dollar on everyday purchases, plus 3x points on select categories that include travel, shipping, internet, cable, phone, and online advertising on the initial $150,000 you spend each year.
You can also earn 80,000 bonus points by spending $5,000 in the first three months of account opening. Your points are worth 25% more when redeemed for travel, which you can do worry-free since there are no foreign transaction fees. Not bad for a $95 annual fee.
The potential downside is the comparatively high APR between 17.49% and 22.49%. If you carry a balance each month, the interest charges will offset some of your rewards benefits.
The Ink Business Preferred card has no 0% introductory APR period however, and your annual fee takes effect immediately (as opposed to getting the first year free, as is the case with some other cards).
Ink Business Preferred Overview
- Rewards Rate: 1 point per dollar on everyday purchases, 3x points on select categories (travel, shipping, internet, cable, phone, and online advertising) up to $150,000 per year
- Sign-Up Bonus: 80,000 bonus points after spending $5,000 in the first three months
- Annual Fee: $95
- APR: 17.49% to 22.49% variable
- Additional Fees:
- Balance Transfer Fee: $5 or 5% (whichever is greater)
- Cash Advances: Either $15 or 5% (whichever is greater)
- Recommended Credit Score: Chase doesn’t provide a recommended credit score for this card, but as with all rewards cards, you are more likely to qualify if you have a fair amount of credit history and a good track record of managing credit responsibly.
- 3x points on select spending categories
- 80,000 bonus points after spending $5,000 in the first three months
- No foreign transaction fees
- Rewards are worth 25% more when redeemed for travel
- Employee cards (with spending limits) at no additional cost
- Strong rewards program: Earn 3x points on travel, shipping, internet, cable, phone, and online advertising
- 25% boost in rewards points: Rewards points are worth 25% more when redeemed for travel
- No foreign transaction fees: Use your card on international business travel without extra fees
- Comparatively high APR: 17.49% to 22.49% variable is higher than several comparable cards
- Annual fee: Your $95 yearly fee starts immediately, unlike some cards that offer the first year free
Who Should Get Ink Business Preferred
Best for: Small business owners who conduct business abroad. If you have international suppliers or regularly travel for business outside the U.S., you’ll benefit from the Chase Ink Business Preferred Card’s $0 foreign transaction fees.
You’ll also be able to boost your points by 25% when redeemed for travel.
Not for: Small business owners who plan to carry a balance month to month. With the comparatively high 17.49% to 22.49% variable APR and no 0% APR introductory period, you’ll begin incurring interest charges immediately.
Strong rewards program
For many small businesses, travel, shipping, internet, cable, phone, and online advertising combine to make up a sizable chunk of the budgetary spending.
Earning 3x rewards points on these categories is a compelling reason to choose the Chase Ink Business Preferred Card. The 3x rewards points are capped at $150,000 per year, but this amount is reasonable for many small businesses.
25% boost in rewards points when redeemed for travel
Your rewards points are automatically worth 25% more when you redeem them for travel.
Not only does this apply to all your earned points, but it also applies to the 80,000 bonus points you receive when you spend $5,000 within the first three months. So if you redeem your 80,000 points (normally an $800 value) for travel, your bonus points are worth $1,000!
No foreign transaction fees
The Chase Ink Business Preferred Card is one of the few small business credit cards that doesn’t charge foreign transaction fees. Foreign transaction fees for most cards come to 3% of each transaction, so if you travel abroad regularly or use your card to pay international suppliers or service providers, you can save some money by choosing the Ink Business Preferred Card.
Comparatively high APR
At the variable rate of 17.49% to 22.49%, the Ink Business Preferred Card comes with a higher interest rate than many comparable cards, which offer rates as low as 13.74% like the Bank of America® Business Advantage Cash Rewards Mastercard.
If you pay off your card in full each month, this may not be a relevant consideration for you. But if you carry a balance, you’ll be hit just a little harder by interest charges with the Ink Business Preferred Card.
Annual fee with no introductory period
The Chase Ink Business Preferred credit card comes with a $95 annual fee, which is a reasonable expense for a card offering this level of rewards.
However, while some cards offer the first year free, the Ink Business Preferred Card makes no such offer, which is somewhat disappointing because there is no 0% introductory APR period to offset the immediate start of this annual fee.
All information accurate as of Feb. 17, 2020.
Ink Business Preferred Compared to American Express Business Gold Card
The Chase Ink Business Preferred Card and the American Express® Business Gold Card are both solid options for small business owners. The better fit for you depends on your unique spending habits.
The American Express Business Gold Card offers up to 4x reward points, but only on two categories of your choosing. If you spend heavily in areas like gas or dining, this narrow 4x point structure might be better for you than the Ink Business Preferred Card’s wider 3x point structure on select categories, even with the Business Gold Card’s annual fee of $295.
If you plan to carry a balance and incur interest charges, the Business Gold Card offers a better interest rate. However, if your company regularly purchases from international suppliers or requires frequent international travel, you’ll benefit from the Chase Ink Business Preferred Card’s $0 foreign transaction fees.
Making everyday purchases and earning perks is a simple process. With Ink Business Preferred, you can earn points by:
- Spending as usual for one point per dollar
- Spending on travel, shipping, internet, cable, phone, and online advertising for 3x points
- Redeeming your points for travel, which gives your points a 25% boost
For more information on how to redeem your rewards, check out our Chase rewards redemption guide.
The Bottom Line
The Ink Business Preferred Card from Chase is well-suited to small business owners who travel regularly. Even if you don’t travel abroad often enough to take full advantage of no foreign transaction fees, you’ll still benefit from the 3x rewards points on travel (in addition to other spending categories like shipping, internet, cable, phone, and online advertising) and the opportunity to boost your rewards points by 25% when you redeem them for travel.
But if you plan to carry a balance month after month, you may want to consider a card with a lower APR. The Bank of America Business Advantage Cash Rewards Mastercard offers rates as low as 13.74% (with 0% for the first nine billing cycles) and no annual fee.