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Review on the Chase Ink Business Preferred

Ink Business Preferred Credit Card

The card that allows a cardholder to earn lots of rewards for the purchases that your business needs regularly.

The card we are going to tell you about today is the improved version of the Ink Plus® Business Credit Card. The Chase Ink Business Preferred was introduced to the market back in 2016. Actually, the “old” version was very popular due to the fact that it had lots of features that bosses found to be useful and beneficial. (If you’re one of those who still have this very old version, you can continue using it, by the way).

Below we provide all the facts about the card that you should be aware of.

General information on the card

Advantages:

  • You can use the card abroad without worrying about extra charges that may occur.

Disadvantages:

  • Cardholders re expected to pay the fee for using the card.

Ink Business Preferred℠ Credit Card

  • The annual fee that you’re required to pay amounts to $95.
  • Standard APR amounts to 16.99 – 21.99%. It may vary based on your credit history. The card also implies Cash Advance APR of 25.99%. This APR is also a subject to changes (depending on your credit score and credit history).
  • Special Offer: New cardholders can expect the bonus of 80,000 points that’s given to them if they manage to spend as much as $5,000 within the first 3 months. The bonus mentioned is equal to $1,000 statement credit that you can use for your future trips. In order to get the sum, you need to redeem your points via the official Chase portal.
  • Special Offer in terms of APR: No offer for this card.

More information concerning the card:

  • The card welcomes new cardholders by giving them a chance to get a very big sign-up bonus (80,000 points).
  • In case you make purchases in bonus categories, you’ll be rewarded 3 points for each dollar spent. (Keep in mind that the spending limit amounts to $150,000 per year).
  • All the rest purchases will bring you rewards according to the following rate: 1 point / $1.
  • You can get more value for the points you have in case you decide to redeem them via the official Chase portal.
  • The card comes with a certain fee to be paid each year for as long as you’re a cardholder.
  • You can take this card with you when you’re going to travel since there are no additional fees for the purchases made with it abroad.
  • If necessary, you can get a number of additional cards for your employees absolutely for free.
  • You have a number of redemption options to choose from and your miles never expire (provided that your account is active).

The new version of the card in comparison with the old version

Before talking about the peculiarities of this improved version of the card, we think it’ll be useful for you to see how exactly it compares to the old version.

Ink Business Preferred (new version) Ink Plus Business (old version)
Rewards you’re to expect The purchases you make go under the following rates:

3 points / $1 (when you pay with the card for various means of telecommunication as well as advertising services, shipping and your trips). Keep in mind that there is a limit of $150,000 per year.

1 point / $1 (for any other kind of a purchase)

The purchases you make go under the following rates:

5 points / $1 (when you pay with the card for various means of telecommunication as well as office supplies). Keep in mind that there is a limit of $50,000 per year.

2 points / $1 (when you use the card to pay for gas and hotels). Keep in mind that there is a limit of $50,000 per year.

1 point / $1 (for any other kind of a purchase)

The fee to pay each year $95
Sign-up bonus you can get You have an opportunity to get 80,000 points that are equal to $1,000 statement credit. The requirement to meet is the following: you need to spend at least $5,000 within the first 3 months. You have an opportunity to get 60,000 points that are equal to $750 statement credit. The requirement to meet is the following: you need to spend at least $5,000 within the first 3 months.

The new version of the card has a more straightforward earning rewards structure

You can see the way the new version of the card is different. There is a certain category that goes at a lower effective rate of 3%, but with bigger spending limits (up to $150,000 per year). Let’s make some calculations and see how many rewards you can earn with each of the cards:

With the Ink Plus® Business Credit Card you get the following: 250,000 points (according to the rate of 5% and based on the spending limit of $50,000). You also get 100,000 points (for the purchases in the other category with the rate of 2%). All in all, you get 350,000 points that are equal to $3,500 when redeemed as cash back or $4,375 when redeemed for travelling purposes via the official Chase portal.

As for the Ink Business Preferred℠ Credit Card, here is what you get: 450,000 points (for the purchases in the bonus category that promises 3 points per dollar spent). If you decide to redeem these points as a cash back, you’ll get $4,500. Alternatively, you can use them for travelling purposes. In this case, the value you get amounts to $5,625 (when redeemed via the official portal).

Al the rest purchases go under the same rate with both the cards: you’re rewarded 1 point for each dollar you spend. This rate applies for the bonus categories as well once you exceed the limits preset.

When introducing the new card to the market, one of the Chase’s representatives said that the reason for launching an improved version had to do with the fact that cardholders who owned small businesses wanted to have a credit card that offered both flexibility and relatively high rewards rates.

We believe the new card to be beneficial for those who spend a lot on business trips, but not that good for those who spend a lot on either office supplies or telecom services. Of course, if your small business doesn’t spend big sums of money in the bonus categories available, the improvements presented in the card are not a big deal. At the same time, if you wanted to have an opportunity to spend more and still get high rewards, this card may be just what you’re looking for.

Being a cardholder, you’re allowed to request additional cards for your employees. This may be very convenient, especially considering the fact that you won’t have to pay extra money for these cards.

The new version of the card has one of the biggest sign-up bonuses

If you compare the sign-up bonus promised by the Ink Business Preferred℠ Credit Card with bonuses promised by other business cards available at the market, you’ll find out that there is no other card that can give a new cardholder as many as 80,000 points. Once you get the reward, you can redeem it as a statement credit ($1,000) that can be used to cover the expenses of your future trips.

The new version of the card gives its cardholders flexibility in terms of redemption options

In case you decide to redeem the points you have accumulated on your account via the official Chase portal, you’ll get a higher value for them (1 point = 1.25 cents). However, apart from redeeming your points via the portal, you have a number of other options. For example, the card allows you to transfer the points to a number of partner loyalty programs without any loss of value.

Actually, the fact is that some loyalty programs may offer you a higher value than 1.25 cents. Al in all, you can save some money when booking hotels or flights using your points.

The card now has better protection features

This set of features was added because cardholders often said that they need more of them with their cards. Cardholders that are lucky to have this card can now get a reimburse in a number of cases including cancellation of your tips or their interruption. Sometimes it may also so happen that your flight is delayed due to weather conditions. Don’t worry, you’ll be able to get a reimburse of up to $5,000 as far as your hotels, tours or airfare go. The same applies for the cases when you get ill and have to come back earlier than it was planned.

Keep in mind that you can request a trip reimbursement in case your flight is at least 12 hours delayed or there occurs a need to stay overnight. The feature implies that you’ll get up to $500 to cover such the expenses that have to do with your meals or hotels where you stay waiting for the flight.

If you prefer renting a car while travelling, you’ll also get a reimburse in case the car you rent gets damaged. Apart from this, you’ll have access to the roadside service that you can contact whenever there is a need. You’re also to expect a reimburse in case your baggage is either lost or damaged.

Nowadays, cell phones are considered to be one of the most popular means of communication. If your cell phone gets stolen, it is a big problem since you need to find some time to go get another one. This card offers an insurance not only for your cell phone, but also fort the cell phones of your employees (provided that you pay the monthly bill using the card). You’re guaranteed to get up to $600 in case any of the cell phones get damaged or stolen. Remember that there is a limit in terms of the claims you can file (not more than 3 claims within 1 year).

Being a cardholder, you’ll also be able to take advantage of the several features protecting your purchases. When you buy anything using the card, you’ll get a prolonged warranty (+1 year to the warranty provided by the manufacturer). You can request a reimburse in case it so happens that the item you bought gets stolen or damaged within 120 days (up to $10,000). One more thing for you to know is that you’ll get a reimburse if the same item you bought with the card is found at a different shop for a lower price (time limit – 90 days). You can get reimburse on the total sum of $2,500 within 1 year.

The last thing we find important for you to know in terms of protection features is that you can request a reimburse in case the shop you bought an item at refuses to take it (not more than $500 / 1 item and $1,000 per year).

The Ink Business Preferred℠ Credit Card in comparison with its competitor

Capital One Spark Cash for Business

If you dislike the need to bother with bonus categories, you’d better have a card with a flat-rate rewards rate. For example, you may be interested in the Capital One® Spark® Cash for Business that implies 2% cash back on all the purchases you make and allows you to earn as many rewards as you want. Redemption process is also easy and it’s up to you to decide when and what number of points you want to redeem. Actually, you can even preset your redemption process to be carried out automatically once you have a certain number of points accumulated. a cardholder is required to pay the fee for using the card starting from the 2nd year ($95) and has a chance to get $500 if he/she meets certain requirements.

Summary: Is the Ink Business Preferred℠ Credit Card worth paying attention to?

The card seems to be the best option for those who have regular or big purchases to make in the bonus categories offered.

1 Star2 Stars3 Stars4 Stars5 Stars (5 votes, average: 4.60 out of 5)
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Comments: 2
  1. Tina

    I read on a different website that this card doesn’t allow a cardholder to make family purchases. It is meant to be used only for business. Can anyone tell me if it’s true? I’ve recently got the card and I think I can meet the spending limits if I add a couple of family users.

    1. Sam

      Hello there, Tina. You won’t have any problems when using the card to pay for the things that don’t have anything to do with your business. However, I believe it’s better to keep your business and family expenses apart due to taxes you need to pay. Hope, this will help.

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