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Saturday, May 18, 2024

Ink Business Preferred® Credit Card Review

Choncé Maddox

By: Choncé Maddox

Choncé Maddox
Choncé Maddox

Choncé is a Certified Financial Education Instructor (CFEI) and a nationally recognized personal finance and budgeting expert. She's paid off $50,000+ of personal debt and her debt story has been highlighted in Essence Magazine and on "Good Morning America" as part of its 2020 Debt-Free Decade series. Her work has been featured on sites, including Business Insider, LendingTree, Credit Sesame, Barclaycard, and The New York Post. Choncé was named one of the top financial experts to follow on Instagram by Black Enterprise.

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Editor: Jon McDonald

Jon McDonald
Jon McDonald

Jon leverages 15-plus years of journalism expertise to inform financial consumers about emerging trends and companies making an impact in the industry. He is most knowledgeable in the areas of budgeting, credit card rewards, and responsible credit use. Jon has a passion for writing and editing, and his articles have appeared in publications produced by The New York Times.

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Reviewer: Ashley Fricker

Ashley Fricker
Ashley Fricker

Ashley Fricker has more than a decade of experience as a finance contributor and editor, and has specialized in the credit card industry since 2015. Her credit card commentary is featured on national media outlets that include CNBC, MarketWatch, Investopedia, and Reader's Digest, among many others. She has worked closely with the world’s largest banks and financial institutions, up-and-coming fintech companies, and press and news outlets to curate comprehensive content and media. Ashley holds a bachelor's degree in multimedia journalism from Florida Atlantic University.

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Ink Business Preferred® Credit Card Review

Rated 4.7 /5.0 ★★★★★

Most entrepreneurs and small business owners juggle priorities just to get their operations off the ground. Inventory, time management, staffing, and scaling are all parts of the puzzle. But the area that may keep many small business owners awake at night is financing.

Beyond funding and payroll, finding the right business credit card for expenses can be challenging, as so many options exist. One card that you may want to consider is the Ink Business Preferred® Credit Card.

In this review, we’ll discuss the main benefits of the card, how to qualify, and the best alternatives. It may be a valuable tool for entrepreneurs who want to simplify their business finances. We’ll help you make an informed decision about whether this card would be a good option for your business needs.

Main Benefits of the Card

This card offers a generous welcome bonus as one of its primary benefits. Cardholders earn bonus points after reaching a minimum spend limit during the first three months. You also get three points per $1 spent on your first $150,000 of purchases each year. But those purchases must be in the following categories:

    • Shipping purchases

    • Advertising purchases made through social media or search engines

    • Internet, cable, and phone services

    • Travel

The card also has no foreign transaction fees and you get five points per dollar spent on Lyft rides. Some other key benefits include:

    • One point per $1 spent on all other purchases: Even if your purchases don’t fall in any of the categories to earn three points per $1 spent, you’ll still earn rewards on your purchases at a lower rate, and points never expire.

    • Multiple rewards redemption options: You can redeem rewards points for cash back, gift cards, travel, and travel experiences through Chase Ultimate Rewards.

    • Better travel redemption: Points are worth 25% more when you redeem them for travel through the Chase Ultimate Rewards portal.

    • Complimentary employee cards: You can set up employee cards with individual spending limits to help you earn rewards faster.

How to Qualify & Apply

To qualify for the Ink Business Preferred® Credit Card, you must be at least 18 years old or 19 if you live in Alabama or Nebraska and meet Chase’s income requirements. You also need a good credit score (typically above 670) and can’t have opened more than five new credit card accounts from any issuer within the last 24 months — known as the 5/24 rule. Since this is a business card, you need an Employer Identification Number (EIN), as well.

If you meet these requirements, you can access the application on Chase’s website through the Apply Now button below:

Disclosure: When you apply through links on our site, we often earn referral fees from partners. For more information, see our ad disclosure and review policy.

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BEST OVERALL RATING

★★★★★

4.7

OVERALL RATING

  • Earn 100k bonus points after you spend $8,000 on purchases in the first 3 months from account opening. That's $1,000 cash back or $1,250 toward travel when redeemed through Chase Travel℠
  • Earn 3 points per $1 on the first $150,000 spent on travel and select business categories each account anniversary year. Earn 1 point per $1 on all other purchases
  • Round-the-clock monitoring for unusual credit card purchases
  • With Zero Liability you won't be held responsible for unauthorized charges made with your card or account information.
  • Redeem points for cash back, gift cards, travel and more - your points don't expire as long as your account is open
  • Points are worth 25% more when you redeem for travel through Chase Travel℠
  • Purchase Protection covers your new purchases for 120 days against damage or theft up to $10,000 per claim and $50,000 per account.
  • Member FDIC
Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
N/A
N/A
21.24%-26.24% Variable
$95
Good/Excellent

When you apply for the card, Chase will review your credit report and information about your operation to confirm that your business profile meets its criteria. If approved for a card, your credit limit will generally range from $5,000 to $25,000. Chase may request more information for credit limit requests higher than $25,000.

Drawbacks and Considerations

While the card offers plenty of benefits, it also comes with some drawbacks and considerations to keep in mind. One is that it has a $95 annual fee, which may be too much for small businesses with tighter budgets.

And while the card has a great rewards program, some of its biggest spend categories, including shipping purchases or advertising, may not be a relevant expense for all businesses.

Another drawback is that the signup bonus may be harder to earn for businesses that don’t spend as much on monthly expenses. This card also doesn’t have an introductory APR offer, so you will need to pay the standard variable interest rate on any balance you carry past the end of your monthly statement.

While this card provides an excellent opportunity to maximize rewards points, it may not be the best option for business owners who desire discounts, have a smaller monthly budget, or don’t have a good credit score.

Best Alternatives Worth a Look

If the Ink Business Preferred® Credit Card doesn’t feel like the right fit for your business, you still have a few other solid credit card options to consider. One of these may be better aligned with your company’s regular expenditures.

Ink Business Premier® Credit Card Review

at the issuer'ssecure website

BEST OVERALL RATING

★★★★★
4.8

OVERALL RATING

  • Earn $1,000 bonus cash back after you spend $10,000 on purchases in the first 3 months from account opening.
  • Earn unlimited 2.5% total cash back on purchases of $5,000 or more and unlimited 2% cash back on all other business purchases.
  • Travel Benefits: Unlimited 5% total cash back on travel purchased through Chase Travel℠, No Foreign Transaction Fees and Trip Cancellation/Trip Interruption Insurance.
  • The only business credit card with 2.5% cash back on every purchase of $5,000 or more.
  • Get the buying power you need to make large purchases, cover monthly expenses and help your business grow. While you must pay your Pay In Full balance each month, this card has built-in flexibility. The Flex for Business feature allows for qualifying purchases to be paid over time with interest.
  • Purchase with confidence with built-in protections like Fraud Protection, Zero Liability Protection, Purchase Protection, Cell Phone Protection, and Extended Warranty Protection.
  • There's no additional cost for employee cards. Monitor spend with digital tools like purchase alerts, set spending limits, reporting, and more.
  • Member FDIC
Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
N/A
N/A
Flex for Business variable APR: 19.49% - 27.49%
$195
Good/Excellent

The Ink Business Premier® Credit Card is another business credit card that offers a higher rate of cash back on larger purchases to maximize your rewards. You’ll also earn unlimited cash back on all other purchases. This card has both a welcome bonus and an annual fee.

You can add employee cards for free, and you can redeem your rewards for travel as the card has no airfare restrictions or blackout dates when you book through Chase Ultimate Rewards.

Cardholders can also redeem rewards for gift cards, purchases made with PayPal or Amazon, or as a statement credit to pay off some of their business expenses. This card is a solid option for anyone who wants to maximize their cash back earnings for large purchases (more than $5,000) but not worry about spending in a particular bonus category.

BEST OVERALL RATING

★★★★★
4.7

OVERALL RATING

  • Earn a one-time bonus of 50,000 miles – equal to $500 in travel – once you spend $4,500 on purchases within the first 3 months from account opening
  • Earn unlimited 2X miles per dollar on every purchase, everywhere, no limits or category restrictions, and miles won't expire for the life of the account
  • Unlimited 5X miles on hotels and rental cars booked through Capital One Travel
  • Transfer your miles to 15+ travel loyalty programs
  • Redeem your miles instantly for any travel-related purchases, from flights and hotels to ride-sharing services
  • Skip the lines with up to a $100 statement credit on TSA PreCheck® or Global Entry
  • $0 intro annual fee for the first year; $95 after that
  • Free employee cards which also earn unlimited 2X miles from their purchases
Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
N/A
N/A
26.24% (Variable)
$0 intro for first year; $95 after that
Excellent, Good

The Capital One Spark Miles for Business is a business credit card that helps you earn unlimited miles for all your business purchases. You’ll earn a standard 2X miles per $1 spent on all purchases and 5X miles for hotels and rental cars booked through Capital One Travel.

The card also offers a competitive welcome bonus and has no annual fee for the first year. It is ideal for businesses that frequently pay for travel because you receive a credit for Global Entry or TSA Precheck.

Cardholders have options to redeem miles for flights, hotels, and vacation packages. Additionally, you can choose to transfer your points to any of Capital One’s 15-plus travel partners. If you need employee cards, you can easily set spending limits for each cardholder.

BEST OVERALL RATING

★★★★★
4.6

OVERALL RATING

  • Earn $750 bonus cash back after you spend $6,000 on purchases in the first 3 months from account opening
  • Earn unlimited 1.5% cash back on every purchase made for your business
  • No Annual Fee
  • Redeem rewards for cash back, gift cards, travel and more through Chase Ultimate Rewards®.
  • Earn rewards faster with employee cards at no additional cost. Set individual spending limits for greater control.
  • Round-the-clock monitoring for unusual credit card purchases
  • With Zero Liability you won't be held responsible for unauthorized charges made with your card or account information.
  • 0% introductory APR for 12 months on purchases
  • Member FDIC
Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
0% Intro APR on Purchases 12 months
N/A 12 months
18.49% - 24.49% Variable
$0
Good/Excellent

The Ink Business Unlimited® Credit Card offers a smaller signup bonus than the Ink Business Preferred® Credit Card, but it also has no annual fee. This card offers a flat cash back rate per dollar on every purchase and doesn’t limit how much cash back you can earn.

You can redeem cash back for gift cards, travel purchases, and travel experiences through the Chase Ultimate Reward portal. Business owners can also take advantage of an introductory APR on purchases for at least the first year.

This card is worth considering if you want to receive benefits similar to the Ink Business Preferred® Credit Card but don’t want to deal with the hassle of keeping track of spending categories.

FAQs: What is the Card’s Credit Limit?

The credit limit for the Ink Business Preferred® Credit Card varies depending on your credit score and income. Typically your credit limit or this card can range from $5,000 to $25,000, but Chase may approve you for an even higher limit and will request more information in that case.

No matter what your credit limit is, it’s important to always keep your credit utilization low so it doesn’t negatively impact your credit score. In other words, you don’t want to max out your credit card each month. It’s best to try to pay off your balance in full each month to avoid paying interest on the balance.

If you make regular on-time payments and use your card wisely, you can request a credit limit increase from Chase.

How Do I Activate My Account?

To activate your card, simply call the number on the back of the card or activate it online through the Chase website. You need to provide some basic information such as your Social Security number and date of birth and also choose a PIN. If you activate your credit card by phone, you can create a PIN during the call.

Activation should only take a few minutes, and you can typically start using your credit card right away. If you fail to activate your card, the account will still remain open. However, it won’t have much of an effect on your credit score and payment history since you can’t make any purchases or payments.

Still, having the card can impact your credit utilization ratio and total credit limit. You will also still be responsible for the annual fee, so it’s best to activate your card as soon as possible and take advantage of the signup bonus and opportunity to earn rewards points.

What Credit Score is Needed to Apply?

To qualify for this Chase card, you typically need to have a good or excellent credit score. According to Equifax, a good credit score ranges from 670 to 739, but the higher your credit score, the better your chances.

This may mean paying off your balance in full each month and keeping your credit utilization ratio low. It’s also important to regularly check your credit report for any errors and dispute them if necessary. Here’s a summary of how each of these factors can help you improve your business credit and other areas to keep in mind.

    • Pay Your Bills on Time: On-time payments are crucial for maintaining a good business credit score. As with personal credit, late payments can have a negative impact on your score. Make sure to pay all your bills, including loans, credit card payments, and utilities, on time to avoid any penalties or damage to your credit score.

    • Monitor Your Credit Report: It’s essential to regularly check your business credit report to ensure all the information is accurate. Mistakes can happen, and incorrect information can negatively impact your score. By monitoring your credit report, you can catch any errors early on and take steps to rectify them.

    • Keep Your Credit Utilization Ratio Low: Your credit utilization ratio is the amount of credit you are using compared to your available credit. It’s recommended to keep this ratio below 30%. Anything higher can negatively impact your score, as it may indicate that your business is relying too heavily on credit and may be at risk of default.

    • Build Relationships with Suppliers and Vendors: Having good relationships with your suppliers and vendors can also help improve your business credit score. By paying them on time and having a positive payment history, you can establish trust and credibility, which may lead to better credit terms in the future.

    • Be Mindful of Your Personal Credit Score. While it’s important to separate your personal and business finances, it’s also essential to note that many lenders still consider your personal credit score when evaluating your business’s creditworthiness. Make sure to maintain a good personal credit score as well by paying your bills on time and keeping your credit utilization ratio low.

In addition to your credit score, Chase also looks at these factors when making a decision. If you have bad credit, or are worried about qualifying for a Chase business credit card, you may want to work on improving certain aspects of your business credit score, or personal credit score, before applying.

What is the 5/24 Rule For Chase?

The 5/24 rule is a policy that Chase has in place that limits the number of credit cards you can open within a 24-month period. Specifically, if a credit card user opened five new credit card accounts within the last 24 months, they would not be approved for the Chase card.

Chase designed this rule to help ensure that people don’t abuse the welcome bonus opportunities that some cards offer. If the 5/24 rule was not in place, consumers could simply open and close several cards each year just to earn the signup bonus.

How Do I Increase My Credit Limit?

As a business owner, having access to a high credit limit can be crucial when it comes to managing your expenses and growing your company. To increase your credit limit, you can call the customer service number on the back of your card to request an increase. Or, follow these steps to do it online.

  1. Log into your online Chase account or use the mobile app.
  2. Navigate to the credit card account you want to request a limit increase for.
  3. Click on the “Things you can do” menu and select “Request a Credit Limit Increase.”
  4. Enter your total annual income and monthly housing payment, if applicable.
  5. Input your desired credit limit amount.
  6. Submit your request and wait for a response from Chase.

Keep in mind that a credit limit increase is not guaranteed. You still need to meet certain criteria for Chase to approve the request.

This Card May Be For You If You …

Entrepreneurs and business owners have plenty of tasks to keep them busy, including financing their operations. Choosing the right business credit card can provide additional flexibility — and even rewards. This card may be your ideal choice if you:

    • Spend a lot of money on travel, advertising, shipping, and other services

    • Want to earn unlimited rewards points on all your business expenses

    • Are looking for employee cards at no cost

Don’t be wary of the annual fee if you plan to use the card in your normal course of business. Its rewards should be more than enough to eclipse that cost. When you use a business credit card, it can give you the financial flexibility you need to scale, increase your purchasing power, and pave the way for even better credit opportunities in the future.

About the Author

Choncé Maddox
Choncé Maddox Finance Expert

Choncé is a Certified Financial Education Instructor (CFEI) and a nationally recognized personal finance and budgeting expert. She's paid off $50,000+ of personal debt and her debt story has been highlighted in Essence Magazine and on "Good Morning America" as part of its 2020 Debt-Free Decade series. Her work has been featured on sites, including Business Insider, LendingTree, Credit Sesame, Barclaycard, and The New York Post. Choncé was named one of the top financial experts to follow on Instagram by Black Enterprise.

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