Article Updated by Elisa Ortiz on October 9th, 2018
[DISCLOSURE: Cards from our partners are mentioned below.]
Are you starting a business? Or maybe your business is booming and you need a new line of credit. If you’re looking for a credit card that will give you more spending power and let you earn great rewards, look no further. Business credit card users have their own set of needs. They need tools to track and file spending, to issue and keep tabs on employee cards, and the ability to earn rewards for common purchases like cell phone service and office supplies. Chase offers dedicated business credit cards, Ink Business Cash and Ink Business Preferred for different types of cardholders. In this article, we’ll look at their pros and cons, and see which card makes sense for your business.
Chase Ink Business Cash
Ink Business Cash℠ Credit Card
- Earn $500 bonus cash back after you spend $3,000 on purchases in the first 3 months from account opening
- Earn 5% cash back on the first $25,000 spent in combined purchases at office supply stores and on internet, cable and phone services each account anniversary year
- Earn 2% cash back on the first $25,000 spent in combined purchases at gas stations and restaurants each account anniversary year
- Earn 1% cash back on all other card purchases with no limit to the amount you can earn
- 0% introductory APR for 12 months on purchases and balance transfers
- Employee cards at no additional cost
- No Annual Fee
Card Details +
The Rewards: With the Ink Business Cash Credit Card, you earn a whopping 5% cash back on up to $25,000 a year on purchases at office supply stores as well as on internet, cable, and phone services. Need to go on a road trip or wine and dine a client? You earn 2% cash back at gas stations and restaurants (up to $25,000 spent on combined purchases). All other purchases earn 1% cash back on all other purchases and there is no limit on how much you can earn. You can redeem earnings for cash back, gift cards, and other rewards through Chase Ultimate Rewards, Chase’s rewards platform. There is also a sign-up bonus – earn $500 bonus cash after spending $3,000 in purchases in the first three months of the account opening.
Fees: No annual fee, 3% foreign transaction fee, no additional fees for employee cards
Chase Ink Business Preferred
Ink Business Preferred℠ Credit Card
- Earn 80,000 bonus points after you spend $5,000 on purchases in the first 3 months from account opening. That's $1,000 toward travel when you redeem through Chase Ultimate Rewards®
- 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 - with no limit to the amount you can earn
- Points are worth 25% more when you redeem for travel through Chase Ultimate Rewards
- Redeem points for travel, cash back, gift cards and more - your points don't expire as long as your account is open
- No foreign transaction fees
- Employee cards at no additional cost
- $95 Annual Fee
Card Details +
The Rewards: Cardholders earn three points per dollar spent on the first $150,000 spent in combined purchases for the year in the following categories: travel, shipping, internet, cable and phone, and advertising with social media sites and search engines. All other purchases earn one point per dollar with no limits on earnings. Points can be redeemed for travel, cash back, and gift cards. When cardholders redeem through Chase Ultimate Rewards, points are worth 25% more. For example, if you redeem your 80,000 bonus points through Chase Ultimate Rewards, these points are worth $1,000. In order to earn the bonus points, cardholders must spend $5,000 on purchases in the first three months of the account opening.
Fees: $95 annual fee, no foreign transaction fee, no additional fees for employee cards.
These two credit cards come with great benefits including zero liability protection, fraud protection, purchase protection, travel and emergency assistance services, auto rental collision damage waiver, and extended warranty protection. One feature that is unique to the Ink Business Preferred Credit Card is cell phone protection. This card offers up to $600 per claim in cell phone protection against covered theft or damage for cardholders and employees listed on a monthly cell phone bill paid by the Ink Business Preferred Credit Card.
Which Card Is Right for Your Small Business?
When looking for a business credit card, it’s important to consider whether it will meet your business’ needs. Are the rewards you’ll earn from spending — which you may do often — enough to offset the annual fee? If so, will you make your payments on time to avoid interest charges?
Chase Ink Business Cash is ideal for business users with modest spending needs and a preference for cash back over travel rewards. Chase Ink Business Preferred favors travelers by offering trip cancellation/trip interruption insurance and no foreign transaction fees (unlike Ink Business Cash). Of course, a drawback to the Ink Plus card is the $95 annual fee.
In the end, the typical Ink Business Cash cardholder is more likely to be a small business owner who doesn’t travel that often. An Ink Business Preferred user is more of a business traveler who will value the lack of foreign transaction fees and ability to earn travel rewards.
Before You Apply
Both credit cards require excellent credit in order to qualify, which is generally considered a mid-700s FICO score and above. This is why it’s a good idea to check your credit before you apply. By knowing where you stand, you can focus your search on credit cards for which you’re more likely to be approved. You can view two of your credit scores on Credit.com. Checking your scores will not harm them in any way.
Keep in mind, business credit cards may be exempt from many of the consumer protections that regular credit cards have under the CARD Act. We advise reading the fine print and knowing your obligations as a primary account holder. It’s a good idea to make your payments on time and monitor your financial accounts regularly to be sure the account information is being reported accurately.
At publishing time, the Chase Ink Business Cash, Chase Ink Business Preferred, and Chase Ink Unlimited credit cards are offered through Credit.com product pages, and Credit.com is compensated if our users apply and ultimately sign up for these cards. However, these relationships do not result in any preferential editorial treatment. This content is not provided by the card issuers. Any opinions expressed are those of Credit.com alone, and have not been reviewed, approved or otherwise endorsed by the issuers.
Note: It’s important to remember that interest rates, fees and terms for credit cards, loans and other financial products frequently change. As a result, rates, fees and terms for credit cards, loans and other financial products cited in these articles may have changed since the date of publication. Please be sure to verify current rates, fees and terms with credit card issuers, banks or other financial institutions directly. This content is not provided by the card issuer(s). Any opinions expressed are those of Credit.com alone, and have not been reviewed, approved or otherwise endorsed by the issuer(s).
This article has been updated. It was originally published on September 3, 2015.