JPMorgan Chase is one of the largest banks in the world and the largest bank in the U.S. Those looking to open a credit card with Chase can select from almost 30 different credit cards, each with its own perks and uses. Business owners who spend a lot of time traveling, however, might want to consider the Chase Ink Business Preferred credit card.
Keep reading to see if this Chase credit card will benefit your business.
Chase Ink Business Preferred Review
The Chase Ink Business Preferred credit card is a card intended for small businesses, but any individual over the age of 18 can apply for the card. This Chase card allows shoppers to rack up points, which can be redeemed through Chase Ultimate Rewards.
Earn Chase Ultimate Rewards Points
As a Chase Ink Business Preferred cardholder, you’ll earn Chase Ultimate Rewards points whenever you buy something, excluding returns, refunds and certain gambling transactions. Basically, you’ll earn one point every time you spend $1. You can, however, earn three points for every $1 spent if you spend at least $150,000 every account anniversary year in specific “reward categories.” Categories include:
- Internet, cable or phone services
Once your combined purchases total $150,000 or more, you go back to accumulating one point per dollar.
New cardholders can earn up to 80,000 bonus points provided they purchase $5,000 or more worth of stuff within their first three months of opening a Chase Ink Business Preferred account. Once you make the qualifying purchases, you’ll have to wait six to eight weeks for the bonus to reflect in your account.
Shoppers can also earn additional bonus points by shopping at more than 200 select stores with their Business Preferred card.
Redeem Chase Ultimate Rewards
After packing on points from your purchases, you have the option to redeem them for a variety of goods and services, including airfare, cruises and vacation packages through the Chase Ultimate Rewards program. Points gain 25 percent more value when you use them toward airfare, hotels, car rentals and cruises.
Alternately, you could just save those points for the Business Preferred card one-to-one point transfer, which allows you to transfer points to other Chase partner travel and hotel programs, such as Southwest Airlines Rapid Rewards, United MileagePlus and Marriott Rewards.
The card comes with further benefits for those with professional and personal wanderlust through its coverage options. Trip cancellations could be covered by as much as $5,000 for certain non-refundable travel expenses. Its cellphone protection, meanwhile, can reimburse you and your employees for as much as $600 per claim against theft or damage, with a maximum of three claims in a 12-month period and a $100 deductible for each claim. You can even use the card to cover your new purchase of up to $10,000 for 120 days.
Chase Ink Business Preferred APR and Fees
The Chase Ink Business Preferred card comes with a variable APR, depending on your creditworthiness. APRs range from 17.74 to 22.74 percent. Chase charges a heftier default 29.99% APR should you miss a payment. But the bank will not charge you interest on purchases if you pay off the entire balance by the due date.
Business Preferred accounts require an annual membership fee of $95. Transaction fees comprise of a balance transfer of the greater of $5 or 5 percent of the amount of each transfer and a cash advance fee of the greater of $15 or 5 percent.
Late payments incur an additional charge of $15 if the balance is less than $100, $29 if the balance is over $100 and $39 on balances exceeding $250. Returned payments also carry a fee of $39.
Chase Ink Business Preferred Perks and Terms
The Chase Ink Business Preferred credit card, like with any credit card, comes with a variety of perks and terms.
Here are some of the main perks of the Chase Ink Business Preferred card:
- Opportunity to earn 80,000 points that can be redeemed for rewards
- Subsequent opportunities to earn more points on account anniversaries
- 1:1 point transfer feature aids in travel plans
- Control of employee access
- No foreign transaction fees
Prospective cardholders should be aware of these terms before applying for a Chase Ink Business Preferred card:
- Annual membership fee of $95
- Late payment fees increase by account balance
- Limited flexibility when trying to accumulate and use points
- Purchase stipulations might be beyond individual budgets
Is the Chase Ink Business Preferred Credit Card Right for You?
The Chase Ink Business Preferred card comes with a robust point system that yields numerous travel rewards. Professionals who travel often or are looking to expand their network might want to consider this card, because it allows them to accumulate points that can be used toward business trips. Businesses that send employees overseas or on long distances should also take a look at the perks that come with a Business Preferred account, especially because there are no foreign transaction fees. The card can’t include itself among Chase’s other cash-back credit cards, which reimburse you as you buy, but you can redeem the points you earn for cash.
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