The Ink Business Preferred® Credit Card is designed for business owners looking to earn rewards on their expenditures. New cardmembers can earn 100,000 bonus points after spending $8,000 on purchases within the first three months of account opening. These points can be redeemed for $1,000 cash back or $1,250 toward travel rewards when redeemed through Chase Travel. The card offers 3X points on the first $150,000 spent in combined purchases on shipping, advertising with social media sites and search engines, internet, cable and phone services, and travel each account anniversary year. All other purchases earn unlimited 1 point per dollar. The card has an annual fee of $95 and an APR ranging from 21.24% to 26.24% variable based on creditworthiness.
Features
100,000 Bonus Points. New cardmembers can earn 100,000 bonus points after spending $8,000 on purchases within the first three months of account opening, which can be redeemed for $1,000 cash back or $1,250 toward travel rewards through Chase Travel.
3X Points on Select Categories. Earn 3 points per $1 on the first $150,000 spent in combined purchases on shipping, advertising purchases with social media sites and search engines, internet, cable and phone services, and travel each account anniversary year.
1X Points on Other Purchases. Earn unlimited 1 point per $1 spent on all other purchases, ensuring all spending contributes to rewards.
Pros and Cons
Pros
Flexible Redemption Options. Points can be redeemed for cash back, gift cards, travel experiences, and more through Chase Ultimate Rewards, with points worth 25% more when redeemed for travel through Chase Travel.
5X Points on Lyft Rides. Earn a total of 5 points per $1 on Lyft rides through March 2025.
Employee Cards. Employee cards are available at no additional cost, allowing you to set individual spending limits and accumulate rewards faster.
Cons
Annual Fee. The card carries an annual fee of $95, which adds to the cost of ownership and may be a consideration for small businesses with limited budgets.
Variable APR. The APR ranges from 21.24% to 26.24% variable based on creditworthiness, which could result in higher interest charges for cardholders who carry a balance.
Spending Threshold for Bonus Points. The requirement to spend $8,000 in the first three months to earn the 100,000 bonus points may be challenging for smaller businesses or those with lower initial spending needs.
How to Apply for an Ink Business Preferred® Credit Card
Online
Explore Credit Card Options. Browse through the available credit card options to find the Ink Business Preferred® Credit Card. Click on the card to access more details.
Review Card Details. Take your time to review the features, benefits, and terms of the Ink Business Preferred® Credit Card to ensure it meets your needs.
Initiate Application. Look for the "Apply Now" button to start the application process. Click on it to proceed.
Fill Out Application Form. Complete the online application form with accurate personal, financial, and contact information as required. Ensure all fields are filled correctly.
Submit Application. After filling out the form, review the information provided to avoid any errors. Once satisfied, submit your application.
Wait for Approval. After submission, the bank will review your application. You may receive an instant decision or have to wait a few days for a response.
Receive Card. If approved, your Ink Business Preferred® Credit Card will be mailed to the address provided during the application process.
Mobile App
Log In or Register. Open the Chase mobile app and log in to your existing online banking account. If you're a new user, you may need to register for mobile banking by providing your account details and creating login credentials.
Navigate to Credit Cards. Once logged in, navigate to the section of the app dedicated to credit cards or banking products. This may be accessible from the main menu or homepage.
Find Ink Business Preferred® Card. Look for the Ink Business Preferred® Credit Card among the available options. Tap on the card to view more details.
Start Application. Locate the option to apply for the Ink Business Preferred® Credit Card within the app. It may be labeled as "Apply Now" or something similar. Tap on it to initiate the application process.
Complete Application Form. Fill out the application form provided in the app with accurate information, including personal, financial, and contact details. Double-check for accuracy before proceeding.
Submit Application. After completing the form, review the information provided to ensure accuracy. Once verified, submit your application through the mobile app.
Wait for Response. The bank will review your application. Depending on their process, you may receive an instant decision or have to wait for a few days to receive a response.
Receive Confirmation. If approved, you'll receive confirmation within the app or via email. Your Ink Business Preferred® Credit Card will be mailed to the address provided during the application process.
In Bank's Office
Research and Preparation. Begin by researching the various credit cards offered by Chase to determine which best suits your needs and preferences. Consider factors such as rewards, interest rates, annual fees, and benefits.
Gather Necessary Documents. Collect all required documents, such as a valid photo ID (e.g., driver's license or passport), Social Security number, proof of income (e.g., pay stubs or tax returns), and any other relevant financial information.
Visit a Chase Branch. Locate the nearest Chase branch by using the Chase website or mobile app. Plan your visit during the branch’s operating hours.
Meet with a Chase Representative. Once at the branch, request to speak with a representative about applying for a credit card. The representative will guide you through the process, answer any questions, and provide you with the necessary forms.
Complete the Application Form. Fill out the application form provided by the representative. Ensure all information is accurate, including personal details, employment information, and financial data.
Submit Your Application. After completing the form, submit it to the representative along with your supporting documents. The representative will review your application for completeness and accuracy.
Wait for Approval. The representative will submit your application for processing. Approval times can vary; in some cases, you may receive an instant decision, while others may require further review. You will be notified of the decision by mail or email.
Receive Your Card. If approved, your new credit card will be mailed to you. Upon receiving your card, follow the instructions to activate it and begin using it to earn rewards and manage your finances effectively.
Infographic
Eligibility Requirements
Good to Excellent Credit Score. Applicants need a credit score of 670 or higher.
Business Ownership. The card is intended for business owners, requiring proof of business ownership or partnership.
Age Requirement. Applicants must be at least 18 years old (19 in Alabama and Nebraska).
U.S. Residency. Applicants must have a valid permanent home address within the 50 United States or the District of Columbia.
Income Proof. Proof of income is required to assess the ability to manage credit responsibly.
Business Information. Applicants must provide details about the business, including financial information and the nature of the business.
Authorized to Bind the Business. The applicant must be an owner, officer, or partner with the authority to bind the business to the credit card agreement.
Personal and Business Liability. Applicants must understand they will be personally responsible, both individually and jointly with the business, for all balances incurred on the card.
No Recent Chase Card. Applicants who currently have or have had a Chase credit card in the same rewards program may not be eligible for another card in that program.
USA PATRIOT Act Compliance. Applicants must provide identifying information, such as Social Security number and date of birth, to comply with federal regulations.
Reasons You May Be Denied a Card
Insufficient Credit History. If you have a limited credit history or no credit history at all, the issuer may be unable to assess your creditworthiness, which could result in a denial of your credit card application.
Low Credit Score. A low credit score, often indicative of past financial difficulties or missed payments, may lead to a denial of your credit card application. Credit scores below a certain threshold may be considered risky by the issuer.
High Debt-to-Income Ratio. If you have a high debt-to-income ratio, meaning you have significant outstanding debt relative to your income, the issuer may view you as a higher credit risk and deny your application.
Recent Bankruptcy. If you have filed for bankruptcy recently, you may be denied a credit card as it indicates financial instability and an increased risk for the issuer.
Delinquent Accounts. If you have a history of late payments, defaults, or delinquent accounts on your credit report, it may signal to the issuer that you are not financially responsible and may lead to a denial of your application.
Multiple Recent Credit Applications. Applying for multiple credit cards or loans within a short period, especially if accompanied by rejections, may raise concerns for the issuer about your financial stability and lead to a denial.
How to Pay Off Credit Card Debt
Access Your Account. Sign in to your Chase online banking account or mobile app to access your credit card information.
Review Your Balance. Take a moment to examine your outstanding balance, including any accumulated interest or fees.
Choose a Payment Method. Determine how you wish to proceed with your payment. Chase provides several convenient options, such as online banking, mobile banking, in-person at a financial center or ATM, by phone, or through the mail.
Online Payment. If you opt for online payment, log in to your account, proceed to the bill pay section, and follow the prompts to initiate a payment. You can select to pay the minimum amount due, the full balance, or a customized amount.
Mobile Payment. Alternatively, you can utilize the Chase mobile banking app to complete a payment. Choose your Ink Business Preferred® credit card account and follow the prompts to finalize the payment process.
In-Person Payment. For those preferring in-person transactions, visit a Chase financial center or ATM. You can make a payment using cash, a check, or your debit card at the ATM, or seek assistance from a representative at the financial center.
Phone Payment. To make a payment over the phone, dial the Chase customer service number and follow the automated instructions to navigate to the payment section. From there, you can complete the payment using your checking account or debit card.
Mail Payment. Lastly, if mailing your payment suits your preference, utilize the payment address provided on your billing statement. Ensure to include your Ink Business Preferred® credit card account number on the check or money order and allow adequate time for delivery.
Confirm Payment. Following your payment submission, verify that it has been successfully processed. You can check your account balance online or via the mobile app to confirm the payment's application to your Ink Business Preferred® credit card debt.
Editorial Opinion
In evaluating the Ink Business Preferred® Credit Card, its appeal lies in the substantial rewards potential for businesses with significant spending in the specified categories. The 100,000 bonus points offer provides a strong incentive for new cardmembers, and the ability to earn 3X points in various business-related categories enhances its value proposition. The annual fee of $95 is typical for business rewards cards, and the APR range reflects industry standards. Businesses seeking to maximize rewards for common business expenses may find this card beneficial.
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