Choosing the best business credit card can make a difference in the long-term success of your venture. After all, with the right choice of a business card, you can earn extra points or cash back on certain purchases, redeem rewards for travel, and enjoy other business-specific perks that can save you money.
Two of the best business cards for small businesses include the Chase Ink Business Preferred Credit Card and the Business Platinum Card from American Express. However, choosing which of these cards is the right one for you depends on your needs. Here’s everything you need to know to make an educated choice between the Chase Ink Preferred vs. Amex Platinum Business.
Chase Ink Preferred vs. Amex Platinum Business
Both of these credit cards come with different types of benefits and perks, though you might find that both focus heavily on travel. However, there are some big differences in some of the terms, as well as what types of things you might be able to redeem your rewards for.
|Welcome bonus||Earn 100,000 points after spending $15,000 in the first 3 months||Earn 75,000 Membership Rewards points after you spend $15,000 on purchases within the first 3 months|
|Earning rate||5X points on Lyft rides; 3X points on the first $150,000 spent each year on travel, shipping, internet, cable, or phone services, and advertising purchases with social media and search engines; and 1X points per $1 on everything else||5X points on flights and prepaid hotels on Amextravel.com, 1.5X points on eligible purchases of $5,000 or more, and 1X points per $1 spent on other purchases|
|Redemption methods||Chase Ultimate Rewards points can be redeemed for statement credits, travel, gift cards, and purchases through the Ultimate Rewards portal.
There is also a 25% redemption bonus on travel booked through the Chase travel portal
Rewards can also be transferred at a 1:1 ratio to a variety of airline and hotel programs.
|Amex Membership Rewards points can be redeemed for statement credits, travel, gift cards, and purchases through the American Express portal.
There is a 35% point rebate on flights when using Pay with Points.
Rewards can also be transferred at a 1:1 ratio to a variety of airline and hotel programs.
|Foreign transaction fee||None||None|
|Additional users||Additional cards at no extra cost||$300 for each Business Platinum, $200 for each Executive Business, $45 for each Business Gold|
|Credit needed||Excellent, Good||Excellent, Good|
Where both the Ink Preferred and Amex Platinum Business excel
Both of these cards place a large emphasis on travel perks and rewards. Both cards offer accelerated earnings on travel purchases, as well as bonuses on travel redemptions made through their portals. On top of that, both cards have points systems that offer 1:1 transfers with their networks of partner loyalty programs. They also both offer return protection, as well as insurance, such as trip interruption coverage and auto rental collision waivers.
5 important differences: Ink Preferred vs. Amex Platinum Business
There are some big differences between these two business credit cards. First, there is a difference in the annual fee. The Amex Platinum costs hundreds more per year. However, depending on your business spending and preferences, that annual fee might be worth it.
Here’s what you need to know about the big differences between these two cards, and which comes out on top between the Chase Ink Preferred vs. Amex Platinum Business.
Best for annual fee: Chase Ink Preferred
The biggest difference is that the Chase Ink Preferred has an annual fee of $95. The Amex Platinum Business charges $595.
It’s relatively easy to offset the annual fee with the Chase Ink Preferred by earning rewards on your regular spending and redeeming them for business travel. With the Amex Platinum Business, you need to make bigger expenditures and travel much more to make the card worth the fee.
Additionally, there are specific perks and credits (such as the Dell credit and the Amex airline fee credit) that you need to use in order to make the most of the Amex Platinum Business.
Best for rewards earning potential: Amex Platinum Business
If you travel a lot for business, this is where the Amex Platinum Business begins to shine. You earn 5X Membership Rewards points on flights and prepaid hotels on Amextravel.com. Additionally, when you make a large purchase of at least $5,000, you’ll get 50% more points on your spending. Finally, you get 35% of your points back when you use Membership Rewards Pay with Points to book your flights through Amex Travel.
However, although Amex Platinum Business offers a higher earning potential, the Chase Ink Preferred offers more diverse opportunities to earn, with 5X points on Lyft rides; 3X points on the first $150,000 spent each year on travel, shipping, internet, cable, or phone services, and advertising purchases with social media and search engines; and 1X points per $1 on everything else.
Best for welcome bonus: Chase Ink Preferred
The welcome bonus for each card is as follows:
- Chase Ink Preferred: Earn 100,000 points after spending $15,000 in the first 3 months.
- Amex Platinum Business: Earn 75,000 Membership Rewards points after you spend $15,000 on purchases within the first 3 months.
When you break down the math, not only is the Amex bonus harder to get, but it’s also less valuable. When redeemed for travel through the Chase Ultimate Rewards portal, the 100,000-point welcome bonus is worth $1,250. The Amex Platinum Business bonus is worth only about $750, even when you factor in the bonus you earn back when booking flights.
Best for redemption opportunities: Chase Ink Preferred
This area is a little harder to differentiate as there are plenty of opportunities for flexible redemption whether you use the Chase Ink Preferred or the Amex Platinum Business.
However, Chase edges out a bit with its wider access to enhanced travel rewards. With the Chase Ink Business Preferred, your rewards are worth 25% more for all types of travel booked through the Chase portal. The Amex Membership Rewards offers a bonus only on flight purchases.
Additionally, even without the travel bonus, Chase Ultimate Rewards are generally valued at right around 1 cent. Amex Membership points are worth closer to .007 cents (less than 1 cent) without the flight bonus.
When it comes to which brands you can travel with, Chase and American Express have many of the same travel partners. Both offer a ratio of 1:1 loyalty point transfers from the Chase or Amex programs to their airline and hotel partners. If you are looking for your rewards to work with a specific airline or hotel, check over the list of Amex transfer partners and the list of Chase transfer partners before you commit to one of these cards, as there are some differences.
Best for travel perks and credits: Amex Platinum Business
If you’re looking for travel perks, the Amex Platinum Business wins out. Unlike the Chase Ink Preferred, the Amex card offers a statement credit for your TSA PreCheck or Global Entry fee, includes a $200 statement credit for airline fees, and offers lounge access. Plus, the Amex Platinum Business comes with Gold status for both the Hilton Honors and Marriott Bonvoy programs.
The Chase Ink Preferred has plenty of benefits, but it comes with none of these additional travel perks and credits. If you’re a frequent traveler, and you use your Amex card to book that travel for the enhanced earning, the Amex Platinum Business card can be well worth the fee.
Which card should you choose?
When choosing between the Chase Ink Preferred vs. Amex Platinum Business, it’s important to pay attention to where you’re at with your business and what your specific needs are — especially considering the huge disparity in the annual fees.
For example, if you travel frequently, and you know you’re going to make big purchases with your card, the benefits of the Amex Platinum Business make sense. You know you’ll get 50% more points on purchases of at least $5,000. If you travel often, you can benefit from status with the Marriott and Hilton programs, as well as get value from the airline and security credits.
On the other hand, if you have low to moderate spending needs, and you know that most of your spending will be aimed at online advertising and services, the Chase Ink Preferred makes more sense. It has a much lower annual fee, and it offers rewards on regular business purchases. Plus, the cell phone protection coverage is a nice perk with the Chase Ink Preferred that few credit cards offer anymore.
FAQs about Chase Ink Preferred and Amex Platinum Business
Can I have more than one business credit card?
Yes, it’s possible for you to have more than one business card. However, it’s a good idea to make sure you follow best practices and use your business cards only for business expenses.
How many Chase business cards can I have?
There’s no hard limit on how many Chase business cards you can have, but you might have a hard time getting approved if you’ve applied for a Chase business card in the past 30 days. Plus, you also have to consider the Chase 5/24 rule, which is an unofficial rule reflecting Chase’s policy of not approving anyone who has opened five new credit card accounts in the previous 24 months.
Do business cards count toward the 5/24 rule?
The Chase 5/24 rule is an unofficial rule indicating that if you’ve already opened five cards in the past 24 months, you’ll likely be denied when applying for a Chase card. Although a Chase business card might not count toward the 5/24 rule when you’re applying for a personal card, your personal cards can impact whether you get a business card. Put more simply, if you’ve applied for five cards in the last two years, you have an increased likelihood of not being approved for a Chase business card.
Does an American Express business card report to my personal credit?
Whether your business card reports to personal credit bureaus depends on the issuer. In the case of American Express, your business card is usually reported only if your account isn’t in good standing. If you’re doing things right, your Amex Platinum Business is unlikely to show up on your personal credit report. However, if you start missing payments and your account is no longer in good standing, Amex could start reporting to your personal credit history.
There are plenty of small business credit cards out there, and they all have different perks and rewards. Carefully consider your needs when weighing your options between the Chase Ink Preferred vs. Amex Platinum Business to see what makes the most sense for you. Consider which of these two great cards is likely to give you the best value based on your business spending habits and needs.