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Business cardholders who are looking for premium benefits have a relatively limited selection to choose from. But just because there are only a handful of choices, it doesn’t mean that there aren’t quality cards available. Two of the most popular premium small business credit cards are The Business Platinum Card® from American Express vs Ink Business Preferred® Credit Card.
Let’s discuss the pros and cons of each and share which card is right for your business. But before we begin, here are the bonuses currently available.
Ink Business Preferred® Credit Card: New Ink Business Preferred® Credit Card cardholders can earn 100k bonus points after spending $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℠.
The Business Platinum Card® from American Express: Earn 120,000 Membership Rewards® points after you spend $15,000 on eligible purchases with your Card within the first 3 months of Card Membership.
Terms apply to American Express benefits and offers. Enrollment may be required for select American Express benefits and offers. Visit americanexpress.com to learn more.
Know Your Spending To Maximize Rewards
Before you pick a business credit card, you want to know which categories of merchants you spend the most. Every rewards credit card provides bonus points and additional benefits for different categories of businesses.
Companies that buy a lot of meals for employees or clients will want a rewards card that provides points for dining and entertainment.
If you’re a transportation company spending a lot on gas, ideally, you’d select a credit card that offers bonus points on fuel purchases, like these best credit cards for gas.
If you purchase a lot of airfare, bonus points for airplane tickets are a must. Here are the best miles credit cards.
American Express Business Platinum vs Ink Business Preferred
Let’s compare two popular premium business cards available – The American Express Business Platinum vs Chase Ink Business Preferred Credit Card.
Keep in mind that both American Express and Chase have implemented rules to limit new credit cards to people who they consider are gaming the system. American Express limits the welcome bonus to “once per lifetime”. This means that you cannot receive a welcome bonus on a specific card if you’ve received a welcome bonus on that card previously.
Chase has its infamous “5/24 Rule,” where you will not be approved for some of their top credit cards if you’ve opened more than five new credit cards in the last 24 months.
Also, note that both cards come with some of the best credit card offers.
Chase Ink Business Preferred Overview
The Chase Ink Business Preferred® Credit Card is one of the latest iterations of the Chase Ink family of credit cards. The Chase Ink Business Preferred credit card earns valuable Chase Ultimate Rewards points. Plus, you can manually choose to combine them with points earned from the Chase Sapphire Reserve®, Chase Sapphire Preferred®, Chase Freedom Flex℠, or Chase Freedom Unlimited®, all some of the best Chase credit cards.
New Ink Business Preferred® Credit Card cardholders can earn 100k bonus points after spending $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℠.
With the Ink Business Preferred® Credit Card, you’ll earn 3x points on the first $150,000 you spend each year on travel, shipping purchases, internet, cable, phone services, and internet advertising. All other purchase categories will earn 1 point per $1 spent on the card.
One of the overlooked benefits of the Chase Ink Business Preferred Credit Card is the cell phone protection you can use 3 times within a 12-month period. As long as you pay your phone bill with your credit card, you can get up to $600 per claim against covered theft or damage for you and your employees. Keep in mind that a $100 deductible per claim will apply.
If you or your employees travel frequently, this card is ideal to pay for rental cars. You will earn 3x points for travel expenses and have primary rental car insurance for most cars in the U.S.A. and abroad.
Cardholders can redeem points for cash back, gift cards, travel, and more (points are worth 25% more when redeemed for travel through Chase Travel℠). Points don’t expire as long as the account is open. Additionally, cardholders get fraud protection and zero liability. Purchase protection covers new purchases for 120 days against damage or theft, up to $10,000 per claim and $50,000 per account.
The Business Platinum Card from American Express Overview
The Business Platinum Card from American Express was one of the original premium cards. Although the competition has heated up, American Express has continued to evolve. They offer intriguing benefits that keep cardholders coming back year after year.
New The Business Platinum Card® from American Express cardholders have the opportunity to earn 120,000 Membership Rewards® points after you spend $15,000 on eligible purchases with your Card within the first 3 months of Card Membership.
The welcome bonus is only the beginning of the benefits of the American Express Business Platinum. You’ll earn 5x Membership Rewards® points when you book flights and prepaid hotels through the AmexTravel.com portal. Earn 1x points for each dollar spent on eligible purchases.
Cardholders earn 1.5x points (that’s an extra half point per dollar) on eligible purchases at US construction material, hardware suppliers, electronic goods retailers, and software & cloud system providers, and shipping providers, as well as on purchases of $5,000 or more everywhere else, on up to $2 million of these purchases per calendar year.
If you have personal cards from American Express that also earn Membership Rewards points, the points earned from The Business Platinum Card from American Express will automatically combine with your other points into one central bucket. You can maximize the value of the points you earn.
Cardholders can also take advantage of the Pay Over Time Option, a flexible payment option to help manage cash for purchases of $100 or more. Terms and conditions apply.
Additionally, unlock over $1,000 in annual statement credits on a curation of business purchases, including select purchases made with Dell Technologies, Indeed, Adobe, and U.S. wireless service providers.
Travel Related Perks
Travelers love the airport lounge access that comes with the Business Platinum card. You’ll also receive exclusive access to the American Express Centurion Lounges. Enrollment may be required.
And when you redeem Membership Rewards for Business or First Class airfare or Economy on your selected airlines, you’ll receive a 35% rebate on the points used.
Couple that with the $100 Global Entry or TSA PreCheck reimbursement and automatic Hilton Honors Gold & Marriott Bonvoy Gold status.
Plus, get up to $200 in statement credits per calendar year for incidental fees charged by your one selected, qualifying airline to your Card.
Cardholders can get up to $189 in statement credits per calendar year on your CLEAR® Plus Membership (subject to auto-renewal) when they use their Business Platinum Card®.
With complimentary access to more than 1,400 airport lounges across 140 countries and counting, with The American Express Global Lounge Collection®. You have more airport lounge options than any other credit card issuer on the market as of 03/2023. Enrollment is required for some lounges.
How They Are Similar
Both cards earn “flexible” bank points, which can be redeemed for travel and gift cards. Or you can transfer the points to one of many hotel or airline travel partners’ points and miles loyalty programs.
There are no foreign transaction fees on either card. You can use them while traveling or when conducting international business.
You can combine the points you earn from each business card with the points you earn from your personal accounts. That way, you can earn your travel redemption that much quicker.
What Sets Them Apart
At first glance, the biggest difference is the annual fee. The Business Platinum Card® from American Express annual fee is $695 (See Rates & Fees) compared to $95 for the Ink Business Preferred. Unlike some cards that waive the fee for the first year, both of these cards will charge you an annual fee on your first statement.
The Ink Business Preferred® Credit Card offers travel perks and benefits that will make it attractive to businesses from any industry. Travelers will favor the Business Platinum Card for the lounge access, Fine Hotels & Resorts perks, and complimentary Boingo Wireless wi-fi access.
The Amex Business Platinum only provides bonus points when you book airfare through their travel portal. The Chase Ink card offers 3x points when you spend in 4 categories common for business expenses. These include travel, shipping, communications, and advertising.
If you make a lot of big-ticket purchases and redeem your points for airfare, you can earn about 2 points per $1 spent with the Amex Business Platinum.
Additional cards for employees are $175 each with The Business Platinum Card® from American Express. There is no charge for additional employees with the Chase Ink Business Preferred.
Comparing the American Express Business Platinum to Ink Business Preferred Credit Card
|The Business Platinum Card® from American Express
|Ink Business Preferred® Credit Card
$695 (See Rates & Fees)
|Welcome bonus offer
|$15,000 in the first 3 months
|$8,000 in the first 3 months
|5x on flights and prepaid hotels booked through AmexTravel.com; 1.5x Membership Rewards® points on eligible purchases in key business categories, as well as on purchases of $5,000 or more everywhere else. Cap applies.
|3x on travel, shipping, cable, phone, and online advertising
|Foreign transaction fee
|Rental car insurance
|$200 annually (in the form of statement credits—enrollment required)
|Centurion, Priority Pass, Delta Sky Club, AirSpace, Escape (enrollment may be required)
|Global Entry / TSA PreCheck
|$100 once every 5 years;
all cards eligible
|Hilton and Marriott Bonvoy Gold
|Complimentary Boingo WiFi
Which premium business card is right for your business?
If travel and lounge access are ideal, The Business Platinum Card® from American Express could be a good fit.
However, for most businesses, the Chase Ink Business Preferred® Credit Card is the card of choice. It offers a great opportunity to earn bonus points on the categories you spend on every day. The points are extremely flexible when redeemed for travel, cash, or when transferring to a hotel or airline partner. The annual fee is significantly less than the Business Platinum Card. Plus, you can add as many employees as needed at no additional cost.
However, only you know which card is right for your business needs.
- Is the Amex Platinum Card Worth the Annual Fee?
- Chase Sapphire Preferred and Ink Business Preferred: Can You Have Both?
- 6 Travel Credit Cards With Good Signup Bonuses
For rates and fees of The Business Platinum Card® from American Express, please click here.