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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 credit 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.
Learn more: Ink Business Preferred℠ Credit Card
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 credit 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. If you purchase a lot of airfare, bonus points for airplane tickets are a must.
American Express Business Platinum vs Chase Ink Business Preferred
Let’s compare two popular premium business credit 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 their 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.
The Business Platinum Card from American Express Overview
The Business Platinum® Card from American Express was one of the original premium credit 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.
If you’re a big spender that wants travel rewards, you will like The Business Platinum® Card from American Express. New cardholders have the opportunity to earn 100,000 Membership Rewards as part of the welcome offer.
To earn the 100k, you’ll first have to spend $10,000 on qualifying purchases within the first 3 months of card membership, which will earn you 50,000 points. Then, spend an extra $15,000 on qualifying purchases during the same 3 months to earn the additional 50,000 points.
The welcome bonus is only the beginning of the benefits from the American Express Business Platinum. You’ll earn 5x points when you book flights and prepaid hotels through the AmexTravel.com portal. You’ll also receive 50% more points every time you make any purchase of $5,000 or more.
If you have personal credit cards from American Express that also earn Membership Rewards points, the points earned from the Business Platinum card will automatically combine with your other points into one central bucket. You can maximize the value of the points you earn.
Travel Related Perks
Travelers love the airport lounge access that comes with the Business Platinum card. Not only will you receive a Priority Pass Select membership that provides entry to over 1200 airport lounges, you’ll also receive exclusive access to the American Express Centurion Lounges.
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.
The primary cardholder will also receive a $200 travel credit each year that can be used towards baggage fees, upgrades, and other fees while flying. Couple that with the $100 Global Entry or TSA PreCheck reimbursement and automatic Hilton Honors Gold & Marriott Bonvoy Gold status. The $450 annual fee (See Rates & Fees) seems to pale in comparison to all of the benefits you receive with the American Express Business Platinum Card from American Express.
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, Sapphire Preferred, or Freedom cards.
The current welcome bonus is 80,000 Ultimate Rewards points after spending $5,000 in the first 3 months. With points worth 1.25 cents each when redeemed for travel, that’s $1,000 in airfare, hotel rooms, or excursions that you can book.
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 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.
How They Are Similar
Both credit 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 credit card. You can use them while traveling or when conducting international business.
You can combine the points you earn from each business credit 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 annual fee is $450 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 Chase Ink Business Preferred 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 American Express Business Platinum card. There is no charge for additional employees with the Chase Ink Business Preferred.
Comparing the Business Platinum from American Express to the Chase Ink Business Preferred
|Employee cards||$175 each||$0|
|Bonus categories||5x on flights and hotels booked through AmexTravel.com; 1.5 points on $5,000+ purchases||3x on travel, shipping, cable, phone, online advertising|
|Foreign transaction fee||None||None|
|Cell phone protection||None||3 claims/yr; max of $600 each; $100 deductible|
|Rental car insurance||Secondary||Primary|
|Airline credit||$200 annually||None|
|Lounge access||Centurion, Priority Pass, Delta Sky Club, AirSpace, Escape||None|
|Global Entry / TSA PreCheck||$100 once every 5 years;|
all cards eligible
|Hotel status||Hilton and SPG Gold||None|
|WiFi Access||Complimentary Boingo WiFi||None|
Which premium business card is right for your business?
If travel and lounge access is ideal, the Business Platinum 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 categories you spend on every day. The points are extremely flexible when redeeming 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.
Learn more: Ink Business Preferred℠ Credit Card
For rates and fees of The Business Platinum® Card from American Express, please click here.
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Editorial Note: The editorial content on this page is not provided by any bank, credit card issuer, airlines or hotel chain, and has not been reviewed, approved or otherwise endorsed by any of these entities.