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If you’re looking for a top business credit card, you will want to find one that offers you rewards for items you frequently purchase. You also want to ensure that you get the most out of the points you can redeem. Both the Chase Ink Business Preferred® Credit Card and the American Express® Business Gold Card have plenty to offer. Read on to learn about each one and how they can benefit your business needs.
Chase Ink Business Preferred vs Business Gold Card from American Express
These two cards are very similar to one another in many ways, each making an excellent choice for a company card. However, there are some notable differences between them, meaning that one card is likely a better choice for you.
Let’s take a look at both the Chase Ink Business Preferred Credit Card and Business Gold Card from American Express and see how they compare.
Your business probably spends a fair amount of money each year. Between office supplies, phone and internet services, and even marketing and advertising, some serious reoccurring fees can be charged to your credit card.
That’s why comparing the rewards-earning potential for these two cards is priority number one. Ensuring that the card you use is the one that will earn you the most back is key. When you’re a small business owner, every penny counts.
|Ink Business Preferred® Credit Card||American Express® Business Gold Card|
|Points||Earn 3x points on your first $150,000 in combined purchases from the following four categories:||Earn 4x points on your first $150,000 in combined purchases from the 2 select categories where your business spent the most each month:|
|1x Points||Everything else||Everything Else|
What Does It Mean?
The Chase Ink Business Preferred® Credit Card takes a very simple approach. You’ll earn 3x points back on your first $150,000 in combined purchases between travel, shipping expenses, internet/cable/phone services, and advertising through social media sites or search engines. Everything else you buy? You’ll earn 1 point per dollar.
The American Express® Business Gold Card is a bit more versatile – but also more confusing. The card offers six total categories: airfare, shipping purchases, gas stations, computer hardware/software/cloud services, US restaurants, and advertising through online/tv/radio. Of those, you can choose two to be your big earners.
In those two choice categories, you’ll earn 4x points on the first $150,000 spent. Once you surpass that limit, you’ll earn 1 point per dollar. In each of the remaining four categories, you’ll earn 1x point. And if you buy something not in one of those six categories? You’ll still earn 1 point per dollar.
Both issuers allow you to transfer your points to a number of valuable partners for redemption, too. With Chase, points transfers are at a rate of 1:1. Plus, they offer 13 transfer partner options (like United Airlines and Hyatt).
With American Express points, you also have many partner options through the Membership Rewards program. You’ll find that your points are worth more or less depending on the partner chosen. However, you can occasionally find bonus promotions, making your points even more lucrative with certain airlines or hotel chains.
The easiest way to earn points on your new card is to snag a welcome bonus. Additionally, both the Ink Business Preferred® Credit Card and Business Gold offer a lucrative welcome offer.
If you sign up for the Chase Ink Business Preferred card, you’ll be able to earn 100,000 bonus points. All you have to do is spend $15,000 in the first three months of card ownership, and the 100k points will be credited to your account.
The American Express Business Gold Card welcome offer is the ability to earn 35,000 points after you spend $5,000 on eligible purchases within the first 3 months of account opening.
Another big consideration when signing up for a new card (business or personal) is how much that card will cost you each year. The best rewards cards often come with an annual fee, though there are some that don’t. However, this is usually offset easily by the points earned throughout the year.
The Ink Business Preferred® Credit Card comes with an annual fee of $95. This is not waived the first year, so you’ll be paying it from day one. If you want additional credit cards for authorized users, such as your spouse or employees, you’re welcome to request such at no additional charge. The Ink Business Preferred also allows you to set spending limits on these employee cards, ensuring that large charges aren’t run up without your knowledge or permission.
With the Business Gold card, you’re looking at an annual fee of $295 (See Rates and Fees). While this is higher than the Ink Business Preferred, you may request additional cards for employees with a no annual fee option.
As with the Ink Business Preferred, the AMEX Business Gold also allows you to set spending limits on employee cards.
There are a number of excellent perks that come along with credit cards these days, and both the Ink Business Preferred and AMEX Business Gold are no exception. Some of these benefits will give you added peace of mind and others will keep more money in your pocket. All of them will come to you free of charge with your card membership.
Here’s a look at the added features of each card:
Cell Phone Coverage
- INK: Up to $600 per claim, limit of 3 claims per year. Subject to a $100 deductible per claim.
- GOLD: n/a
Rental Car Coverage
- INK: primary coverage
- GOLD: secondary coverage
- INK: One additional year on top of the manufacturer’s warranty
- GOLD: Two additional years if the original manufacturer’s warranty is between two years and five years
Foreign Transaction Fees
- INK: No foreign transaction fees
- GOLD: No foreign transaction fees
Lost Baggage Coverage
- INK: Up to $3,000 per person with a $500 limit per person for jewelry, cameras, and other electronics
- GOLD: Up to $1,250 in coverage per carry-on and $500 per checked bag
Trip Delay or Cancellation
- INK: $500 per ticket for a travel delay of 12+ hours, and $5,000 per trip for cancellations
- GOLD: n/a
Travel Accident Insurance
- INK: $500,000 common carrier loss of life coverage
- GOLD: $100,000 accidental death and dismemberment
Biggest Difference Between Chase Ink Business Preferred and AMEX Business Gold
The biggest difference between the two cards is actually the type of card they are. The Ink Business Preferred® Credit Card, for example, is a traditional credit card. This means that it works like any other credit card in your wallet. You’re given a credit limit, you can spend up to that limit each month, and you can choose to pay off the balance each billing cycle or carry it over from month-to-month.
The American Express® Business Gold Card, however, is actually a charge card. The card comes with a flexible payment option to help manage cash flow on purchases of $100 or more (terms apply). This means that you don’t have a limit to the card, so you can use it to make very large purchases (great for unexpected business expenses!). However, you cannot carry a balance over from month-to-month without being subject to serious fees. You’ll need to pay it in full each month.
It’s always wise to pay off your credit card’s statement balance in full to avoid paying interest. The Business Gold, though, doesn’t actually offer you a choice.
Which Is Best – Chase Ink Business Preferred or AMEX Business Gold?
Want to determine which of these two cards will best suit your business? Then you need to take a look at your spending habits. If 80% of your business’s expenses involve a category like fuel or computer hardware/software, the 4x points earning potential of the AMEX Business Gold can’t be beaten. If your monthly spending is a little bit of everything, the Ink Business Preferred’s rewards layout will best serve you.
Also, make a note of the fact that the Business Gold is a charge card. If you ever plan to leave a balance on the card or know that a big, unexpected purchase will take your business a few months to pay off, you’d be better off with the Ink Business Preferred® Credit Card. That way, you can carry over a balance if absolutely necessary.
For rates and fees of the American Express® Business Gold Card, please click here.
Chase Sapphire Preferred® Card
- Earn 80,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $1,000 toward travel when you redeem through Chase Ultimate Rewards®.
- 2X points on travel and dining at restaurants worldwide, eligible delivery services, takeout and dining out & 1 point per dollar spent on all other purchases.
- Get 25% more value when you redeem for airfare, hotels, car rentals and cruises through Chase Ultimate Rewards. For example, 80,000 points are worth $1,000 toward travel.
- Get unlimited deliveries with a $0 delivery fee and reduced service fees on orders over $12 for a minimum of one year on qualifying food purchases with DashPass, DoorDash's subscription service. Activate by 12/31/21.
- Earn 5X points on Lyft rides through March 2022. That’s 3X points in addition to the 2X points you already earn on travel.
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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.