Ink Business Preferred vs. Amex Business Platinum: Utility versus extravagance

While the Ink Business Preferred® Credit Card and The Business Platinum Card® from American Express are both popular choices for small businesses, they cater to different needs.

Essentially, the Amex Business Platinum serves more as a membership card for business travelers who can leverage its various perks and benefits. In contrast, the Ink Business Preferred is tailored for those aiming to maximize rewards across a broader spectrum of business expenses.

There's certainly value in having both cards in your wallet. However, if you’re considering just one, it's best to choose the card that aligns with your spending habits and preferences.

Let’s dive into the specifics and advantages of each card to determine which one you should consider adding to your wallet.

Welcome offer comparison: Ink Business Preferred vs. Amex Business Platinum

Here are the bonuses available for new applicants of these cards:

With the Ink Business Preferred, you can earn 90,000 Ultimate Rewards points after making $8,000 in eligible purchases within the first three months of account opening.

On the other hand, with the Amex Business Platinum, you can earn 150,000 Membership Rewards points after spending $20,000 on qualifying purchases within the first three months of holding the card.

According to TPG's valuations, Amex and Chase points are valued at 2 cents and 2.05 cents each, respectively, making the Ink Business Preferred offer worth approximately $1,845, while the Amex Business Platinum offer totals around $3,000.

Champion: Amex Business Platinum. Its current bonus exceeds the Ink Business Preferred by more than $500.

Comparing benefits: Ink Business Preferred vs. Amex Business Platinum

Below are all the benefits you can expect from these two cards:

Both the personal and business editions of the Amex Platinum are widely regarded as having the best perks among travel cards available. With access to thousands of lounges globally, elite status with two leading hotel chains, and business tools to help manage expenses during tax season, the Amex Business Platinum is a valuable asset for any business traveler.

One notable feature of the Ink Business Preferred is its primary rental car insurance coverage. In contrast, the Amex Business Platinum provides only secondary coverage*. This means you'll need to file a claim with your primary insurance before Amex covers any additional costs. While this benefit may not be crucial for occasional renters, frequent domestic business travelers should consider the card with the better rental car coverage.

Ultimately, the Amex Business Platinum stands out for its valuable benefits, especially for those who travel frequently for work. Although the annual fee is significantly higher, making full use of Amex's benefits can easily justify the cost. By optimizing the annual airline fee credit and Dell statement credit, your effective annual expense for the card could be as low as $195. Spending $3,900 each year through Amex Travel would generate enough points to cover the remaining annual fee.

Champion: The Amex Business Platinum is hard to surpass when it comes to travel perks and benefits.

Comparing point earnings: Ink Business Preferred vs. Amex Business Platinum

Although the Amex Business Platinum offers a higher points multiplier, the Ink Business Preferred provides a far more appealing rewards structure for business-related expenses.

The Amex Business Platinum earns 5 points per dollar on travel booked through Amex, making it less suitable for everyday spending. Conversely, the Ink Business Preferred offers 3 points per dollar on a broader range of categories, including travel. Additionally, Chase has a wide definition of travel, encompassing direct bookings with airlines and hotels, reservations made through the Ultimate Rewards program, and ride-hailing services.

While the Amex categories are quite narrow, if your business spends $90,000 or more annually on hotels and flights (approximately $7,500 each month), you will likely exceed the earning potential of the Ink Business Preferred's bonus categories.

Champion: For most business owners, the Ink Business Preferred provides a superior rewards structure.

Comparing point redemption: Ink Business Preferred vs. Amex Business Platinum

You can redeem your Chase points at a fixed rate of 1.25 cents each for travel expenses such as flights, hotels, and rental cars booked through Chase Travel℠. Alternatively, if you hold the Chase Sapphire Reserve®, you can transfer your points to that card and redeem them at a fixed rate of 1.5 cents each for travel.

While this redemption option offers less than TPG's 2.05-cent valuation of Ultimate Rewards points, it remains a worthwhile way to utilize your points.

With the Amex Business Platinum, you can redeem your points for gift cards or to offset charges on your statement. However, these options significantly reduce your rewards value to 1 cent per point or less, so we advise against using your points this way.

Champion: Tie. Both cards provide reasonable redemption options but offer significantly more value when you utilize their transfer partners.

Comparing point transfers: Ink Business Preferred vs. Amex Business Platinum

Both cards are part of rewarding programs that provide substantial redemption flexibility. They incentivize booking award travel through their platforms and boast a strong lineup of transfer partners. However, the Amex Membership Rewards program offers greater value due to two key features: an enhanced transfer partner network and a Pay with Points rebate.

Both Chase and Amex have commendable lists of transfer partners, including airlines and hotels. Yet, Amex outshines with 21 partners, such as Delta, Emirates, Hilton, and Marriott. Additionally, Amex frequently offers transfer bonus promotions, while Chase has just 14 transfer partners and rarely provides transfer bonuses.

Naturally, if Chase offers certain partners that appeal to you more—such as if you're a devoted United flyer like TPG writer Ryan Wilcox instead of a Delta enthusiast—that could justify choosing Chase's program over Amex. However, from an objective standpoint, Amex generally provides a more advantageous program for the majority of users.

Holding the Amex Business Platinum typically gives you greater value on redemptions every time.

Champion: The Amex Business Platinum excels with its transfer partner network and Pay with Points rebate.

Which card should I choose: Ink Business Preferred or Amex Business Platinum?

The Ink Business Preferred and Amex Business Platinum are fundamentally different cards designed for distinct purposes. One focuses on earning rewards, while the other enhances your travel experience. When choosing between them, consider which benefits align more closely with your needs and which card will better suit your spending habits and lifestyle.

Conclusion

Considering their distinct features, it's beneficial to analyze both cards thoroughly before making a decision on which one to apply for. For many, it may be advantageous to hold both cards.

Regardless, ensure you are familiar with the credit card application guidelines and restrictions before submitting your application.

To learn more about these cards, check out our comprehensive reviews of the Ink Business Preferred and Amex Business Platinum.