Chase Ink Preferred does not come with a checking account
The Chase Ink Preferred is a business credit card, not a checking account. It works like any other credit card: you charge purchases, receive a statement, and pay a bill. It does not hold deposits, process direct deposits, or let you write checks.
If you need both a business credit card and a checking account, you will need to open them as separate products. Chase offers business checking accounts under different names, and you can hold both at the same time.
Key Takeaways
- Chase Ink Preferred is a credit card only and cannot function as a checking account for deposits or bill payments by check.
- You can open a Chase business checking account separately and use both products together with the same business entity.
- Business checking accounts at Chase have different names depending on account type and business structure, such as Chase Business Basic Checking or Chase Business Complete Checking.
- Linking a business checking account to your Ink Preferred card can simplify payment and reconciliation for your business.
How Chase Ink Preferred works as a credit card
When you use the Ink Preferred card, you are borrowing money from Chase. You receive a monthly statement showing all charges, and you owe Chase the full balance or a minimum payment by the due date. The card does not hold your money; it extends credit to you.
The card earns rewards on purchases—typically cash back or points depending on the card's current terms—but those rewards are separate from a checking account. You cannot deposit money into the card itself, and you cannot use it to receive direct deposits from customers or employers.
What you can do with a separate Chase business checking account
Chase offers several business checking products. The specific account available to you depends on your business structure (sole proprietor, LLC, corporation, nonprofit) and your banking needs. Common options include Chase Business Basic Checking and Chase Business Complete Checking.
A business checking account lets you deposit customer payments, receive direct deposits, write checks, set up automatic bill pay, and access online banking. You can link this account to your Ink Preferred card so that when you pay the credit card bill, the money comes directly from your checking account.
Some Chase business checking accounts come with a debit card, which is different from the Ink Preferred credit card. The debit card draws directly from your checking balance, while the credit card borrows against your credit limit.
Opening both products at Chase
You can open a business checking account and apply for the Ink Preferred card at the same time or at different times. Many business owners open checking first to establish the account, then apply for the credit card later.
When you apply for either product, Chase will review your business information, personal credit, and business credit (if available). Having an existing checking account with Chase may make the credit card application faster, but it is not required.
You will need your Employer Identification Number (EIN) or Social Security Number, depending on your business structure, along with basic business details like your business name and address.
Why you might want both products
Using a business checking account and a business credit card together gives you clearer separation between operating money and borrowed money. Deposits go into checking; business expenses go on the credit card. This separation makes accounting and tax preparation simpler.
The Ink Preferred card's rewards can offset some of your business expenses if you charge regular purchases like software subscriptions, advertising, or office supplies. You then pay the card bill from your checking account each month.
If you accept customer payments by check or direct deposit, you need a checking account to receive them. The credit card cannot receive deposits.
Alternatives if you want one product instead of two
If you do not want to manage two separate accounts, you have options. You could use only a business checking account and skip the credit card entirely. You could also use only the credit card for expenses and have customers pay you through a separate personal account or payment processor.
However, most small business owners find that a checking account and a business credit card serve different purposes and work better together than apart.
Frequently Asked Questions
Can I use my Ink Preferred card to deposit checks?
No. The Ink Preferred is a credit card and has no deposit function. You need a checking account to deposit checks. You can deposit checks into a Chase business checking account using mobile deposit, at an ATM, or at a branch.
Will opening a checking account hurt my credit when I apply for the Ink Preferred?
Opening a checking account does not affect your credit score. Credit cards do trigger a hard inquiry, which may lower your score slightly for a few months. The timing of when you open each product does not matter for credit purposes.
Can I pay my Ink Preferred bill from a non-Chase checking account?
Yes. You can link any checking account—at Chase or another bank—to pay your Ink Preferred bill. Chase will pull the payment from whichever account you set up during bill pay setup.
Do I need a business license to open a Chase business checking account?
No, but you do need a business structure and an EIN or Social Security Number. Sole proprietors can open business accounts using their Social Security Number. LLCs, corporations, and partnerships need an EIN.
What happens if I only open the Ink Preferred and never open checking?
You can use the credit card for purchases and pay the bill online or by phone. However, you will have no way to deposit customer payments or receive direct deposits. Most businesses need a checking account for these reasons.