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At a glance
- Best for: Business Travel
- Annual Fee: $95
- APR: 20.24% - 26.24% Variable
- Reward Rate: 1X - 3X
- Recommended Credit: 670-850
Chase Ink Business Preferred® Credit Card
90,000 Bonus Points
Offer Details:
90,000 Bonus points after you spend $8,000 on purchases in the first 3 months from account opening.
Why we like it
The Ink Business Preferred Business Card pulls attention with its big intro bonus, currently sitting at 90,000 points. That’s worth in $900 cash back, $1,500 toward travel when redeemed through Chase Travel℠, or even more when transferring to Chase’s travel partners like Hyatt, United Airlines, British Airways and more. But the card shows its real value with its high-earning bonus-spending categories. Freelancers and business owners alike will earn 3 points per dollar on the first $150,000 spent on travel and select business categories each account anniversary year.
Reward details
3X points per $1 on the first $150,000 spent on travel and select business categories each account anniversary year
1X point per $1 on all other purchases – with no limit to the amount you can earn
Pros & Cons
Pros
Simply put, for small business owners and freelancers it’s one of the best cards for turning business spending into valuable travel. The bonus alone is worth $900 cash back, $1,500 toward travel when redeemed through Chase Travel℠, or potentially more when transferring to Chase’s travel partners like Marriott or Air Canada.
It also offers some stellar protections including a comprehensive reimbursement on damaged or stolen cell phones, and primary rental car coverage.
It has a reasonable $95 annual fee.
If you have another Chase card like the Sapphire Preferred or Reserve, or even a cash back earning Chase card, you can pool your points and make them more valuable.
Cons
It does lack some of the juicier benefits attached to other business credit cards likes the The Business Platinum Card® from American Express. But with the low fee, it’s hard to argue with its value proposition.
It’s subject to Chase’s 5/24 rule. So if you’ve opened five cards in the last two years, you’re most likely not going to be accepted.
Overview
Picking a new business credit card can be complicated. While it’s important to separate your spending, many business owners reflexively open the first product they stumble on without considering its potential benefits. But with a little research, it’s clear there’s a card for every type of business.
The Chase Ink Business Preferred® Credit Card might be the best-rounded of the bunch, bridging the gap between smaller-spending business owners and big-budget bosses with some serious expenses.
Its tremendous introductory offer will turn heads, but its excellent earning opportunities are what gift cardholders long-term value from the card. Let’s take a look at the Chase Ink Business Preferred Credit Card.
Who is the Ink Business Preferred best for:
The Chase Ink Business Preferred is best for small business owners with moderate to large expenses who want to earn some serious points from their broad costs. The approachable annual fee makes it a lower-risk option than some of the premium offerings, but those with an eye on perks would need to cough up as much as five times more to enjoy the privilege.
The Bottom Line:
This is an outstanding mid-tier business card offering an outstanding introductory offer, stellar earning potential, and an approachable annual fee. The only area it’s lacking is premium perks, but at this price point, that’s rarely to be expected.
Intro Bonus
The Ink Business Preferred currently boasts an incredible 90,000-point introductory offer, earned by spending $8,000 within three months of opening the card. That equates to an average monthly spend of $2,667—well within reach of many small businesses.
Chase Ultimate Reward Points are extremely valuable. 90,000 points are worth upwards of $1,800 in travel when transferred to a high-value airline or hotel partner, giving you almost a third of your first three months of spending back in flights or stays. That’s worth taking a look at the card in itself.
Just remember to run the numbers and ensure your business outgoings comfortably exceed the spending threshold without overspending. It’s never worth spending more than you need to.
Pros & Cons
No card is perfect, but the Chase Ink Business Preferred has a lot going for it. In fact, most of its cons are situational and won’t bother too many potential cardholders.
Pros
- Strong introductory offer
- High earning potential in big-spend categories
- Approachable annual fee
- Points are extremely valuable
Cons
- Intro bonus spending threshold may price out some smaller businesses
- No high-end perks
- Subject to Chase’s 5/24 rule
Benefits & Perks
The Ink Business Preferred isn’t a premium product and, as such, doesn’t come bursting with exciting benefits like travel credits, lounge access, and other bonuses seen on expensive cards.
With that said it does come with some protections and insurance benefits that are far more valuable than one would assume. Here’s a rundown of all the benefits offered.
- Cellphone protection
- Purchase protection
- Trip cancellation/interruption insurance
- Trip delay reimbursement
- Primary Car rental coverage
- Extended warranty protection
Many of these are fairly standard on cards with an annual fee. They are all benefits we hope we never need to use but can make an immense difference when we do. Cellphone protection, in particular, is a strong add-on. By charging your phone bill to the Ink Business Preferred, it’s covered for up to $600 per claim, up to three times in 12 months with a $100 deductible.
Earning rewards & redeeming points
Points earning is where this card comes into its own. Combining a high-earning rate with business-specific spending categories means the right business owner can earn hundreds of thousands of Ultimate Rewards points every year.
Then comes the fun part—redeeming them.
Earning rewards
3x points per dollar on high-spend categories
The Ink Business Preferred uses just one bonus spending tier, offering cardholders 3x Ultimate Rewards points per dollar in combined purchases up to $150,000 a year in these four categories:
- Travel
- Shipping purchases
- Advertising purchases made with social media sites and search engines
- Internet, cable, and phone services
If their spending favors this earning rate, the right business owner could earn as much as 450,000 points a year. Once again, though, it’s important to run numbers to ensure the rate would apply to you. If not, search for a card that rewards your specific spending patterns or opt for a flat-rate earning product.
Anything above the $150,000 cap will earn 1x point per dollar. A year, in this case, refers to the account anniversary, not the calendar year, so it resets each time you pay your annual fee.
1x points on everything else
Everything not covered in the four categories above will earn 1x point per dollar.
Redeeming points
There are multiple ways to redeem Chase Ultimate Rewards Points but beware—not all methods are created equal. Only one redemption method allows cardholders to reap the huge value alluded to earlier in the article.
Transferring to partners
The best way to maximize the value of Ultimate Rewards Points is to transfer them to an airline or hotel partner.
Using this method, it’s possible to score redemptions of outsized value, often hitting 10 cents per point for business class flights. Whether using the brilliant World of Hyatt program for a luxury hotel stay or swinging ten transatlantic flights with Virgin Atlantic, the potential is limitless.
Here’s a list of Chase’s transfer partners:
Aer Lingus | JetBlue |
Air Canada Aeroplan | Marriott Bonvoy |
British Airways | Singapore Airlines |
Iberia | Southwest |
Emirates | United Airlines |
Flying Blue (Air France and KLM) | Virgin Atlantic |
IHG One Rewards | World of Hyatt |
While Chase may have a few less than some of its competitors, the quality and value offered by its partners make it one of the most valuable programs around. World of Hyatt, United Mileage Plus, Flying Blue, Virgin Atlantic, and Air Canada Aeroplan represent boundless opportunities for cheap travel. For example:
- Transferring 29,000 points to Virgin is enough to grab a business-class flight for a fraction of the cash price
- Transferring 90,000 points to World of Hyatt is enough to grab 18 nights in this excellent new hotel in the middle of Kuala Lumpur.
- Transferring 70,000 points to JetBlue is enough to score you a one-way flight from JFK to Doha in one of Qatar’s renowned Qsuites.
- Transferring points to Southwest means you can scoop one of its outstanding sale rates when they become available.
These are just a fraction of the high-value options available when using Ultimate Rewards points.
Booking through the Chase Travel Portal
It’s also possible to redeem points on the Chase Travel portal. Usually, I’d advise against using travel portals, as you’re typically tied to a 1 cent per point rate. The Chase Travel portal is a notable exception to this rule.
Chase Ink Business Preferred cardholders enjoy 1.25 cents per point on flights, hotels, and rental cards. While this isn’t as strong as the 2, 4, or even 10 cents per point that can be achieved by transferring, it’s by no means a bad deal.
I’d use this option in situations where other airlines can’t help or for last-minute travel when award availability may be low. It’s also good if you’re simply not interested in the complexities of transferring points. It’s a super simple way to redeem your rewards.
It’s worth noting that if you own the Chase Sapphire Reserve® Card, you’ll enjoy an even better 1.5 cents per point rate. The Reserve’s cheaper sibling, the Chase Sapphire Preferred® Card, earns the same 1.25 cents rate. Any other Chase Card doesn’t have this capability unless paired with one of these three cards.
Cashback and gift cards
You can also redeem your Ultimate Rewards as gift cards or statement credits. While this may seem cool, it typically offers your points the worst value. With that said, if you’re not interested in travel, off-setting some purchases can have significant value—even if it’s not getting you as much as it could.
Qualifying for a small business credit card may be easier than you think
When you think of a “small business,” you may envision a revenue amounting to tens or hundreds of thousands of dollars per year, multiple employees, a storefront, etc. However, none of these things are required to get a small business card. You can qualify for a business card if you perform services such as babysitting, driving for Uber or DoorDash, tutoring, freelance writing, selling items on eBay, Facebook Marketplace, Etsy, and more—the list goes on.
A small business doesn’t even have to be your main job. As long as you’ve got a for-profit venture, you qualify for the card—though whether you’re approved will depend on additional factors like your credit score, income, and more.
Is this card right for you?
If you’re a small business owner with regular expenses, the Chase Ink Business Preferred Credit Card could be an excellent choice for you. It doesn’t have the bells and whistles of a high-cost premium card but rewards cardholders lucratively for their specific spending habits. For the right business owner, it could earn hundreds of thousands of points.
- Best for: Business Travel
- Annual Fee: $95
- APR: 20.24% - 26.24% Variable
- Reward Rate: 1X - 3X
- Recommended Credit: 670-850
Chase Ink Business Preferred® Credit Card
90,000 Bonus Points
Offer Details:
90,000 Bonus points after you spend $8,000 on purchases in the first 3 months from account opening.
Why we like it
The Ink Business Preferred Business Card pulls attention with its big intro bonus, currently sitting at 90,000 points. That’s worth in $900 cash back, $1,500 toward travel when redeemed through Chase Travel℠, or even more when transferring to Chase’s travel partners like Hyatt, United Airlines, British Airways and more. But the card shows its real value with its high-earning bonus-spending categories. Freelancers and business owners alike will earn 3 points per dollar on the first $150,000 spent on travel and select business categories each account anniversary year.
Reward details
3X points per $1 on the first $150,000 spent on travel and select business categories each account anniversary year
1X point per $1 on all other purchases – with no limit to the amount you can earn
Pros & Cons
Pros
Simply put, for small business owners and freelancers it’s one of the best cards for turning business spending into valuable travel. The bonus alone is worth $900 cash back, $1,500 toward travel when redeemed through Chase Travel℠, or potentially more when transferring to Chase’s travel partners like Marriott or Air Canada.
It also offers some stellar protections including a comprehensive reimbursement on damaged or stolen cell phones, and primary rental car coverage.
It has a reasonable $95 annual fee.
If you have another Chase card like the Sapphire Preferred or Reserve, or even a cash back earning Chase card, you can pool your points and make them more valuable.
Cons
It does lack some of the juicier benefits attached to other business credit cards likes the The Business Platinum Card® from American Express. But with the low fee, it’s hard to argue with its value proposition.
It’s subject to Chase’s 5/24 rule. So if you’ve opened five cards in the last two years, you’re most likely not going to be accepted.
by your friends at The Daily Navigator
