5 reasons to get the Chase Ink Business Preferred Credit Card
Editor’s note: This is a recurring post, regularly updated with new information and offers.
After its launch in 2016, the Ink Business Preferred® Credit Card quickly became one of the most popular small-business credit cards.
The $95 annual fee is a bargain, especially when compared to the American Express® Business Gold Card, which costs $375 annually (see rates and fees), and The Business Platinum Card® from American Express, which has an annual fee of $695 (see rates and fees).
Here are five other top reasons why the Chase Ink Business Preferred card might be worth adding to your wallet.
Related: 9 reasons to get a business credit card
Impressive sign-up bonus
With the Ink Business Preferred, you’ll get 100,000 Chase Ultimate Rewards points after you spend $8,000 in the first three months. Ultimate Rewards points are among the most valuable points currencies around. The bonus is worth $2,050, according to TPG’s most recent valuations.
While $8,000 is certainly a high threshold to reach as an individual, many small businesses can easily hit that bonus. At the end of the day, you know your spending patterns better than anyone and can assess whether the sign-up spending requirement is achievable.
Your Ink Business Preferred bonus could score you a family trip to Hawaii once pandemic concerns have subsided. ETHAN STEINBERG/THE POINTS GUY
Those 100,000 Chase Ultimate Rewards points can be used on many amazing redemptions. For example, you can transfer points to Virgin Atlantic Flying Club to book Delta One business-class suites to Europe round-trip for yourself.
Related: 10 best ways to use 100,000 Chase Ultimate Rewards points
Useful bonus categories for small businesses
Thanks to the multiple bonus categories available with the Ink Business Preferred, Chase Ultimate Rewards points are easy to accumulate.
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You’ll earn 3 points per dollar on the first $150,000 in combined purchases you make each account anniversary in the following categories:
Travel
Shipping
Internet, cable and phone services
Advertising on search engines and social media sites
All other purchases earn 1 point per dollar.
If you maximize your bonus spending, you’ll earn 450,000 Chase Ultimate Rewards points annually, worth $9,225, according to TPG valuations. This is an incredible value, especially for a card that only charges a $95 annual fee.
Related: Which purchases qualify for 3 points per dollar on the Ink Business Preferred?
Amazing redemption potential
One of the most valuable aspects of the Chase Ink Preferred is that you can transfer your points to any of Chase’s 14 airline and hotel partners. Points transfer to all partners at a 1:1 ratio, and most transactions are instant.
You can transfer your points to any of these airline loyalty programs:
Aer Lingus AerClub
Air Canada Aeroplan
Air France-KLM Flying Blue
British Airways Executive Club
Emirates Skywards
Iberia Plus
JetBlue TrueBlue
Singapore Airlines KrisFlyer
Southwest Airlines Rapid Rewards
United MileagePlus
Virgin Atlantic Flying Club
When you take alliance partners into account, this gives you an especially wide range of airline options. When you transfer your points to British Airways Avios, for example, you’ll have access to flights from Oneworld alliance members such as American Airlines, Finnair and Japan Airlines.
You can use Chase points to book Hyatt Zilara Rose Hall in Jamaica, an all-inclusive resort. BENJI STAWSKI/THE POINTS GUY
Additionally, your points transfer to Chase’s three partner hotel programs:
IHG One Rewards
Marriott Bonvoy
World of Hyatt
You can also redeem your points for 1.25 cents each (or 1.5 cents apiece if you also have the Chase Sapphire Reserve® and combine your points with that account) through Chase Travel℠. Plus, you’ll accrue frequent flyer miles on any flight bookings made through Chase since they’re treated as paid tickets.
Related: Who are the Chase transfer partners? Everything to know
Cellphone, travel and purchase protections
Insurance isn’t a glamorous topic, but saving money is. And the Ink Business Preferred can save you some serious cash in this area.
For instance, it covers you and your employees if something happens to your cellphone. Each of you is covered for up to $600 in theft or damages per claim, provided the number is listed on your monthly bill and you pay your bill with your card.
There’s a limit of $1,800 in claims per 12-month period, with a $100 deductible per claim.
IGOR ALEXSANDER/GETTY IMAGES
The Ink Business Preferred also offers a host of travel benefits for the road warrior:
Primary car rental insurance: If you decline the collision damage waiver at the rental company counter and pay for the rental with your Ink Business Preferred card, you’re covered for physical damage and theft, towing and loss-of-use charges up to the vehicle’s full value. This is primary coverage, so you don’t need to file a claim with your personal insurance company. Liability (damage to other persons or vehicles) is not covered. Rentals must be for business purposes within the U.S., though personal rentals are covered for international trips. This insurance will only cover rentals for 30 days or less.
Trip delay and cancellation insurance: If your trip is canceled due to a covered condition (such as illness or severe weather), you can be compensated up to $5,000 per claim per trip for prepaid expenses such as airfare or hotels. For a delay of 12 hours or more, you can be reimbursed up to $500 for your hotel room, meals and transportation (documentation from the airline is required to verify the flight delay). In both cases, you must pay with your card and keep receipts.
Lost luggage reimbursement: When charging your fare to the card, each traveler is covered up to $3,000 for the loss of checked or carry-on baggage. Reimbursement for items such as jewelry, watches, cameras and electronic equipment is limited to $500 per person.
Baggage delay insurance: If your baggage is delayed for more than six hours, this benefit provides up to $100 per day for five days to purchase essential items.
Travel accident insurance: You and your travel companions are covered up to $500,000 for accidental death or dismemberment while traveling on a common carrier.
Purchase protection: If you buy an item that is stolen or damaged within 120 days, you’re covered up to $10,000 per claim, with a limit of $50,000 per account. At least some part of the purchase price must be charged to the card. This benefit can be extremely important to a small-business owner purchasing office furniture or electronic equipment.
While you hope to never need any of the insurance benefits that come with your card, knowing you’re covered offers peace of mind and can save you money by allowing you to skip purchasing additional insurance or purchase protection.
Related: The best travel insurance policies and providers
Pool your points with other Chase credit cards
Chase has several products that are essentially cash-back cards: the Chase Freedom® (no longer open to new applicants), Chase Freedom Unlimited®, Chase Freedom Flex℠, Ink Business Unlimited® Credit Card and Ink Business Cash® Credit Card.
DAMIRCUDIC/GETTY IMAGES
However, those cards also earn points that can be converted to Ultimate Rewards points, provided you have a card that earns Ultimate Rewards points, such as the Ink Business Preferred Credit Card. Having the Ink Business Preferred enables you to enhance the value of other Chase cards in your wallet.
Related: How (and why) to combine your Chase Ultimate Rewards points into a single account
The information for the Chase Freedom has been collected independently by The Points Guy. The card details on this page have not been reviewed or provided by the card issuer.
Additional benefits
Along with the perks outlined above, the Ink Business Preferred offers other important benefits:
Employee cards at no extra cost.
No foreign transaction fees for purchases made outside the U.S.
Zero liability protection (you won’t be held responsible for unauthorized charges).
Fraud protection with real-time account monitoring.
Extended warranty protection (adds a year on eligible U.S. manufacturer’s warranties of three years or less).
Bottom line
For a small-business card, the Ink Business Preferred Credit Card offers an almost unbeatable combination: a strong sign-up bonus, generous opportunities to earn points, the ability to transfer points to 14 travel partners and a comprehensive collection of travel protections.
If you’re considering getting the Ink Business Preferred, remember that it falls under Chase’s 5/24 rule. That means if you’ve opened five or more credit card accounts in the past two years, you’ll probably be declined regardless of your creditworthiness. To increase your odds of acceptance, make sure you apply for this card (and other Chase credit cards) before cards from other issuers.
For more information, read our full Chase Ink Business Preferred card review.
Apply here: Ink Business Preferred® Credit Card
Related: Ink Business Unlimited credit card review
For rates and fees of the Amex Business Platinum, click here.
For rates and fees of the Amex Business Gold, click here.
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