Ink Business Preferred Credit Card review: A great all-around business card
Editor’s note: This is a recurring post, regularly updated with new information.
Ink Business Preferred Card overview
The Ink Business Preferred Credit Card is an excellent all-around business credit card, offering a sizable sign-up bonus and the ability to earn valuable Ultimate Rewards points on a variety of business expenses. Those rewards can then be transferred to 14 airline and hotel partners or redeemed directly for travel at a rate of 1.25 cents per point through Chase Ultimate Rewards. Card Rating*: ⭐⭐⭐⭐½
*Card Rating is based on the opinion of TPG’s editors and is not influenced by the card issuer.
The Ink Business Preferred Credit Card is a TPG favorite. Although there are many business credit cards, the Ink Business Preferred has unique perks that make it attractive for business owners looking to maximize their earning potential and unlock valuable rewards through the Ultimate Rewards program.
Ink Business Preferred Welcome Offer
If approved for the card, you’ll be eligible to earn a sign-up bonus of 100,000 Ultimate Rewards points after spending $15,000 in the first three months from account opening, one of the highest sign-up bonuses we’ve seen from Chase or any business credit card. The bonus points alone are worth a whopping $2,000, based on TPG’s most recent valuations, mainly because the points can be transferred to various travel partners, including British Airways, United Airlines, Iberia, Hyatt, Marriott and IHG.
To hit the spending requirement, you’ll also earn anywhere from 15,000-45,000 points, which means this bonus could be worth up to $2,900 in value.
At $15,000, the spending minimum is significantly higher than most other cards with a sub-$100 ($95) annual fee. You’ll need to spend an average of $5,000 per month in the first three months to ensure you earn the sign-up bonus. For many small businesses, this level of spending may be a non-issue. Additionally, small businesses with multiple employees can request unlimited free employee cards to help meet the spending requirement.
However, freelancers or those who want a business credit card to earn rewards on expenses related to a side gig may not be able to realistically hit the bonus. And you don’t want to violate TPG’s sixth commandment for credit cards: Thou shalt not miss out on a sign-up bonus.
Read more: How to meet minimum spending on the Ink Business Preferred
Earning points on the Ink Business Preferred
When it comes to earning points, the Ink Business Preferred offers a variety of bonus categories that can be quite lucrative to small-business owners. You’ll earn 3 Ultimate Rewards points per dollar on the first $150,000 spent in combined purchases each year in the following categories:
- Shipping purchases.
- Internet, cable and phone services.
- Advertising purchases made with social media sites and search engines.
This $150,000 threshold is based on your account anniversary year, so it will reset each year when you renew your card. Since TPG’s most recent valuations peg the value of Chase Ultimate Rewards points at 2 cents apiece, you’ll get a fantastic return of 6% on purchases in these categories. And if you max out these categories by spending the full $150,000, you’ll take home a total of 450,000 Ultimate Rewards points, which TPG values at $9,000.
Once you’ve surpassed that mark, your purchases in the aforementioned categories will drop to match the earning rate of all other purchases: 1 point per dollar spent. Though that’s not too exciting, you’re still looking at a 2% return, which isn’t bad for a card with a $95 annual fee.
Related: Is the Ink Business Preferred worth the annual fee?
Redeeming points on the Ink Business Preferred
Earning a big haul of points is one thing; redeeming them for maximum value is an entirely different story. Like most cards that earn transferrable points, you’re getting the most value when you redeem for travel. The points you earn through the bonus and everyday spending could help you amass enough points for a stellar redemption.
When you are ready to use your points, the Ultimate Rewards program is filled with valuable redemption options, thanks to its transfer partners:
- Aer Lingus AerClub.
- Air Canada Aeroplan.
- British Airways Executive Club.
- Emirates Skywards.
- Flying Blue (Air France-KLM).
- Iberia Plus.
- JetBlue TrueBlue.
- Singapore Airlines KrisFlyer.
- Southwest Airlines Rapid Rewards.
- United MileagePlus.
- Virgin Atlantic Flying Club.
- IHG Rewards Club.
- Marriott Bonvoy.
- World of Hyatt.
In addition, most of these transfers post instantly, ensuring you aren’t stuck waiting for the points or miles to arrive and miss out on the redemption you wanted.
Regardless of which partner you choose, the power of the Ultimate Rewards program (and really any transferable point currency) is the flexibility it allows. You aren’t locked into a single airline or hotel rewards program, and you can wait until you’re ready to book to transfer points. In some cases, you can even pit programs against one another. Why transfer 77,000 points to United to book a Star Alliance flight to Europe in business class when the same one starts at just 60,000 Aeroplan points?
Of course, you can redeem these points at a fixed rate of 1.25 cents apiece for travel purchases like flights, hotels and rental cars that you book through the Chase Ultimate Rewards travel portal. Or, if you have the Chase Sapphire Reserve, you could transfer your points to that card and redeem them at a fixed rate of 1.5 cents apiece toward travel.
Even though these options are less than TPG’s 2-cent valuation of Ultimate Rewards points, they’re also simple and don’t require much effort. Remember that when you redeem Ultimate Rewards points directly for airfare, you will earn full miles and elite credit, just as you would on a regular paid ticket.
Related: Maximizing the Chase Ultimate Rewards program
Ink Business Preferred benefits
The earning rates and redemption options alone make this an intriguing card, but you’ll get several added perks that make it even more valuable. Here’s a quick rundown:
- Cellphone protection: As mentioned above, if you’re prone to damaging your cellphone, the Ink Business Preferred could be a great card to have. When you charge your monthly cellphone bill to the card, you and eligible employees on the plan can now receive up to $1,000 per claim for damage or theft of cellphones. You’re limited to three claims in a 12-month period and must pay a $100 deductible per claim. Nevertheless, this is a terrific benefit that is relatively rare among credit cards.
- Purchase protection: Besides cellphone protection, you’re covered for other purchases. If an eligible item is damaged or stolen within the first 120 days after purchase, you’re covered up to $10,000 per claim ($50,000 per account). I’ve fortunately never had to use this type of perk, but it can be a lifesaver if something goes wrong with that new purchase.
- Trip cancellation/interruption insurance: If you must cancel or cut a trip short because of a covered issue (such as illness or severe weather), you’re eligible for up to $5,000 of coverage per person for prepaid, nonrefundable travel expenses, which provides great peace of mind when unexpected problems arise. Coverage is limited to $10,000 per trip.
- Trip delay reimbursement: If a covered trip is delayed by a covered hazard for 12 or more hours — or long enough to require an overnight stay — you’ll be eligible for reimbursement, up to $500 per ticket in reasonable expenses. This can really save you in situations such as poor weather, where the airline generally won’t provide any compensation. Note that you only need to charge part of your common-carrier fare to the card to use this benefit, so you’ll be covered on award tickets if you put the taxes and fees on the card.
- Primary car rental coverage: Renting a car can be a risky (and expensive) proposition, but if you use the Ink Business Preferred card for the entire rental cost and are traveling for business purposes, you’re covered for theft and damage in the U.S. and most countries around the world. Bear in mind that this doesn’t offer any liability coverage, but you are covered up to the actual cash value of the vehicle you’re renting.
- Extended warranty protection: Purchases with a U.S. manufacturer’s warranty of three years or less will get coverage for an extra year. This can be extremely helpful when an item stops working shortly after its scheduled warranty ends.
As cards continue to scale back on benefits such as travel insurance and extended warranties, the fact that Chase continues to offer these perks is a huge advantage.
The Ink Business Preferred also offers an array of business tools, including account insights, bookkeeping integration and account alerts. The most valuable benefit of this card is still probably cellphone protection. Not many cards offer this perk, and considering the Ink Business Preferred also offers 3 points per dollar on phone services, this is a win-win.
The Ink Business Preferred doesn’t offer much in the way of travel credits, lounge access or other luxury benefits that competitors have, such as The Business Platinum Card® from American Express with its $695 annual fee (see rates and fees). However, for only a $95 annual fee, this card offers a lot of value to cardholders.
Related: Five reasons to get the Chase Ink Business Preferred Credit Card
Take advantage of the full Ink Business lineup
One of the most attractive features of the entire Chase lineup is your ability to pair cards and pool points. Chase currently has four Ink cards: the Ink Business Preferred, Ink Business Cash, Ink Business Unlimited and Ink Business Premier℠ Credit Card.
|Card||Sign-up bonus||Rewards rate||Annual fee|
|Ink Business Preferred||100,000 points after you spend $15,000 in the first three months.||3 points per dollar spent on travel, shipping, internet, cable and phone services and advertising purchases made with social media sites and search engines on the first $150,000 in combined purchases each account anniversary.||$95.|
|Ink Business Cash Credit Card||$750 cash back after you spend $6,000 on purchases in the first three months of account opening.||5% (or 5 points per dollar) at office supply stores and on internet, cable and phone services on the first $25,000 spent in combined bonus categories each account anniversary and earn 2% (or 2 points per dollar) at gas stations and restaurants on the first $25,000 spent in combined bonus categories each account anniversary.||$0.|
|Ink Business Unlimited Credit Card||$750 cash back after you spend $6,000 on purchases in the first three months of account opening.||1.5% (or 1.5 points per dollar) on all purchases.||$0.|
|Ink Business Premier||$1,000 cash back after spending $10,000 on purchases in the first three months of account opening.||2% cash back on every purchase, 2.5% back on large purchases of $5,000 or more and 5% cash back on travel booked through Chase Ultimate Rewards.||$195.|
There is minimal overlap between each card’s bonus categories, which means having the first three in your wallet covers many bases when it comes to business spending.
For example, you could use the Ink Business Preferred for travel, shipping, digital advertising and cellphone bills. Then, use the Ink Business Cash for office supplies, computer hardware (which you can often find at office-supply stores), internet and cable services, gas and restaurant spending. Finally, use the Ink Business Unlimited on everything that you don’t currently earn bonus rewards on.
The Ink Business Premier offers 2% back on all purchases, but the cash-back on this card cannot be turned into Ultimate Rewards points to transfer them to travel partners, which reduces the card’s value for those looking to travel.
Related: The power of the Chase Trifecta: Sapphire Reserve, Ink Preferred and Freedom Unlimited
Because the Ink Business Preferred is an Ultimate Rewards credit card, you can pool your points across cards to increase their value. The Ink Business Cash and Ink Business Unlimited both have no annual fee, which means you can earn additional Ultimate Rewards points for no additional cost.
Related: Comparing Ink Business credit cards
Which cards compete with the Ink Business Preferred?
With a low annual fee, valuable points, lucrative earning rates and solid benefits, the Ink Business Preferred is a great option for many small businesses. However, there are a few other options that could be a better fit for your company:
- If you want more customizable bonuses: The American Express® Business Gold Card carries a higher annual fee of $295 (see rates and fees), but you'll earn 4 points per dollar spent in your highest two spending categories each month (on the first $150,000 in combined purchases each calendar year). If you can't maximize the Ink Business Preferred's categories or your spending varies from month to month, this may be a better option. For more information, read our full review of the Amex Business Gold.
- If you don't want to worry about bonus categories: The Capital One Spark Miles for Business card offers at least 2 miles per dollar spent on all purchases, and the $95 annual fee is even waived for the first year. You still have access to transfer partners through Capital One, though you'll sacrifice a higher welcome bonus and additional perks. For more information, read our full review of the Capital One Spark Miles card.
Or, you could opt for another card in the Ink family detailed above — though be aware that none allow transfers to Chase travel partners without a higher-end card.
For additional options, check out our guide to the best business credit cards.
The Ink Business Preferred Credit Card is easily among the best credit cards for small businesses and freelancers. The sign-up bonus is among the highest we’ve seen from Chase.
If you have significant spending across the four bonus categories (travel, shipping, advertising and telecommunication providers), you’ll earn tons of extra Ultimate Rewards points. Plus, you and your employees will enjoy various travel and shopping protections — like primary coverage when renting a car for business purposes and generous cellphone protection.
If you’re just getting started, I’d highly recommend starting with this card, especially if you can pair it with other cards such as the Chase Sapphire Reserve and Chase Freedom Unlimited to maximize your rewards across even more purchases.
Application link: Ink Business Preferred Credit Card with up to 100,000 bonus points.
Additional reporting by Ryan Wilcox and Benét J. Wilson.
For rates and fees of the Amex Business Platinum, click here.
For rates and fees of the Amex Business Gold, click here.