5 reasons to get the Chase Ink Business Preferred credit card
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Editor’s note: This is a recurring post, regularly updated with new information and card details.
The Ink Business Preferred Credit Card quickly became one of the most popular small-business credit cards after its launch in October 2016. The reasons are compelling: a strong sign-up bonus, the ability to earn triple points in many categories, multiple options for redeeming those points and unique benefits such as cell phone protection that aren’t offered by other cards.
Best of all, the annual fee is only $95 — a bargain, particularly when you compare it to the American Express® Business Gold Card, which costs $295 annually (see rates and fees) and The Business Platinum Card® from American Express, which charges $595 (see rates and fees).
Here are the top reasons why the Chase Ink Business Preferred Card might be worth it for you.
Impressive sign-up bonus
With the Ink Business Preferred Card, you’ll get 100,000 Chase Ultimate Rewards points after you spend $15,000 in the first three months. Ultimate Rewards points are among the most valuable points currencies around, and the bonus is worth $2,000, according to TPG’s most recent valuations. While $15,000 is certainly a high threshold to hit 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.
Those 100,000 Chase Ultimate Rewards points can be used on a lot of amazing redemptions, and while nonessential travel is halted at the moment, the skies will eventually be open again for tourists looking to make the most of their points and miles. You could book Delta One business-class suites to Europe round-trip for yourself and so much more. The sky is the limit with this bonus — literally.
Related reading: Best ways to use 100,000 Chase Ultimate Rewards points
Useful bonus categories for small businesses
Not only are Chase Ultimate Rewards some of the most valuable points out there, but the Ink Business Preferred Card also enables you to accumulate them quickly with multiple bonus categories. You’ll earn 3x points per dollar on the first $150,000 in combined purchases each account anniversary year spent in these categories:
- Internet, cable and phone services
- Advertising on search engines and social media sites
All other purchases earn one point per dollar.
If you maximize your bonus earning capabilities, that’s 450,000 Chase Ultimate Rewards points each year!
Amazing redemption potential
This is another area where the Ink Business Preferred card really shines. Chase Ultimate Rewards points transfer to 10 airline partners:
- Aer Lingus
- British Airways Executive Club
- Emirates Skywards
- Flying Blue (Air France/KLM)
- Iberia Plus
- JetBlue TrueBlue
- Singapore KrisFlyer
- Southwest Rapid Rewards
- United MileagePlus
- Virgin Atlantic Flying Club
When you take alliance partners into account, this gives you an incredibly wide range of airline options. British Airways Avios, for example, give you access to Oneworld alliance members such as American, Finnair and Japan Airlines. In addition, your points transfer to three hotel programs:
Points transfer to all partners at a 1:1 ratio and most transactions are instant. You can also choose to 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 the Chase Ultimate Rewards travel portal. Plus, you’ll accrue frequent flyer miles on any flight bookings made through Chase, since they’re treated as paid tickets.
This lineup of transfer partners may change as airlines re-evaluate partnerships (and some potentially go bankrupt) once leisure travel is again safe and encouraged, but I have no doubt that Chase points will continue to be among the most valuable transferrable currencies.
Cellphone, travel and purchase protection
How many times have you dropped, damaged or misplaced your cell phone? The Ink Business Preferred is one of the few credit cards to offer cell phone protection to help you in this very situation. You and your employees listed on your phone bill are 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 three claims per 12-month period, with a $100 deductible per claim.
The Ink Business Preferred Card 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 full value of the vehicle. This is primary coverage, which means 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., although personal rentals are covered for international trips.
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 for pre-paid 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’ll need to 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 either 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 for the purchase of essential items.
Travel accident insurance — You and your traveling 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.
Pool your points with other Chase credit cards
Chase offers four products that are essentially cash-back cards: The Chase Freedom (No longer open to new applicants), Chase Freedom Unlimited, Ink Business Unlimited Credit Card and Ink Business Cash Credit Card. However, those cards also earn points that can be transferred to Ultimate Rewards points, provided you have a card that earns Ultimate Rewards points, such as the Ink Business Preferred. Having the Ink Business Preferred Credit Card enables you to enhance the value of other Chase cards in your wallet.
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.
Related reading: Maximize your wallet with the perfect quartet of Chase credit cards
Additional benefits to consider
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)
For a small-business card, the Ink Business Preferred Credit Card offers an almost unbeatable combination: A strong sign-up bonus, generous point-earning, the ability to transfer points to 13 travel partners and a comprehensive collection of travel protections.
If you’re considering getting the Ink Business Preferred card, 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 how credit-worthy you are. To increase your odds of acceptance, make sure you apply for this card (and another Chase credit cards) before cards from other issuers.
Finally, keep in mind that Chase is currently requiring you to sign in to an eligible Chase credit card or business banking account before applying for the Ink Business Preferred. Credit card issuers across the board are starting to implement stricter application criteria, and this is just one of the things Chase specifically is doing to try and mitigate risk as we head into a recession due to the coronavirus pandemic.
Additional reporting by Madison Blancaflor.
Featured photo by Wyatt Smith/The Points Guy.
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