Chase Ink Business Preferred Credit Card Benefits & Review (January 2023)
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If you are looking for a business credit card with a low annual fee, a huge sign-up bonus, and 3x points on a variety of categories, including travel, the Chase Ink Business Preferred® Credit Card may be the perfect fit for your company. Additionally, it offers cell phone protection, primary rental car insurance, fraud protection, and a multitude of other benefits for you and your employees. And the best part is points are worth more when booking travel through chase (25%) or transferring to a variety of partner hotels and airlines.
Here is what you need to know about the Chase Ink Business Preferred Credit Card.
Looking to upgrade your business card to earn more points and more rewards? See our recommended list of the top business credit cards.
The ideal cardholder is a business owner who spends a lot in the 3x point bonus categories — travel, shipping, advertising, Internet, cable, and phone services. You should be able to spend at least $15,000 in the first three months to qualify for the 100,000 point bonus. Since there is a $95 annual fee, you should do the math to see if your yearly spending is enough to easily offset it. If it is not, consider Chase’s no-annual-fee business cards — Ink Business Unlimited® Credit Card and the Ink Business Cash® Credit Card.
This card is also for those who already hold one of Chase’s other business cards. Those with personal Chase cards, including the Chase Freedom Unlimited® and Chase Freedom Flex℠, can also benefit. Points can be pooled and redeemed for more value when transferred to the Ink Business Preferred.
|BENEFITS AT A GLANCE|
|– Annual Fee: $95|
– APR: 20.24% – 25.24% variable APR
– Current Bonus: 100,000 points after spending $15,000 on purchases within the first three months
– 5x Points on Lyft Rides (through March 2025)
– 3x Points on Travel
– 3x Points on Shipping Purchases
– 3x Points on Internet, Cable, & Phone Services
– 3x Points on Advertising Purchases (via social media and search engines)
– 1x Points on All Other Purchases
– Primary Rental Car Insurance
– No Cost for Additional Employee Cards
– Points Worth 25% More Booking Travel via Chase Ultimate Rewards
– Purchase Protection and Warranty Protection
– Trip Cancellation/Interruption Insurance
– Up to $600 Per Claim Cell Phone Protection ($100 deductible, 3 times per year).
– Real-Time Fraud Monitoring
– Points Do Not Expire
– No Foreign Transaction Fee
– Good to Great Credit Score Required (690+)
Featured Ink Business Preferred Benefits
Here are our picks for the top Ink Business Preferred benefits.
100,000 Point New Account Bonus
The Ink Business Preferred’s top benefit is easily its 100,000 point bonus after spending $15,000 on purchases in the first three months. When redeeming for cash or a statement credit, the 100,000 bonus points are worth $1,000 (1 cent per point). This covers the $95 annual fee for ten years. When using the points to book travel via the Chase Ultimate Rewards portal, the bonus is worth $1,250 (25% more). This covers the annual fee for 13 years!
You can also transfer the bonus points to Chase’s partner airlines and hotels. Depending on the partner, points are worth as much as 2 cents per point. That means your 100,000 point bonus can be worth $2,000. Chase Sapphire Reserve® cardholders also have the option to transfer Ink Business Preferred points to it. The Sapphire Reserve earns 50% more (or 1.5 cents per point) when redeeming points via the Chase Ultimate Rewards portal. That makes the bonus worth $1,500.
The Vacationer Tip
Do not sign up for the Ink Business Preferred unless you know you have $15,000 in business expenses in the next three months. The bonus is crucial in maximizing this card’s value.
3x Points on Common Business Purchases ($150,000 max combined purchases per year)
Cardholders earn 3x points (3 points per dollar spent) on a few popular business purchase categories.
- Travel – Chase has a very broad definition of travel. Here are purchases you can expect to code as travel.
- Internet, Cable, & Phone Services – Hardware is not included.
- Advertising Purchases (via social media and search engines) – Examples include Google Adwords, Microsoft Advertising, etc.
- Shipping Purchases – UPS, FedEx, etc.
Unfortunately, the 3x points are only valid for the first $150,000 spent total on those categories each year. That means you can earn 450,000 points per year ($4,500) in cash by maxing out this benefit. After hitting the cap, the card earns 1x on those categories for the rest of the year.
Primary Rental Car Insurance
The Ink Business Preferred includes an extremely valuable Auto Rental Collision Damage Waiver benefit. It is on a primary basis, which means you do not have to contact your own insurance company first in the event of damage or theft to your rental car. For it to be primary coverage, the vehicle must be rented for business purposes.
To activate coverage, use your Ink Business Preferred card and decline the rental company’s collision insurance. Reimbursement is for up to the cash value of the rental car. Car rental companies charge as much as $40 per day for this coverage, so it is a great feature.
$600 Per Claim Cell Phone Protection
Cardholders are eligible for up to $1,800 in cell phone protection per year (maximum of three claims per year at up to $600 per claim). Only phones whose monthly bills are paid for with an Ink Business Preferred card are eligible for reimbursement. There is a $100 deductible each claim for covered theft and damage to your phone
This is potentially a very valuable benefit if you or your employees drop your phones often.
The Vacationer Recommendation
See our list of the top business credit cards from Chase, American Express, and other top issuers. Many cards have no or low annual fees and come with a multitude of benefits so you can get more value out of your business expenses.
Other Ink Business Preferred Benefits
The Ink Business Preferred also offers these important benefits.
Purchase and Extended Warranty Protection
Assuming you will be making a lot of purchases with your Ink Business Preferred card, this is a very valuable benefit. Cardholders enjoy coverage of up to $50,000 per account ($10,000) per claim for new purchases for 120 days. Covered reasons include damage and theft. Purchases made with your Ink Business Preferred card also enjoy extended warranty protection for an additional year on warranties three years or less.
Trip Cancellation/Interruption Insurance
The odds are you will be booking a lot of travel at 3x points with your Ink Business Preferred card. Cardholders enjoy both trip cancellation and interruption insurance for pre-paid, non-refundable expenses. These include hotels, passenger fares, and tours. Cardholders can be reimbursed up to $10,000 ($5,000 per person) per trip for covered reasons. A few examples include weather and illness.
For companies with a lot of business travel, this is an invaluable benefit. Plans are likely going to get changed or canceled from time to time, so you can now book with a little more confidence. For example, you will be reimbursed if a hurricane cancels your $400 flight. You will also be reimbursed for your $1,700 hotel stay.
Though you may already have AAA, the Ink Business Preferred offers cardholders roadside dispatch assistance. Simply call 1-800-847-2869 for help with common breakdown reasons, including flat tires and jumpstarts. Service fees will still be billed to your card, so there is not a ton of value in this benefit.
1x Points on All Other Purchases
Purchases not coding in the 3x points categories earn 1x points (1 point per dollar spent). Unless you are attempting to meet the $15,000 spend for the bonus, we do not ever recommend settling for 1x points. For that reason, you should consider signing up for the Ink Business Unlimited and the Ink Business Cash cards.
The Ink Business Unlimited offers 1.5% cash back on all purchases. The Ink Business Cash offers up to 5% cash back in common business categories. Neither card has an annual fee, and you will always earn at least 1.5% cash back (or 1.5x points) on every business purchase. As explained below, points can be pooled together and redeemed for more value!
Ink Business Preferred Point Redemption Options
Ink Business Preferred cardholders have a variety of ways to redeem points, but some are better than others.
Cash, Statement Credit, Gift Cards, and Apple (1 cent per point)
Redeeming at 1 cent ($0.01) per point is the least valuable way to redeem points. Cash, statement credits, gift cards, and the Apple Ultimate Rewards Store fall into this category. For example, 3,000 points are worth $30 in cash. While it may be tempting to use this method to buy gift cards for your employees, there are better ways to get more value out of your points.
Book Travel via Chase Ultimate Reward Portal at 25% More Value (1.25 cents per point)
Cardholders can use their points to book travel via the Chase Ultimate Rewards portal for 25% more value (or 1.25 cents per point). Travel includes flights, hotels, car rentals, and more. For example, 30,000 points are worth $375 ($300×1.25) when booked through Chase travel. For comparison purposes, Chase’s other two business cards, the Ink Business Unlimited and the Ink Business Cash, only get 1 cent per point when booking travel via Chase.
Transfer Points to a Partner Airline or Hotel (up to 2 cents per point)
The best way to redeem Ink Business Preferred points is to transfer them to a partner airline or hotel. Currently, Chase has ten partner airlines and three partner hotels. Out of Chase’s three business cards, the Ink Business Preferred is the only one with partner transfer access. You must transfer points in 1,000 point increments. Before transferring points, you must sign up for the airline or hotel’s rewards program.
Chase Airline & Hotel Transfer Partners
|AerClub (Aer Lingus)||IHG® One Rewards|
|British Airways Executive Club||Marriott Bonvoy™|
|Emirates Skywards®||World of Hyatt®|
|Flying Blue AIR FRANCE KLM|
|Singapore Airlines KrisFlyer|
|Southwest Airlines Rapid Rewards®|
|Virgin Atlantic Flying Club|
Depending on the hotel or airline, you may be able to redeem points at 2 cents per point or more. Transfers are usually instant but can take a few days. Point transfers cannot be reversed.
Pay Yourself Back Program
For a limited time, Ink Business Preferred cardholders can take advantage of the Pay Yourself Back program for better point redemption value. Through March 31, 2023, cardholders can redeem points at 25% more value on Shipping, Internet, Cable, & Phone Services purchases. Through December 31, 2023, cardholders can redeem points at 25% more value for purchases through select charities.
Combine Points With Other Chase Cards
You can redeem points from your other Chase cards for more when pooled with your Ink Business Preferred. In some scenarios, it even makes sense to transfer Ink Business Preferred points to other Chase cards.
Pooling With Chase Business Cards
Chase’s two other business cards, the Ink Business Unlimited and Ink Business Cash, both have limited redemption options. Points can be redeemed at 1 cent per point for cash, statement credits, travel, gift cards, and at the Apple Ultimate Rewards Store. To redeem at a higher value, points from both cards can be transferred to the Ink Business Preferred. As detailed above, those points can then be redeemed at 25% more value when booking travel through the Chase Ultimate Rewards portal. Those points can also be transferred to Chase’s airline and hotel partners for more value.
Both the Ink Business Unlimited and Ink Business Cash have $900 sign-up bonuses (90,000 points). Those points are worth $1,125 when transferred to the Ink Business Preferred and used to book travel through Chase.
Pooling With Chase Personal Cards
Chase currently offers four personal credit cards.
Cash Back Earning:
The Freedom Flex and Freedom Unlimited cannot redeem points for higher value via the Chase Ultimate Rewards portal on their own. Holders of both of those cards can transfer points to the Ink Business Preferred for 25% more value when booking travel. This also allows points to be transferred to partner hotels and airlines.
Ink Business Preferred cardholders can benefit from transferring points to the Chase Sapphire Reserve. The Sapphire Reserve redeems points at 50% more value when booking travel via the Chase portal, the Pay Yourself Back Program, and through Chase Dining. Using the 100,000 point bonus as an example, here is how much more you can redeem points for when transferring to the Sapphire Reserve.
- Chase Sapphire Reserve – $1,500 (Up to 50% more for travel and pay yourself back)
- Ink Business Preferred – $1,250 (25% more for travel)
The Vacationer Tip
Chase’s 5/24 requirements are in play here despite the Ink Business Preferred not being a personal card. Before applying, ensure you have not opened 5 new credit cards in the past 24 months. The good news is opening a Chase business card will not add to your 5/24 total.
What Kind of Business Do I Need to Get Approved?
You do not need a multi-million dollar business to get approved for the Chase Ink Business Preferred. Any for-profit business is eligible. That includes selling items online, blogging, freelance writing, Fiverr gigs, rideshare drivers, and more. Partnerships, corporations, and even sole proprietors are eligible. You do not even need an EIN to apply.
$95. It is not waived the first year.
100,000 points after spending $15,000 in the first three months on purchases from account opening. This is equal to $1,000 cash, $1,250 booking travel via Chase, or up to $2,000 transferring to a partner hotel or airline.
20.24% – 25.24% variable APR. This card currently offers no introductory APR rate.
Ink Business Preferred employee cards come at no cost.
Travel, shipping, advertising (search engines and social media), Internet, cable, and phone services all earn 3x (3 points per dollar spent) points for the first $150,000 spent per year.
All purchases other than those in the 3x category earn 1x points (1 point per dollar spent).
There is no minimum amount for approval.
Yes, and it is a good idea. Chase’s two other business cards have no annual fee and earn more points in different categories.
Chase Ink Business Unlimited:
No Annual Fee
1.5% Cash Back on Everything
$900 Cash Back Sign-Up Bonus after $6,000 spend in the first three months
Chase Ink Business Cash:
No Annual Fee
5% Cash Back in Select Categories
$900 Cash Back Sign-Up Bonus after $6,000 spend in the first three months
Points are worth 1 cent per point when redeemed for cash, a statement credit, gift cards, and at the Apple Ultimate Rewards Store.
Points are worth 25% more (1.25 cents per point) when booking travel via the Chase Ultimate Rewards portal.
Yes, points can be transferred and pooled with other Chase business and personal cards.
There is no minimum number of employees required. Sole proprietors are eligible, too!
No, there is currently no foreign transaction fee.
No, it currently does not offer airport lounge access.
The Vacationer’s Final Thoughts
The Chase Ink Business Preferred is one of the best business credit cards available today. The 100,000 point sign-up bonus is also competitive among other business cards. The $95 annual fee makes sense for all of the available benefits. Having a business card is a great way to separate company expenses from personal expenses. It is also a great way to establish credit for your business.
Editorial Disclosure: Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.
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