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The Ink Business Preferred Card from Chase currently offers one of the best welcome bonuses on the market, but there’s a lot more to this card than just a one-off points bonanza – this is a credit card that offers excellent spending category bonuses, that makes other great credit cards even better, and that offers one of the rarer (and more useful) credit card benefits around.
The Chase Ink Business Preferred Credit Card
The Chase Ink Business Preferred card is one of the best small business credit cards on the market today. It offers strong earnings in key spending categories that are often heavily used by small businesses, it has a relatively low annual fee, it offers a number of excellent benefits that are not offered by a lot of other business credit cards, and it earns cardholders valuable Ultimate Rewards Points which can be converted with ease to a variety of airline and hotel loyalty programs.
Who This Card Is Aimed At
Contrary to a lot of common misconceptions, this isn’t a card that’s necessarily aimed at major businesses. Your business doesn’t have to be your primary source of income to qualify for this card, and you don’t need to have a long-established business to be eligible to get this card (although that certainly helps). If you have a side hustle that brings in extra income (selling on eBay, tutoring, rideshare driving, etc…) you could qualify for a small business credit card like the Chase Ink Business Preferred card and you could use it to help you keep your private expenditure separate from your business spending – very useful at tax time.
Here’s what you need to know about the Chase Ink Business Preferred card:
Cost of Additional/Employee Cards:
Current Welcome Bonus:
- 100,000 Chase Ultimate Rewards points after you spend $15,000 on purchases in the first 3 months after you open a new card account (find out more)
The Chase Ink Business Preferred card earns 3 points per dollar on the first $150,000 spent in combined purchases in the following categories each anniversary year:
- Shipping purchases
- Internet, cable, and phone services
- Advertising purchases made with social media sites and search engines
Cardholders earn 1 point per dollar on all other transactions and on all transactions above the $150,000 yearly maximum.
- Primary auto rental cover
- Cell Phone protection
- No foreign transaction fees
- Trip Cancellation/Trip Interruption insurance
- Purchase protection
- Extended warranty protection
- Roadside dispatch
- Transfer points to 9 airline partners and 3 hotel partners in a 1:1 ratio (details)
- Get 1.25 cents/point in value when you spend your points on travel through the Chase Ultimate Rewards portal
Why This Is A Great Card
The first thing you should know is the terms and conditions which Chase applies to the 100,000 point welcome bonus…so here they are:
To qualify and receive your bonus, you must make Purchases totaling $15,000 or more during the first 3 months from account opening. (“Purchases” do not include balance transfers, cash advances, travelers checks, foreign currency, money orders, wire transfers or similar cash-like transactions, lottery tickets, casino gaming chips, race track wagers or similar betting transactions, any checks that access your account, interest, unauthorized or fraudulent charges, and fees of any kind, including an annual fee, if applicable.) After qualifying, please allow 6 to 8 weeks for bonus points to post to your account. To be eligible for this bonus offer, account must be open and not in default at the time of fulfillment.
You’ll notice that there’s no wording in that paragraph that excludes the purchase of gift cards – that’s something that may be worth bearing in mind.
I value Chase Ultimate Rewards points at a conservative 1.5 cents each (based on the value I know that I can get out of them with ease) so, according to that valuation, the 100,000 points offered by the welcome bonus are worth $1,500.
If you think my valuation is too high, you’ll find it hard to argue against a 1.25 cents/point valuation as that’s the value you’ll get from the points when you book travel through the Ultimate Rewards portal and, at that level, the welcome bonus is worth $1,250.
Whichever way you look at it that’s a pretty fantastic welcome bonus.
Outside of the welcome bonus, there are 5 main reasons I like this card:
The Earning Rates
With, travel, shipping, social media & search engine advertising, internet, cable, and phone services all earning 3 points per dollar with the Chase Ink Business Preferred card (up to a spending limit of $150,000), this card is very well suited to a large number of SMEs where those categories often represent significant outgoings.
Assuming a valuation of 1.5 cents/point, the Chase Ink Business Preferred card effectively offers a return of 4.5% across a number of significant spending categories…and that’s impressive.
Yes, the $150,000 cap is going to be a little disappointing if you happen to be a high spender, but considering this card’s target audience I don’t think that’s a particularly unreasonable cap to have in place.
Chase Ultimate Rewards
I’m a big fan of Chase Ultimate Rewards and I work very hard to keep my UR balance as healthy as possible. I use most of my points for transfers over to Hyatt where I enjoy booking some of the nicer hotels in the world, but with other transfer partners including United Airlines & Singapore Airlines, it’s hard not to find a very good use for the points that the Chase Ink Business Preferred card earns.
Cell Phone Protection
One of the nicer (and possibly more useful) benefits that comes with the Chase Ink Business Preferred credit card is the cell phone protection benefit which offers up to $500 per claim (for theft or damage) to phones listed on the monthly cell phone bill paid with the card.*
Even if you don’t need a lot of the card’s other benefits, at just $95 per year this card could be considered worth it for the cell phone protection alone.
*A claim can be made for up to $600 but as all claims are subject to a $100 excess, the net maximum claim is $500.
Primary Auto Rental Cover
Unlike a lot of credit cards, the Chase Ink Business Preferred credit card offers cardholders primary auto rental cover as long as the rental company’s collision insurance is declined, the rental is for business purposes, and the entire rental cost is charged to the card.
Considering how many small businesses require their employees (and owners) to rent cars, this can be an incredibly useful benefit to have.
It Makes Other Chase Credit Cards Significantly Better
The Chase Ink Business Cash Credit Card (review), the Chase Freedom Flex Credit Card (review), and the Chase Freedom Unlimited Credit Card (review) are all fantastic credit cards in their own rights (take a look at the reviews to see what I mean) but they are made even better if you hold the Chase Ink Business Preferred credit card.
These three cards are all cash back cards and they offer cardholders some of the best cash back rates available. However, when one or more of these cards is paired with the Chase Ink Business Preferred credit card, the cash back earned can be converted to even more valuable Ultimate Rewards Points.
As an example, let’s take the excellent Freedom Flex Credit Card which doesn’t charge an annual fee and earns cardholders the following:
- 5% cash back on up to $1,500 of spending in quarterly revolving categories.
- 5% cash back on travel purchased through Chase’s travel portal.
- 5% cash back on grocery store purchases on up to $12,000 spent in the first year
- 3% cash back on dining (includes take-out and delivery)
- 3% cash back on spending at drugstores
- 1% cash back on spending in all other categories
A Freedom Flex card holder who also holds a Chase Ink Business Preferred credit card can either take the Flex Card’s earnings as cash back or can convert it into Ultimate Rewards Points (1% cash back = 1 Ultimate Rewards Point).
As I’ve already mentioned, I value Ultimate Rewards Points at 1.5 cents each so that would effectively mean that when paired with the Chase Ink Business Preferred credit card, Chase’s already excellent Freedom Flex Card would offer a return of between 1.5% and 7.5% across various spending categories – that’s a truly stunning rate of return to get from a card that doesn’t charge an annual fee.
How much use you get out of the Chase Ink Business Preferred credit card will depend on the nature of your business and the nature of your spending, but this is very obviously a card that a significant number of people would find useful.
If you (or your employees) travel a lot for the business, then this is definitely a card to be considering – the bonus points for travel spending and the primary auto coverage will make it a must-have card for a lot of SMEs – but it’s also a card to be considered by anyone who holds the Freedom Flex or Freedom Unlimited card if they want to be sure they’re maximizing their card’s earnings potential.
Overall, in an environment awash with business credit card options, the Chase Ink Business Preferred credit card is easily one of the better all-around options available today so, with the welcome bonus as high as it currently is, this could be a great time to add this card to your portfolio.