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I only hold one Chase Business credit card but if you were expecting me to tell you that it the card I’m writing about in this post you’d be wrong – I hold the Chase Ink Bold credit card which is no longer open to new applicants.
So, with my favorite Chase Business credit card out of the reach of anyone who doesn’t already have it, the Chase Ink Business Preferred credit card takes the #2 slot. In this post I’m going to highlight what benefits the card offers and why I think it’s a pretty great all-round Business credit card.
The Chase Ink Business Preferred Credit Card
Cost of Additional/Employee Cards:
Current Sign-Up Bonus:
- 80,000 Chase Ultimate Rewards points after you spend $5,000 on purchases in the first 3 months
Earn 3 points per $1 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
Earn 1 point per $1 on all other transactions with no annual cap on earnings.
- No foreign transaction fees
- Trip Cancellation/Trip Interruption insurance
- Primary auto rental cover
- Cell Phone protection
- Purchase protection
- Extended warranty protection
- Roadside dispatch
- Transfer points to 9 airline partners and 3 hotel partners in a 1:1 ratio
- Get 1.25 cents/point in value when you spend your points on travel through the Chase Ultimate Rewards portal
The first thing you should know is the terms and conditions which Chase applies to the 80,000 point sign-up bonus…so here they are:
To qualify and receive your bonus, you must make Purchases totaling $5,000 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 which excludes the purchase of gift cards – that’s something which may be worth bearing in mind.
I value Chase Ultimate Rewards points at a conservative 1.5 cents each so, according to that valuation, the 80,000 points offered by the sign-up bonus are worth $1,200.
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 them when you book travel through the Ultimate Rewards portal and, at that level, the sign-up bonus is worth $1,000.
Whichever way you look at it that’s a pretty fantastic sign-up bonus.
Outside of the sign-up bonus, there are 4 primary 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 pretty well geared towards a large number of SMEs where those categories represent significant outgoings.
Yes, the 150,000 cap is a little disappointing…but considering who this card is targeted at I don’t think that’s a particularly unreasonable cap.
Chase Ultimate Rewards
I’m a big fan of Chase Ultimate Rewards and it’s my favorite of the big three transferable currencies. I use most of my points for transfers over to Hyatt where I enjoy booking some of the nicer hotels around, but with other transfer partners including United Airlines & Singapore Airlines, it’s hard not to find a very good use for the points 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 like a lot of the card’s other benefits, at $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 offer 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.
Clearly, 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 I still think that this is 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 no-brainer for a lot of SMEs.
Also, when you consider that the only other popular major credit card which offers cell phone cover is the Citi Prestige and that the Citi Prestige card costs $400/year more than the Chase Ink Business Preferred, you start to get an idea of just what good value this card can be.
Overall, in an environment awash with business credit card options, the Chase Ink Business Preferred credit card is easily one of the better all-round cards around.