The Chase Ink Business Preferred is one of the best business credit cards available, and there are many good reasons for that. If you’re a business owner looking to earn travel rewards on your everyday expenses, this card offers some incredible opportunities.
While Chase’s Ultimate Rewards program is the card’s biggest value proposition, there are some other benefits that make it worth having in your wallet. Here’s what you need to know about the Chase Ink Business Preferred benefits and how you can maximize them.
Overview of the Ink Business Preferred
With the Ink Business Preferred, you can earn three points per dollar on the first $150,000 spent each year on travel, shipping expenses, internet, cable, and phone services, and on advertising purchases made with social media sites and search engines. All other purchases will net you just one point per dollar.
You could also take advantage of the card’s sign-up bonus, which offers cardholders 80,000 bonus points after they spend $5,000 on purchases in the first 3 months.
You can use your points to get cash back or gift cards, shop on Amazon, book travel, or transfer to one of the bank’s airline or hotel partners. Redemption values vary, though, so it’s important to know how to get as much value out of your points as possible.
The card has a $95 annual fee, no foreign transaction fees, and several travel and purchase protection benefits.
6 worthwhile Ink Business Preferred benefits to know about
If you’re considering the Ink Business Preferred for your business, here are some of the top benefits that make the card worth having.
1. Impressive sign-up bonus
The card offers 80,000 bonus points after you spend $5,000 on purchases in the first 3 months. Even if you use your rewards to get cash back or gift cards with an $800 value, you’re still getting more back than what most business credit card sign-up bonuses offer.
That said, if you use your points to book travel through Chase Ultimate Rewards, you’ll get 25% more value, making the sign-up bonus worth a whopping $1,000. That’s tough to beat no matter where you look, and it can make the card a no-brainer in spite of its annual fee.
2. Useful bonus categories
A lot of rewards credit cards offer bonus rewards categories, but the Ink Preferred bonus categories include several expenses that are common among certain types of business.
You’ll earn 5X points on Lyft rides; 3X points on the first $150,000 spent each year on travel, shipping, internet, cable, or phone services, and advertising purchases with social media and search engines; and 1X points per $1 on everything else.
If you have a product-based business, shipping could be one of your biggest expenses. And whether you have a product- or service-based business, advertising through social media and search engines could be one of your primary channels for acquiring new customers.
With the 25% bonus on travel redemptions, you’ll effectively get a 3.75% rewards rate on these purchases if you use your points to book travel through Chase.
If you max out the $150,000 cap each year, for instance, you’ll earn 450,000 points, which would be worth $5,625 in travel booked through Chase.
This card also offers 5X points per dollar spent on Lyft rides, which can be great for frequent business-related travel.
3. Valuable transfer partners
Getting $1,000 out of a sign-up bonus can be exciting. But if you go one step further and learn how to transfer your points to other rewards programs, you could get even more value.
The card allows you to make these transfers at a 1:1 ratio to any of Chase’s transfer partners, which include:
- Aer Lingus AerClub
- British Airways Executive Club
- 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
Unlike with Chase Ultimate Rewards, points and miles in these rewards programs have a dynamic value, which can change depending on how and when you redeem them. This means you may be able to find some redemption options that offer much more than 1.25 cents per point in value.
Maximizing your rewards this way isn’t always easy, though. It requires time and research to find the right redemptions. But if you have a big trip coming up, that effort can save you a lot of money. Joining online communities like FBZ Elite Travel & Points can help speed up the learning process, too.
4. Cell phone protection
Cell phones are more expensive than ever, making it almost financially devastating to lose or break one. With the Ink Business Preferred, however, you and your employees are covered against theft and damage of your cell phone, as long as you use the card to pay your monthly cell phone bill.
If you qualify, you’ll get up to $600 in coverage per claim, with three claims per 12-month period. There is, however, a $100 deductible with each claim. That might sound like a lot, but it can still save you hundreds of dollars if you drop your phone or someone swipes it.
5. Primary rental car insurance
A lot of credit cards offer rental car insurance, but many of them offer only secondary coverage. This means if you have a personal auto insurance policy that covers rental cars, you need to file a claim with that insurer first, then your card’s coverage will pick up the rest of the bill if necessary.
With the Ink Business Preferred, however, you get primary coverage, which means you don’t have to file a claim with your personal policy and wonder whether you’re going to get hit with a rate increase. Just be sure to read the fine print to learn about the perk’s limitations and exclusions.
6. Trip cancellation and interruption insurance
Emergencies happen, and if you have a trip that’s been canceled or cut short due to an illness, severe weather, or another covered reason, you may be able to get reimbursed for some or all of your travel expenses.
The card offers up to $5,000 in coverage per trip for prepaid, non-refundable travel costs, which include passenger fares, hotels, and tours. The only catch is that you have to use your card to book the travel to get the protection. But because you’re earning three points per dollar on travel purchases, it may make sense to do that anyway.
While the card has several standout perks that make it worth considering for any business owner, here are some additional benefits that may also add some value:
- Roadside dispatch service: Call the number listed and get help finding a tow truck or other provider to service your car when you’re stuck on the side of the road.
- Purchase protection: If a recent purchase is damaged or stolen, you could be reimbursed up to $10,000 for each claim.
- Extended warranty coverage: Add an additional year to eligible warranties of three years or less.
- No foreign transaction fees: Make purchases fee-free when traveling abroad.
- Employee cards at no additional cost: Set spending limits on employee cards and use their purchases to rack up additional points.
As you search for the right credit card for your business, it’s important to look at a card holistically to determine its value. The Ink Business Preferred benefits are primarily centered in its rewards program, but there are plenty of ways to gain significant value outside of it, too.
If you’re a business owner who travels frequently, the Ink Business Preferred could be an excellent choice. But because every business is different, take the time to compare it with other top business credit cards to ensure you’re getting the best deal for your needs.
Also, keep in mind that this card typically requires excellent credit, which could be a barrier for some business owners. But if you qualify, it should be on your radar.