Chase Ink Business Preferred Review: A Bonus Worth $1,250 or More

The card starts out hot and stays that way.
Last updated Sep 11, 2020 | By Ben Luthi

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If you have business expenses, the Ink Business Preferred from Chase can provide a lot of value with its big sign-up bonus, lucrative bonus rewards, and versatile rewards program.

In this Ink Business Preferred review, you’ll learn about what makes the card stand out, as well as some potential pitfalls to watch out for.

Hot Sign-up Bonus

Benefits

  • 100,000 point sign-up bonus
  • 3X points on travel and common business spending categories
  • Flexible redemption options
  • Additional employee cards at no extra cost

Drawbacks

  • Has annual fee
  • No intro 0% APR promotion offered
  • Limited business-specific benefits

In this Chase Ink Business Preferred credit card review:

Who should get the Chase Ink Business Preferred Card?

The Ink Business Preferred is best for small business owners who want to use their everyday business expenses to earn travel rewards. More specifically, consider the card if your business can spend at least $15,000 in the first 3 months to earn the sign-up bonus and spends a lot in the card’s bonus categories.

You’ll need a good to excellent credit score to qualify, though, making it an inferior choice if your credit score is considered fair or poor.

Card basics

Card type Business
Credit card issuer Chase
Annual fee $95
Intro bonus Earn 100,000 points after spending $15,000 in the first 3 months of account opening
Rewards rate 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
Recommended credit score Excellent, Good
Foreign transaction fee None

Chase Ink Preferred benefits and perks

Here are some of the biggest Ink Business Preferred benefits that can add value to your business:

  • Lucrative welcome offer: Earn 100,000 points after spending $15,000 in the first 3 months.
  • Valuable transfer partners: You may be able to get even more value out of your points if you transfer them to one of Chase’s airline or hotel transfer partners. Maximizing your rewards this way can require a decent amount of research and savviness but can often be worth it.
  • Bonus points on common business spending: The card offers 3X 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. You can earn these bonus points each year on your account anniversary.
  • Even more rewards on rideshares: This card also offers 5X points per dollar spent on Lyft rides, which can be great for frequent business-related travel.
  • Flexible redemption options: It’s not easy to find a travel credit card that gives you one cent per point on cash redemptions, but this one does. You’ll also get one cent per point on gift cards and 1.25 cents per point on travel redemptions through Chase.
  • Free employee cards: If you're a Chase Ink Business Preferred cardholder, you can request cards for your employees at no additional cost. You can also set spending limits on employee credit cards through Chase.
  • Incredible travel and purchase protections: The card provides a suite of insurance benefits, including trip cancellation and interruption insurance and primary rental car insurance, which can save you money when you’re traveling. You’ll also get cell phone protection if you use the card to pay your cell phone bill, purchase protection, and extended warranty coverage.

Drawbacks to the Chase Ink Business Preferred Card

  • Bonus cap: There's an annual bonus spending cap of $150,000 with this card. If your business spends more than that in the card's bonus categories during a given year, you'll only earn one point per dollar on those purchases.
  • Annual fee: This card does come with an annual fee of $95.
  • Statement credits: While some business cards offer credits for travel-related costs such as airline fees, Uber rides, Global Entry, and TSA PreCheck fees, the Chase Ink Preferred does not. 
  • No introductory APR: The Chase Ink Business Preferred does not offer an introductory APR on purchases or balance transfers, which may be a drawback for some small business owners.

Earning and redeeming Chase Ultimate Rewards points

The Ink Business Preferred offers has a generous rewards earning structure, and cardholders can earn up to $150,000 spent each year on:

Travel 3X
Shipping purchases 3X
Internet, cable, and phone services 3X
Advertising purchases made with social media sites and search engines 3X

You’ll also earn one point per dollar on all other purchases, plus 100,000 bonus points after you spend $5,000 in the first three months.

Potential earnings in years one and two

Here's a look how your points can add up with the Chase Ink Business Preferred. To calculate these values, we used a point valuation of 1.25%.

Remember, this is an estimation. The actual value will be determined by how much you spend and in which categories you spend.

Year one earnings: $1,878.75

Year two earnings: $628.75

These values are based on the FinanceBuzz Credit Card Rewards Valuation Model which takes a look at points earned via spending, the sign-up bonus, and the annual fee.

Best ways to earn

The card is best if you focus your spending on the Ink Business Preferred bonus categories. So if you have more than one business credit card, make sure you use this one on those select business categories to maximize the amount you earn.

Also, keep an eye on the bonus cap. If your business spends more than $150,000 on the card’s bonus categories, it may be a good idea to have a backup card that also offers bonus rewards on those purchases, so you’re not stuck earning one point per dollar on everything once you’ve reached that cap.

Maximizing your redemptions

Even if you’re earning one point per dollar on a lot of your expenses, the Ink Business Preferred rewards program is flexible enough that you can still squeeze a lot of value out of your rewards.

While you can get cash back and gift cards at a rate of one cent per point, those are still at the lower end of the value scale. In the middle is booking travel through Chase Ultimate Rewards, which will net you 1.25 cents per point.

Chase Ink Business Preferred transfer partners

If you’re dedicated to maximizing your points, however, take some time to learn about Chase’s transfer partners and how you can transfer points to them to potentially get even more than 1.25 cents per point in value. With the right redemption, transferring points can be a great way to save on airfare. Those partners 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

Chase Ink Business Preferred FAQs

Does Chase Ink Business Preferred have foreign transaction fees?

The card doesn’t charge a foreign transaction fee, which makes it a great travel companion if you’re planning a trip abroad. Some credit cards charge a 3% foreign transaction fee, which can add up quickly if you’re not careful. The card does, however, have a $95 annual fee, which you should take into account when determining whether it’s the right fit for your business.

Can I combine Chase Ultimate Rewards?

Yes, if you have more than one credit card that earns Chase Ultimate Rewards points, you can transfer points between each account to pool them together or take advantage of special benefits.

For example, the Chase Freedom Unlimited doesn’t offer extra value if you use your points to book travel. But if you transfer points earned with the card to the Ink Business Preferred, you can take advantage of the 25% bonus on that redemption.

Is the Chase Ink Business Preferred subject to the 5/24 rule?

Yes, if you’ve opened five or more new credit card accounts in the past 24 months, you may have a difficult time getting approved for the Ink Business Preferred. That includes authorized user accounts. Check your credit report before you apply to avoid an unnecessary hard credit check.

Do you need a business to get the Chase Ink Preferred?

You do not need an EIN or employees to get approved for a Chase Ink Preferred card. You can apply for this card as a sole proprietor using your Social Security number. To learn more about applying for a business credit card, check out our business credit card application best practices.

What credit score do you need for the Chase Ink Business Preferred?

In order to get approved for the Chase Ink Business Preferred, you'll need a good to excellent credit score.


Other cards to consider

The Chase Ink Business Preferred Credit Card is a top choice for those looking to maximize their earning potential for everyday business expenses, but it’s not the only option for business owners. There are other valuable rewards credit cards out there.

The American Express Business Gold Card, for instance, is a great alternative if you’re looking to be rewarded for the spending you do most as a business owner. While there is a $295 annual fee, the customized bonus rewards, generous welcome bonus, and business-specific perks, can provide tons of value to help offset the cost.

If you’re looking to ditch the annual fee altogether, the Chase Ink Business Cash Credit Card is another great option, boasting a lucrative sign-up bonus, solid ongoing rewards, and ample flexibility for your business expenses.

Hot Sign-up Bonus

See how these cards compare:

Chase Ink Business Cash Credit Card
Chase Ink Business Cash Credit Card
  • $500 cash back sign-up bonus
  • No annual fee
  • 0% intro APR on purchases for 12 months
  • Up to 5% cash back
American Express Business Gold Card
American Express Business Gold Card
  • 35,000 point welcome offer
  • 4X Membership Rewards points in selected categories
  • No foreign transaction fees
  • Terms apply