Chase Ink Business Preferred® Credit Card Review

Ink Business Preferred® Credit Card Review

Read on to understand more about the Ink Business Preferred® - a credit card with lots of useful perks for small business owners. Its sign up bonus is one of the largest in the market. Users earn 100,000 bonus points after spending $8,000 in the first 3 months, which can be redeemed for $1,000 cash back or $1,250 for travel through the Chase Ultimate rewards.

If you are looking for generous cash back rewards on business purchases the Ink Business Preferred® could be a solid option.

To acquire this card, you need a good credit score. Although it has a $95 annual fee, the Ink Business Preferred® has numerous benefits. If your business makes considerable purchases, the rewards you can earn with this card are worth it.

Ink Business Preferred® Pros and Cons

The table below highlights the perks and downside of the Ink Business Preferred® card:

Rewards system in a nutshell

The Ink Business Preferred® credit card gives cardholders a wide range of benefits. As a sign-up bonus, they earn 100,000 bonus points upon spending $8,000 on purchases in the first 3 months, and these are worth a $1,000 cash back or $1,250 when redeemed through the Chase Ultimate Rewards towards travel. Each point earned with this credit card is worth $0.01, which means every 100 points are worth $1.

Cardholders earn 3X bonus points on the first $150,000 spent on specific business purchases each year. These points are earned on the following categories:

• Shipping
• Travel – including taxi, train, rental cars, hotels, and airfare
• Internet, phone, and cable services
• Advertising purchases made with search engines and social media sites

All other purchases earn 1 point per $1 spent. All points earned do not expire as long as the account remains active. There are some transactions that won’t earn any points - balance transfers, cash advances and some others. You can find the full list of exceptions at chase.com.

You can redeem the points earned with the Ink Business Preferred® in various ways. They include:

• Cash Back. You can redeem your cash back rewards as statement credits. Alternatively, you can have it directly deposited to U.S savings or checking accounts.
• Travel. You can pay for your travel through the Chase Ultimate Rewards Program. This includes air travel on major airlines, hotel stays, rental cars, trains, and taxis.The points are worth 25% more when redeemed through the Chase Ultimate Rewards program for travel. For instance, 100,000 are worth $1,000 in cashback but $1,250 towards travel.
• Gift Cards. Chase provides cardholders with over 150 gift cards for brands ranging from electronic and office supplies to hotels.
• Apple Ultimate Rewards Store. You can use all your points to pay for Apple purchases through the Ultimate Rewards program.
• 1:1 Points Transfer. The Chase Ultimate points are transferable to a variety of hotel and airline partners at a 1:1 ratio. Meaning one point earns you 1 point or 1 mile in the program you transfer to. Some of the great partners to transfer to them include Hyatt, Marriott, United Airlines, Emirates, British Airways, Singapore Airlines, Virgin Atlantic, and much more. With instant point transfer, this could be ideal if you are in a hurry to get a hotel room or book a flight.

Who Can Benefit From the Ink Business Preferred® Credit Card?

The Ink Business Preferred® credit card is ideal for small to medium-sized businesses who incur major expenses on the card’s bonus categories. Ideally, companies that spend a lot on travel or online campaigns can benefit significantly.

Also, companies that outsource many items, especially from outside the country, tend to benefit as well. This is because the card charges no foreign transaction fees. Adding this to the numerous travel benefits makes the Ink Business Preferred® one of the best cards to consider.

Chase offers employee cards at no extra costs, and you can get cards for your employees and earn rewards every time they make purchases.

Are There Any Other Benefits?

Besides the cash back and travel rewards, the Ink Business Preferred® credit card comes with many other benefits. They include:

• Purchase Protection

This credit card gives you a 120-day coverage against theft or damage of goods purchased with the card. You can make a claim of up to $10,000 and an overall claim of $50,000 per account.

• Extended Warranty Protection

The Ink Business Preferred® credit card extends the U.S manufacturer warranty by 1 year on eligible warranties not exceeding three years. In essence, when you pay for a product with a 2-year warranty with this card, Chase extends the warranty by 1 year, meaning your full warranty is 3 years.

• Cell Phone Protection

The Ink Business Preferred® gives you a cell phone protection of up to $600 per claim when you pay monthly phone bills with the card. This protection covers damage or theft for both you and your employees’ cell phones, and you can submit up to 3 claims per year.

• Auto Rental Collision Damage Waiver

This card offers a collision damage waiver on car rentals both inside and outside the country. This rental car travel insurance is primary when renting for business purposes. It pays for the collision damage or theft, both locally and internationally.

• Building Business Credit Score

The Chase Ink Business Preferred® credit card builds a credit history for your business.

• Business Insights

The Chase Ink Business Preferred® gives you 24/7 access to your account details, timely reports, and up to 24 months of your statement details. Also, it allows you to track all business expenses so you can easily file tax reports. You can connect the card with your bookkeeping software and enjoy simple accounting.

• Trip Interruption/Cancellation Insurance

With the Ink Business Preferred® credit card, you can be reimbursed up to $5,000 per person and up to $10,000 per trip for any prepaid, non-refundable travel expenses. In case your trip is canceled due to severe weather, sickness, or other covered situations, you can claim reimbursement. This covers expenses on hotel booking, passenger fares, and tour expenses.

• Roadside Dispatch

In the event of a roadside emergency, you can call for assistance via 1-800-847-2869. Whether you need towing, tire change, jumpstart, gas delivery, or lockout service, assistance will be provided and billed to your card.