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Owning a business credit card can help you maximize value from your day-to-day expenses to larger investments. The Chase Ink Business Preferred℠ Credit Card is one of the best cards for small businesses as it offers flexible rewards and complimentary travel and purchase protections for you and your employees. Small business owners can take advantage of this card to earn Ultimate Rewards points on common spending categories and redeem their rewards for travel, cash back and more.
If you’re shopping around for a business card, we’ve outlined the top five reasons why you should apply for the Ink Business Preferred℠ Credit Card:
1. Reasonable annual fee
The first reason that the Ink Business Preferred℠ Credit Card is worth applying for is its modest annual fee. At $95 per year, this card offers a lot of value. From the welcome bonus to its enticing perks, the Ink Business Preferred℠ Credit Card stacks up with other higher annual fee business cards in the market.
You can also add employee cards to your account for no additional cost, allowing you to track expenses and earn rewards simultaneously.
2. Competitive sign-up bonus
The Ink Business Preferred℠ Credit Card has an impressive sign-up bonus: Earn 100,000 bonus points after you spend $15,000 on purchases in the first 3 months from account opening. The welcome bonus is worth roughly $1,250 when redeeming your points for travel through the Ultimate Rewards portal. This is easily the best sign-up bonus and value for any business credit card, especially considering that the Ink Business Preferred℠ Credit Card has a reasonable $95 annual fee.
The table below compares sign-up bonuses between competing business cards:
|Ink Business Preferred℠ Credit Card||$95||Earn 100,000 bonus points after you spend $15,000 on purchases in the first 3 months from account opening.|
|Ink Business Cash® Credit Card||$0||Earn $750 bonus cash back after you spend $7,500 on purchases in the first 3 months from account opening.|
|The Business Platinum Card® from American Express||$695||Earn 120,000 Membership Rewards® points after you spend $15,000 on eligible purchases with your Card within the first 3 months of Card Membership.|
|American Express® Business Gold Card||$295||Earn 70,000 Membership Rewards® points after you spend $10,000 on eligible purchases with the Business Gold Card within the first 3 months of Card Membership.*|
|Capital One Spark Cash Select - $500 Cash Bonus||$0 intro for first year; $95 after that||Earn a $500 Cash Back once you spend $4,500 on purchases within the first 3 months from account opening.|
The Chase Ink Business Preferred℠ Credit Card has the highest sign-up bonus but a middle-of-the-road annual fee of $95. You’re getting a much better deal compared to its no-annual-fee counterparts and even a higher welcome offer than cards such as The Business Platinum Card® from American Express.
3. Earn and redeem Ultimate Rewards points: from travel to cash back
Chase provides intentional ways for business owners to earn Ultimate Rewards points. With the Ink Business Preferred℠ Credit Card, Earn 3 points per $1 on the first $150,000 spent in combined purchases on travel, shipping purchases, Internet, cable and phone services, advertising purchases made with social media sites and search engines each account anniversary year. Earn 1 point per $1 on all other purchases—with no limit to the amount you can earn.
The following table demonstrates how quickly you can earn Ultimate Rewards points:
Ultimate Rewards points
|$10,000 on travel, shipping purchases, internet, cable and phone services, advertising purchases made with social media sites and search engines each account anniversary year||30,000 points|
|$5,000 spent on all other purchases||5,000 points|
|$15,000 spent within first three months||100,000 points|
|Total = 135,000 Ultimate Rewards points|
You’ll get the most value from your points when redeeming for travel, either by booking on the Ultimate Rewards portal or transferring to Chase’s airline and hotel partners. Your points are worth 25% more when you redeem for airfare, hotels, car rentals and cruises through the Ultimate Rewards portal. With Chase’s 13 partners, you can get an even higher point value depending on the loyalty program.
Chase’s travel partners include 10 airline programs and three hotel programs:
- Aer Lingus AerClub
- British Airways Executive Club
- Emirates Skywards®
- 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
If you’d rather earn other types of rewards, Chase provides plenty of flexibility. While you won’t gain as much value, it’s nice to have these options while travel is limited:
|Book business travel via the Chase Ultimate Rewards portal||1.25 cents|
|Transfer your points to Chase’s travel partners at a 1:1 ratio||Up to 1.5 cents (depending on program)|
|Use your points to pay for Apple purchases||1 cent|
|Redeem points for 150+ gift cards||1 cent|
|Redeem points for cash back as a statement credit||1 cent|
4. Complimentary purchase and travel protections
Chase has you covered with a number of strong purchase and travel protections that can be incredibly useful in times of need. And if you add employee cards, they’ll also receive the same protections:
- Trip cancellation and interruption insurance. You can be reimbursed up to $5,000 per person and $10,000 per trip.
- Roadside assistance. For a fee, you’ll receive help during a roadside emergency by calling 1-800-847-2869.
- Car rental insurance. You’ll receive primary car rental insurance to protect against theft and collision damage for most cars in the U.S. and abroad when renting for business purposes.
- Cellphone protection. You and your employees receive up to $600 per claim on cellphone theft and damage when using your card to pay your monthly cellphone bill. You can file a maximum of three claims in a 12-month period with a $100 deductible per claim.
- Purchase protection. Your new purchases are covered with a 120-day warranty against any damage or theft for up to $10,000 per claim and $50,000 per account.
- Extended warranty protection. You’ll receive an additional year on a U.S. manufacturer’s warranty on eligible warranties of three years or less.
- Fraud and zero liability protection. Your account will be monitored for fraudulent activity, and you won’t be held financially responsible for any unauthorized charges incurred.
- No foreign transaction fees. You won’t have any foreign transaction fees incurred when traveling and making purchases abroad.
5. Comprehensive resources for business owners
Whether you’re a new at this or a veteran, Chase provides practical tools for all types of business owners. You’ll receive exclusive Chase Ink service with the Ink Business Preferred℠ Credit Card, which allows you to gain valuable insights into your business expenses. You’ll have access to account details, quarterly reports and up to 24 months of statement details.
Above all, it’s a good idea to separate your business and personal expenses if you haven’t already. The card’s resources will help you manage your accounts and build your business credit with on-time payments and responsible spending.
Who can qualify for the Chase Ink Business Preferred℠ Credit Card?
The Chase Ink Business Preferred℠ Credit Card is subject to Chase’s 5/24 rule. If you’ve opened up more than five credit cards in the last 24 months, then you’re automatically ineligible to qualify for this card.
If you meet this requirement, you can apply as an existing Chase account holder or as a guest. Either way, you’ll have to confirm your business information by providing the following:
- Legal business structure (sole proprietorship, LLC, corporation, partnership or nonprofit)
- Business legal name
- Desired business name on card
- Tax ID type (Employer Identification Number, Individual Tax ID Number or Social Security number)
- Business address
- Business established date
- Annual business revenue
- Business category
- Estimated monthly spend
In order to qualify for this card, you’ll need to confirm that this card will be used for business purposes and not for personal, family or household use.
If you’re looking to apply for a business card but aren’t quite ready to splurge on one with an exceptionally high annual fee, the Ink Business Preferred℠ Credit Card can check off many boxes. This card provides you with plenty of ways to earn rewards, helping you maximize your expensive purchases that come with opening or maintaining your business. Besides the expansive rewards options, there are also other benefits like purchase protections and travel perks. Whatever your business needs, the Ink Business Preferred℠ Credit Card can likely accommodate them and provide great value to you.
The information related to The Business Platinum Card® from American Express has been independently collected by ValuePenguin and has not been reviewed or provided by the issuer of this card prior to publication. Terms apply to American Express credit card offers. See americanexpress.com for more information.