by Daniel | Last Updated March 27th, 2021
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Today I am going to review the Chase Ink Business Preferred credit card and go over some of the benefits that it has.
The Chase Ink Business Preferred Credit card is great for small businesses and offers a fantastic sign-up bonus, and it is well priced at just $95 per year, which is substantially cheaper than the Platinums Amex Business Card which costs $595 per year.
It also offers the ability to earn a lot of points that can be used with a variety of different loyalty programs.
One thing to note is who can get this card.
To be eligible for this card you must not have opened 5 or more personal credit cards across all banks in the United States within the last 24 months.
So one of the main features of this card is the signup bonus of 100,000 ultimate rewards points when you spend $15,000 within the first 3 months of open the account.
These points are worth $1000 in cashback or if they are redeemed through Chase Ultimate Rewards they are worth $1,250.
Now It is possible to receive even more value with the points if you transfer them with one of the many travel partners that are associated with the card, some of which include – United Airlines, British Airways, and Hyatt hotels.
One great benefit of the card is that you can get unlimited free employee cards which can help you meet the $15,000 spend amount within the first 3 months so you can receive the 100,000 Ultimate reward points.
Now when it comes to traveling the Ink Business Preferred credit card has quite a few useful benefits.
To begin with, if you use your chase card to pay for a trip you will be covered by Trip Cancellation and Trip Interruption Insurance.
So if your trip is cut short because you become ill or there is extreme weather, you can be reimbursed up to $5,000 per person and up to $10,000 per trip.
This includes passenger fares, tours, and hotels. Just note, only Pre-paid and non-refundable travel expenses will be covered.
Another useful benefit of the card is the Auto Rental Collision Damage Waiver.
And to use this benefit, basically, when you hire a car from a rental agency as long as you use the card to pay for the entire trip you can decline the car agencies collision insurance, and Chase will give you primary coverage for the car and reimbursement up to the actual cash value of the car for theft and collisional damage in the US and abroad.
Just one thing to note is that the car rental needs to be for business purposes.
Along with this the card also comes with Purchase Protection which will cover new purchases for 120 days against damage or theft up to $10,000 per claim and a maximum of $50,000 per account.
You also get Extended Warranty Protection, which basically extends the warranty by an extra year on any US manufactures warranty that is 3 years or less.
Finally, you get Cell Phone Protection.
So If you pay for your phone and your employees with your ink card, you get a maximum of 3 claims in a 12 month period, with each claim maxing out at $600.
This will cover Theft or damage of the phone and each claim has a $100 deductible.
So these are the travel and shopping-related benefits that come with this card, so now let’s look at how many points you can earn by using the card and what they are worth.
With the Ink Business Preferred credit card you will earn 3 points per dollar on the following purchases:
travel, shipping purchases, internet, cable, and phone services.
And finally, any advertising purchases made with social media sites and search engines.
So If your business is able to spend $150k on purchases over the year in these areas you can earn up to 450,000 points which are worth approximately $5,625.00.
Purchases on any other items will receive 1 point per dollar spent, and if you do reach the $150k spend limit, all purchases will be limited to 1 point per dollar until you renew your card for the following year.
If you do renew the card the following year it will basically reset your earning potential back to 3 points per dollar.
So just by using the card to pay for expenses related to your business you can earn a substantial amount of points that can be used for either cash back or travel.
Just note that by redeeming the points through ultimate rewards to book either flights, car rentals, cruises, or hotels, the points will be worth 25% more than receiving cash back, gift cards, or Apple Ultimate Rewards store credit.
Another great benefit of the card is a 1 for 1 points transfer with a wide range of different frequent traveler programs, some of which include: United MileagePlus, Singapore Airlines KrisFlyer, British Airways Executive Club, and Virgin Atlantic Flying Club.
Whist hotels travel partners include:
World of Hyatt, IHG® Rewards Club, and Marriott Bonvoy.
Finally, the Ink Business Preferred credit card has no foreign transaction fees.
So this is helpful if you travel overseas a lot as it can save you a fair amount of money.
According to Chase.com, if you were to spend $5,000 internationally, you would avoid paying $150 in foreign transaction fees just by using the card.
One last way you can earn a lot of points with this card is by referring other business owners.
Basically, you will need to have one of the Chase Ink credit cards to be eligible, and then if you refer someone that gets approved you will receive 20,000 points, and you can refer a maximum of 5 people per year which is 100,000 points.
So I think that the Ink Business Preferred credit card is a great option for most small businesses as it is relatively cheap at just $95 per year and it gives you a fantastic potential for earning points.