If you’re a business owner, we have some exciting news for you. Chase just released a credit card called the Ink Business Preferred Credit Card that offers a beyond generous intro bonus and some solid ongoing rewards. To help you decide if it’s the right card for your business, we’ve broken down everything you need to know.
What does the Ink Business Preferred Credit Card offer?
The Ink Business Preferred Credit Card is a well-rounded card that offers a handful of rewards and perks. To start, when you spend $5,000 on purchases in the first 3 months with your Ink Business Preferred Credit Card, you’ll get a whopping 80,000 bonus points — that’s worth $1,000 in travel when you redeem through Chase Ultimate Rewards or $800 in cash. In terms of ongoing rewards, you’ll get 3 points per $1 spent on travel, shipping purchases, Internet, cable and phone services as well as advertising purchases made with social media sites and search engines (up to the first $150,000 spent in these categories each anniversary year). You’ll also earn 1 point per $1 on all other purchases with no limits on the number of points you can earn. If you travel frequently (or have employees who travel frequently), you’ll appreciate no foreign transaction fees and free employee cards, which makes it even easier to rack up the rewards. Although the card has a $95 annual fee, it’s likely your business purchases will offset the cost (and then some). Something that’s worth noting is while you’ll find other cards that have comparable intro bonuses like The Enhanced Business Platinum Card from American Express OPEN, these cards usually come with a $450+ annual fee.
When it’s time to redeem your rewards, you can get 25% more value by redeeming them for travel through Chase Ultimate Rewards. You can also choose to combine your earned points with yours or your spouse/domestic partner’s Chase Freedom – $150 Bonus, Chase Sapphire Preferred Card or Ink Cash Business Credit Card and redeem them all at once through Chase Ultimate Rewards. And since Chase Ultimate Rewards allows cardholders to transfer their points at a 1:1 value to participating frequent travel programs for free, you have a ton of flexibility when you redeem for travel (regardless of whether you pool your rewards or not). You can also redeem your rewards for cash back, gift cards or at Amazon.com, although it’s worth noting that you’ll likely get more for your rewards if you redeem them for travel.
On top of all of these rewards, the Ink Business Preferred Credit Card offers a number of added perks. To kick it off, you’ll get up to $600 per claim in cell phone protection (maximum of 3 claims per year) against covered theft or damage for you and any of your employees listed on your monthly cell phone bill. You can qualify for this coverage by paying your monthly cell phone bill with your Ink Business Preferred Credit Card. While there is a $100 deductible per claim, it’s worth the savings you’d get with the protection plan, especially if you or your employees use a smartphone which can easily retail for $700 or more. Next, you’ll get extended warranty protection that extends an eligible warranty (3 years or less) of a U.S. manufacturer’s warranty by an additional year. Plus, you’ll get purchase protection that covers your new purchases for up to 120 days against damage or theft (up to $10,000 per claim and $50,000 per account). In addition, you’ll get trip cancellation/interruption insurance that reimburses you up to $5,000 per trip if your trip is canceled or cut short by sickness, severe weather and other covered situations.
Things to consider about the Ink Business Preferred Credit Card
The Ink Business Preferred Credit Card is a well-rounded business credit card with some generous earning potential. That said, if you’d prefer a straight cash back business credit card (and you don’t mind losing that stellar intro bonus), you may want to consider Ink Cash Business Credit Card. This card gets you 5% cash back on office supplies, cable, Internet and telecom services (up to the first $25,000 spent in combined purchases each anniversary year), 2% cash back at gas stations and restaurants (up to the first $25,000 spent in combined purchases each anniversary year) as well as 1% cash back on all other purchases — note that the 5% and 3% spending caps are $100,000 lower than the Ink Business Preferred Credit Card’s caps. The Ink Cash Business Credit Card also has no annual fee and a $300 bonus cash back that you’ll get after you spend $3,000 in the first three months, which is significantly lower than the bonus you’d get with the Ink Business Preferred Credit Card.
Similarly, if you’d prefer a business credit card that earns travel rewards and has no annual fee, the Capital One Spark Miles Select for Business might be worth looking into. While it, frankly, doesn’t compare to the Ink Business Preferred Credit Card, it’s still a good option for business owners who refuse to pay an annual fee. Capital One Spark Miles Select for Business earns cardholders an unlimited 1.5 miles per $1 spent on all purchases and has no annual fee The card also offers a one-time 20,000 bonus miles when cardholders spend $3,000 on purchases within 3 months of approval and has a 9-month 0% intro APR on purchases. It’s worth noting that it’s the only card listed in this blog post that requires a minimum of good credit (usually a credit score above 670) for approval — the Chase cards require excellent credit for approval.
Should you apply for the Ink Business Preferred Credit Card?
As described above, business owners can’t really go wrong with the Ink Business Preferred Credit Card because it offers an impressive intro bonus, solid ongoing rewards and some top-notch added perks.
Disclaimer: This content is not provided or commissioned by the credit card issuer. Opinions expressed here are author’s alone, not those of the credit card issuer, and have not been reviewed, approved or otherwise endorsed by the credit card issuer. This content was accurate at the time of this post, but card terms and conditions may change at any time. This site may be compensated through the credit card issuer Affiliate Program.