Ink Business Preferred® Credit Card: Review
Is the Ink Business Preferred card worth it?
The Ink Business Preferred® Credit Card is worth it if you’re looking for a business travel credit card and you spend a lot on advertising through search engines and social media, telecommunication services, shipping and travel as these categories offer the highest rewards rates.
If most of your purchases fall into other categories, consider applying for a different rewards credit card. For example, if your sales team frequently treats clients to lunch or dinner, look for a card that gives you extra points, miles or cash back on restaurant purchases.
Ink Business Preferred: Highlights
- $95 annual fee
- The Ink Business Preferred welcome bonus lets you earn 90k bonus points after you spend $8,000 on purchases in the first three months from account opening— $900 cash back or $1,125 toward travel when redeemed through Chase Travel℠
- Earn 3 points per $1 on the first $150,000 spent on travel and select business categories each account anniversary year. Earn 1 point per $1 on all other purchases.
- Points are worth 25% more when you redeem for travel through Chase Travel
Pros and cons
Who is the Ink Business Preferred best for?
The Ink Business Preferred credit card is ideal for businesses that spend a lot on the four bonus categories— advertising, telecommunications, travel and shipping— as they can utilize the higher rewards rate. As a card with no foreign transaction fees, an extensive range of travel protections and the ability to transfer points to 14 different travel partners, it also serves as a great option if you regularly travel internationally.
▶︎ See our picks: Best credit cards for international travel
Ink Business Preferred: Rewards
Earning rewards
With the Ink Business Preferred credit card, you earn 3 points for every dollar spent in certain business and travel categories each account anniversary year.
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Advertising: 3 points per dollar on social media and search engine advertising purchases
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Telecommunications: 3 points per dollar on internet, cable and phone services
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Travel: 3 points per dollar on travel purchases
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Shipping: 3 points per dollar
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All other purchases: 1 point per dollar
Note that the 3X rate only applies to the first $150,000 in combined spending in these categories, then you earn 1 point per dollar.
Redeeming rewards
The Chase Ink Preferred card makes it easy to redeem your rewards and is one of the benefits of carrying this business credit card.
Here’s how you can maximize the points you earn:
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Chase Travel℠: When you visit Chase Travel, you can use your points to book flights, cruises, hotel stays and rental cars. Every point you redeem for travel is worth 1.25 cents.
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Cash back: Chase business customers can redeem points for cash back at any time. You can request a statement credit or a direct deposit to your bank account.
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Pay with Points: Some retailers allow you to use your Chase Ultimate Rewards® points to pay for your purchases. For example, Amazon has Pay with Points enabled at checkout, making it easy to redeem your points for millions of items.
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Pay Yourself Back®: The Pay Yourself Back® program allows you to redeem your points for statement credits. You can only request a credit if you made at least one eligible purchase within the previous 90 days.
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Transfer points to Chase travel partners: It’s possible to transfer your points to 14 airline and hotel loyalty programs at a 1:1 ratio. Chase travel partners include: Aer Lingus AerClub, Air France/KLM Flying Blue, British Airways Executive Club, Emirates Skywards, Iberia Plus, JetBlue TrueBlue, Singapore Airlines KrisFlyer, Southwest Airlines Rapid Rewards, United MileagePlus, Virgin Atlantic Flying Club, IHG Rewards Club, Marriott Bonvoy, and World of Hyatt.
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Ultimate rewards points can be combined or transferred: If you have another Chase credit card, you can transfer the points earned with your Ink Business Preferred card to the other account. Combining points from two or more cards makes it easier to use other redemption methods.
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Gift cards: Use your points to get free gift cards from your favorite brands.
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Apple® Ultimate Rewards Store: Chase allows you to use your points to pay for all or part of each Apple purchase you make.
Welcome bonus
If you spend $8,000 on purchases within three months of opening an account, you’ll earn 90,000 bonus points. Chase Ultimate Rewards® points are usually worth 1 cent each, but the value increases to 1.25 cents per point ($1,125) when you redeem via Chase Travel.
▶︎ See our picks: Best credit card welcome offers
Ink Business Preferred benefits
In addition to giving you multiple ways to earn and redeem rewards, the Ink Business Preferred card has many benefits to help you get more out of your account.
Travel benefits
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Trip cancellation/trip interruption insurance: Ink Business Preferred comes with travel insurance for trip cancellation and trip protection insurance to help you limit your losses if you have to cancel or change your travel plans. Trip cancellation coverage reimburses you up to $5,000 if you have to cancel your trip due to a covered reason. Trip interruption insurance reimburses you up to $5,000 if a covered event interrupts your trip while you’re already traveling.
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Baggage delay insurance: If your baggage is delayed by more than six hours during a covered trip, this type of insurance reimburses you for the purchase of essential items. For example, if you have to buy toiletries and a new outfit to get by until your luggage finally arrives, the insurance company will reimburse you up to $100 per day for a maximum of five days. Note that you must be traveling via a common carrier, which is a company that charges members of the public for transportation services. This includes airlines, bus companies and railways.
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Lost luggage insurance: If a common carrier loses your luggage during a covered trip, the insurance company will reimburse up to $3,000 per traveler, with a few exceptions. You only have $500 worth of coverage for jewelry, cameras, watches and electronics.
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Roadside Dispatch®: Ink Business Preferred includes roadside assistance, which covers towing, tire changes, fuel delivery and other services. You must pay a fee for each service, but there’s no need to pay for a subscription or worry about usage limits.
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Auto rental collision damage waiver: The ARCD waiver covers up to the actual cash value of a damaged or stolen rental vehicle. To use this benefit, you must pay for the rental with your Ink Business Preferred card. You also have to decline the collision damage waiver offered by the rental company.
Business benefits
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Free employee cards: If you have employees, Chase allows you to give them their own cards, leaving you with more time to focus on growing your business.
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Employee account alerts: Account alerts enable you to track employee spending in real-time, eliminating unpleasant surprises when you review your statements.
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Bookkeeping integration: You can integrate your Ink Business Preferred card with QuickBooks or another compatible bookkeeping platform, making it easier to prepare financial statements and calculate key financial metrics.
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Purchase protection: Purchase protection reimburses you for lost, stolen and damaged items. This benefit only applies to eligible items purchased with your Ink Business Preferred card. You’re covered if the loss occurs within 120 days of the original purchase date. Note that purchase protection has a limit of $10,000 per claim and $50,000 per account.
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Extended warranty protection: When you purchase an eligible item, extended warranty protection adds one year to the manufacturer’s original warranty. This benefit only applies if the item has an original warranty period of three years or less. You must also use your Chase Ink Business Preferred credit card or Chase Ultimate Rewards® points to pay for part or all of the covered item.
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Cell Phone Protection: If you lose your phone, someone steals your phone or your phone sustains accidental damage, the insurance company will reimburse you up to $600 per claim ($1,800 max every 12 months). You must pay a $100 deductible for each claim.
Ink Business Preferred: The fine print
Fees
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Annual fee: $95
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Balance transfer fee: $5 or 5% of the transfer amount, whichever is greater
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Cash advance fee: $15 or 5% of the cash advance, whichever is greater
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Foreign transaction fee: $0
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Late payment: $40
Interest rates
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Regular APR: 21.24% to 26.24% variable
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Purchase intro APR: N/A
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Balance transfer intro APR: N/A
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Cash advance APR: 29.99% variable
Credit limit
Chase guarantees a limit of at least $3,000 when you open an Ink Business Preferred card, giving you plenty of flexibility. You may qualify for a higher limit based on your income and credit history.
Ink Business Preferred: Drawbacks
Annual fee
This card does have an annual fee of $95. Although this is relatively low compared to the annual fees we’ve seen with other business travel cards, it may be something you want to consider if you’re unsure whether the rewards and benefits will outweigh the annual fee.
Spending caps on bonus categories
The impressive 3X rate on advertising, telecommunications, shipping and travel only applies to the first $150,000 per year in combined spending across these four purchase categories. Any spending beyond this threshold will only earn 1X points for these categories. This is important to consider if you believe your business will exceed this number, as it may impact your rewards earnings.
Expensive welcome bonus
While this card has one of the highest welcome offers we’ve seen, it does come at a cost. To earn the welcome bonus, you must spend $8,000 within the first three months of opening the account. This may not be an issue if your business is already spending this amount, but smaller businesses may find it challenging to reach the high minimum spend.
How the Ink Business Preferred card compares
The Ink Business Preferred card has a $95 annual fee, which puts it in the middle of the pack. You can get credit cards with no annual fee, while others have yearly fees of up to $695. A stand-out feature of this card is that it offers one of the highest credit card welcome offers.
Ink Business Preferred® Credit Card vs. Ink Business Unlimited® Credit Card
Ink Business Unlimited® Credit Card has no annual fee, so it doesn’t cost anything to keep your account open. In contrast, Ink Business Preferred has an annual fee of $95.
Additionally, Ink Business Unlimited has no bonus spending categories. You get 1.5% cash back on every eligible purchase with this cash-back credit card, no matter what you buy. Assuming your points are worth 1 cent each, a $100 shipping purchase on your Ink Business Preferred card would give you $1 worth of rewards. In contrast, you’d earn $1.50 if you got 1.5% cash back on your Ink Business Unlimited card.
▶︎ Read more: Ink Business Unlimited card review
Ink Business Preferred® Credit Card vs. The American Express Blue Business Cash™ Card
The American Express Blue Business Cash™ Card lets you earn 2% cash back on your first $50,000 in purchases each calendar year. Once you reach the $50,000 cap, you earn 1% on all additional purchases.
However, Ink Business Preferred is miles ahead of the Amex card when it comes to redemption methods. Blue Business Cash® credits all cash back to your statement. However, you don’t have the option of booking travel, purchasing gift cards or using any other redemption methods with this Amex business card.
▶︎ Read more: Amex Blue Business Cash review
Should you get the Ink Business Preferred?
The Ink Business Preferred card could be a perfect fit for you and your business if you spend a lot in the four key spending categories, without going over the spending cap to maximize your rewards. As travel is one of the key spending categories, and it doesn’t have any foreign transaction fees, this card would also be a great addition to your wallet if you regularly go overseas for business.
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For rates and fees of The American Express Blue Business Cash™ Card, please visit this page.
