Credit Card Review: Chase Ink Business Preferred
Business credit cards can be neglected when there is an enticing selection of personal credit cards on the market. However, business credit cards are great tools to earn extra points and miles, and most people would be surprised that you don’t need to own a brick-and-mortar small business to be approved for small business credit cards. Another perk of having a small business credit card is that some issuers do not report business credit cards to credit reports allowing applicants to bypass known hurdles like the Chase 5/24 Rule. One of the best premium business credit cards is the Chase Ink Business Preferred card. With its versatile rewards program, amazing sign-up bonus, and practical perks, everyone should consider having this credit card in their wallets. In this post, we'll dive into exactly what makes Ink Business Preferred such an attractive choice for entrepreneurs and small business owners alike.
The Chase Ink Business Preferred card is a versatile and practical business credit card that earns UR points.
Do I Qualify for Small Business Credit Cards?
Before I get into the details of this card, one of the questions I get asked is, “Do I Need to Own a Business to be Approved for a Business Credit Card?” While most people would respond, “Well, I don’t own a business.” The real question boils down to, “Do you need to own a business to be approved for a business credit card?” Yes, you need to have a business, but you don’t need an established corporation or LLC to qualify as a business owner in most institutions. In reality, sole proprietorship qualifies for many business credit card applications, and most side gigs or hustles certainly count. For instance, if you were to sell old clothes on eBay or Craigslist, you would qualify for a business line of credit. Do you tutor students after school or over the summer? Sole proprietorship right there. What if you were to, say, write blogs for fun? Once again, sole proprietorship. Check out my detailed article about how to get a business credit card if you have additional questions!
As a sole proprietor with a small side hustle, you will be eligible for a small business credit card. Photo by Bench Accounting on Unsplash.
Sign-Up Bonus & Multipliers: Worth up to $2,000
The Chase Ink Business Preferred card currently offers a sign-up bonus of 100,000 Ultimate Rewards (UR) points after spending $15,000 in three months. With a 2.0 cents per point valuation, the sign-up bonus is worth about $2,000. The Chase Ink Business Preferred card earns 3 UR points per dollar on the first $150,000 spent in combined purchases in travel, shipping, advertising, and operation, and the earning rate drops to 1 UR point per dollar after meeting the $150,000 mark. All other purchases outside the above categories earn 1X UR point per dollar.
100,000 UR points can be worth more if you transfer them to Chase’s travel partners. Photo by Chase.
If you’d like to apply for the Chase Ink Business Preferred card, please consider using my referral link. It will continue to help fund my blog operations and help visitors make informed decisions to maximize their rewards. Thank you! Click HERE to access my referral link!
UR Points Transfer Partners
Using UR points is fairly straightforward. You will have to link your travel membership numbers at various carriers with your Chase account, and you can transfer points almost instantly with the following transfer partners:
Aer Lingus AerClub
Air Canada Aeroplan
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
World of Hyatt is an easy transfer partner to get a lot of outsized value out of it, and if you are strategic about it, you can easily score deals well over 2 cents per point. I recently transferred my UR points to the British Airways Executive Club to fly American Airlines’ domestic short-haul flights from Austin to Phoenix.
A roundtrip ticket from Austin to Phoenix over the Independence Day weekend was $336, but I paid 18,000 British Airways Avios—redeeming UR points at the 1.86 cents per point rate. Photo by Google Flights.
International trips can be affordable too, if you learn when and where to transfer UR points to. For instance, Air France and KLM recently ran a promotion where flights to Europe were significantly discounted.
Air France and KLM often run promotions, and you can land on lucrative flight deals like this flight from JFK to ARN. Photo by Air France.
Annual Fee & Benefits
The Chase Ink Business Preferred card has a low annual fee of $95, and compared to other premium business credit cards, it steers away from throwing in airline or hotel credits to amplify its annual fee. However, it still has great benefits that are very practical when it comes to traveling.
Cell Phone Protection
As long as you pay your cell phone bill with the Chase Ink Business Preferred card, your phone is protected by up to $1,000 per claim for damage or theft. Though you will need to pay $100 per claim as a deductible, the coverage amount is generally higher than other premium credit cards offering cellphone protection. Be aware that you can submit up to three claims in a 12-month period.
As long as you pay your cell phone bill with the Chase Ink Business Preferred card, you won’t have to worry about broken cell phone screens. Photo by Ashkan Forouzani on Unsplash.
Primary Rental Car Insurance
When you rent a car, you may get sucked into adding a daily protection package, which will increase your overall bill anywhere from 10% to 20%. While most premium credit cards provide secondary rental car insurance, the Chase Ink Business Preferred card offers primary rental car insurance, meaning that if an accident or theft occurs while the rental car is in your possession, Chase will be responsible for covering the cost of damages, up to the policy limit. This can save you from having to file a claim with your own auto insurance policy and potentially paying a deductible. Though I wish you never use it, it is always nice to have an extra layer of peace of mind when renting a car.
Purchase Protection
Have you ever gotten your newly purchased laptop or camera stolen or lost while traveling? If the stolen or lost item was purchased within 120 days of the incident, you can use the purchase protection benefit. Each claim has a $10,000 maximum limit, and you can file claims up to $50,000 a year. Again, I wish no one has to utilize this benefit, but it is great to know that your electronics or other expensive newly purchased goods are covered under this benefit. Note that items like antiques or used products are out of the claim limit.
Our purchase protection plan provides cardholders with peace of mind in unexpected situations. Photo by Saketh Garuda on Unsplash.
Extended Warranty Protection
Worried about extra coverage for expensive electronics or furniture? Use the Chase Ink Business Preferred card for purchases with a domestic warranty of three years or less, and you will get an extra year of coverage. For instance, if you’ve purchased Apple AirPods with your Chase Ink Business Preferred card, and one of them stops working before its warranty ends, then you can simply call Chase and work with them to get it reimbursed.
Trip Cancellation & Trip Interruption Insurance
Cutting a trip short due to severe weather conditions or illness is never fun, but with the Chase Ink Business Preferred card, you are covered up to $5,000 per person for any prepaid, non-refundable travel-related expenses such as lodging or airline fees. Per trip, your coverage is limited to $10,000. If a covered trip is simply delayed for 12 or more hours, you can use the trip interruption insurance, meaning that your trip will be eligible for reimbursement—up to $500 per ticket. If you are flying into an area that experiences delays often (I’m looking at you, DFW), this benefit will provide great peace of mind.
If you're heading to an area with frequent flight delays, the trip cancellation and trip interruption benefit will keep you worry-free. Photo by Matthew Smith on Unsplash.
Summary—Is the Chase Ink Business Preferred Card Worth It?
The Chase Ink Business Preferred card has a modest annual fee of $95 and earns valuable and versatile UR points that could unlock great adventures. Its UR points-earning multipliers are aimed at small businesses and travel expenses. While it doesn’t have free night certificates at hotel or airline credits, cardholders can enjoy practical benefits such as trip cancellation insurance, trip interruption insurance, primary rental car insurance, cell phone protection, and many more. UR points transfer to 14 different travel partners, and as long as you are strategic with redemptions, you can constantly yield excellent values for your travel needs. In my opinion, the Chase Ink Business Preferred card is a great workhorse business credit card that could net cardholders a lot of UR points without costing a hefty yearly fee.
If you’d like to apply for the Chase Ink Business Preferred card, please consider using my referral link. It will continue to help fund my blog operations and help visitors make informed decisions to maximize their rewards. Thank you! Click HERE to access my referral link!
