5 reasons to get the Chase Ink Business Preferred Credit Card

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Editor’s note: This is a recurring post, regularly updated with new information. 

The Ink Business Preferred Credit Card quickly became one of the most popular small-business credit cards after its launch in 2016.

The $95 annual fee is a bargain, especially when you compare it to the American Express® Business Gold Card, which costs $295 annually (see rates and fees), and The Business Platinum Card® from American Express, which has an annual fee of $695 (see rates and fees).

But here are five other top reasons why the Chase Ink Business Preferred card may be worth it.

Impressive sign-up bonus

With the Ink Business Preferred, you’ll get 100,000 Chase Ultimate Rewards points after you spend $15,000 in the first three months. Ultimate Rewards points are among the most valuable points currencies around. The bonus is worth $2,000, according to TPG’s most recent valuations.

While $15,000 is certainly a high threshold to reach as an individual, many small businesses can easily hit that bonus. At the end of the day, you know your spending patterns better than anyone and can assess whether the sign-up spending requirement is achievable.

Your Ink Business Preferred bonus could score you a family trip to Hawaii once pandemic concerns have subsided. (Photo by Ethan Steinberg/The Points Guy)

Those 100,000 Chase Ultimate Rewards points can be used on a lot of amazing redemptions. For example, you can transfer points to Virgin Atlantic Flying Club to book Delta One business-class suites to Europe round-trip for yourself and so much more. The sky is the limit with this bonus.

Related: Best ways to use 100,000 Chase Ultimate Rewards points

Useful bonus categories for small businesses

Not only are Chase Ultimate Rewards points one of the most valuable currencies out there but they are also easy to accumulate thanks to the multiple bonus categories available with the Ink Business Preferred.

You’ll earn 3 points per dollar on the first $150,000 in combined purchases you make by each account anniversary in the following categories:

  • Travel.
  • Shipping.
  • Internet, cable and phone services.
  • Advertising on search engines and social media sites.

All other purchases earn 1 point per dollar.

Maximizing your bonus-earning capabilities can earn you up to 450,000 Chase Ultimate Rewards points annually.

Amazing redemption potential

This is another area where the Ink Business Preferred really shines. Chase Ultimate Rewards points transfer to 11 frequent flyer programs:

When you take alliance partners into account, this gives you an incredibly wide range of airline options. British Airways Avios, for example, give you access to flights from Oneworld alliance members such as American Airlines, Finnair and Japan Airlines.

Additionally, your points transfer to three hotel programs:

Points transfer to all partners at a 1:1 ratio, and most transactions are instant.

You can also redeem your points for 1.25 cents each (or 1.5 cents apiece if you also have the Chase Sapphire Reserve and combine your points with that account) through the Chase Ultimate Rewards travel portal. Plus, you’ll accrue frequent flyer miles on any flight bookings made through Chase since they’re treated as paid tickets.

Cellphone, travel and purchase protections

How many times have you dropped, damaged or misplaced your cellphone?

The Ink Business Preferred is one of many credit cards that offer cellphone protection to help you in this very situation. You and your employees listed on your phone bill are covered for up to $1,000 in theft or damages per claim, provided the number is listed on your monthly bill and you pay your bill with your card.

There’s a limit of three claims per 12-month period, with a $100 deductible per claim.

Your Ink Business Preferred bonus could score you a family trip to Hawaii once pandemic concerns have subsided. Jose Luis Pelaez Inc / Getty Images

The Ink Business Preferred also offers a host of travel benefits for the road warrior:

  • Primary car rental insurance: If you decline the collision damage waiver at the rental company counter and pay for the rental with your Ink Business Preferred card, you’re covered for physical damage and theft, towing and loss-of-use charges up to the full value of the vehicle. This is primary coverage, which means you don’t need to file a claim with your personal insurance company. Liability (damage to other persons or vehicles) is not covered. Rentals must be for business purposes within the U.S., though personal rentals are covered for international trips.
  • Trip delay and cancellation insurance: If your trip is canceled due to a covered condition (such as illness or severe weather), you can be compensated up to $5,000 per person ($10,000 per trip) for prepaid expenses such as airfare or hotels. For a delay of 12 hours or more, you can be reimbursed up to $500 for your hotel room, meals and transportation (documentation from the airline is required to verify the flight delay). In both cases, you must pay with your card and keep receipts.
  • Lost luggage reimbursement: When charging your fare to the card, each traveler is covered up to $3,000 for the loss of either checked or carry-on baggage. Reimbursement for items such as jewelry, watches, cameras and electronic equipment is limited to $500 per person.
  • Baggage delay insurance: If your baggage is delayed for more than six hours, this benefit provides up to $100 per day for five days to purchase essential items.
  • Travel accident insurance: You and your travel companions are covered up to $500,000 for accidental death or dismemberment while traveling on a common carrier.
  • Purchase protection: If you buy an item that is stolen or damaged within 120 days, you’re covered up to $10,000 per claim, with a limit of $50,000 per account. At least some part of the purchase price must be charged to the card. This benefit can be extremely important to a small-business owner purchasing office furniture or electronic equipment.

Pool your points with other Chase credit cards

Chase has several products that are essentially cash-back cards: the Chase Freedom (no longer open to new applicants), Chase Freedom Unlimited, Chase Freedom Flex, Ink Business Unlimited Credit Card and Ink Business Cash Credit Card.

However, those cards also earn points that can be converted to Ultimate Rewards points, provided you have a card that earns Ultimate Rewards points, such as the Ink Business Preferred Credit Card. Having the Ink Business Preferred enables you to enhance the value of other Chase cards in your wallet.

Related: Which Chase card should I use to consolidate my Ultimate Rewards points?

The information for the Chase Freedom has been collected independently by The Points Guy. The card details on this page have not been reviewed or provided by the card issuer. 

Additional benefits to consider

Along with the perks outlined above, the Ink Business Preferred offers other important benefits:

  • Employee cards at no extra cost.
  • No foreign transaction fees for purchases made outside the U.S.
  • Zero liability protection (you won’t be held responsible for unauthorized charges).
  • Fraud protection with real-time account monitoring.
  • Extended warranty protection (adds a year on eligible U.S. manufacturer’s warranties of three years or less).

Bottom line

For a small-business card, the Ink Business Preferred Credit Card offers an almost unbeatable combination: a strong sign-up bonus, generous opportunities to earn points, the ability to transfer points to 14 travel partners and a comprehensive collection of travel protections.

If you’re considering getting the Ink Business Preferred, remember that it falls under Chase’s 5/24 rule. That means if you’ve opened five or more credit card accounts in the past two years, you’ll probably be declined regardless of your creditworthiness. To increase your odds of acceptance, make sure you apply for this card (and other Chase credit cards) before cards from other issuers.

For more information, read our full Ink Business Preferred card review.

Apply here: Ink Business Preferred 

For rates and fees of the Amex Business Platinum, click here.
For rates and fees of the Amex Business Gold, click here.

Additional reporting by Ryan Wilcox, Madison Blancaflor and Christina Ly.