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With the new Chase Ink Business Preferred card, you can earn 80,000 Chase Ultimate Rewards points after meeting minimum spending requirements. But it comes with a $95 annual fee that is NOT waived the first year if you apply online.
So you might be wondering, is it worth paying the annual fee?
I think so! Because you can easily offset it with the sign-up bonus and perks you’ll get. And this is the highest public sign-up bonus I’ve seen for a Chase small business card!
I’ll explain why I think it’s worth paying the $95 annual fee for the Chase Ink Business Preferred card. At least for the first year!
About the Chase Ink Business Preferred Card
You’ll also get perks like:
- 3X Chase Ultimate Rewards points for every $1 you spend on travel, shipping purchases, internet, cable and phone services, advertising purchases made with social media sites, and search engines (up to a maximum of $150,000 in combined purchases per account anniversary year)
- 1X Chase Ultimate Rewards points on all other purchases
- Up to $600 in cell phone insurance when you pay your cell phone bill with the card
- 25% bonus when you redeem points through the Chase Ultimate Rewards travel portal
- Primary auto rental insurance (CDW) when renting for business purposes, plus purchase and extended warranty protection
The $95 annual fee is NOT waived the first year if you apply online.
And you’ll need to have a small business to get the Ink Business Preferred card. But you might qualify for a small business card without realizing it! Here’s how to submit a Chase small business card application.
Chase Ink Business Preferred Annual Fee – Worth It or Not?
The Chase Ink Business Preferred is worth the annual fee for most folks. At least for the first year. Because the sign-up bonus alone is worth $1,000 in travel booked through the Chase Travel Portal! Because each point is worth 1.25 cents when redeemed this way.
And could be worth even more with Chase’s airline and hotel transfer partners, like United Airlines and Hyatt.
You’ll also earn 3X bonus Chase Ultimate Rewards points in common spending categories, like travel, internet, and cell phone bills.
That said, because of Chase’s stricter approval rules, if you’ve opened 5+ cards from any bank (except these business cards) in the past 24 months, it’s unlikely you’ll be approved for this card. And you have to be strategic when deciding which cards to apply for first!
Considering Other Offers?
There are other cards that might make more sense for some folks, depending on your spending habits and travel goals.
You could apply for the 75,000 point AMEX Business Platinum offer where you’ll earn 50,000 Membership rewards points after spending $10,000 plus earn an extra 25,000 Membership rewards points after spending an additional $10,000 within the first three months.
That’s a little less than the value of the sign-up bonus on the Chase Ink Business Preferred. But the minimum spending requirements are a LOT higher. And it comes with a $450 annual fee that is NOT waived the first year.
Or, you could apply for the Chase Ink Cash small business card. Which could make sense if you spend a lot on office supplies. Because it earns 5% cash back (5 Chase points) at office supply stores and on cell phone, landline, internet and cable TV bills.
It only comes with a 30,000 Ultimate Rewards point sign-up bonus after meeting minimum spending requirements. But it has no annual fee!
So again, it’s worth considering your ability to meet minimum spending requirements, travel goals, and spending habits, when deciding between cards.
Check out my post about why thrifty folks like me have annual fee cards.
Should You Keep the Ink Preferred Beyond the First Year?
After you’ve earned the sign-up bonus, deciding whether to keep the card for a 2nd year or more is trickier.
For example, if you can earn 50,000 Chase Ultimate Rewards points through regular or bonus spend each year, that’s worth $625+ in travel. So paying the annual fee a 2nd year would be worth it!
Even you spend at least ~$2,533 per year in the 3X bonus categories, you’ll earn ~7,600 Chase Ultimate Rewards points. That’s worth $95 toward travel (7,600 X 1.25 = $95). So it doesn’t take much to cover the annual fee if you like the bonus categories!
As always, do the math to see what makes sense for you.
You can earn 80,000 Chase Ultimate Rewards points after spending $5,000 on purchases in the first 3 months of opening a Chase Ink Business Preferred card. But if you apply online, the $95 annual fee is NOT waived the first year. Here’s how to fill-out a Chase small business card application.
I think the annual fee for the Chase Ink Business Preferred is worth it for most folks. Because the sign-up bonus alone is worth $1,000 in travel booked through the Chase Travel Portal. And possibly more with airline and hotel transfer partners. If you spend a lot in the 3X bonus categories, it’s an even better deal!
Just remember, because of Chase’s stricter approval rules, you have to be careful when deciding which credit cards to apply for first. Consider your ability to meet minimum spending requirements, travel goals, and spending habits, when deciding which cards to get.