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Chase Ink Business Preferred review: The best card for small business owners to earn Chase Ultimate Rewards points

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Chase Ink Business Preferred review: The best card for small business owners to earn Chase Ultimate Rewards points

Andrew WanChase Ink Business Preferred review: The best card for small business owners to earn Chase Ultimate Rewards pointsMillion Mile Secrets Team

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If you have a small business (or even just a side gig), the Ink Business Preferred℠ Credit Card should be at the top of your list of cards to get. It comes with an amazing welcome bonus that can earn you a dream vacation and offers a ton of perks to make your business life much, much simpler.

The card’s valuable perks include cell phone insurance, along with travel and purchase protections like primary rental car insurance when renting for business purposes (which can save you $15+ per day). You’ll also earn bonus points for many common small-business purchases such as travel, shipping, internet/phone/cable and advertising.

It comes with a $95 annual fee, but I’ll show you why that’s an insanely reasonable price for this powerhouse card. You can apply for the Ink Business Preferred Credit Card here.

Don’t let the cost of a trip hold you back from traveling the world. Earning the Ink Business Preferred’s intro bonus of 80,000 Chase Ultimate Rewards points is worth at least $1,000 of travel. (Photo by Drone Thailand/Shutterstock)

Ink Business Preferred review

Right now, you can earn an intro bonus of 80,000 Chase Ultimate Rewards points after opening the Ink Business Preferred Credit Card and spending $5,000 on purchases in the first three months. At the moment, it’s the highest offer on any of the Chase Ultimate Rewards-earning cards.

The welcome bonus alone is worth at least $1,000 in travel when you redeem your points for flights, hotels, rental cars and more through the Chase Ultimate Rewards Travel Portal, but it could be worth even more if you transfer your points to valuable airline and hotel partners. You could get much more than $1,000 in travel by moving your points to partners like United Airlines and Southwest.

For instance, if you’re eyeing a trip to Seattle, you could transfer 45,000 Chase Ultimate Rewards points to Hyatt for a three-night stay at the Hyatt House Seattle Downtown, saving you close to $1,400, depending on your travel dates. Or you could transfer your points to airline partners, one of the best redemption options. Meghan transferred 35,000 Chase Ultimate Rewards points to United Airlines for a  flight to Belize, saving her $700.

Benefits and perks of the Ink Business Preferred Credit Card

You can make your life easier by taking advantage of the perks available to you as an Ink Business Preferred cardmember, because these can save you tons of time and money.

Cell phone insurance 

The Ink Business Preferred offers up to $600 in cell phone insurance for you and any employees listed on your monthly bill after paying a $100 deductible, so your net savings could be as much as $500.  There’s no separate registration process to be covered.

There are some exclusions. For instance, lost phones are not covered, and covered phones must have been purchased new. But considering how expensive cell phones are nowadays, this is a fantastic benefit to have and could save you some serious cash if your phone is accidentally damaged.

Primary rental car insurance

The card also provides primary auto-rental insurance when you rent a car for business purposes, as long as you decline the Collision Damage Waiver (CDW) through the car rental agency. This can end up saving you a ton of money.

With primary rental car insurance coverage, you typically will not be required to file any insurance claim with your own car insurance company because the credit card insurance will generally pick up the bill for physical damage, towing charges and damages arising from theft.

Team member Harlan saved nearly $700 thanks to primary rental insurance from his Chase Sapphire Reserve® card when his rental car got dinged on the passenger side door. Instead of paying ~$700 out of pocket, he simply filed a claim with his credit card company and had it pick up the bill instead.

Extended warranty protection

When you purchase an eligible item with the card, you can receive up to an additional year of warranty coverage, provided the original manufacturer’s warranty is three years or less. This coverage has a cap of $10,000 per claim, and $50,000 per account.

Purchase protection

With extended warranty protection, if you purchase an item and it ends up being damaged or stolen, you could be covered for up to $10,000 per claim, up to a maximum of $50,000 per account. This coverage will protect you for 120 days after you originally purchased the item, and can save you some serious cash.

Many different items are covered. You can find the full list of details and exclusions in Chase’s Guide to Benefits.

Trip cancellation/trip interruption insurance

If you use the card to pay for your trip, you could be covered for up to $5,000 of expenses if your trip ends up being delayed or cancelled for reasons like weather, illness, or injury. Immediate family members and business owners also qualify for this coverage.

You’ll also be covered if your luggage is damaged or lost in transit. Coverage is limited to $3,000, although items like jewelry, watches, cameras, and other electronic equipment are capped at $500.

Roadside dispatch

Instead of paying extra for a membership to AAA or adding expensive roadside coverage to your auto insurance policy, you’ll have the option of using the card’s roadside dispatch benefit.

By calling 800-847-2869 and paying a flat fee of ~$65, you can take advantage of services such as:

  • Towing
  • Tire change (as long as you provide the spare tire)
  • Jump starts for a dead battery
  • Lockout service
  • Fuel delivery (up to 5 gallons)

Free Ink Business Preferred cards for your employees

As you hire more employees and grow your business, you may find it convenient to provide business credit cards to trusted employees. This allows them further autonomy at work and saves you from headaches caused by managing petty cash or reimbursements.

With the Chase Ink Business Preferred, you can request free employee cards under your account. You can set individual spending limits for each employee to control their expenses, too.

Best of all, any purchases that your employees make with their cards will earn you points and product protection. This is a great way to accelerate rewards earning as a business owner.

Is the Ink Business Preferred Card worth it?

The Ink Business Preferred has a $95 annual fee. However, given that the welcome bonus alone is worth at least $1,000, this makes the card well worth it for everyone for at least the first year.

For most people, the Ink Business Preferred is also worth keeping for the long run because the card comes with perks that could save you a lot of cash.

If you normally pay for cell phone insurance, for example, the Ink Business Preferred is a no-brainer because you’ll receive automatic insurance when you pay your cell phone bill with the card. And if your rental car gets damaged, you could end up saving hundreds, if not thousands of dollars, just by having the credit card insurance cover the bill instead.

Other perks like roadside dispatch, extended warranty, and purchase protections could also save you many thousands of dollars.

This card is really a steal at just a $95 annual fee.

Just note that this is a small business card, so you’ll need to have a for-profit venture to get it.

You might qualify for a small-business card without realizing it. Nearly every Million Mile Secrets team member qualified for a Chase Ink card because of their side gigs, like reselling on eBay, running an Airbnb or managing vacation rentals.

You don’t need an EIN (Employer Identification Number) to apply for a small-business credit card. You can apply with just your Social Security number as a sole proprietor.

Chase won’t approve you for this card if you’ve opened five or more cards from any bank (not counting other Chase business cards and business cards from most other banks) in the past 24 months. Many people refer to this as the “5/24 rule.”

You can follow these instructions to figure out if you’re eligible.

How to earn points with the Ink Business Preferred card

As a small business owner, it makes good sense to earn rewards for expenses you run up on a daily basis. With the Ink Business Preferred Credit Card, you’ll take the sting out of your expenses, because you’ll earn bonus points for many different purchases:

  • 3 Chase Ultimate Rewards points for every dollar you spend on travel, shipping purchases, internet, cable and phone services, and advertising purchases made with social media sites and search engines (up to a maximum of $150,000 in combined purchases per account anniversary year)
  • 1 Chase Ultimate Rewards point per dollar on all other purchases
  • 25% bonus when you redeem points through the Chase Ultimate Rewards travel portal

Chase broadly defines the travel category to include:

Airlines, hotels, motels, timeshares, car rental agencies, cruise lines, travel agencies, discount travel sites, campgrounds and operators of passenger trains, buses, taxis, limousines, ferries, toll bridges and highways, and parking lots and garages

Besides airfare and hotels, there are lots of specific purchases you might not think of, which can also get you the 3x bonus, including:

  • Airbnb
  • Amtrak or European rail travel
  • Bridges and tolls
  • Bus fares with Megabus or BoltBus
  • Campground reservations at KOA and others
  • Car rentals (plus primary auto rental insurance when renting for business purposes)
  • Expedia, Orbitz, and Priceline reservations
  • Ferry rides
  • Lyft and Uber rides
  • Monthly mass transit card
  • National Park admission fees
  • Parking at a stadium or concert venue
  • Renting a public bicycle from services like Citi Bikes in New York City
  • Zipcar

And remember, there are no foreign transaction fees with the Ink Business Preferred. This means you can earn 3x points on overseas travels purchases without any extra fees.

How to redeem Chase Ultimate Rewards points

Chase Ultimate Rewards points are our favorite type of flexible points to earn.  The simplest way to redeem them is through the Chase Ultimate Rewards Travel Portal, where each point is worth 1.25 cents. But if you’re looking to get even more value out of your points, you can also transfer them to any of Chase’s airline and hotel travel partners.

You can also combine points earned with the Ink Business Preferred with other Chase cards that earn Ultimate Rewards points, and you can do this easily and instantly in your Chase online account.

Here are three ways to use the sign-up bonus from the Chase Ink Business Preferred for an amazing adventure:

$1,000 in travel through the Chase Ultimate Rewards Travel Portal

If you redeem for cash back, each Chase Ultimate Rewards point is worth 1 cent. So the 80,000-point welcome bonus is worth $800 in cash back. But you can do much better.

Each point is worth 1.25 cents when you redeem them through the Chase Ultimate Rewards Travel Portal (unless you also have the Chase Sapphire Reserve, which makes your points worth 1.5 cents each when you merge your points onto that card).

You can book nearly all flights, hotels, car rentals, and cruises through the Chase Ultimate Rewards Travel Portal. If you already use Expedia or other online travel sites, the process is very similar.

Booking through the Chase Ultimate Rewards Travel Portal is easy, but if you’re feeling adventurous, you may get much more value from the Ink Business Preferred’s 80,000-point sign-up bonus by transferring your points to travel partners.

Free luxury hotel stay

When you transfer your points to Hyatt, you can get thousands of dollars in value at luxury hotels. For example, with 80,000 Chase Ultimate Rewards points, you could book four free nights at the stunning Park Hyatt Mallorca. It costs 25,000 Hyatt points per night.

The cash rate during peak season can easily exceed $600 per night. On a three-night stay in July 2020, for example, you’d save ~$1,904 if you used your Ink Business Preferred sign-up bonus there. That’s huge.

 

Two round-trip flights to Hawaii

You can also transfer your points to other airlines, like Singapore Airlines. For example, you can transfer 35,000 points to Singapore Airlines for two round-trip flights from the mainland U.S. to Hawaii.

Depending on where you’re traveling from, a round-trip flight to Hawaii can easily cost $800. You could save $1,600 and have plenty of points left over.

Does the Ink Business Preferred Card charge foreign transaction fees?

No.

Ink Business Preferred Credit Card customer service

Chase customer support is available 24/7. If you ever have an issue with your card, you can always call the company and speak with a live person.

I’ve always found Chase support friendly and efficient. In fact, just a few months ago, I had not one, but TWO Chase credit cards stolen right out of my mailbox. I didn’t find out about this until I was checking my account online around midnight, and saw some charges I didn’t recognize. I immediately called Chase to report the fraudulent charges and to have new cards issued ASAP.

Having to deal with the fraud was an inconvenience at best, but the Chase representatives made it extremely easy and everything was sorted out without any additional effort on my part.

Cards similar to the Ink Business Preferred Credit Card

If you’re looking for a card with no annual fee, Chase offers two other Ink Business cards with outstanding welcome bonuses.

The Ink Business Cash Credit Card is currently offering a welcome bonus of $500 (50,000 Chase Ultimate Rewards points) after you spend $3,000 in purchases within the first three months of opening your account. You’ll also earn:

  • 5% cash back (5x Chase Ultimate Rewards points per $1) on the first $25,000 spent in combined purchases at office supply stores and on phone, internet, and cable TV services each account anniversary year
  • 2% cash back (2x Chase Ultimate Rewards points per $1) on the first $25,000 spent in combined purchases at gas stations and restaurants each account anniversary year
  • 1% cash back (1x Chase Ultimate Rewards point per $1) on all other purchases

And if you’re looking for an easier approach, the Ink Business Unlimited Credit Card offers an unlimited 1.5% cash back on every purchase for your business, on top of a $500 (50,000 Chase Ultimate Rewards points) intro bonus after you spend $3,000 on purchases in the first three months. There aren’t any categories to keep track of, so it’s a great pick if you’d rather keep it simple.

Bottom Line

You can qualify for the Ink Business Preferred Credit Card even if you don’t have a full-time business. Most for-profit ventures, like doing yard maintenance, driving for Uber or Lyft, and selling items on eBay are eligible businesses.

And the intro bonus of 80,000 Chase Ultimate Rewards points after spending $5,000 on purchases in the first three months from account opening is worth at least $1,000 in travel, and potentially more when you transfer your points to valuable travel partners like United Airlines and Hyatt.

If you’re a business owner, you should strongly consider the Ink Business Preferred Credit Card. That’s because as a cardmember, you’ll receive ongoing perks like cell phone insurance, roadside dispatch, trip delay insurance, and purchase protections that can save you hundreds, if not thousands of dollars, even if you only use the perks once.

To learn more about earning and using Chase Ultimate Rewards points, check out these guides:

For the latest tips and tricks on traveling big without spending a fortune, please subscribe to the Million Mile Secrets daily email newsletter.

Ink Business Preferred℠ Credit Card

Ink Business Preferred℠ Credit Card

  • Earn 80,000 bonus points after you spend $5,000 on purchases in the first 3 months from account opening. That's $1,000 toward travel when you redeem through Chase Ultimate Rewards®
  • 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–with no limit to the amount you can earn
  • Points are worth 25% more when you redeem for travel through Chase Ultimate Rewards
  • Redeem points for travel, cash back, gift cards and more – your points don't expire as long as your account is open
  • No foreign transaction fees
  • Employee cards at no additional cost
  • $95 Annual Fee

More Info

Editorial Note: We're the Million Mile Secrets team. And we're proud of our content, opinions and analysis, and of our reader's comments. These haven’t been reviewed, approved or endorsed by any of the airlines, hotels, or credit card issuers which we often write about. And that’s just how we like it! :)

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How soon can I sign up for another Ink Business Preferred card (and get the bonus) after downgrading a previous one to an Ink Cash card?

Our business, The Traveling Professor (see http://www.travelingprofessor.com) has been using the Chase Ink Business Preferred card for about a year now. We love it. We love the travel protection and the points earning power. We researched a lot of cards and for us, this is the best one.

2 round trip flights on singapore airlines from the U.S. mainland to Hawaii for 35,000 points??? Really? what departure cities on the mainland does that include? seems way too good to be true?

I have personally done it from Houston (IAH). I think there are many options though

I have had the Ink Business Preferred in the past and would like to get it again as it has some of the best benefits out there. Does anyone know if there is a time limit for receiving the welcome bonus a second time if I reapply for the card? Is it two years from the last bonus received?

Author

Hello Shay!

You can earn the bonus a second time as long as it has been 24 months from the last time you earned it.

If you have employee credit cards are they combined on the statement or would I receive individual statements? Also, are the points combined from all users

Does the Ink Business Preferred Card offer any additional reward points for purchases at office supply stores?

Thanks~