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Here at Million Mile Secrets, we’re all about getting Big Travel with miles and points earned from the best travel credit cards. But even if you’re interested in cold, hard cash, you can earn a huge bonus from the Chase Ink Business Preferred Card.
The Ink Business Preferred is our favorite for small business owners, because its welcome bonus of 80,000 Chase Ultimate Rewards points after meeting minimum spending requirements is the highest of any Chase Ultimate Rewards card. The bonus is worth $1,000 in paid flights, hotels, car rentals, and activities booked through the Chase Ultimate Rewards travel portal.
That said, if travel isn’t your thing, you can still cash out the bonus and earn a hefty $800 in cash back. With just one card, you can make a real impact to your small business’ bottom line.
I’ll show you why the Ink Business Preferred is an excellent pick for small business owners who prefer cash back!
The Chase Ink Business Preferred’s Welcome Bonus Is Worth $800 in Cash Back
Apply Here: Ink Business Preferred Credit Card
With the Chase Ink Business Preferred card, you’ll earn 80,000 Chase Ultimate Rewards points after you spend $5,000 on purchases in the first 3 months from account opening. When you redeem your points for cash back, they’re worth 1 cent a piece, so the bonus is worth $800 in cash back!
You can reinvest all the cash back you earn back into their business, in the form of advertising, promotions, holiday spending for employees and work parties. It will also help take sting out of buying supplies, materials, and paying bills with bonus categories catered just for your business.
You’ll also earn 3X Chase Ultimate Rewards points per $1 (worth 3% in cash back) when you make purchases in the below categories (up to a maximum of $150,000 in combined purchases per account anniversary year, then 1X point per $1):
- Travel (including airfare, hotel stays, train rides, Uber, Uber Eats, etc.)
- Shipping expenses
- Internet, cable and phone services
- Advertising purchases made with social media sites and search engines
And you’ll earn 1X Chase Ultimate Rewards points per $1 (worth 1% in cash back) on all other purchases.
You can really start to rack up the cash back with the Ink Business Preferred because these bonus categories are common expenses for small businesses. If you spent the maximum per year in the 3X categories, you’d earn $4,500 in cash back ($150,000 in spending X 3%). That doesn’t even include the 1% cash back you’d make on any other purchases like supplies and other bills.
Even if your business spends $20,000 in these categories last year, that’s $600 in straight cash you can use for promotional activities, employee recognition perks, etc. If your business spent $100,000, that’s $3,000 cash back! The rewards really start to add up as your business grows.
And while there a handful of other business cards, like the Capital One® Spark® Cash for Business, with a higher limited-time welcome bonus, you’ll have to spend a LOT more to meet the full minimum spending requirement. Here’s our review of the Capital One Spark Cash.
How Do You Know If You’re Eligible for the Ink Business Preferred Card?
Even if you don’t have a full-time business, you might already be eligible to apply for the Ink Business Preferred. That’s because there are a ton of for-profit activities you may already be doing that qualify you to open a business credit card as a sole proprietor using your social security number.
Business credit cards are great for small business owners, especially sole proprietors, because it helps separate your business spending from personal spending, making it easier to find write-offs and deductions when it comes time to filing taxes.
How to Squeeze Even More Value Out of Your Chase Ultimate Rewards Points
Even though this article is focused around earning cash back for your business, I would be remiss if I didn’t mention how you can get even more value from your Chase Ultimate Rewards points by redeeming them for travel through the Chase Ultimate Rewards Travel Portal or transferring points to Chase’s airline and hotel partners like Hyatt and United Airlines.
Because points from the Ink Business Preferred are worth 1.25 cents each when you redeem them through the Chase Travel Portal, this is a great way to turn your 80,000 Chase Ultimate Rewards into $1,000 in travel.
And you can get potentially much more value by transferring your Chase Ultimate Rewards points to airline or hotel partners. For example, I was able to book a $1,200 non-stop flight on United Airlines to Honolulu by transferring only 45,000 Chase Ultimate Rewards points to United Airlines at a 1:1 ratio.
And you can do even better when you transfer points to travel partners for expense Business or First Class flights and fancy hotel stays.
The Chase Ink Business Preferred Card is a great tool for small business owners who want to earn cash back for their business expenses. It comes with 80,000 Chase Ultimate Rewards points after you spend $5,000 on purchases in the first 3 months from account opening. That’s worth $800 in cash back!
And you’ll earn 3X Chase Ultimate Rewards points per $1 (worth 3% cash back) on purchases in certain categories including travel, shipping charges, internet, cable, and phone services, as well as advertising on social media and search engines, up to a maximum of $150,000 in combined purchases per account anniversary year, then 1X point per $1 (1% cash back) . You also earn 1X point per $1 (1% cash back) on every other purchase you make!
If you do want to use your rewards on travel, the Ink Business Preferred lets you do so by redeeming points for travel through the Chase Travel Portal, or by transferring your points to Chase’s airline and hotel partners like British Airways and Marriott.
Small business owners can really the sting out of paying the bills for your small business by using the Ink Business Preferred!