Credit card review: Chase Ink Business Preferred card

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Credit card review: Chase Ink Business Preferred card
Image Credit: Chase
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In 2016 Chase made quite a few updates to their credit card lineup. They introduced the extremely popular Chase Sapphire Reserve and Chase Freedom Unlimited cards during the first eight months of the year. Then to wrap things up, they released a new small business card, the Chase Ink Business Preferred card.

There are a lot of small business credit cards available to choose from, but Chase has done a good job making this card stand out. Between having a generous signup bonus and bonus category rewards, this quickly became one of the most sought after cards on the market.

Within this Chase Ink Business Preferred review we are going to dig into the features and costs. This will help you determine if this rewards credit card has a place in your wallet.

Chase Ink Business Preferred rewards

One of the best parts of the Chase Ink Business Preferred card is the massive signup bonus. You’re going to receive 80,000 Chase Ultimate Reward points after you spend $5,000 on purchases within the first three months of opening your account.

You will then earn 3 points per $1 on the first $150,000 spent in combined purchases on travel, shipping purchases, cable and phone services, internet and on advertising made on select social media and search engine websites.

Being able to earn bonus reward points for social media and search engine advertising is a game-changer for many small business owners. This has given them the ability to scale their business through digital marketing and earn up to 450,000 points per year doing so.

All other purchases made with the card that don’t fall within one of the bonus categories will earn 1 point per $1 spent.

Redeeming Chase Ultimate Reward points

So what are all these Chase Ultimate Reward points worth? It depends on how you want to redeem them. The baseline value is one cent per point. However, you have the choice to use them to book travel through the Chase Ultimate Rewards portal. This will give you a 25% bonus, making each point worth 1.25 cents.

Another option is to transfer your points to one of the many transfer partners. These include the following:

  • Aer Lingus AerClub
  • British Airways Executive Club
  • Flying Blue (Air France/KLM)
  • Iberia Plus
  • Korean Air SkyPass
  • Singapore Airlines KrisFlyer
  • Southwest Airlines Rapid Rewards
  • United MileagePlus
  • Virgin Atlantic Flying Club
  • IHG Rewards Club
  • Marriott Rewards
  • Ritz-Carlton Rewards
  • World of Hyatt

The value you get from your points when you transfer to a loyalty program will depend on the itinerary itself. It’s not uncommon to book a really expensive hotel or flight and receive anywhere from five to 10 cents per point in value.

Chase Ink Business Preferred Card perks

If the earning potential of the Chase Ink Business Preferred isn’t enough for you, there are several perks you can take advantage of:

Trip Cancellation / Trip Interruption Insurance – One of them is trip cancellation/Interruption insurance. If your trip is cancelled or cut short because of a covered reason, you could receive compensation of up to $5,000 for any non-refundable expenses you might have.

Auto Rental Collision Damage Waiver – If you are renting a car for business purposes, you can decline the rental company’s collision insurance. With the Chase Ink Business Preferred card, you will receive primary car insurance. This means if you are in an accident, you would file a claim through Chase without being required to notify your primary insurance company.

Cell Phone Insurance – If you or your employees’ cell phones are stolen or damaged and you pay your bill with a Chase Ink Business Preferred card, you can receive up to $600 in compensation per claim. There is a $100 deductible and you can only file three claims per 12 month period.

Extended Warranty Protection – This will extend any manufacturers warranty of three years or less by an additional year.

Purchase Protection – If an eligible purchase is damaged or stolen within the first 120 days, you will receive compensation of up to $10,000 per claim ($50,000 per credit card account).

Chase Ink Business Preferred pricing

The Chase Ink Business Preferred card comes with a $95 annual fee, which is pretty minimal considering the earning potential. Plus, if you are planning to travel outside the United States, this card can make the trip with you. With no foreign transaction fees, you won’t need to worry about purchases costing you more than they should.

Chase Ink Business Preferred: Does it make sense for you?

If you’re a small business owner, then the Chase Ink Business Preferred card is tough to pass up. Not only does it offer a very generous sign up bonus, but you also have the ability to earn 3x points on business purchases, including social media and search engine advertising.

However, just like any other credit card, you need to be able to pay your credit card balance in full each month. If not, the interest accrued will wipe out the value of the rewards you earn.

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