Review Summary: There are a lot of small business credit cards available to choose from, but Chase has done a good job making this one stand out. Between having a generous signup bonus and bonus category rewards, it’s become one of the most sought-after cards on the market.
How the Chase Ink Business Preferred credit card works
Chase Ink Business Preferred Review: Table of Contents
How to Earn Rewards
One of the best parts of the Chase Ink Business Preferred card is the massive welcome bonus. You’re going to receive 100,000 Chase Ultimate Reward points after you spend $15,000 on purchases within the first three months of opening your account.
You will then earn 3x points on your 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 in 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.
How to Redeem Rewards
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, which is now powered by Expedia. 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
- Singapore Airlines KrisFlyer
- Southwest Airlines Rapid Rewards
- United MileagePlus
- Virgin Atlantic Flying Club
- IHG Rewards Club
- Marriott Bonvoy 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 several cents per point in value.
Additional Cardholder Benefits
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 total).
Alternatives to the Chase Ink Business Preferred
- Chase Ink Business Cash: This card offers 5x points at office supply stores and on telecommunications purchases, which is very valuable. And while this card won’t let you transfer your rewards to airlines and hotels by itself, you can combine your rewards with those from another card that allows you to, like the Sapphire Preferred or Sapphire Reserve. This card also offers you $500 cash back (50,000 bonus points) after spending $3,000 within three months of account opening, and it has no annual fee.
- Business Green Rewards Card from American Express: This card has been newly refreshed to offer 3x points on your first $50,000 at U.S. restaurants, on hotel stays booked directly with hotels, and on airfare purchased directly from airlines within the first three months of your account (this offer ends 11/6/2019). You get 2x points on purchases from American Express Travel and one point per dollar spent elsewhere. Like Chase Ultimate Rewards points, American Express Membership Rewards points can be transferred to airline miles or hotel points. There’s a $95 annual fee for this card.
- Capital One® Spark® Miles for Business: This card offers you 2x Capital One miles for every dollar spent on all purchases, with no limits. These rewards can be transferred to frequent flyer miles, mostly at a 1:1.5 ratio, so you can usually get 1.5 airline miles per dollar spent. You also have the option of redeeming your miles for one cent each as statement credits towards travel rewards. New applicants can earn 50,000 miles after spending $4,500 on their card within three months of account opening. There’s a $95 annual fee for this card that’s waived the first year.
If you’re a small business owner, the Chase Ink Business Preferred card is tough to pass up. Not only does it offer a very generous welcome bonus, 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 you don’t, the interest accrued will wipe out the value of the rewards you earn. When you can manage this card responsibly and use it to earn rewards from your business purchases, it can be an extremely valuable tool for your company.
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