The Ink Business Preferred Credit Card, as you have probably heard, is great for those who (a) own a business and (b) are looking to rack up some points. However, it’s not a fit for all businesses across the board. Here are the details you need to know.
The Ink Business Preferred Card welcome bonus of 80,000 bonus points is a nice one for most. You do have to spend $5,000 on purchases within the first three months of Ink Business Preferred Card membership, but for many businesses, spending $5,000 within a few weeks, let alone the first three months, is extremely easy. The 80,000 bonus points is equal to $1,000 toward travel rewards if you redeem the rewards through the Chase Ultimate Rewards platform.
- 3X points per dollar (on your first $150,000) on common business expenses
- 25 percent more in travel redemption when booking through Chase Ultimate Rewards
- 1:1 point transfer with a variety of travel partners
- No foreign transaction fees
- Travel and purchase coverage (including trip insurance, cell phone protection, roadside dispatch and more)
- Additional employee cards can be added to your account at no extra cost
- Up to 100,000 bonus points earning potential for referrals
- A $95 annual fee
3X Per Dollar
About that 3X points per dollar on business expenses…these include expenses such as travel, shipping, internet services, cable and phone services, advertising on social media and search engine advertising. This benefit is good up to $150,000 spent on the Ink Business Preferred Card each year (from the time you opened the account to your anniversary). For all other purchases, you get a pretty standard 1 point per dollar spent.
The Ink Business Preferred Card‘s extensive insurance coverage is a nice feature and relatively unique. The trip cancellation and trip interruption insurance covers you up to $5,000 per trip if your travel is canceled or cut short due to things like illness or severe weather. The reimbursement covers things that aren’t typically valid for reimbursement on their own, like hotels and airfare.
Likewise, the auto rental collision damage waiver negates the need for your rental company’s insurance, as the card gives you reimbursement for up to actual cash value of a vehicle, in the event of theft or an auto accident.
Further protection will give you up to $600 per claim for cell phone protection (if you pay the cell phone bill with the card); new purchase protection up to 120 days against damage and theft, up to $10,000 per claim, up to $50,000 total; and the card extends the warranty on purchases by a year (if the purchased item has a manufacturer warranty of three years or less).
The Ink Business Preferred Card $95 annual fee is not waived during your first year. However, this isn’t a bad annual fee compared to a lot of other mid-range cards and especially not compared to a slew of premium cards that offer very similar amenities.
In addition to the travel redemption options (1:1 with many airlines and hotels), you can also redeem your Ink Business Preferred points through the Chase Ultimate Rewards portal (which might be a better option, depending on what you’re booking). You can also shop with points on Amazon, redeem your points for gift cards at various major retailers or just get cash back. There are plenty of options to choose from, but these are really not a great value. The best redemption option the card offers is definitely what you’ll find in the Chase Ultimate Rewards portal.
The long and short of it? The Ink Business Preferred Card can be great for a medium-sized business owner who wants to earn some travel points and that spends a lot each year on those items which are valid for the 3X points per dollar. However, if your spending doesn’t really lie in those categories and you don’t spend that much as a business to begin with, you might want to look for a card elsewhere.