The Chase Ink Business Preferred Card comes with a great set of benefits, many of them tailored to the small business. The huge 80,000 point sign up bonus is, of course, an attention grabber – and a great offer – but there are plenty more benefits besides. This article highlights 10 of the reasons to get this card and why its a great choice for small business owners, whether with a company or self-employed.
1. Earn an excellent sign up bonus – worth over $1,000
Without doubt, one of the biggest appeals of the card is its sign up bonus. The Ink Business Preferred℠ Credit Card offers a massive 80,000 Ultimate Rewards points when you spend $5,000 on purchases within the first three months of card ownership. This is certainly one of the best offers on the market.
80,000 Ultimate Rewards points are worth $1,000 if redeemed for travel through the Chase booking portal. If you transfer the points to airline partners and use them for flight rewards they could be worth a lot more. Just make sure you can definitely reach the relatively high spending target, or you’ll end up with no bonus at all!
2. Travel easier with no foreign exchange transaction fees
The Ink Business Preferred℠ Credit Card features no foreign transaction fees on purchases overseas. This does not apply though to ATM cash withdrawals, which will still attract a fee.
Many other cards apply a fee of around three per cent for overseas purchases, so you will save a lot if traveling for business.
3. Earn Chase Ultimate Rewards points for all spending
The Ink Business Preferred℠ Credit Card awards Chase Ultimate Rewards points for all spending of at least one point per dollar spent. Certain categories earn extra, but there is no limit to this earning at one point per dollar.
Earning Ultimate Rewards points is much more flexible, and potentially more rewarding, than cashback earning (as offered by many other cards, including the Ink Business Unlimited℠ Credit Card). Anyone who travels regularly can benefit from the option to transfer to airline and hotel loyalty programs, even if there are new to the points world.
Earnings are the same in the US and overseas. Combined with the zero transaction fees that the card offers, it is easy and rewarding to use the card for overseas business expenses.
4. Earn triple points for some business expenses
The card awards three points per dollar spent in the following categories:
- Online advertising purchases made with social media sites and search engines
- Internet, cable and phone services.
There is a total limit of up to $150,000 spending per year for the triple points rate, combined across all the categories. If your business has regular expenses in these categories, this can be very rewarding. This is one of the things to think about when considering this card!
5. Get great value from Ultimate Rewards points
Chase Ultimate Rewards points are one of our favorite earning programs, due mainly to the strong set of partners and reliable, high redemption rates.
There are two recommended high-value ways to use points:
- Points can be redeemed for travel bookings through the Chase travel portal, at a rate of 1.25 cents per point. This is a standard style travel booking portal and offers a wide range of airfares and hotels. Note that it is also possible to use points for direct cashback – but at the lower rate of one cent per point.
- Transferring points to one of nine airlines and three hotel partners, for potentially higher value.
The best value for points lies in maximizing use for airline awards – transfers are possible to the following airline loyalty program, with all transfers at the excellent rate of 1:1.
- Aer Lingus AerClub
- Air France/KLM Flying Blue
- British Airways Executive Club
- Iberia Airlines Iberia Plus
- JetBlue TrueBlue
- Singapore Airlines KrisFlyer
- Southwest Airlines Rapid Rewards
- United Airlines MileagePlus
- Virgin Atlantic Flying Club
There are some great value options here. Our favorites are using points for usually expensive business or first class tickets, or for last minute tickets. For a more complete look at transfer and some ideas of the possibilities, see our guide to redeeming points.
6. Free additional cards for company employees
With a business card, it makes sense to be able to add more cardholders. This is easy with the Ink Business Preferred℠ Credit Card, and it is free to add authorized company users to a card account. Spending limits can be set and monitored for each cardholder. This is a good way to collate and manage all business expenses, all well as earn rewards faster!
These users will receive their own card, and will enjoy the same card benefits. Their purchases will earn the same rewards into the main Chase Ultimate Rewards account – a great way to build up points! Remember as well that all spending will count towards the requirement for the sign up bonus.
7. Mobile phone damage and theft cover for all employees
The Ink Business Preferred℠ Credit Card provides cover for damage and theft to mobile phones of all company employees. The mobile phone bill must be paid using the card to receive this benefit.
This is a benefit not commonly added to Chase personal cards but can be great for businesses with multiple phone users. Cover is provided for up to $600 per claim (with a $100 deductible excess per claim), and for up to three claims per year.
8. Receive free Collision Damage Waiver cover for all car rentals
Free Collision Damage Waiver cover is provided whenever a cardholder rents a car with the Ink Business Preferred℠ Credit Card. This will apply to all authorized cardholders, so can be an especially valuable benefit when car rentals are a regular business activity.
Cover will apply to rentals in the US or overseas and will protect against theft or damage. It is, therefore, possible to decline any equivalent additional insurance offered by the rental company. When renting for business use, the cover is primary – so it will apply before any other insurance cover that you may have.
9. Trip protection included for all employees
If any cardholder books their travel with the card, this will be covered for cancellation or trip interruption. This will apply if the trip needs to be canceled or curtailed for certain reasons (including sickness and weather problems), and will offer coverage of up to $5,000 of pre-paid lost expenses.
This is useful cover for business travel, allowing you to plan travel ahead and have some protection if things go wrong. There is less cover for other travel areas (such as baggage and trip delay) though than provided with other personal cards.
10. Purchase protection for all company purchases with the card
The Ink Business Preferred℠ Credit Card offers protection for any purchases made by cardholders. This can be very useful for a business card, as will cover any business equipment purchased.
The following are free with the card:
- Purchase protection on new purchases for 120 days after purchase. This will cover items for damage or theft. The cover is up to a limit of $10,000 per claim (and $50,000 per account) – making this a great card for larger business purchases.
- Extended warranty on all eligible purchases with the card. This extends an original warranty of a US manufacturer by one additional year, for warranties of three years or less.
The Ink Business Preferred℠ Credit Card is one of our favorite cards for small businesses. There is massive earning potential here with a great sign up bonus and triple points for many areas of business expenses.
Benefits are well tailored to the small business and are especially valuable if used by several company cardholders. The card works well for overseas company travel too. No fees for foreign exchange allow the card to be freely used anywhere, and trip protection and free car rental insurance can lower travel costs.
Our only caution would be to make sure you will use the business benefits and spend enough to meet the relatively high sign up bonus target. Individuals or businesses with lower spend might get more out of another card that offers a lower spending target and possibly more individual travel benefits. Take a look at our top choices from Chase here.
Notice: These responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.