While there are many small business credit cards out there, the Chase Ink Business Preferred Credit Card has a unique set of perks that may make it a great option for business owners looking to maximize their earning potential and unlock valuable rewards through the Ultimate Rewards program.
Who Is This Card For? This card is clearly geared specifically toward those with small businesses and the varied expenses that typically come along with operating said businesses. While it’s possible to apply (and get approved) for a card like the Ink Business Preferred without a formal business, the earning rates and added perks I’ll cover below are most appealing to those with an actual company.
In addition, because this card is subject to Chase’s 5/24 rule, it’s also a great option for those business owners who are just getting started in the hobby. Anyone who has opened 5 or more credit cards (Personal or Business) over the last two years will be denied. As a result, this card (or another Chase product) should be among the first ones for which you apply. Sign-Up Bonus If you’re approved for the card, you’re eligible to earn a sign-up bonus of 80,000 Ultimate Rewards points after you spend $5,000 on purchases in the first three months from account opening. This haul is worth $1,100 to $1,500 depending on how you redeem your points.
Earning When it comes to earning points, the Ink Business Preferred offers bonus categories that can be quite lucrative to small business owners. You’ll earn 3 Ultimate Rewards points per dollar on the first $150,000 spent in combined purchases in the following categories:
Travel, including airfare, hotels, rental cards, train tickets and taxis
Internet, cable and phone services
Advertising purchases made with social media sites and search engines
Redeeming Chase Ultimate Rewards program is filled with valuable options thanks to its 13 transfer partners. This includes seven airline programs:
British Airways Executive Club
Flying Blue (Air France/KLM)
Korean Air SkyPass
Singapore Airlines KrisFlyer
Southwest Airlines Rapid Rewards
Virgin Atlantic Flying Club
Aer Lingus AerClub
And four hotel programs:
IHG Rewards Club
World of Hyatt
In addition, most of these transfers post instantaneously, ensuring that you aren’t stuck waiting for the points or miles to arrive and wind up missing out on the redemption you wanted.
Regardless of which partner you choose, the power of the Ultimate Rewards program (and really any transferable point currency) is the flexibility it allows. You aren’t locked into a single airline or hotel, and you can wait until you’re ready to book to commit to one. In some cases, you can even pit programs against one another.
Why transfer 45,000 Ultimate Rewards points to United for a round-trip flight from the US to Hawaii when the same flight would be just 35,000 miles booked through Singapore? You also have the option of redeeming these points at a fixed rate of 1.25 cents apiece for travel purchases like flights, hotels and rental cars. It’s very simple and doesn’t require much effort to do so.
Perks While the earning rates and redemption options alone make this an intriguing card, you’ll also be able to utilize a number of added perks that make it even more valuable for cardholders. Here’s a quick rundown:
Cell phone protection: if you’re prone to dropping your cell phone or accidentally leaving it behind somewhere, the Ink Business Preferred could be a great option. When you charge your monthly cell phone bill to the card, you and eligible employees on the plan receive up to $600 per claim for damage or theft of cell phones. This isn’t carte blanche to go scuba diving with your phone; you’re limited to three claims in a 12-month period and must pay a $100 deductible per claim. This is a terrific benefit that is rare among credit cards.
Trip Cancellation/Interruption Insurance: If you must cancel or cut a trip short due to a covered issue (like illness or severe weather), you’re eligible for up to $5,000 of coverage for pre-paid, nonrefundable travel expenses, offering great peace of mind when unexpected problems arise.
Primary car rental coverage: If you use the Ink Business Preferred card and are traveling for business purposes, you’re covered for theft and damage in the US and in most countries around the world. This means you won’t need to submit a claim to your own insurance company, preventing your rates from jumping. Bear in mind that this doesn’t offer any liability coverage, but you are covered up to the actual cash value of the vehicle you’re renting.
Purchase protection: In addition to the cell phone protection, you’re also covered for other purchases. If an eligible item is damaged or stolen within the first 120 days after purchase, you’re covered up to $10,000 per claim ($50,000 per account). It can be a lifesaver when something goes wrong with that brand-new purchase.
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