In this detailed Chase Ink Business Preferred Credit Card review, we cover everything from the upfront bonus to ongoing rewards.
Starting a small business is no easy task. And small business owners must handle everything on their on. One crucial aspects of getting off on the right foot is signing up for a quality small business credit card. You’ll want to avoid the cards with high annual fees. And choosing a card with a strong up front offer is a plus.
The Ink Business Preferred Credit Card from Chase offer’s its card members a big up front bonus. It adds to this a great rewards program all for the price of a moderate annual fee.
Let’s take a look at the details and see why this is the credit card I use for nearly all of my small business spending.
80,000 Point Bonus
Simply put, you won’t find a better up front bonus offer. New card members will receive an 80,000 point bonus after spending $5,000 in the first three months. Those points can be used for $800 in cash or $1,000 in travel. Terms and conditions of the bonus are as follows:
To qualify and receive your bonus, you must make Purchases totaling $5,000 or more during the first 3 months from account opening. (“Purchases” do not include balance transfers, cash advances, travelers checks, foreign currency, money orders, wire transfers or similar cash-like transactions, lottery tickets, casino gaming chips, race track wagers or similar betting transactions, any checks that access your account, interest, unauthorized or fraudulent charges, and fees of any kind, including an annual fee, if applicable.) After qualifying, please allow 6 to 8 weeks for bonus points to post to your account. To be eligible for this bonus offer, account must be open and not in default at the time of fulfillment.
Ink Business Preferred Rewards Program
In addition to the BIG bonus you’ll receive, the Ink Business Preferred Credit Card carries a fantastic rewards program. For the first $150,000 spent annually, the following categories receive triple points per dollar spent:
- Shipping purchases
- Internet, cable and phone services
- Advertising purchases on social media and SEO
Single points are earned for every dollar spent on everything else. There is no limit to the amount of points you can earn and points do not expire so long as your account remains open.
What makes this card even more attractive is when you use it to book travel. Using Chase Ultimate Rewards, points are worth 25% more. So the 80,000 points bonus you initially receive can be worth $1,000 in travel. I own the Chase Sapphire Preferred card, where the rewards points are also worth 25% more and have booked travel through Chase many times. Each time, I always check the price of the flight directly with the airline and my points are, in fact, worth 25% more. The price of flights through Chase are not inflated.
In addition to a terrific rewards program, the Ink Business Preferred Credit Card also includes a several additional perks.
- Purchase Protection–When you make a purchase and it’s damaged inside of 120 days, you’re covered for up to $10,000 per item and $50,000 per account.
- Cell Phone Protection–Up to $600 in cell phone insurance when anyone listed on your cell phone plan damages their phone. Claims limited to a maximum of three per 12 month period and $100 for each instance.
- Trip Cancellation Insurance–When you book a trip using this card, and it’s cancelled because of sickness, weather or a few other situations, you can be reimbursed up to $5,000 per trup in pre-paid travel expenses.
- Auto Rental Collision Damage Waiver–Whenever renting a card, always use your Ink Business Preferred Credit Card. So long as you rent a standard vehicle (no truck, no luxury), any damage as a result of a collision will be covered.
- Extended Warranty Protection–When you receive a manufacturer’s warranty under three years for a recently purchased product, Chase will add one more year.
Ink Business Preferred Pricing Details
If you were looking for one drawback to the Ink Business Preferred Credit Card, it comes in it’s interest rate. Unfortunately, there is no introductory APR to speak of and the standard variable APR is 16.99% – 21.99% variable. If your business needs a cash advance, the rate is 25.99% and if your account falls into default, the rate becomes 29.99%.
If you’re in need of a good balance transfer offer, look elsewhere. This card has no intro rate and charges a 5% balance transfer fee (or $5, whichever is greater). There is also a 5% cash advance fee (or $15, whichever is greater). Late payment fees will run you up to $39 as will a return payment fee.
The annual fee to own the Ink Business Preferred Credit Card is $95 and there are no foreign transaction fees.
Chase has been tinkering with the Ink line of products for half a decade now. The Ink Business Preferred Credit Card is their newest model and quite frankly it’s their best. Starting out with a $1,000 potential bonus means 10 years of annual fees paid for. Triple points and points worth 25% more when booking travel means this card offers almost 4% on a select group of categories year round.
Add up all of the perks, and if your business has the excellent credit this card requires, consider the Ink Business Preferred Credit Card.
- Learn more about this and other small business credit cards.