Chase Ink Preferred Review: High Rewards for Business Basics
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Our Take
5.0
A big sign-up bonus, high ongoing rewards in common business spending categories and an array of perks make this card well worth the annual fee.
on Chase's website
Quick Facts
Pros & Cons
Pros
New cardholder bonus offer
Bonus categories
Transfer partners
Cons
Has annual fee
No intro APR offer
Compare to Other Cards
Annual fee$95 | Annual fee$295 | Annual fee$695 |
Regular APR16.24%-21.24% Variable APR | ||
Intro APRN/A | Intro APRN/A | Intro APRN/A |
Recommended Credit Score |
Recommended Credit Score |
Recommended Credit Score |
Full Review
The Ink Business Preferred® Credit Card from Chase is firmly entrenched in the ranks of the best credit cards for small businesses, thanks to a jumbo sign-up bonus, a high rewards rate in common business categories and a slew of valuable perks.
If you do a lot of traveling for business or your spending otherwise matches the bonus categories, the Ink Business Preferred® Credit Card may be well worth its $95 annual fee.
Ink Business Preferred® Credit Card: Basics
Card type: Small business.
Annual fee: $95.
Sign-up bonus: Earn 100k bonus points after you spend $15,000 on purchases in the first 3 months from account opening. That's $1,000 cash back or $1,250 toward travel when redeemed through Chase Ultimate Rewards®.
Rewards:
3 Chase Ultimate Rewards® points per $1 spent on the first $150,000 spent on qualifying travel and business categories each account anniversary year.
1 point per $1 spent on all other purchases.
You can redeem points for cash, gift cards, travel and eligible products or services. Points are generally worth about a penny each, with one notable exception: When you redeem your points for travel booked through Chase Ultimate Rewards®, they're worth 1.25 cents apiece.
APR: The ongoing APR is 16.24%-21.24% Variable APR.
Foreign transaction fee: None.
Other perks:
Free employee cards.
Personalized account alerts.
Purchase protection, extended warranty protection, cell phone protection, trip cancellation and interruption insurance, roadside dispatch and an auto rental collision damage waiver.
Why you might want the Ink Business Preferred® Credit Card
A huge sign-up bonus
Earn 100k bonus points after you spend $15,000 on purchases in the first 3 months from account opening. That's $1,000 cash back or $1,250 toward travel when redeemed through Chase Ultimate Rewards®. This bonus is among the highest available on any card in any category, but it comes with a hefty minimum spending requirement. Still, if your typical spending can cover that, the bonus could be enough to pay for an entire business trip. Or think of it this way: The bonus can cover the cost of carrying the card for more than 10 years.
High rewards in common business spending categories
The Ink Business Preferred® Credit Card gives you 1 Chase Ultimate Rewards® point per dollar spent — but that jumps to 3 points per dollar on the first $150,000 in combined spending in these categories:
Travel.
Shipping.
Internet, cable and telephone services.
Advertising purchases with social media sites and search engines.
Some business credit cards cap your spending at a much lower threshold or limit the high rewards rate to only one category. This card lets you earn top rewards in a variety of popular categories that you’re likely to use.
25% boost in point value for travel redemptions
When you redeem your points for travel booked through Chase Ultimate Rewards®, they're worth 1.25 cents apiece. (That's the same high redemption value that helps make the Chase Sapphire Preferred® Card so popular with leisure travelers.) Business owners who frequently spend on travel will get more value when they redeem their points for airfare, accommodations and more through Chase's portal.
Transfers to airline and hotel programs
You have the flexibility of transferring points on a 1:1 basis to a dozen popular airline and hotel loyalty programs. Depending on which partner you choose and how you redeem those points, transferring may offer outsized value. Partners include:
Aer Lingus AerClub.
Air France/KLM Flying Blue.
British Airways Executive Club.
Emirates Skywards.
Iberia Plus.
JetBlue TrueBlue.
Singapore Airlines KrisFlyer.
Southwest Airlines Rapid Rewards.
United MileagePlus.
Virgin Atlantic Flying Club.
IHG Rewards Club.
Marriott Bonvoy.
World of Hyatt.
An international payment option
Some credit cards are packed with travel-friendly features, but they make poor companions abroad. That’s not the case with the Ink Business Preferred® Credit Card. As part of the Visa network, the card is broadly accepted by merchants worldwide. It also doesn’t charge foreign transaction fees, which will save you money on your overseas purchases.
Travel protections
The card’s travel protections can spare you some headaches and money when your travel plans derail. Trip cancellation and interruption insurance reimburses you up to $5,000 per trip (including passenger fares, tours and hotels) when your trip is canceled due to sickness, severe weather conditions and other qualifying scenarios.
The primary rental car coverage reimburses you when a car rented for business purposes is damaged or stolen. You’ll have to pay for your trip and car rental with the card to qualify for coverage. The car rental benefit also requires you to decline the car rental agency’s collision insurance. Other terms apply.
Purchase protections
Purchases are covered for up to 120 days against damage or theft, up to $10,000 per claim and $50,000 per account. The extended warranty protection also adds an extra year to eligible manufacturer warranties of three years or less.
Cell phone coverage
The Ink Business Preferred℠ Credit Card pays up to $600 per claim for damage or theft of cell phones for you and your employees when the bill is paid using your card. There’s a maximum of three claims in a 12-month period, and there is a $100 deductible for each claim.
Free employee cards
Employees whom you approve as authorized users on the account get free cards that help you earn rewards. You can control these accounts by setting spending limits for each employee.
Why you might want a different credit card
The Ink Business Preferred® Credit Card is an excellent card, but it's not perfect, or even appropriate, for every business. Here are some possible reasons why you may want a different business credit card.
There's an annual fee
The $0-annual-fee Bank of America® Business Advantage Travel Rewards World Mastercard® credit card offers 1.5 points per $1 spent on all purchases (3 points per $1 spent on travel purchases booked through the Bank of America® Travel Center). As a Mastercard without foreign transaction fees, this card is also an ideal payment method for purchases made abroad.
There's no introductory 0% APR period
The Blue Business® Plus Credit Card from American Express offers a lengthy break from interest payments. You'll get an introductory 0% intro APR on Purchases for 12 months, and then the ongoing APR of 13.99%-21.99% Variable APR. This card earns 2 points per $1 spent on the first $50,000 in purchases made per year, and then 1 point per $1 spent after that. It has a $0 annual fee. Terms apply (see rates and fees).
Its Bonus categories might not match your spending
If you don't travel much or spend money in the other bonus categories, you'll miss out on most of the ongoing value of the Ink Business Preferred® Credit Card. The Ink Business Cash® Credit Card earns 5% cash back on up to $25,000 a year in combined spending at office supply stores and on internet, cable and phone services; 2% back on up to $25,000 a year in combined spending at gas stations and restaurants; and 1% back on everything else. You also can earn one of the biggest sign-up bonuses on any card with a $0 annual fee: Earn $750 bonus cash back after you spend $7,500 on purchases in the first 3 months from account opening. Or if you don't want to keep track of categories at all, consider a flat-rate card — one that pays the same rate on all purchases. For example, the Capital One Spark Miles for Business card gives you an unlimited 2 miles per dollar on every purchase.
Your business spends HEAVILY on travel
The Business Platinum Card® from American Express may merit a closer look if your business spends a lot of money on travel annually. It has a $695 annual fee, but the long list of perks and benefits can offset the cost as long as you use them. It earns 5 Membership Rewards points per $1 spent on flights and prepaid hotels booked through amextravel.com; 1.5 points on eligible purchases at U.S. construction material and hardware suppliers, electronic goods retailers and software and cloud system providers, and shipping providers, as well as on purchases of $5,000 or more everywhere else, on up to $2 million of these purchases per calendar year; and 1 point for each dollar you spend on eligible purchases. Terms apply (see rates and fees). (Learn more about the difference between The Business Platinum Card® from American Express and Ink Business Preferred® Credit Card.)
Is the Ink Business Preferred® Credit Card right for you?
The Ink Business Preferred® Credit Card checks about as many boxes as a card can for business travelers without charging an annual fee in the hundreds of dollars. Check your books to see how well your expenses jibe with the bonus categories. If there's a lot of overlap, don't be afraid to pull the trigger.
on Chase's website
Methodology
NerdWallet reviews credit cards with an eye toward both the quantitative and qualitative features of a card. Quantitative features are those that boil down to dollars and cents, such as fees, interest rates, rewards (including earning rates and redemption values) and the cash value of benefits and perks. Qualitative factors are those that affect how easy or difficult it is for a typical cardholder to get good value from the card. They include such things as the ease of application, simplicity of the rewards structure, the likelihood of using certain features, and whether a card is well-suited to everyday use or is best reserved for specific purchases. Our star ratings serve as a general gauge of how each card compares with others in its class, but star ratings are intended to be just one consideration when a consumer is choosing a credit card. Learn how NerdWallet rates credit cards.