Chase Ink Business Preferred Review: The Ultimate Business Credit Card?

Introduction

Ever found yourself pondering at the crossroads of business expenses, wondering if there’s a magic wand that could turn every swipe into a bounty of rewards? Welcome to the Chase Ink Business Preferred Review. This isn’t just any credit card.  It’s a portal to a realm where your typical spending can unlock extraordinary adventures and benefits. And with its new elevated sign up bonus of 120,000, it can be your little “blue” ticket to some epic award flights. Is this the ultimate business credit card? Let’s find out together, as we delve into a world where rewards rain like confetti at a victory parade.

Overview of the Chase Ink Business Preferred Credit Card

Imagine if a credit card was crafted not just with the idea of spending in mind but designed to support and grow your business. That’s Chase Ink Business Preferred for ya’. It’s like having a midfielder who not only defends but also sets up goals – versatile, reliable, and indispensable.

Meet the Chase Ink Business Preferred Credit Card. This isn’t just a regular player; it’s the star forward who knows how to maximize every play. With a knack for turning your travel, shipping, and advertising expenses into points galore, this card is like having a secret strategy that the other team doesn’t know about. Whether you’re a small business owner, a freelancer, or someone who makes a living out of selling the best darn lemonade on the block, this card’s got your back. And for those of us who’ve ever watched our phones take a dive. Fear not. The Chase Ink Business Preferred is like having the best goalkeeper, offering one of the best cell phone protection benefits in the game.

Can I apply for a Business Card?

Business credit cards are not just for large corporations but also for small business owners and individuals engaged in various entrepreneurial activities. Almost anything can be considered a business.  This makes business credit cards accessible to a wide range of individuals.  Business entities include freelancers, Uber drivers, eBay or Etsy sellers, content creators, bloggers, property rentals, consulting and more. If you have any type of “side hustle,” that would be considered a business to the credit card companies.

But there’s more.  The following are some added benefits of getting business credit cards:

• Business credit cards typically have higher sign-up bonuses
• Don’t show up on your personal credit report
• Have unique benefits that aren’t typically with personal credit cards
• Business credit cards typically do not count towards Chase’s 5/24 Rule.  But there are expectations.  Keep in mind you will need to be under 5/24 to apply for Chase’s business credit cards.

Key Features of the Ink Business Preferred

In the world of business, having a teammate like the Chase Ink Business Preferred Credit Card is akin to having a utility player who’s not just good at one thing but excels across the board. So, what makes this card the MVP of your financial lineup? Let’s break down the Chase Ink Business Preferred review:

Earning Rates

When we talk about scoring goals in the form of points or rewards, the Chase Ink Business Preferred knows how to find the back of the net. Here’s the playbook:

• Earn 3 points per $1 on the first $150,000 spent on shipping purchases, advertising, internet, cable and phone services, travel
• Earn 5 points per $1 on Lyft rides through March 2025
• Beyond this cap, and in all other purchases, you earn 1 point per $1. There’s no offside here; every spend earns you something.

Annual Fee

A high-performing player often comes with a significant transfer fee, but with the Chase Ink Business Preferred, it’s just $95. Much like investing in a promising rookie who turns out to be a season MVP, this annual fee is a modest investment for the lineup of benefits and earning potentials it brings to the field.

Sign-Up Bonus

The signing bonus is often a deal-maker, and with the Chase Ink Business Preferred, it feels like clinching a top player during the transfer window. Here’s the spotlight on this enticing offer:

• A hefty 120,000 after spending $8,000 on purchases in the first 3 months from account opening. This is an elevated sign-up bonus for this card. This offer is 20k more than the typical sign-up bonus. Now, that’s a striker’s dream debut, but act quick because the offer may not last such like an open shot on goal.
• What does this translate to? Well, when redeemed through Chase Ultimate Rewards, it’s worth a whopping $1,500 towards travel. That’s not just a goal. It’s a hat-trick.

Bear in mind, to qualify for this bonus, hitting the $8,000 spend in the allotted time is key. A worthy challenge that demands some strategizing.

Earning Rates Detailed Analysis

Let’s lace up and get into the game where every purchase moves you downfield. The available earning categories are slim and may not benefit several people.  But that’s not what makes this business card one of the top travel business cards.  Here are the limited Chase Ink Business Preferred Credit Card earning categories:

• 3X Points:
  • Shipping
  • Advertising purchases made with social media sites and search engines
  • Internet, cable and phone services
  • Travel
• 1X Points: on all other purchases

Considering these points, the Chase Ink Business Preferred not only awards skillful play but encourages a well-rounded game strategy.  If your side-hustle requires shipping and advertisements, then this is a good card for you.  However, the 3x on travel, internet, cable and phone services aren’t too shabby for the majority of us.

Unique Benefits of the Chase Ink Business Preferred Credit Card

Now, any seasoned coach will tell you, it’s the unique plays that often lead to winning the match. In the realm of credit cards, it’s the benefits that set a card apart from the rest of the pack. The Chase Ink Business Preferred card is like that player with a rare blend of skills, offering some distinct advantages on the field.

• Redeem for Rewards: Here’s what makes this card amazing.  All points earned, including the sign-up bonus, are part of the Chase Ultimate Rewards program.  Chase Ultimate Rewards can be used to transfer to airline and hotel partners.
• 25% More in Travel Redemption: You will get 25% more when you redeem for travel through the Chase travel portal.
• 5x on Lyft Rides: This benefit is good through March 2025.
• Travel Perks: First class travel perks make this card a globe-trotting business owner’s best friend. From trip cancellation/interruption insurance to primary rental car coverage, it’s like having a defensive lineup ensuring your travels go smoothly, without any own goals.
• Purchase Protection: In the business world, not all moves go according to plan. This card comes with purchase protection and extended warranty coverage, a safety net to catch you when shots go off-target.
• Cell Phone Protection: In today’s game, a cell phone is more vital than a goalkeeper’s gloves. The Ink Business Preferred offers up to $1,000 per claim in cell phone protection against theft or damage, ensuring you’re always connected, no matter the tackles life throws at you. This is a major perk for this card and one we use for our cellphones. No need to pay the cell companies insurance ever again!
• Employee Cards at No Extra Cost: Drafting your team is hassle-free. Add employee cards to your account without any additional signing bonuses, making it easier to keep the ball moving and rack up points.
• No Foreign Transaction Fees
• Auto Rental Collision Damage Waiver: Decline rental company’s collision insurance when you use this card.

These unique benefits aren’t just add-ons; they’re game-changers, designed to grant peace of mind and an edge in every business endeavor.

Annual Fee Evaluation

Every investment in your squad – or in this case, your wallet – should come with a clear understanding of its cost versus its value. The $95 annual fee for the Chase Ink Business Preferred Credit Card might seem like a ticket price to an elite game. But, let’s do a quick VAR review to assess whether it’s worth it.

Comparing the fee to the signup bonus and benefits: 

Just the sign-up bonus alone, if fully leveraged, offers a value much greater than the annual fee. Add to that the earning potential from the 3X points categories, and the defensive lineup of travel and purchase protections, rental car insurance, and cell phone protection and you’re looking at a significant net positive.

For businesses with spending habits that align well with the card’s bonus categories, the rewards can easily outpace the annual fee. It’s like a player who not only covers his transfer fee but also contributes to season ticket sales through stellar performances.

The sign-up bonus, valued at a minimum of $1,250, clearly outweighs the annual fee for this card.  Past the first year, I would still consider this card a keeper and pay the annual fee.  The cell phone protection of $1,000 per claim is definitely worth the $95 annual fee.  And if you rent cars when you travel, you know that the rental companies will charge you over $95 for that insurance.

Pros and Cons

Every player has strengths and tackles to work on, and so does every credit card. Here’s the balanced scoreboard for the Chase Ink Business Preferred:

Pros:

• High Earning Potential: With the 3X points on business-centric categories and a generous sign-up bonus, the scoring potential is high.
• Valuable Travel Perks: The travel protections and benefits are like having a world-class goalie; they’ve got your back.
• Versatile Rewards: The flexibility in redeeming points, especially for travel via Chase Ultimate Rewards, adds value to every point earned.
• The Welcome Bonus: A sign-up bonus like this is the equivalent of starting the game with a field goal already on the board.
• Cell Phone Protection
• Rental Car Collision Waiver

Cons:

• High Spending Requirement for Bonus: The $8,000 spending requirement to snag the sign-up bonus might be a steep climb for smaller businesses.
• Caps on Higher Earning Rates: The $150,000 cap on the 3X points category might limit the scoring potential for high-spending businesses.

Specialized Spending: The biggest rewards come from specific categories, so businesses spending outside those areas might not find it as valuable.

Conclusion and Final Thoughts

In the grand match of business credit cards, the Chase Ink Business Preferred certainly makes a compelling case for itself. It’s equipped with features that resonate well with the rhythm of small to mid-size businesses, offering defensive strength in its protective benefits and attacking prowess with its rewards program.

Much like in soccer, choosing the right players for your team is crucial to success. And in the business realm, picking the right financial tools can make all the difference. The Ink Business Preferred, with its modest annual fee offset by a hefty roster of benefits and earning potential, might just be the star player your business needs.

As Ted Lasso would say, “It is our choices, gentlemen, that show what we truly are, far more than our abilities.” So, choose wisely, play boldly, and let’s win this game together.

Frequently Asked Questions (FAQs)

Who is eligible for the Chase Ink Business Preferred Credit Card?

Whether you’re a brick-and-mortar shop, an online entrepreneur, or a freelancer, if you have a business, you’re likely eligible. It’s designed for those looking to maximize their business expenses into rewards

Can the points earned with the card be transferred?

Yes, points can be transferred to numerous airline and hotel partners, often yielding even more value than using them directly through Chase’s travel portal.

Are there any foreign transaction fees?

The Chase Ink Business Preferred does not charge foreign transaction fees, making it an excellent option for international business transactions.

How does the cell phone protection work?

Pay your phone bill with the Chase Ink Business Preferred to activate coverage for damage or theft, subject to a deductible. It covers not only your phone but also employees listed on your monthly bill.