Reviews Chase Ink Business Preferred Credit card review

Chase Ink Business Preferred Credit card review

Published: September 26, 2017
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Business Rating:
4.2 rating
4.2 rating
4.2 / 5
Rewards Value: 4.3
Annual Percentage Rate: 1.0
Rewards Flexibility: 4.4
Features: 4.0

In a nutshell:

While the 80,000-point sign-up bonus may be premier feature of this premium business rewards card, business owners should also appreciate the value and flexibility of Chase’s Ultimate Rewards program.

Learn more about this card

Rewards Rate

  • 3:1 travel, shipping, internet, cable, phone services and advertising purchases ($150,000 combined purchases yearly)
  • 1:1 general purchases

Sign-up Bonus
80,000 points if you spend $5,000 in first 3 months

Annual Fee
$95

Average Yearly Rewards Value ($4,000 monthly spend)
$918

Pros

  • Points don’t expire
  • No blackout dates
  • High purchase limit on bonus categories ($150,000)
  • You can book travel on outside sites
  • 25% travel discount via Ultimate Rewards website
  • Many redemption categories
  • Transfer points to airlines and hotels at high 1:1 rate
  • Transfer points to other Ultimate Rewards cards

Cons

  • Not all point transfers are instant

APR
16.99-21.99% (variable)

Other Notable Features: No foreign transaction fee, free employee cards, instant alerts on employee purchases,  file receipts on the go, extended warranty, $600 cellphone protection ($100 deductible, 3 times per year), primary car rental insurance, baggage insurance, trip cancellation and interruption insurance, price protection, return protection

The Chase Ink Business Preferred card is yet another in a series of headline-grabbing new products from Chase in 2016. Recently, the Chase Sapphire Reserve card set the rewards card world buzzing with its exceptionally large 100,000-point sign-up bonus. Now, the new Chase Ink Business Preferred card comes with a whopping sign-up offer of 80,000 points.

Is this business credit card worth the clamor? For the most part, yes. While the Chase Ink Business Preferred card doesn’t offer nearly the breadth of features that the Chase Sapphire Reserve card does, there is much to like about it.

Aside from the allure of the Chase Ink Business Preferred’s giant sign-up bonus, the card offers a triple bonus rate with a very high combined purchase limit ($150,000 annually). This may be especially appealing if your business spends a large amount in the card’s bonus categories, which include travel and internet advertising.

Extra points: Since the Chase Ink Business Preferred is part of the Chase Ultimate Rewards card family, it should pair nicely with other Chase rewards cards, enabling you to earn more Ultimate Rewards points through additional bonus categories. The Chase Ink Business Preferred carries a relatively low annual fee ($95) for a card with a large sign-up bonus.

Modest rewards rate
The card’s rewards rate is not our favorite feature on the Chase Ink Business Preferred card. The card offers one point per dollar on general purchases and three points per dollar on certain categories of purchases, including travel, shipping, internet advertising, and internet, cable and phone services.

A triple rewards rate may seem like a dazzling figure until you consider that the card’s bonus categories may not be categories in which business owners are likely to allocate a large percentage of spending, such as, say,  gas or restaurant purchases. The Chase Ink Business Preferred card, in fact, seems targeted toward certain segments of businesses. For example, if you own an online business or a business with a large travel budget, you may find the Chase Ink Business Preferred card especially rewarding.

On the bright side, the cap on the bonus category is very high. With a combined purchase limit of $150,000, you could potentially earn 300,000 additional points in a year if you max out the bonus category.

Head-turning sign-up bonus
For many cardholders, the 80,000-point sign-up bonus may be plenty of incentive to sign up for the card. This is one of the largest sign-up bonuses available at the moment, and most business owners shouldn’t find it hard to reach the spending requirement of $5,000 within three months to earn the points. The bonus should be enough to earn you a free flight – or two – in the first year alone.

High annual fee
The card’s $95 annual fee is on the high side for a business rewards card. The perks and rewards, however, more than make up for this fee. If you are eyeing the card’s monster-sized sign-up bonus, the annual fee is especially worth it. Other cards on the market with oversized bonuses – including the Chase Sapphire Reserve – come with much higher annual fees.

Flexible redemption options
The Chase Ultimate Rewards program is one of the most flexible with many ways to redeem your points. You can make travel purchases from outside travel sites – giving you the option to shop around for the best deal – and redeem your points for statement credits against these purchases. Redeeming your points this way means you never have to worry about blackout dates and seat restrictions.

You can also redeem your points through Chase’s Ultimate Rewards portal for a 25 percent bonus, boosting the value of your points to 1.25 cents per point. In addition, Chase has a substantial network of airline partners and allows you to transfer your points to these partners at a high 1:1 rate, enabling you to find even better values on your points.

On top of this, you have a plethora of other redemption options – including cash back, gift cards and merchandise. However, these options are not the best use of Ultimate Rewards points. We generally recommend sticking to travel redemptions, since the alternatives tend to be worth less than a penny per point.

Great perks
The Chase Ink Business Preferred card includes $600 worth of cellphone protection – a rare benefit. If you use the card to pay your phone bill, Chase will cover theft and damage to your phone, as well as employee phones listed on your phone bill, up to three times per year (with a $100 deductible).

You will also find many nice perks for business travelers on this card, including primary car rental insurance and no foreign transaction fees. Moreover, the card comes with the full array of purchase protections, including extended warranty, price protection and return protection.

Keep track of employee spending
The Chase Ink Business Preferred card, designed for business owners, has many great features to manage multiple cards on one account. You can add employees to your account for no additional fee and set individual limits for each employee. You also can use Chase’s mobile app to receive instant alerts on purchases made by your employees, to give you some extra peace of mind. The app even allows you to file your receipts on the go, making expense management a little easier.

Reasons to get it:

  • You are looking for a card with a very large sign-up bonus.
  • You spend a lot of money on business travel.
  • You own a web-based business that spends a lot on online advertising.
  • You want a travel rewards card with flexible redemption options.
  • You want an additional option to accumulate Chase Ultimate Rewards points.
  • You want to add employees to your account for no fee and to closely monitor their spending.

How to use it:

  • Use your card any time you purchase a cellphone to take advantage of the $600 cellphone protection.
  • You can use your card freely when you are traveling abroad – there is no fee for foreign purchases.
  • Combine this card with Chase’s other Ultimate Rewards cards to maximize your earnings and pool your Ultimate Rewards points.
  • Look for deals through Chase’s travel partners to get a higher value on your Ultimate Rewards points.
  • Redeem your points through Chase’s Ultimate Rewards portal to get a 25 percent boost on your point value.

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