Chase Ink Business Preferred® Credit Card Review

Introduction

As a seasoned financial expert with years of experience navigating the complex landscape of credit cards, I understand the importance of selecting a card that aligns with your business needs and financial goals. The Chase Ink Business Preferred® Credit Card is a popular choice among business owners, offering a robust rewards program, substantial sign-up bonuses, and a suite of travel and purchase protections. This in-depth review will explore the card’s features, benefits, pros and cons, and whether it’s the right fit for your business.

Chase Ink Business Preferred® Credit Card Review

Overview

The Chase Ink Business Preferred® Credit Card is designed specifically for business owners who want to maximize their rewards on everyday business expenses. With a compelling rewards structure, generous sign-up bonus, and a variety of additional perks, this card stands out in the crowded field of business credit cards. Here’s a detailed look at what the Chase Ink Business Preferred® Credit Card offers:
– Annual Fee: $95
– APR: 21.24% – 26.24% Variable
– Sign-Up Bonus: 100,000 bonus points after spending $8,000 on purchases in the first 3 months after account opening
– Rewards Rate: 3x points per $1 on the first $150,000 spent on travel and select business categories each account anniversary year, 1x point per $1 on all other purchases

Rewards Program

The rewards program is one of the card’s most attractive features. You earn:
– 3x Points: On the first $150,000 spent on travel and select business categories each account anniversary year. These categories include advertising purchases made with social media sites and search engines, shipping purchases, and internet, cable and phone services.
– 1x Points: On all other purchases.
The points earned can be redeemed through Chase Ultimate Rewards® for cash back, travel, gift cards, and more. When redeemed for travel through Chase Ultimate Rewards®, your points are worth 25% more, giving you even more value.

Sign-Up Bonus

One of the most enticing aspects of the Chase Ink Business Preferred® Credit Card is the sign-up bonus. You can earn 100,000 bonus points after spending $8,000 on purchases in the first 3 months after account opening. This bonus is equivalent to $1,000 in cash back or $1,250 toward travel rewards when redeemed through Chase Ultimate Rewards®.

Travel and Purchase Protections

The card also offers a range of travel and purchase protections, including:
– Trip Cancellation/Interruption Insurance: Reimbursement up to $5,000 per person and $10,000 per trip for prepaid, non-refundable travel expenses when your trip is canceled or cut short by sickness, severe weather, and other covered situations.
– Auto Rental Collision Damage Waiver: Primary coverage when renting for business purposes, providing reimbursement up to the actual cash value of the vehicle for theft and collision damage.
– Roadside Dispatch: Assistance with towing, tire changes, lockouts, and more.
– Cell Phone Protection: Coverage up to $600 per claim for covered theft or damage when you pay your monthly cell phone bill with your eligible card.

Chase Ink Business Preferred® Credit Card Key Takeaways

Rewards and Sign-Up Bonus

– High Rewards Rate: 3x points on travel and select business categories.
– Generous Sign-Up Bonus: 100,000 bonus points after spending $8,000 in the first 3 months.
– Flexible Redemption: Points worth 25% more when redeemed for travel through Chase Ultimate Rewards®.

Benefits and Protections

– Comprehensive Travel Protections: Includes trip cancellation/interruption insurance and auto rental collision damage waiver.
– Purchase Protections: Includes cell phone protection and extended warranty protection.
– No Foreign Transaction Fees: Ideal for international travel.

Fees and APR

– Annual Fee: $95, relatively low compared to other business cards with similar benefits.
– Variable APR: 21.24% – 26.24%, which is on the higher side, so it’s crucial to pay off the balance in full each month to avoid interest charges.

Chase Ink Business Preferred® Credit Card Pros and Cons

Pros

1. 3x Points on Key Categories:
– The card offers 3x points on travel and select business categories, which can significantly boost your rewards if your business spends heavily in these areas.
2. High Sign-Up Bonus:
– The 100,000 bonus points is one of the highest in the market, providing substantial value when redeemed through Chase Ultimate Rewards®.
3. No Foreign Transaction Fees:
– This feature is particularly beneficial for businesses that operate internationally, as you can make purchases abroad without incurring additional fees.
4. Comprehensive Travel and Purchase Protections:
– The card offers a range of protections, including trip cancellation/interruption insurance, auto rental collision damage waiver, and cell phone protection.
5. Employee Cards at No Additional Cost:
– You can get additional cards for your employees at no extra cost, which helps in managing business expenses more efficiently.

Cons

1. High Spending Requirement for Sign-Up Bonus:
– The $8,000 spending requirement in the first 3 months may be challenging for smaller businesses.
2. High APR:
– With a variable APR of 21.24% – 26.24%, carrying a balance can be expensive. It’s crucial to pay off the balance in full each month to avoid interest charges.
3. Limited 3x Points Categories:
– The 3x points are limited to specific categories, which may not align with all business spending patterns.

Chase Ink Business Preferred® Credit Card Benefits

Rewards Program

The Chase Ink Business Preferred® Credit Card offers a robust rewards program that can help you maximize your business spending. The 3x points on travel and select business categories can add up quickly, especially if your business spends heavily in these areas. Additionally, the 1x point on all other purchases ensures you earn rewards on every dollar spent.

Sign-Up Bonus

The 100,000 bonus points after spending $8,000 in the first 3 months is one of the most generous sign-up bonuses available. When redeemed through Chase Ultimate Rewards®, these points are worth $1,250 toward travel, providing significant value.

Travel and Purchase Protections

The card offers a range of travel and purchase protections that can provide peace of mind and save you money. The trip cancellation/interruption insurance, auto rental collision damage waiver, and cell phone protection are just a few of the valuable benefits included.

No Foreign Transaction Fees

If your business operates internationally, the no foreign transaction fees feature is a significant advantage. You can make purchases abroad without worrying about additional fees, making this card ideal for international travel.

Employee Cards at No Additional Cost

You can get additional cards for your employees at no extra cost, making it easier to manage business expenses and track spending. Each employee card earns rewards, helping you maximize your points.

Conclusion

The Chase Ink Business Preferred® Credit Card is a powerful tool for business owners looking to maximize their rewards and take advantage of a range of valuable benefits. With a generous sign-up bonus, high rewards rate on key categories, and comprehensive travel and purchase protections, this card offers substantial value for the $95 annual fee.
However, it’s essential to consider the spending requirement for the sign-up bonus and the high APR. If your business can meet the spending requirement and you can pay off the balance in full each month, the Chase Ink Business Preferred® Credit Card can be an excellent choice for maximizing your rewards and protecting your purchases and travel.
As always, it’s crucial to assess your business’s spending patterns and financial goals to determine if this card aligns with your needs. If it does, the Chase Ink Business Preferred® Credit Card can be a valuable addition to your financial toolkit, helping you earn more rewards and enjoy a range of useful benefits.