Is the Chase Ink Business Preferred worth it?
Key takeaways
- This card is a solid option for small businesses that want to earn travel rewards on business purchases.
- The Chase Ultimate Rewards program is a strong selling point for this card, offering points flexibility that can be a big benefit to businesses.
- Other factors, like the card’s generous sign-up bonus and travel insurance coverage, can also make this card worth it for many businesses.
When deciding whether or not the Ink Business Preferred® Credit Card is worth it for you, it can help to take a closer look at its earning rate, dynamic bonus categories and cardholder perks. It may also be helpful to consider this card’s generous sign-up bonus, which is better than many of the bonuses offered by comparable business cards on the market today.
That said, we consider this card to be a solid option for small businesses that want to earn travel rewards on business purchases. In fact, it made our list of the best business credit cards for travel — mostly due to the points flexibility offered by the Chase Ultimate Rewards program.
If you’re stuck trying to decide between this business credit card and another, here’s an overview of the Ink Business Preferred to help you decide.
Chase Ink Business Preferred highlights
Rewards: 3 points per $1 on the first $150,000 spent on travel and select business categories each account anniversary year (then 1X points); 1 point per $1 on all other purchases
Sign-up bonus: 90,000 bonus points after spending $8,000 on purchases in the first three months from account opening
Annual fee: $95
Intro APR: N/A
Variable APR: 21.24 percent to 26.24 percent
When is the Ink Business Preferred worth it?
The Ink Business Preferred can easily be worth it for anyone with business expenses that fall in the card’s 3X bonus categories, as well as anyone who wants to earn a generous sign-up bonus right off the bat. Frequent travelers who want to earn flexible points can also benefit from this card. After all, points earned can be used to book travel through Chase with 25 percent more value or transferred to Chase airline and hotel partners.
If you fall into one of the following situations, this may be the card for you:
You’re looking for a card with multiple bonus categories
The Chase Ink Business Preferred card can easily be worth it if you spend a lot each year within its bonus categories, which include shipping purchases, internet, cable and phone services, advertising purchases with social media sites and search engines and travel.
Cardholders can earn 3X points on up to $150,000 spent in these categories each cardmember year, then 1X points thereafter. If you manage to max out spending in these categories, you have the potential to earn 450,000 Chase Ultimate Rewards points, worth a minimum of $4,500, each year you have the card.
You want a sizeable welcome bonus
Chase credit cards are known for their valuable sign-up bonuses, and the Ink Business Preferred is no exception. The current Ink Business Preferred welcome offer awards 90,000 bonus points to cardholders who spend $8,000 in the first three months of account opening. This bonus is worth $900 in gift cards or statement credits (if you prefer simple redemptions), or you can redeem for about $1,125 in travel purchases through the Chase TravelSM portal, thanks to a 25 percent point increase when booking through the website.
You’re a frequent traveler or hotel stayer
Better yet, the Ink Business Preferred lets you transfer points to Chase airline and hotel partners at a 1:1 transfer ratio. This means you can turn your 90,000 Chase Ultimate Rewards points into as many points or miles with programs like British Airways, Southwest Airlines Rapid Rewards, United MileagePlus, Marriott Bonvoy or World of Hyatt.
Other reasons to get this card include its valuable benefits, including primary auto rental coverage when you rent a car for business purposes, trip cancellation and interruption insurance, purchase protection against damage or theft, extended warranties and even cell phone protection.
When is the Ink Business Preferred not worth it?
While the scenarios above are ones where this card’s annual fee is worth it, the Ink Business Preferred won’t work for everyone. This card probably isn’t the best option for you if any of the situations below apply:
Your business spending may not qualify for the welcome bonus offer
If your business doesn’t typically spend $8,000 in three months, it might be difficult to make the purchases required to earn the Ink Business Preferred welcome bonus — which means that you might have to go over budget to earn the points, or you’ll leave the valuable sign-up offer on the table.
Likewise, small businesses that don’t spend a lot of money on business travel, shipping or advertising with social media networks and search engines might not earn as many points with the Ink Business Preferred as they would with another top business credit card.
You’d rather earn cash back
If your business spending doesn’t align with the Ink Business Preferred card bonus categories, but you still want a Chase business credit card, the Ink Business Unlimited® Credit Card offers a flat 1.5 percent cash back on all purchases without an annual fee. New cardholders can also earn a cash bonus of $900 after spending just $6,000 on purchases within three months of account opening. However, your points won’t transfer to airlines and hotels like they do with the Ink Business Preferred.
If your business is expanding its budget and putting a lot of money into travel, online advertising and other big-ticket items, you can consider flexible business cards from other programs. For example, The Business Platinum Card® from American Express comes with high-level benefits like a $200 annual airline credit, complimentary airport lounge access, elite status benefits, free hotel nights and more — and that’s before you start adding up all the Membership Rewards points you might earn. While a notable $695 annual fee applies, this dynamic business credit card is also offering 150,000 Membership Rewards points after you spend $20,000 on eligible purchases within the first three months of card membership.
Should you get the Ink Business Preferred?
Ultimately, it’s up to you to decide whether the Chase Ink Business Preferred is worth it. Take a look at your current business spending and goals and ask yourself whether this card can help. In the meantime, spend some time comparing other business credit cards, including cards from other issuers, so you know for sure you found the right fit.
The bottom line
The Ink Business Preferred is an excellent choice for small business owners who want to save money on travel, as well as those who want to earn the card’s amazing sign-up bonus before it’s gone. Not only are the rewards generous, but Ink Business Preferred benefits can also provide additional financial protections each time you make a purchase or take a trip paid for with your card.
If you’re trying to decide whether the Ink Business Preferred card is right for you, ask yourself what kind of benefits you’re hoping to get out of a business credit card and how much money you plan to charge to the card every month. You might decide that the Chase Ink Business Preferred card is a great fit — or you might decide to look for another option.
