Chase Ink Business Preferred Credit Card Review

The Chase Ink Business Preferred® Credit Card is one of the most well-rounded and attractive small business cards on the market right now for a few reasons. Not only is it currently offering one of the most valuable welcome bonuses around, its $95 annual fee is extremely reasonable considering the card’s robust collection of benefits.

Perhaps most importantly, the card is known for letting its members earn flexible Chase Ultimate Rewards® points, which can be used to book travel through the card issuer’s travel portal or transferred to any of Chase’s 14 airline or hotel loyalty partners, allowing for even more savings.

You don’t have to be a road warrior or constant business traveler to make the most from this travel-centric business card, though it’s a great fit for those who want to use their rewards for future trips.

Below, Select details the Chase Ink Business Preferred Credit Card’s many benefits, how it compares to similar offerings and why every small business owner should consider adding it to their arsenal.

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Ink Business Preferred Credit Card review

Ink Business Preferred® Credit Card

  • Rewards

    Earn 3X points per $1 on the first $150,000 spent in combined purchases in select categories each account anniversary year (travel; shipping purchases; internet, cable and phone services; and advertising purchases with social media sites and search engines), 1X point per $1 on all other purchases

  • Welcome bonus

    Earn 100,000 bonus points after you spend $15,000 on purchases in the first 3 months from account opening

  • Annual fee

  • Intro APR

  • Regular APR

  • Balance transfer fee

    Either $5 or 5% of the amount of each transfer, whichever is greater

  • Foreign transaction fee

  • Credit needed

Pros

  • Free employee cards
  • Points are worth 25% more when you redeem for travel through Chase Ultimate Rewards®
  • 1:1 point transfer to leading frequent travel programs
  • No fee charged on purchases made outside the U.S.
  • Generous welcome bonus worth up to $1,000

Cons

  • $95 annual fee
  • No introductory 0% financing offers for purchases or balance transfers

Welcome bonus

The Chase Ink Business Preferred Credit Card is currently offering the highest welcome bonus of any Ultimate Rewards® points-earning credit card — a whopping 100,000 bonus points after new cardholders spend $15,000 within the first three months of account opening. That’s worth at least $1,250 in travel rewards when the points are redeemed through the Chase Travel Portal, and significantly more if you’re familiar with the best ways to redeem Ultimate Rewards® points (we’ll cover those in a moment).

While spending $15,000 within three months might sound intimidating, those with small businesses that tend to rack up significant expenses should have no problem achieving this minimum-spending requirement. Even if your business has little to no overhead — if you’re doing something like freelance writing or tutoring, for instance — you could prepay certain expenses such as taxes, insurance or your rent if you don’t think your normal spending habits will suffice. Just be sure not to carry a balance month to month, as the interest you’ll incur can end up costing you a lot in the long run.

Benefits and perks

High quality travel insurance

The Ink Business Preferred offers a slew of elite travel insurance benefits that you typically won’t find with similar cards. For starters, you’ll receive primary auto rental collision damage waivers when renting a car for business purposes. That means if you damage the vehicle or fall victim to auto theft, Chase will cover you even if you didn’t pay for the exorbitant in-house insurance offered by the rental agency. All you have to do is waive the collision damage waiver when you’re picking up the car, and you’ll automatically be covered.

The card also comes with trip delay insurance, which kicks in after a delay of 12 hours or more, or can be used when an overnight stay is required due to a delay or cancellation. You — as well as your spouse or any dependent children traveling with you — will be covered for up to $500 in reasonable expenses, including hotels, food, transportation and toiletries.

Cardholders also benefit from baggage delay insurance. When a common carrier such as an airline or cruise line delays your bag for at least six hours, you’ll be entitled to up to $100 per day until your luggage is returned to you — with a maximum of five days — for reasonable expenses including clothing, toiletries and charging cables for your phone. You’re not the only one covered either, as any immediate family members or employees traveling with you will also benefit from this benefit.

Finally, the Ink Business Preferred offers trip cancellation and interruption insurance, which reimburses you up to $5,000 per person (and up to $10,000 per trip) for nonrefundable prepaid travel in the event that your trip gets cancelled or cut short for an eligible reason.

Cell phone protection

When you use this card to pay your monthly cell phone bill, you’ll automatically receive comprehensive cell phone protection insurance for your line as well as any other lines on the same bill — up to $1,000 worth of coverage per claim, up to three times per year.

Note that there is a $100 deductible, which admittedly is less reasonable than that of some other cards, but it’s still not bad considering the amount of insurance you’ll receive. If you’ve been paying for cell phone insurance out-of-pocket, this perk alone will save you some cash every single month — whether you use it or not.

Coverage for purchases

The Ink Business Preferred is a great credit card if you need to make large purchases. You’ll receive quality purchase protection that insures your new purchases for 120 days in the event the item is damaged or stolen, with a limit of $10,000 per claim and $50,000 per account. Cardholders also score extended warranty protection, which adds an additional year to eligible U.S. manufacturer’s warranties of three years or less.

How to earn and redeem Chase Ultimate Rewards points

Earning

When you swipe the Ink Business Preferred, you’ll earn 3X points per dollar spent on shipping-related purchases; advertising expenses through social media and search engines; internet, cable and phone services; and travel — for the first $150,000 in combined purchases per year — as well as 1X points per dollar for all other purchases.

Redeeming

There are plenty of ways to redeem Ultimate Rewards® points, and each option comes with very different values. If you value simplicity, here are the best ways to redeem them:

If you’re okay with a bit of complication in your redemption process, you can score hugely outsized value for your Chase points by foregoing the above options and instead transferring them to any of the card issuer’s travel partners at a 1:1 ratio.

Chase has 14 airline and hotel transfer partners to choose from:

  • Aer Lingus AerClub
  • Air Canada Aeroplan
  • British Airways Executive Club
  • Emirates Skywards
  • Flying Blue (KLM and Air France)
  • Iberia Plus
  • JetBlue TrueBlue
  • Singapore Airlines KrisFlyer
  • Southwest Airlines Rapid Rewards
  • United MileagePlus
  • Virgin Points (Virgin Atlantic)
  • IHG One Rewards
  • Marriott Bonvoy
  • World of Hyatt

Transferring your points to Chase’s travel partners allows you to get untold value and results in practically free airfares and hotel stays.

Here’s an example: The Gray is a five-star hotel in Milan, which you can reserve with World of Hyatt points. At most, this hotel runs 29,000 points per night and you could easily reserve three nights here with the 100,000-point welcome bonus you’ll receive with the Ink Business Preferred card. Simply transfer 89,000 Chase points to World of Hyatt once they hit your account, and your stay will be completely free.

Looking at cash prices for that same room, you could end up paying roughly $5,000 for the same three-night stay. That means you’ll be getting a value of more than 5.7 cents per point by transferring them to World of Hyatt — and that’s significantly better than any of the other redemption options.

Chase’s airline partners are also well varied, giving you the ability to travel just about anywhere for much less. To get the biggest value for your points, try booking international business and first class seats. For instance, you can book a first class flight from the East Coast to Japan on ANA for just 120,000 Virgin Points — that same flight often costs more than $15,000, giving you a value of 12.5 cents per point.

Check out our guide to the best ways to use Chase Ultimate Rewards® points to learn more about this valuable travel hack.

Rates and fees

Card comparison

Chase Sapphire Preferred Card vs. Ink Business Preferred Credit Card

Chase Sapphire Preferred® Card

  • Rewards

    $50 annual Ultimate Rewards Hotel Credit, 5X points on travel purchased through Chase Ultimate Rewards®, 3X points on dining, 2X points on all other travel purchases, and 1X points on all other purchases

  • Welcome bonus

    Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That’s $750 when you redeem through Chase Ultimate Rewards®.

  • Annual fee

  • Intro APR

  • Regular APR

    18.99% – 25.99% variable on purchases and balance transfers

  • Balance transfer fee

    Either $5 or 5% of the amount of each transfer, whichever is greater

  • Foreign transaction fee

  • Credit needed

The Chase Sapphire Preferred® Card is effectively the personal version of the Ink Business Preferred, and offers many of the same strengths and weaknesses. Both cards come with a $95 annual fee, offer similar trip delay and rental car coverage, allow you to “buy” travel through the Ultimate Rewards® travel portal for 1.25 cents each and let you earn Ultimate Rewards® points, which can then be transferred to travel partners.

There are several differences you should be aware of before submitting an application, however.

For one, the Chase Sapphire Preferred offers a significantly lower welcome bonus than its small business counterpart — just 60,000 bonus points after you spend $4,000 within the first three months of account opening. While that’s a much easier minimum-spending requirement to meet than $15,000, the payoff isn’t as great, though it’s still excellent.

The card also has different bonus categories that are geared toward everyday spending rather than business purchases. Cardholders can earn:

  • 5X points per dollar on Lyft rides, now through March 31, 2025
  • 5X points per dollar when purchasing travel via the Chase Ultimate Rewards® travel portal
  • 3X points per dollar on dining (including takeout and eligible delivery services)
  • 3X points per dollar on qualifying streaming services
  • 3X points per dollar on online groceries
  • 2X points per dollar for all other travel-related expenses
  • 1X points per dollar for any other purchases made with the card

The Chase Sapphire Preferred also offers some benefits you won’t find with the Ink Business Preferred:

  • A 10% points bonus on each cardmember anniversary according to how much you spent on the card during the past year (1 point per $10 spent)
  • Up to $50 worth of statement credits when you’re booking a hotel stay through the Chase Ultimate Rewards® travel portal
  • Up to $10 in monthly Gopuff credits through December 2023
  • A complimentary DashPass subscription to use with DoorDash and Caviar, valid through December 31, 2024
  • Six months of Instacart+ service when you activate this perk by July 31, 2024, and up to $15 worth of statement credits each quarter through July 2024.

It’s possible to open both the Ink Business Preferred and the Chase Sapphire Preferred, so if you’re having trouble deciding which one best fits your lifestyle at the moment, you could always try them both out. That said, if you’ve got a small business with regular expenses that fall into the Ink Business Preferred’s bonus categories, the choice here really is a no-brainer.

Ink Business Cash Credit Card vs. Ink Business Preferred Credit Card

Ink Business Cash® Credit Card

  • Rewards

    Earn 5% cash back on the first $25,000 spent in combined purchases at office supply stores and on internet, cable and phone services each account anniversary year (then 1%); 2% cash back on the first $25,000 spent in combined purchases at gas stations and restaurants each account anniversary year (then 1%); 1% cash back on all other purchases

  • Welcome bonus

    Earn $900 bonus cash back after you spend $6,000 on purchases in the first 3 months from account opening

  • Annual fee

  • Intro APR

    0% for the first 12 months from account opening on purchases; N/A for balance transfers

  • Regular APR

  • Balance transfer fee

    Either $5 or 5% of the amount of each transfer, whichever is greater

  • Foreign transaction fee

  • Credit needed

Similar to the Ink Business Preferred, the Chase Ink Business Cash® Credit Card is a small business credit card. There are a few key differences that set these cards apart in a big way, though.

First of all, the Ink Business Cash card currently offers a welcome offer of $900 in bonus cash back after you spend $6,000 on purchases within the first three months of account opening. That’s pretty incredible considering this is a no-annual-fee card, but what’s even better is that you can turn that cash back into transferable Chase Ultimate Rewards® points if you’ve got at least one of the following cards:

All you have to do is transfer your cash back onto one of those cards, and you’ll instantly unlock the ability to convert them into airline miles and hotel points for potentially thousands of dollars in travel.

The Ink Business Cash card’s earning structure is also much different. Here’s what you’ll get:

  • 5% cash back (5X points per dollar) at office supply stores
  • 5% cash back (5X points per dollar) with internet, cable and phone services
  • 2% cash back (2X points per dollar) at gas stations and restaurants

Note that both the 5% and 2% bonus categories are each only valid for up to $25,000 in combined spending each account anniversary, after which point, you’ll earn 1% cash back, or 1x points per dollar. You’ll also earn 1% back (1x points per dollar) for all other purchases.

The Ink Business Cash card does not charge an annual fee so you won’t have to dread your account anniversary each year — it’s free to keep forever. In terms of additional benefits, you’ll also receive:

  • Auto rental collision damage waivers (again, you must be renting the vehicle for business purposes in order to be covered)
  • Travel and emergency assistance services
  • Extended warranty and purchase protection

It’s possible to have both the Ink Business Preferred and the Ink Business Cash cards, so if you can’t decide at the moment, you could always try out both of them over time. For more information, check out our guide to the best Chase business credit cards.

Who the Ink Business Preferred Credit Card is best for

This card is definitely geared more toward the small business owner crowd, so if you’ve got a for-profit venture, you’ll likely qualify for this card. That doesn’t mean you need to be the boss of a multinational enterprise — if you dog sit on Rover or have an Etsy store, you’ve got a small business.

The Ink Business Preferred is also best suited for anyone whose main objective is to use credit card rewards for travel. If you’re interested in collecting Ultimate Rewards® points, you’ll ideally be redeeming them for airfare, hotel stays or car rentals. If your aim is receiving cash back, however, there are other cash-back business credit cards that might be worth opening instead.

This card is also subject to the Chase 5/24 rule, which means if you’ve opened five or more credit cards from any bank (excluding certain small business cards), you won’t be eligible for this card.

Bottom line

With an excellent return rate and collection of ongoing benefits, the Chase Ink Business Preferred Credit Card definitely delivers considering its modest $95 annual fee. The card lets you earn what is arguably the most valuable credit card rewards currency on the market — Chase Ultimate Rewards® points — which can end up netting you a value of more than 4 cents apiece if you know the best ways to use them. The card also offers great travel benefits and purchase protections, as well as complimentary cell phone coverage when you use it to pay your monthly bill.

If you’d prefer to pay no annual fee, however, you should consider applying for the Chase Ink Business Cash Credit Card instead, which also has points-high earning potential and an enormous limited-time welcome bonus worth $900 (or 90,000 Chase points). Just keep in mind that to unlock the full potential of the rewards you’ll earn with this card, you’ll need to also hold an annual fee-incurring Ultimate Rewards® card such as the Ink Business Preferred or Chase Sapphire Preferred.

Catch up on Select’s in-depth coverage of personal financetech and toolswellness and more, and follow us on FacebookInstagram and Twitter to stay up to date.

Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.

Maria Flores

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