Chase Ink Business Preferred Review


Pros Cons
80,000 Point Sign Up Bonus Annual Fee
Cell Phone Insurance
Chase business cards don’t show up on personal credit report
1.25x When Redeeming Points on Chase Travel Portal
Ability to Transfer Points to Transfer Partners

Considerations Before Applying/Credit Score Needed

Keep in mind that the Ink Preferred card is issued by Chase, and as such is subject to their application rules. The most important one to be aware of is Chase’s infamous 5/24 rule that states you cannot have been approved for 5 or more credit cards from any issuer. If you are 5/24 or above, you will not be approved.

Because the Ink Preferred is a business card through Chase, once you are approved, the card will not show up on your personal credit report. This is great if you happen to have high utilization, as it will not impact your personal score. However, something to keep in mind is that while the card does not show up on your report, the hard inquiry when you apply for the card will indeed show up on your report and stay for a total of 2 years, just like any other hard inquiry. 

Finally, Before applying for the card make sure your credit scores are at least 680 or higher. It’s possible to get approved with a lower score of course, but it just makes it easy if your score is already this high in the first place. 

Sign Up Bonus/Annual Fee/Foreign Transaction Fee

The sign up bonus on the Ink Preferred is actually the highest Chase sign Ultimate Reward offer at this time. You are able to earn 80,000 Ultimate Reward points for spending a total of $5,000 within the first 3 months. Of course, being a business credit card, you will have to make sure these expenses are business related. If you value Ultimate Reward points at 2 cents per point (TPG), then the overall value of this sign up bonus is $1600. 

There is an annual fee of $95 for this card, however there is no foreign transaction fee. 

Reward Categories

Being a business credit card, the categories are therefore focused on business expenses. Luckily, there is a wide range of businesses this card could cover it could cover. The reward categories t is broken down as follows:

  • 3x: Travel, Dining, Advertising on Social Media/Search Engines, Telecommunication Services (phone, internet, TV), and shipping expenses. 
  • 1x: Everywhere Else

Other Notable Benefits

The Ink Preferred is the only Chase business card that directly earns Ultimate Reward points. Besides having the ability to convert cashback from other business cards, it also has access to the Chase Travel Portal. For any points that are redeemed through the travel portal, you will be getting a 1.25x bonus, similar to the Sapphire Preferred. Of course, the Sapphire Reserve comes with a 1.50x bonus.

When it comes to benefits, there one key benefit that Chase does not offer on any other card. The Ink Preferred comes with cell phone insurance! In order to be eligible for it, you do not need to purchase the cell phone with the Ink Preferred, however, you only need to pay your complete phone bill with the card. The cell phone insurance covers both damage and theft for anyone on the phone bill up to $600 per claim with up to 3 claims per year. The one thing to consider with this is that the Ink Cash card earns 5x on cell phone bill instead of 3x on this. Are the extra points or cell phone insurance worth more to you?

Typically when renting a car, the agency will try to push you to get their insurance on the car. This comes into play if you happen to damage the car, and then anything else not covered will go through your insurance. While most credit cards offer secondary insurance, the Ink Preferred offers primary insurance if you decline the insurance waiver (unless the country you’re in requires you to accept the insurance) and pay for the entire rental with the card. The Ink Preferred covers damage or theft for rentals that are 31 days or less. Be aware of any other restrictions to this benefit which I wont list here. \\Luckily, this benefit also covers the authorized user if they book a car. Make sure before booking a rental with this card, that it is a business expense. If you were to get into an accident and the rental was for personal reasons, you may have to pay for the damages.   

Finally, if your trip is delayed or canceled due to sickness, weather, or other covered reasons, you can be eligible for up to $5,000 per trip for hotels and other non-refundable costs. 

Cards This Competes With

It’s a little bit tricky for write about cards that compete against the Ink Preferred. There aren’t too many business cards that come with a $95 annual fee outside of your typical hotel and airline credit cards. These cards however are entirely different than the Ink Preferred. The closest competitor could be the American Express Gold card, which comes with a $295 annual fee. 

American Express Business Gold 

The Business Gold Card from American Express comes with a $295 annual fee, $200 higher than the Ink Preferred. The sign up bonus includes a $500 statement credit at FedEx within the first 3 months (this offer is only good until 11/6/19). The card earns 4x on two categories of your choosing between: airfare purchased directly from airlines, advertising in the United States in select media, select technology providers, gas stations in the US, restaurants in the US, and finally shipping purchases in the US. The card earns MR points, which can be redeemed in American Express travel portal or also transferred out to Amex’s partners. However, on the Business Gold card there is no bonus for redeeming the points with American Express. Overall, the Ink Preferred, even though it it has a lower annual fee, I think there’s more value from the better sign up bonus to the reward categories. 

Cards This Pairs Well With

On the personal side, Chase has a very nice set of three cards called the Chase trifecta that, when used together, create a very powerful way to earn points with each dollar that you spend. There is also a similar trifecta on the business side as well.

Ink Business Cash 

The Ink Cash is similar to the Chase Freedom. It has a $500 sign up bonus for spending $3,000 within the first 3 months in addition to a 0% APR period for 12 months. The cash can be turned into 50,000 points if you have an Ultimate Reward card. It also earns 5% on certain categories including office supply stores, and telecommunication services (telephone, internet, TV), and 2% on gas stations and restaurants. 

Ink Business Unlimited

The Ink Unlimited is similar to the Freedom Unlimited on the business side. It also has a $500 sign up bonus for spending $3,000 within the first 3 months in addition to the 0% APR period for 12 months. The Ink Unlimited earns 1.5% for all purchases. 

Final Thoughts

The Ink Preferred is the best business card that Chase offers. However you could argue that it is one of the best business cards out there. It has a huge sign up bonus, being worth about $1,600 if you value the points at 2.0 cents per point (TPG). The reward categories also cover a ton of stuff that many different types of businesses could find useful. There is a consideration involving only earning 3 points here on the Ink Preferred vs 5 points on the Ink Cash for cell phone insurance. Personally I think the cell phone insurance is completely worth it, being able to file a claim for anyone on the phone bill up to $600, 3 times per year.  

As with the personal side of Chase, there is also a trifecta on the business side which includes the Ink Preferred, the Ink Cash and the Ink Unlimited. Any dollar spent on these cards can be transferred to the Ink Preferred to redeem for travel at 1.25x bonus using the Chase travel portal or transferred out to any of Chase’s transfer partners. Alternatively, if you happen to have the Sapphire Reserve, points can also be transferred to that card and redeemed that way. 

If you are looking for a business card, this is one of the best ones you can possibly get. Just make sure you’re eligible by staying under Chase’s 5/24 rule!

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