Chase Ink Business Preferred® Credit Card Review

If you own a business, you likely have business-related expenses every day. Whether buying supplies, advertising costs, fuel and travel, the points-earning potential adds up. Picking the right credit card for your business can have a massive impact on your points and miles journey.

The Ink Business Preferred® Credit Card is an attractive card for any business owner. In addition to earning 3X points on up to $150,000 per year in special categories like advertising and shipping, you’ll enjoy redeeming your Ultimate Rewards for 25% more than the standard cashback rate.

Before you swap out your employees’ cards for the Ink Business Preferred, let’s make sure it’s the card that will help your business thrive by digging into the details of the card.

Ink Business Preferred® Credit Card Overview

The Ink Business Preferred Credit Card offers a range of benefits that make it a popular choice among business owners. If you have multiple employees who make business purchases, you’ll love the fact that you can add employee cards at no additional cost.

For those who frequently travel for business, the card offers valuable travel insurance and protection. This includes trip cancellation/interruption insurance, primary rental car insurance when used for business purposes and cell phone protection. Plus, there are no foreign transaction fees, which makes it convenient for international trips.

Additionally, the Ink Business Preferred provides excellent opportunities for point redemptions. With 14 transfer partners, including 11 airlines and three major hotel chains, Chase’s Ultimate Rewards are some of the most valued points in any point enthusiast’s wallet.

Each point is worth 1.25 cents when redeemed through Ultimate Rewards travel portal. This is a 25% increase compared to other Chase business cards, allowing you to book flights, hotels or rental cars from virtually any company with points earned from your Ink Business Preferred Credit Card.

For a $95 annual fee, the Chase Ink Business Preferred covers most of the benefits business owners need in a credit card.

Let’s do a quick overview of the Ink Business Preferred Credit Card then dive into the nitty-gritty.

Ink Business Preferred Credit Card Quick Facts

Annual fee: $95

Bonus categories

• 5X on Lyft rides (through March 2025)
• 3X on $150,000 per year in combined purchases in the following categories:
  • Shipping purchases
  • Advertising purchases made with social media sites and search engines
  • Internet cable and phone services
  • Travel
• 1X everything else

Benefits

• Free employee cards
• Travel insurance and trip protection
• No foreign transaction fees

Redemption opportunities

• 1:1 transfer ratio
• 14 transfer partners
• Points worth 1.25 cents via Ultimate Rewards travel portal

Benefits of the Ink Business Preferred Credit Card

Focusing on the points you’ll earn while shelling out cash for business expenses can alleviate some of the anxiety around business spending, but don’t discount the benefits that come with carrying the right card for your business. Using your business card for the right purchases can not only earn you points but save you money in the long run.

Let’s dig into the benefits of the Ink Business Preferred.

Trip Cancellation/Interruption Insurance

If a planned trip for you or an employee is canceled or interrupted due to sickness, severe weather or another covered cause, this coverage will reimburse you for the pre-paid, non-refundable expenses incurred. You’re covered for up to $5,000 per person or $10,000 per trip. The total benefits limit is $20,000 per 12-month period. You simply must use the card or your Ultimate Rewards points to make the purchase.

Trip Delay Reimbursement

If your flight is delayed by more than 12 hours or requires an overnight stay, Chase will reimburse you up to $500 for the necessary costs of the delay. This includes food, transportation or hotel stays. This coverage is in addition to any compensation you receive from an airline. The terms and conditions of this benefit don’t specifically indicate that employees are covered by this benefit.

Baggage Delay Reimbursement

Similar to trip delay reimbursement, this benefit reimburses you for the emergency purchase of essential items if your personal baggage is delayed or misdirected by more than six hours. If your employee arrives at their big sales presentation in Seattle, but their professional attire went to Los Angeles, Chase will reimburse them for their purchase of replacement attire, up to $100 per day for a maximum of five days.

Lost Luggage Reimbursement

If a common carrier loses your luggage, the contents and the baggage are covered up to $3,000 per person. Jewelry, watches, cameras and other electronic equipment are covered up to $500. This benefit includes family members and employees as long as you use your Ink Business Preferred for the purchase.

Auto Rental Collision Damage Waiver

Decline the collision damage insurance at the rental desk, and you’ll be covered for damage or theft to a rental vehicle. This is primary coverage when renting for business purposes, in a foreign country or if you don’t have a personal auto insurance policy.

If you’re renting a vehicle in your country of residence and for personal reasons, it becomes secondary coverage. Notably, this benefit doesn’t apply to some key vehicles your business may rent, such as U-Haul-style box trucks, large passenger vans or expensive and/or exotic vehicles.

Purchase Protection

You’ll receive reimbursement for new business equipment purchases damaged or stolen within the first 120 days of purchase up to $10,000 per claim. New laptop damaged by your clumsy employee? Was the new saw stolen out of the truck? Purchase protection has you covered up to $50,000 per account.

Cell Phone Protection

If you issue cell phones to your employees and pay the bill with the Ink Business Preferred card, they’re covered for damage or theft. The phones must have been purchased from your phone carrier. You’re covered up to $600 per claim with a $100 deductible. You can make up to three claims per year.

Earning Ultimate Rewards with the Ink Business Preferred Credit Card

• 5X on Lyft rides (through March 2025)
• 3X on $150,000 per year on
  • Shipping purchases
  • Advertising purchases made with social media sites and search engines
  • Internet, cable and phone services
  • Travel
• 1X everything else

The Ink Business Preferred® Credit Card has a simple rewards earning structure. You’ll earn 3X points on some of the most popular categories for business spending.

Lyft: Through March 2025, Lyft rides earn 5X points per dollar. Chase seems to be test-driving a relationship with Lyft, so it’s possible this bonus gets extended.

Shipping: You’ll earn 3X points any time you ship products to customers with Fedex, UPS and the United States Postal Service.

Advertising on social media and search engine sites: Every business needs to be found. You’ll earn 3X points for the all-important internet ad spend on sites like Facebook, LinkedIn or Google Lead Services.

Internet, phone and cable services: If you can’t answer the phone or respond to emails, you won’t have a business long. Paying your phone and internet provider will earn 3X points.

Travel: Whether you’re flying to a conference or renting a truck while yours is in the shop, you’ll earn 3X points on any travel expenditures.

The Chase Ink Business Preferred® Credit Card limits your 3X earning to the first $150,000 in these categories combined. Any expenses beyond that or expenses outside of these categories will earn 1X points without a limit.

Redeeming Ultimate Rewards

Once you issue your employee cards, your employees will start racking up Ultimate Rewards for your business. What will you use them for? Let’s dig into all the ways to redeem Ultimate Rewards.

Redeeming Ultimate Rewards Through Chase Ultimate Rewards

The easiest way to redeem your Ultimate Rewards is to simply click on “Travel” in the Ultimate Rewards portal. This is where each Ultimate Rewards point is worth 1.25 cents when redeemed with your Ink Business Preferred Credit Card.

One of the benefits of carrying the Ink Business Preferred is that you can pool points across any cards that earn Ultimate Rewards. For instance, if you carry the Chase Freedom Unlimited® or the Chase Ink Business Unlimited® Credit Card, you can transfer points to your Ink Business Preferred® Credit Card. This increases the value of your Ultimate Rewards points earned across any Chase card by 25%.

Using Ultimate Rewards to book your travel is similar to using any other online travel agency. You can book a hotel, flight or car rental using points, cash or a combination of the two.

Transferring Ultimate Rewards to Travel Partners

Without a doubt, the best way to use Ultimate Rewards is to transfer them to a travel partner.

Chase offers 14 transfer partners (11 airlines and three hotels). Ultimate Rewards transfer to each of these partners at a 1:1 ratio.

For instance, transferring 57,000 Ultimate Rewards to Flying Blue could score you a one-way business class ticket from New York (JFK) to Amsterdam (AMS) on Air France.

Or transferring 25,000 Ultimate Rewards to your World of Hyatt account could pay for a night at the Mauna Lani Point in Hawaii.

Redeeming Ultimate Rewards for Statement Credits

While this isn’t a recommended option, Ultimate Reward points are worth 1 cent apiece when redeemed for a statement credit. While this can sometimes make sense personally, it rarely makes sense for your business.

Your points will go much further if you transfer them to a partner. Additionally, using a statement credit to offset a purchase can erase the tax deductibility of the original purchase. Check with your tax advisor before using credit card points to make purchases for your business.

Is the Ink Business Preferred Credit Card Annual Fee Worth It?

The Ink Business Preferred Credit Card’s annual fee is $95. If you or your employees do any travel at all, this fee is easily worth it. Simply having travel protections like rental collision damage waiver and trip interruption insurance is worth the annual fee.

When you add the extra 25% your Ultimate Rewards are worth when used for the travel portal and extra earning potential, the $95 fee is a slam dunk.

However, if you have other travel rewards cards from Chase, including the Chase Sapphire Preferred® Card or the Chase Sapphire Reserve®, many of these benefits may be redundant. If you carry one of these premium cards and your business spending is low or outside the categories of the Ink Business Preferred, you may want to consider a no-fee Chase business card, such as the Ink Business Cash® Credit Card.

Am I Eligible for the Ink Business Preferred Credit Card?

Is the Chase Ink Business Preferred® Credit Card the next card for you? Maybe. However, you’ll want to be sure your application will be approved. A few factors go into determining the approval of your application.

What Are Chase’s 5/24 and 2/30 Rules?

Chase automatically declines any applicant who has opened five or more personal credit cards with any bank within the last 24 months. Keep in mind that most business cards don’t count toward 5/24, including the Chase Ink Business Preferred® Credit Card. However, even though it doesn’t count toward your 5/24 card count, you’ll still need to be under 5/24 to be approved.

We recommend checking your credit report and ensure you’re under 5/24 before applying for the Ink Business Preferred.

Additionally, Chase tends to decline applications from those who have opened two or more cards with them in the last 30 days. If you’ve applied for a card from Chase in the last 30 days, it’s best to wait.

What Cards compete with the Ink Business Preferred Credit Card?

The Chase Ink Business Preferred® Credit Card might sound good, but is it the best for your business? There is a lot of competition, and we recommend looking for the best long-term card. Let’s take a look at three of the top cards competing with the Ink Business Preferred.

American Express® Business Gold Card

The American Express® Business Gold Card carries a fee of $375 (see rates & fees), which is higher than that of the Ink Business Preferred. However, you’ll earn 4X points on the top two categories each month (up to $150,000 per year, then 1X thereafter). Categories eligible for this 4X earning include:

• U.S Restaurants
• Monthly wireless telephone service charges made directly from a wireless telephone service provider in the U.S.
• U.S Gas stations
• Advertising, online, tv, radio
• Transit purchases including trains, taxicabs, rideshare services, ferries, tolls, parking, buses, and subways.
• Select technology providers of computer hardware, software, cloud solutions

You can redeem Membership Rewards with 20 transfer partners or on amextravel.com for a value between 0.7 and 1 cent per point. While the cost is minimal, you will pay $50 for your first employee card. The next 99 cards won’t carry a cost.

You’ll also have access to additional travel benefits you’ve come to expect from an American Express card, including trip delay insurance*, trip cancellation/interruption insurance, auto collision damage waiver (secondary coverage)**, purchase protection* and baggage insurance plan*.

Capital One Spark Miles for Business Card

The Capital One Spark Miles for Business Card has an identical annual fee to the Ink Business Preferred Credit Card of $95. Currently, this fee is waived for the first year. It comes as no surprise that this Capital One card earns a fixed rate of 2X on all spending, just like virtually every other Capital One card.

The Capital One Spark Miles for Business Card has 15 transfer partners. Notable transfer partners that Chase doesn’t offer include Turkish Airlines Miles&Smiles and Wyndham Rewards. Capital One is known for its statement credit for travel purchases. However, as mentioned before, you may not want to use this feature in your business.

The Capital One Spark Miles for Business Card card also offers a $100 credit toward TSA PreCheck or Global Entry enrollment fee every four years. Like with the Ink Business Preferred, you won’t pay anything extra for employee cards.

Ink Business Unlimited® Credit Card

The Ink Business Unlimited® Credit Card is a $0 annual fee Chase business card option.

You’ll earn 1.5X points on every purchase with no limit. This card is still eligible for the 5X Lyft earnings through March 2025.

It’s important to note that it doesn’t provide travel protections like trip cancellation or interruption insurance. However, it does offer an auto rental damage waiver, but the coverage is secondary, no matter how you use it.

With the Ink Business Unlimited®, you’ll also miss out on the ability to convert your points to transferrable Ultimate Rewards points, unless you carry a Sapphire product. You’ll also redeem Ultimate Rewards at a lower value of 1 cent per point instead of the 1.25 cents of the Ink Business Preferred® Credit Card.

Final Thoughts

For the nominal annual fee, the Chase Ink Business Preferred® Credit Card offers plenty of benefits. While those who have experience with travel cards may be disappointed in the lack of statement credits or premium access to lounges, the Ink Business Preferred does what a good business card should do.

With 3X points on some of the main categories of any business, you’ll recover the fee by earning rewards faster. And with free employee cards, you’ll earn points even faster.

Additionally, if you aren’t carrying a Sapphire product at the moment, the ability to redeem Ultimate Rewards through the travel portal at a rate of 1.25 cents per point and transfer Ultimate Rewards between accounts makes the Ink Business Preferred® Credit Card a solid card for any business owner.

*Eligibility and Benefit level varies by Card. Terms, Conditions and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by New Hampshire Insurance Company, an AIG Company.

** Eligibility and Benefit level varies by Card. Terms, Conditions and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company. Car Rental Loss or Damage Coverage is offered through American Express Travel Related Services Company, Inc.