Chase Ink Business Preferred Card
Recent better offer: 80K after $5K spend. Many preferred the 80K offer due to the much lower spend requirement
FM Mini Review: Great card for signup bonus and 3X categories. Also consider the fee-free Ink Business Cash for its 5X categories, and the fee-free Ink Business Unlimited to earn 1.5X everywhere.
Card Type: Visa Signature Business
Earning rate: 3X travel, shipping, internet, cable, phone, and advertising with social media sites (up to $150K spend per year) ⚬ 5X Lyft
Noteworthy perks: ⚬ Points worth 25% more when redeemed for travel ⚬ Cell phone protection against theft or damage
See also: Chase Ultimate Rewards Complete Guide
The Chase Ink Business Preferred is an extremely rewarding business card. It regularly has one of the best signup bonuses around and it earns valuable Chase Ultimate Rewards points. The card’s 3X categories make it possible to earn huge rewards through spend as well. This is also a surprisingly good travel rewards card (which is unusual for a business card): It offers 3X rewards for all travel spend, no foreign transaction fees, primary car rental collision waiver, trip cancellation and interruption insurance, and cell phone protection (for when your phone is damaged or stolen).
Chase Ink Business Preferred Application Tips
Even though this is a business card, it’s a great choice for anyone interested in earning Chase Ultimate Rewards points. The signup bonus for this card regularly tops our “Best of the Best” list. Even if you’re not particularly interested in this card long-term, it’s a great card to get for the signup bonus. You can later product change it to the no-fee Ink Business Cash (for its 5X categories) or the no-fee Ink Business Unlimited (1.5X everywhere).
If you are eligible (see next section), the signup bonus on this card makes it a fantastic choice.
To get this card you must have a business, and you must be under 5/24 (more on 5/24 below).
Similarly, it’s possible to get all three Ink Business cards (and the signup bonuses) for each business you own. Fortunately, even though Ink cards are subject to the 5/24 rule, they do not add to your 5/24 count when you are approved. As a result, when you’re under 5/24, it makes sense to sign up for all three (at different times): Ink Business Preferred, Ink Business Cash, and Ink Business Unlimited.
|Applying for Business Credit Cards
Yes, you have a business: In order to sign up for a business credit card, you must have a business. That said, it's common for people to have businesses without realizing it. If you sell items at a yard sale, or on eBay, for example, then you have a business. Similar examples include: consulting, writing (e.g. blog authorship, planning your first novel, etc.), handyman services, owning rental property, renting on airbnb, driving for Uber or Lyft, etc. In any of these cases, your business is considered a Sole Proprietorship unless you form a corporation of some sort.
When you apply for a business credit card as a sole proprietor, you can use your own name as your business name, use your own address and phone as the business' address and phone, and your social security number as the business' Tax ID / EIN. Alternatively, you can get a proper Tax ID / EIN from the IRS for free, in about a minute, through this website.
Is it OK to use business cards for personal expenses? Anecdotally, almost everyone I know uses business cards for personal expenses. That said, the terms in most business card applications state that you should use the card only for business use. Also, some consumer credit card protections do not apply to business cards. My advice: don't use the card for personal expenses if you're not comfortable doing so.
|Chase's 5/24 Rule: With most Chase credit cards, Chase will not approve your application if you have opened 5 or more cards with any bank in the past 24 months.
To determine your 5/24 status, see: 3 Easy Ways to Count Your 5/24 Status. The easiest option is to track all of your cards for free with Travel Freely.
You can find the current best signup offer and application link at the top of this page: Chase Ink Business Preferred.
- Legal Name of Business: If you don’t already have a business name, I recommend using your own name as the business name.
- Business Name on Card: Again, this can be your own name if you don’t have a business name to use.
- Business Mailing Address: This can be your home address if you don’t have a separate business address.
- Type of business: Sole Proprietor
- Tax Identification Number: This can be your SSN, but I recommend creating an EIN for your business (you can get an EIN quickly and for free from the IRS here)
- Number of Employees: 1 (you)
- Annual Business Revenue: 0 (or project an amount based on expected revenue)
- Years in Business: (number of years you’ve been operating the business with or without revenue)
- General industry, Category, Specific type: Pick whichever categories are closest to your business. For example, an aspiring author, artist, or musician might choose: "Arts, Entertainment, and Recreation" and "Independent Artists, Writers, Performers."
- Your title as Authorizing Officer: "Owner"
- Total gross annual income: Include all of your income, not just business income. This can include household income.
- The rest should be self explanatory
If your application is denied, I recommend calling for reconsideration (1-888-270-2127). It’s surprising how often denials can be changed to approvals just by asking.
Chase Ink Business Preferred Perks
The Ink Business Preferred Guide to Benefits can be found here.
Premium Ultimate Rewards
Since this is a premium Ultimate Rewards card, the following rewards are available:
- Redeem Points for 25% More Value: Points are worth 1.25 cents each when used to book travel through the Ultimate Rewards portal.
- Transfer Points to Partners: Points can be transferred one to one to a number of airline and hotel loyalty programs.
- Auto Rental: Chase offers primary auto rental CDW (collision damage waiver) when renting for business purposes. Here’s the description directly from Chase: “Decline the rental company’s collision insurance and charge the entire rental cost to your card. Coverage is primary when renting for business purposes and provides reimbursement up to the actual cash value of the vehicle for theft and collision damage for most cars in the U.S. and abroad.”
- Trip Cancellation / Interruption: “If your trip is cancelled or cut short by sickness, severe weather and other covered situations, you can be reimbursed up to $5,000 per trip for your pre-paid non-refundable travel expenses, including passenger fares, tours, and hotels.same page link to benefits”
- Trip Delay: If your common carrier travel is delayed more than 12 hours or requires an overnight stay, you and your family are covered for unreimbursed expenses, such as meals and lodging, up to $500 per ticket.
- Lost Luggage: Reimburses for costs incurred to repair or replace checked or carry-on bags and property within if loss or damage occurs during a covered trip. Coverage is up to $3,000 per person per trip (or up to $500 for jewelry, watches, cameras, video recorders, and other electronic equipment).
- Baggage Delay: “Reimburses you for essential purchases like toiletries and clothing for baggage delays over 6 hours by passenger carrier up to $100 a day for 5 days.”
- Travel Accident Insurance: When you pay for your air, bus, train or cruise transportation with your card, you are eligible to receive accidental death or dismemberment coverage of up to $500,000
Cell Phone Protection
If you (and/or your employees) pay monthly cell phone bills with this card, you (and they) will be covered for theft or damage. Limits: $600 per claim. Max 3 claims per 12 months. $100 deductible per claim.
Extended Warranty: “Extends the time period of U.S. manufacturer’s warranty by an additional year, on eligible warranties of three years or less.”
Damage and Theft Protection: “Covers your new purchases for 120 days against damage or theft up to $10,000 per claim and $50,000 per account.”
Chase Ink Business Preferred Earn Points
This card earns super-valuable Ultimate Rewards points. Here’s the current signup offer:
The Ink Business Preferred card offers 3X travel, shipping, internet, cable, phone, and advertising with social media sites (up to $150K spend per year). Note that the no-fee Chase Ink Business Cash card offers 5X for internet, cable, and phone charges. If you have both of these business cards, it definitely makes sense to charge internet and cable to the Ink Business Cash card. Which card to use for your cell phone bill is a bit trickier since the Ink Business Preferred offers 3X plus cell phone protection whereas the Ink Business Cash offers 5X without cell phone protection.
Chase Ink Business Preferred Redeem Points
Cardholders can redeem points for 1 cent each either as statement credits or as cash back. Cash back can be taken as a statement credit or via check or ACH transfer.
Redeem points for travel: 1.5 cents per pointThis option requires that someone in your household has the ultra-premium Chase Sapphire Reserve card. First move (combine) points from your other Ultimate Rewards card to the Sapphire Reserve account. Next, log into Chase under the Sapphire Reserve account, and go to the Chase Ultimate Rewards portal to book your travel. A $500 flight would cost 40,000 points if you used points attached to a premium card (Sapphire Preferred or Ink Business Preferred), but with the Chase Sapphire Reserve it would cost only 33,333 points.
Redeem points for travel: 1.25 cents per pointThis option is directly available to anyone with a premium Ultimate Rewards card: Chase Sapphire Preferred, Chase Ink Business Preferred, or the no-longer-available Ink Plus. If you have points with no-fee Ultimate Rewards cards, then move them first to your premium card. Next, log into Chase under the premium account, and go to the Chase Ultimate Rewards portal to book your travel. A $500 flight would cost 50,000 points if you used points attached to a no-fee Ultimate Rewards card, but with your premium card it would cost only 40,000 points.
Details about booking travel through ChaseYou can use the Chase Ultimate Rewards portal to book airfare, hotels, cruises, activities, and car rentals. Airfare purchased through the portal still earns airline miles and elite qualifying miles. Hotels booked this way do not earn hotel rewards. Worse, hotels booked through the portal often won't offer you elite benefits even if you have status. Unfortunately, Chase switched to an Expedia-backed portal and removed some ultra low cost carriers. For example, you can no longer book Spirit Airlines or Southwest through Chase Ultimate Rewards. There is a work-around for some carriers though. Please see this post for details: How to book the cheapest flights with Chase Ultimate Rewards.
Travel protections applyWhen you pay with points for travel, Chase's automatic travel protections do apply. So, you can be covered for things like car rentals, trip delays, trip cancellation & interruption, lost luggage, etc. The coverage you receive will be based on which card's rewards were used to book the trip. For example, if you have both a Chase Sapphire Preferred and a Sapphire Reserve, you would want to move your Ultimate Rewards points from the Preferred to the Reserve and then use the Reserve points to book your trip. You will get both better value (1.5 cents per point) and better travel protections. See: Sapphire Reserve Travel Insurance.
Move points to premium or ultra-premium card firstYou cannot transfer points directly from a no-fee Chase Ultimate Rewards card to airline and hotel partners, but you can move points first to a premium card (Sapphire Preferred or Ink Business Preferred, for example) or ultra-premium card (Sapphire Reserve) and then transfer the points to airline or hotel partners. Points can be transferred to the loyalty accounts of the primary cardholder or any authorized user on the account. Points can also be transferred to the loyalty account of a joint business owner, but they do need to be an authorized user on the associated business account.
|Rewards Program||Best Uses|
|Air France KLM Flying Blue||Monthly Air France Promo Awards often represent very good value. Air France miles can be used to book Sky Team awards, including Delta awards.|
|Avios||While flights on British Airways itself often incur outrageously high fuel surcharges, many BA partners charge low or no fuel surcharges. Great value can be had in redeeming BA points for short distance flights. Iberia offers very low award prices on their own flights. Round trip partner awards can offer good value under some circumstances as well. Fuel surcharges are often lower than when booking through British Airways. Aer Lingus shares the "Avios" currency with British Airways and Iberia. In most cases it is best to move points to one of those programs in order to book awards for less.|
|Emirates Skywards||Emirates has different award charts for each airline partner. Sometimes they allow one-way awards, sometimes they do not. In general, award prices are fairly high, but there are a few sweet spots such as New York to Milan for 90K round trip in business class.|
|Hyatt||Use for Hyatt free nights or points + cash nights. Hyatt points are often worth at least 1.7 cents each towards free nights, but they’re sometimes worth far more. One hidden bonus: award nights are not subject to resort fees.|
|JetBlue||JetBlue points offer the most value when cheap ticket prices are available and when award taxes are high relative to the overall cost of the ticket (more details can be found here). The JetBlue Plus Card and the JetBlue Business Card offer a 10% rebate on awards, so you can get more value by holding one or both cards.|
|Marriott Bonvoy||5th Night Free awards|
|Singapore Airlines KrisFlyer||Use to book Singapore Airlines First Class awards (generally reserved for their own members) or for Star Alliance awards. Low change fees and no close-in booking fees make this a very good program for booking United Airlines flights.|
|Southwest Rapid Rewards||Award flights are fully refundable. Point values vary due to certain taxes not being charged on awards, but tend to average around 1.5 cents per point.|
|United MileagePlus||Even though Singapore Airlines miles have a number of advantages over United miles for booking Star Alliance flights, United has advantages too. For one, it is possible to book most Star Alliance awards online at United.com. Additionally, United awards sometimes cost fewer miles with United than with Singapore (especially premium awards on United’s own flights). And, most importantly, United never charges fuel surcharges for awards. In some cases, United is far cheaper than Singapore Airlines for this reason alone.|
|Virgin Atlantic Flying Club||Virgin Atlantic miles can be usefully thought of as a way to get a discount off Virgin Atlantic flights (high fuel surcharges make the flights far from free), but there are some better uses. Use miles to upgrade paid flights or to fly partner airlines. A fantastic use is to fly ANA in business or first class thanks to Virgin’s generous ANA partner award chart. Or, if you can find saver level Delta awards for nonstop international travel, you can often book through Virgin Atlantic far cheaper than with Delta directly. Virgin Atlantic also offers great award prices for Air France premium economy awards.|
You can also use points to pay some merchants directly (Amazon.com, for example or via Chase Pay). Don't do this. These options offer very poor value. Further, they may compromise the security of your account (i.e. if someone hacks into your Amazon account, they might spend your Ultimate Rewards points - causing you a headache in getting your points reinstated).
Chase Ink Business Preferred Manage Points
If you intend to cancel a Chase Ultimate Rewards card, you should first combine your points with a card you intend to keep active. Once you cancel, you will forfeit any unused points in that account (See: My 90,000 Ultimate Rewards Points mistake). A product change should not affect your balance, but some people prefer moving points before a product change as well just to be safe.
Why this is valuable:
- You earn points with the card offering the best return on purchases and then use points with the card offering the best redemption rate.
- Only one member of your household needs to maintain a premium card for transferring to partners or booking travel (though note that the primary cardholder can only transfer points to partner loyalty programs in the name of the primary cardholder or authorized users).
Transfer difficulties? Create a loopIf you have trouble transferring between accounts, some users have been able to combine points between their own accounts — like from Bob’s Ink Business Cash to Bob’s Sapphire Reserve — via secure message.
However, you may run into an issue if you try to connect more than one of your cards to a single card that belongs to someone else. Chase allows you to combine/transfer to someone else who lives in your household (or a co-owner of your business for business cards), but I’ve had complications with this from time to time.
For example, let’s say that Joe and Suzy live in the same household and are joint owners of a business and have the following accounts:
Joe first combines points from his Freedom Unlimited to Suzy’s Sapphire Reserve. Later, he logs into his Ink Business Cash account and tries to combine points with Suzy’s Sapphire Reserve. Joe may run into an error adding Suzy’s Sapphire Reserve card to combine points. This has happened in our household several times. In that case, Joe should log into his Freedom Unlimited account and remove Suzy as a household member (click “remove saved card). About 24 hours later, he should be able to add Suzy to his Ink Business Cash in order to combine his points to her account.
The easy solution I’ve found is to create a loop. In the example scenario they should transfer like this:
Joe’s Freedom Unlimited —> Joe’s Ink Business Cash —> Suzy’s Sapphire Reserve —> Joe’s Freedom Unlimited
Creating a loop chain has solved that problem in my household. As noted, it took 24 hours after removing accounts to re-add them to other cards, so be aware of that limitation.
Chase Ink Business Preferred Lifecycle
How to meet minimum spend requirements
If your usual spend isn’t enough, consider using the Plastiq bill pay service to use your card to pay bills that can’t usually be paid by credit card (rent, mortgage, contractors, etc.). Click here to find many more options for increasing credit card spend.
Keep, cancel, or product change?
Is this card worth keeping in the long run? If you get a lot of value from the card’s 3X send categories, then it probably is worth it. Otherwise, consider product changing to the no-fee Ink Business Cash (for its 5X categories), of the no-fee Ink Business Unlimited (to earn 1.5X for all spend).
Given that it’s possible to switch to a fee-free card, there’s little reason to outright cancel this one. If you decide to cancel anyway, make sure to first redeem any remaining points or move them to another Ultimate Rewards card.