Chase Ink Business Preferred® Credit Card
Overview of the Chase Ink Business Preferred Credit Card
The Chase Ink Business Preferred Credit Card is designed for entrepreneurs and small business owners looking to maximize rewards on their business expenses. With a generous sign-up bonus, competitive rewards rates, and a range of valuable features, this card stands out in the crowded market of business credit cards. The card offers 3 points per dollar on the first $150,000 spent in combined purchases at select business categories each account anniversary year, including shipping, internet, cable, and phone services, as well as travel. All other purchases earn 1 point per dollar spent.
Sign-Up Bonus and Rewards Structure
One of the most attractive features of the Chase Ink Business Preferred Credit Card is its sign-up bonus. New cardholders can earn a substantial bonus of 100,000 points after spending $15,000 on purchases in the first three months from account opening. This bonus alone can be worth up to $1,250 when redeemed for travel through Chase Ultimate Rewards. Additionally, the card boasts a robust rewards structure, allowing business owners to earn points on categories that matter most to them.
Benefits of Using the Card for Business Expenses
The Ink Business Preferred offers several benefits that can significantly help small business owners manage their expenses efficiently. For instance, the card includes a purchase protection feature, which covers new purchases against damage or theft for 120 days. Furthermore, cardholders receive extended warranty protection, which extends the manufacturer’s warranty for an additional year on eligible purchases. This can be especially beneficial for businesses that invest heavily in equipment and technology.
Annual Fee and Additional Costs
While the Chase Ink Business Preferred Credit Card comes with an annual fee of $95, it offers enough value to make it worthwhile for many businesses. The ability to earn 3 points on certain categories, combined with the potential for significant savings through the rewards program, can easily offset the cost of the annual fee. Moreover, there are no foreign transaction fees, making it an excellent option for businesses that operate internationally or frequently travel abroad.
Redemption Options and Flexibility
Chase Ultimate Rewards points earned through the Ink Business Preferred Credit Card can be redeemed in various ways, providing cardholders with flexibility. Points can be used for travel bookings through the Chase portal, where they can be worth 25% more. Alternatively, points can be transferred to Chase’s airline and hotel partners, often resulting in even greater value. This versatility enables businesses to tailor their rewards to their specific needs, whether that’s travel, cash back, or gift cards.
Comparing the Ink Business Preferred with Other Business Credit Cards
When considering the Chase Ink Business Preferred, it’s essential to compare it with other business credit cards on the market. For example, the American Express Business Gold Card offers 4 points per dollar on the two categories where your business spends the most each month, but it comes with a higher annual fee of $295. On the other hand, the Capital One Spark Miles for Business provides 2 miles per dollar on every purchase, with a lower annual fee of $95, but lacks the category bonuses and travel redemption benefits of the Ink Business Preferred. Below is a comparison chart for quick reference:
| Feature | Chase Ink Business Preferred | American Express Business Gold Card | Capital One Spark Miles for Business |
|---|---|---|---|
| Annual Fee | $95 | $295 | $95 |
| Sign-Up Bonus | 100,000 points | 70,000 points | 50,000 miles |
| Rewards Rate | 3 points on select categories | 4 points on 2 categories | 2 miles on every purchase |
| Foreign Transaction Fees | No | No | No |
Ultimately, the best choice will depend on a business's spending habits and travel preferences. The Ink Business Preferred is particularly advantageous for those who spend heavily in the bonus categories and seek maximum point accumulation.
Customer Service and Support
Chase is well-regarded for its customer service, providing multiple channels for support, including phone, chat, and online help. Cardholders have access to their accounts through the Chase mobile app, where they can manage payments, monitor spending, and redeem rewards seamlessly. Additionally, the card offers expense management tools that can help small business owners track their spending and budget more effectively. This level of support can be invaluable for busy entrepreneurs who need to stay on top of their finances.
Conclusion
In summary, the Chase Ink Business Preferred Credit Card is an excellent option for small business owners who want to earn valuable rewards while managing their expenses effectively. With its competitive rewards structure, substantial sign-up bonus, and a range of benefits tailored for business needs, it offers a compelling case for those looking to enhance their business spending strategy. While the annual fee may be a consideration, the potential rewards and benefits can far outweigh the costs, making it a wise investment for savvy business owners.