Learn why the Chase Ink Business Preferred® Credit Card is the best option for any freelancer or small business owner.
Chase Ink Business Preferred® Card
18.49% - 25.49% Variable
680 - 850
A Great card for dining & travel
The annual fee is small for this card
EASE OF USE
Apply in less than 5 minutes
Responds pretty quickly
Credit Knocks Overall Star Rating:
The Ink Business Preferred credit card is one of the best cards for a small business owner or freelancer. Let's face it, just because you own a small business doesn't mean you won't have huge expenses.
With this card you are going to get points for all of your spending and even extra points when you spend on specific categories.
However, the card does come with an annual fee and doesn't have an intro APR. In this review we will cover what makes this card a great option.
What's The Chase Ink Business Preferred Card?
The Ink Business Preferred card is one of the best all-around business credit cards on the market.
It was created with small business owners in mind and comes with a huge sign up bonus and access to Ultimate Rewards points.
Not only is this card a great option for business expenses but Chase also made it stand toe to toe with any travel card.
You can transfer your points to up to 13 airline and hotel partners or redeem them directly for travel with at a rate of 1.25 centers per point through Chase Ultimate Rewards.
To top it off, there is no other business card offering a 100,000 point sign up bonus when you meet the $15,000 worth of spend in the first 3 months.
Who Is JP Morgan Chase?
JPMorgan Chase Bank was founded in 1955 and is a national bank headquartered in Manhattan.
They are a financial services holding company and serve nearly half of U.S. households with credit cards, all types of personal and business loans to personal and business banking.
JPMorgan Chase, is one of the Big Four banks of the United States and have more than 5,100 branches and 16,000 ATMs nationwide.
In 2016 their assets were around $2.49 trillion and they have A ratings from Moody's, S&P, and Fitch for financial strength and stability.
Chase 5/24 Rule
Unlike most credit card issuers, Chase has instituted something called the 5/24 rule.
This rule allows Chase to automatically deny your credit card application if you have opened up five or more credit cards within a 24 month time period.
The goal of this rule seems to be to stop people who just want to get a credit card for the sign up bonus.
With this being said, you should probably apply for all of your Chase credit cards first since other lenders don’t have this rule.
Chase Ink Business Preferred® Card Basics
Below are some of the basic features of the Chase Sapphire Reserve Credit Card:
The best way to use this card is for business and travel expenses and if you use it right you won't even recognize the small annual fee.
Ink Business Preferred Benefits
100,000 Point Sign Up Bonus
You will earn 100,000 bonus points after you spend $15,000.00 on purchases in the first 3 months from opening your account.
And here’s the thing, if you redeem it through Chase Ultimate Rewards it turns out to be about $1,250 towards travel.
We discuss if you should go after this large spend and bonus below.
3 Points Per Dollar For Travel & Business
The Ink Business Preferred® Credit Card will give you 3 points per dollar spent on the first $150,000 in combined spending in:
- Internet, cable and telephone services.
- Advertising purchases with social media sites and search engines.
After that, you get 1 Chase Ultimate Rewards® point per dollar spent.
While other business credit cards will cap your spending at a much lower threshold or limit the rewards rate to only one category.
With this card you can earn top rewards in a variety of popular categories that you’re likely to use.
If you spend on anything outside of the above categories you are still covered at 1 point per dollar.
25% Extra Value In Points For Travel Redemptions
Like the Chase Sapphire Preferred, if you redeem your rewards points for travel through the Chase Ultimate Rewards portal they will have a value of 1.25 cents per point.
If you use your points for travel as a business owner you will get much more value on things like flights, car rentals, and accommodations if you go through your Chase Portal.
When you make a purchase they are covered for up to 120 days against damage or theft, up to $10,000 per claim and $50,000 per account.
You are also given an extra year to eligible manufacturer warranties of three years or less when you purchase anything with your Chase Ink Preferred card.
Cell Phone Coverage
This card will pay up to $600 per claim for damage or theft of cell phones for you and your employees when the bill is paid using your card.
You can only file 3 claims in a 12 month period, and there is a $100 deductible for each claim; however, think about how much money you can save if you have several cell phones for your employees.
Any employee you approve as an authorized user on the account will get free cards to help you earn rewards.
You can also give each employee their own spending limit.
1:1 Transfer Ratio With Other Programs
One feature that stands above other cards is the ability to move your rewards points from Chase to other loyalty programs at a 1:1 ratio.
This means you don’t lose anything by transferring your points to another program. Just imagine moving your rewards points into a strong miles program that could save you thousands of dollars for a flight.
The “Chase Trifecta”
The cool thing about Chase cards is that you can transfer points from other Chase cards such as the Chase Freedom Unlimited to your Sapphire Reserve card.
Let’s say you have a Chase Freedom Unlimited card that earns 1.5% cash back on all purchases.
Since this card doesn’t come with the 1:1 transfer ratio to other partners, you can just transfer the points to your Chase Sapphire Reserve card and then complete the 1:1 transfer.
Essentially making the value of your Chase Freedom Unlimited increase when you use it with another Chase card.
Below is a quick list of a few additional bonuses that come with the card that I wanted to mention:
Overall this card is packed with benefits and as you can see, these benefits can easily justify the small annual.
Hitting Your Intro Bonus With Your Ink Card
Now, don't get me wrong, spending $15,000 in 3 months for some small businesses could be not only hard to do, but also hard to pay back.
It's essential that you have a detailed plan on what you will be spending the $15,000 on and also a plan on how to pay it back.
You should think about buying new equipment if it will increase profits or investing in marketing if you can be sure you will see a return.
I wouldn't try to reach this spend on things such as business vacations or things that won't allow you to repay the money.
And, while collecting these 100,000 rewards points is crucial, you shouldn't go into debt for rewards points.
However, if your business already has enough expenses to help you reach the spend, there is no better way to boost your points fast.
Quick Overview Of The Rewards Program
Your card will earn between 1% to 4.5% cash back on purchase with the traditional redemption methods based on how you earn and redeem your points.
There is also an opportunity to get about 6% cash back with certain point transfer combinations.
Earning rewards with your Chase Ink Preferred Business Card is fairly simple; just use the card when you buy things.
However, you should be mindful of what you are buying because you are only going to get the maximum (3x) rewards when you spend on travel and select business categories such as:
- Internet, cable and telephone services.
- Advertising purchases with social media sites and search engines.
There are a few ways to redeem your Ultimate Rewards points:
Ultimate Rewards Travel Portal - Chase gives you a 50% point bonus when you redeem points through the chase ultimate rewards site, giving you an additional incentive of 1.5 cents per point.
Transfer To Travel Partners - You can transfer your Ultimate Rewards points at a 1:1 ratio to several travel partners. Each partner's values will vary based on their program.
Statement Credit - You get 1 cent per point when you redeem your points as a statement credit. (Not the best option if your goal is only cash back)
Gift Cards - You can get gift cards at 1 cent per point or less, but be sure the value is worth it because all Gift Cards aren’t created equal.
Chase Pay® - You can also use your points to pay for purchases at certain places like Amazon, but usually you will only get about .08 cents per point value.
As I stated above, and to be totally honest, the best and easiest way to redeem your points is going to be going through the Chase Ultimate Rewards portal and getting the additional 50% point bonus.
You can pay for things like:
Now get this, there are no blackout dates or travel restrictions when you book through Ultimate Rewards which is an amazing value.
The worst thing you can do is redeem your points for statement credits, gift cards, or by paying with points, because you can get more value from them through the Chase Ultimate Rewards.
Chase Ultimate Rewards Travel Partners
Below is a list of travel partners you can do a 1:1 transfer of points with:
Canceling Your Ink Business Preferred Card
Now, if things change and you need to cancel your card there are a few ways to do it:
Cancel Your Chase Credit Card Over the Phone
It’s actually really quick to cancel your Sapphire Reserve card over the phone, all you need to do is call 1.800.432.3117.
You will be prompted to enter your card number and once you do that you can just skip the prompts and ask to speak to a representative that will assist you with canceling your card.
Cancel a Chase Credit Card With Snail Mail
Believe it or not, there are still people who prefer to cancel things by traditional mail. I wouldn’t say this is the fastest way to complete the process, but it will still get the job done.
All you need to do is write a quick letter including your name, address, the credit card number, and a short request to cancel the account.
You should probably send the letter certified with a return request receipt just to make sure it arrived and someone signed for it; the address is:
National Bank By Mail
Mail Code OH1-0333
340 S. Cleveland Ave.
Westerville, OH 43081
Cancel Your Chase Credit Card Online
While there isn’t much information about online cancellation, it can be done. All you need to do is log into your account and go to the “Secure Messages” section.
Send a quick message requesting that the card be cancelled and of course be specific if you have more than one account with them.
It usually takes 24 hours to get a response but this route will work as well.
Is There A Fee For Closing My Account?
Outside of the fees associated with your remaining balance, there is no fee for closing your account.
I would recommend keeping the card active as long as you can, there really isn't a reason to cancel the card any time soon.
Taking Action On Your Credit
Hopefully, you found this Chase Ink Business Preferred Review helpful because having a strong business card in your arsenal is essential.
There is no better time than now to get things started and the sooner you get your card setup, the faster you can start qualifying for unique travel rewards and points.
Starting a small business is great and having a strong business card to help grow your business is crucial
Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.