Chase Ink Business Preferred Credit Card Review 2024

When looking for a business credit card that offers rewards, it’s important to ask yourself what you’re trying to accomplish. Do you prefer cash back or do you want travel rewards?

There are plenty of worthwhile cash back credit cards that can help you offset your business purchases. But if travel rewards are your thing, few credit cards do it better than the card_name. Here’s why.

TIME’s Take

The card_name from Chase ranks near the top of our list of the best small business credit cards. For a annual_fees annual fee, cardholders receive six types of travel and purchase coverage, including Trip Cancellation/Trip Interruption Insurance and Auto Rental Collision Damage Waiver coverage.

You also earn Chase Ultimate Rewards® points when you spend with the card, which is extremely useful for travelers. If there’s a drawback, it’s that the card’s bonus categories are somewhat limited—potentially making it difficult to rack up points. But it comes with a generous welcome bonus that, with a bit of planning, you can redeem for thousands of dollars in travel.

Pros & cons

Who is the card for?

The Chase card_name is a business credit card, which means you must own a business to qualify. However, Chase’s definition of “business” is broad, so even side gigs can count. For example, if you deliver for Instacart, list your house on Airbnb, or do freelance work, you may be able to qualify for the card.

The Ink Business Preferred offers flexible travel benefits, from travel insurance coverage to transferable rewards that can be converted into airline miles and hotel points.

In other words, if you’re more interested in cash back than travel, this won’t be the credit card for you.

Rewards

Welcome bonus

The card_name offers 120,000 bonus Chase Ultimate Rewards points if you spend $8,000 on purchases within the first three months from account opening. It’s one of the biggest bonuses available right now, worth $1,200 in cash (more if you use it for travel).

Earning rewards

With the card_name, you’ll earn bonus reward points in the following spending categories (up to $150,000 in combined spending each year, then 1 point per dollar):

• 3 points per dollar on shipping purchases.
• 3 points per dollar on advertising purchases on social media sites and search engines.
• 3 points per dollar on internet, cable, and phone services.
• 3 points per dollar on travel.

You’ll also get 5 points per dollar on Lyft rides through March 2025. All other purchases earn 1 point per dollar.

Redeeming rewards

The points you earn with the Ink Business Preferred are arguably the most valuable rewards currency of any credit card on the market, thanks to the card’s flexible redemption options. Here’s a closer look at the various ways you can redeem points.

Cash back (or cash equivalents)

The easiest way to redeem Chase points is for cash. However, this is not the most valuable option.

Here are the ways you can use your points as cash:

• Redeem for a statement credit, check, or direct deposit into your bank account (1 cent per point).
• Redeem points for a gift card at popular merchants (usually 1 cent per point).
• Offset the price of your Amazon cart (0.8 cents per point).
• Make a charitable donation (1.25 cents per point).

Buy travel via the Chase Travel Portal

Chase has its own proprietary online travel agency, the Chase Ultimate Rewards Travel Portal. Through this platform, you can use Chase points to reserve airfare, hotel stays, rental cars, and more. Prices tend to be competitive with any other travel site.

Ink Business Preferred cardholders will receive a value of 1.25 cents per point toward travel via the Chase Travel Portal. That means you could get $1,250 in airfare from the welcome bonus alone.

Transfer rewards to airlines and hotels

Here’s where it gets interesting. Chase partners with no fewer than 14 travel loyalty programs, allowing you to transfer your points to various airline and hotel rewards programs, including brands such as Hyatt, Marriott, Southwest, and United Airlines.

The following examples illustrate just how lucrative Ink Business Preferred rewards can be when you transfer them to various airline and hotel loyalty programs:

• Transfer 85,000 points to United Airlines for a one-way business class flight between San Francisco (SFO) and Tahiti (PPT). This flight can cost over $5,000, giving you a value of 5.8 cents per point.
• Transfer 70,000 points to Hyatt for a weekend stay at the Grand Hyatt Vail during ski season. This stay is typically worth more than $3,500, giving you a value of 5 cents per point.
• Transfer 50,000 points to Southwest for $700 in free airfare. The value of Southwest points is directly proportional to the cash value of the flight, generally around 1.4 cents per point.

As you can see, redeeming Chase points for cash back at 1¢ per point is not the way to go.

The fine print

The Chase Ink Business Preferred charges a annual_fees annual fee. The following rates and fees also apply:

• Purchase APR: reg_apr,reg_apr_type APR
• Balance transfer fee: balance_transfer_fees
• Cash advance fee: cash_advance_fee
• Late/returned payment fee: late_payment_fee

Foreign transaction fees are waived with the card, reducing the cost of using the card outside of the U.S.

Additional hidden perks

The Ink Business Preferred comes with a series of travel and purchase protections.

Travel insurance

1. Primary rental car insurance

When you waive the rental agency’s in-house CDW (which can easily cost $12 or more per day), you’ll receive free primary rental car insurance. However, you must be renting either primarily for business purposes or while outside the country—otherwise, you’ll receive secondary coverage.

2. Trip delay reimbursement

When your flight is delayed by at least 12 hours (or you’re required to stay overnight), you’ll receive up to $500 for reasonable expenses such as hotel, meals, and transportation.

3. Baggage delay insurance

When your bags are delayed by at least six hours, you’ll receive $100 per day (up to five days) for essential items such as clothes, toiletries, and a phone-charging cable.

4. Travel accident insurance

You may receive $100,000 if the common carrier (such as an airline, cruise ship, etc.) is responsible for the loss of hearing, speech, sight, or body parts such as fingers and limbs. You may receive $500,000 if the common carrier is responsible for the loss of a life.

5. Trip cancellation/interruption insurance

When you reserve nonrefundable prepaid travel, you’re eligible for up to $5,000 in reimbursement per person (max $10,000 per trip) if your trip is canceled or cut short for a covered reason.

Aso included is a travel and emergency assistance hotline to call at any time of day.

You’ll also receive Roadside Dispatch, which provides roadside assistance services similar to AAA (jumpstart, locksmith, tire change, towing, etc.), but you’ll have to pay for most of these services.

Cellphone insurance

You’ll receive up to $1,000 in cell phone protection for you and any employees on your phone plan when you pay your monthly phone bill with your Ink Business Preferred card. It’s a good value considering that third-party cellphone insurance can easily cost $10 per month.

You can make up to three claims per 12-month period, each requiring a $100 deductible.

Purchase insurance

The card also comes with purchase protection and extended warranty coverage. The purchase protection covers eligible items for up to 120 days after the date of purchase against theft or damage. You can receive up to $10,000 per claim ($50,000 max per account).

The extended warranty covers items with an eligible U.S. manufacturer’s warranty of three years or less—you’ll receive an additional year of coverage.

What could be improved

The biggest drawback of theChase card_name is that many cardholders won’t be able to maximize the bonus spending categories. The earning rates are generous—but they only really serve the spending habits of specific business types. For example, if you’re an Uber driver, you’re probably not spending much money on shipping and social media advertising.