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The Ink Business Preferred® Credit Card is among the best business credit cards, offering a high reward rate for frequent business expenses, such as travel, shipping and online advertising. It also features plenty of perks, including trip cancellation and car rental insurance, that can be valuable for both you and your employees — all for a low annual fee of $95.

In this review:

• Pros and cons of the Ink Business Preferred® Credit Card
• Overview
• Rewards
• Benefits
• Interest rates and fees
• How the Ink Business Preferred® Credit Card compares to other cards in its category
• How the Ink Business Preferred® Credit Card compares to other Chase business credit cards
• FAQs

Pros and cons of the Ink Business Preferred® Credit Card

Ink Business Preferred® Credit Card overview

The Ink Business Preferred® Credit Card is one of the best business credit cards out there, offering high rewards on business-related categories and valuable perks for a low annual fee of $95.

The card is ideal for business owners who spend a lot on shipping, online advertising and internet, cable and phone services. It's also a solid option for those who travel frequently since it doesn't charge foreign transaction fees and offers generous rewards on airfare, hotels, car rentals and more.

Beyond its ample reward-earning opportunities, the card features noteworthy benefits, such as rental car coverage, trip cancellation insurance and a cell phone protection plan for you and any employees listed on your monthly bill.

However, the Ink Business Preferred® Credit Card has a $150,000 annual cap on its bonus categories, which can be limiting for businesses with high overhead. Otherwise, the card is a solid option for small businesses and freelancers to earn rewards through everyday spending.

Ink Business Preferred® Credit Card rewards

How do you earn points with the Ink Business Preferred® Credit Card?

The Ink Business Preferred® Credit Card offers 3x points per dollar (on up to $150,000 in combined purchases each year) in several popular small-business categories, including:

• Shipping purchases (couriers, postal and freight shipping companies, express shipping services and mailbox stores)

• Social media and search engine advertising (social media websites and online search engines that advertise a business, brand, products or services)

• Internet, cable, and phone services (internet, cable, satellite television and radio, cellular, wireless data, and landline services)

• Travel (airlines, hotels, car rental agencies, cruise lines, travel agencies, buses, taxis, toll bridges and more)

However, as mentioned above, the 3x reward rate is limited to only the first $150,000 spent in combined purchases each account anniversary. (Account anniversary refers to the 12-month period starting from the date you opened your credit card, and each year after that.) Once you reach the annual threshold, you'll earn 1x points per dollar on those bonus categories. All other eligible purchases earn 1x points per dollar all year long.

Additionally, cardmembers can earn 5x points on Lyft rides through March 2025.

Redeeming your points

You can use your Chase Ultimate Rewards® points for:

• Cash back
• Gift cards
• Travel
• Chase Pay Yourself Back® redemption program
• Paypal and Amazon purchases
• Dining experiences with Chase Dining
• Combining with other Chase cards

Cash back and gift cards

Points are typically worth one cent each when redeemed for cash back as a direct deposit to a bank account or a statement credit, which can reduce your card’s balance. They usually have that same value when used for gift cards, although you can often find offers that increase their value for certain retailers.

Travel

You can book flights, hotels, rental cars and more through the Chase Travel℠ portal at a rate of 1.25 cents per point — a 25% boost to the usual one-cent-per-point value. This means 25,000 points are worth $312.50 when booking travel instead of $250.

Besides booking trips, you can transfer your points to one of Chase's 14 hotel or airline partners, including:

• Aer Lingus AerClub
• Air Canada Aeroplan
• Air France-KLM Flying Blue
• British Airways Executive Club
• Emirates Skywards
• Iberia Plus
• JetBlue TrueBlue
• Singapore Airlines KrisFlyer
• Southwest Airlines Rapid Rewards
• United MileagePlus
• Virgin Atlantic Flying Club
• IHG Rewards Club
• Marriott Bonvoy
• World of Hyatt

You can transfer your points at a 1:1 ratio, meaning 100 Chase Ultimate Rewards® points would be worth 100 airline miles, for example. But note that once you move your points to a travel partner's loyalty program, their value depends on several factors, such as fare class, destination or trip dates.

Chase Pay Yourself Back®

With the Chase Pay Yourself Back® redemption program, you can redeem your points at a rate of 1.25 cents apiece for select spending categories. For example, through March 31, 2024, cardholders can redeem their points for donations to select charities, including the American Red Cross, Habitat for Humanity, World Central Kitchen and more.

Note that points will be worth only one cent each when used to cover transactions outside of Chase’s promotional spending categories.

Amazon and PayPal purchases

You can link your card to Amazon and PayPal and use your points during checkout. However, points are worth 0.8 cents each this way, so you're better off using your card to pay and then requesting cash back as an account deposit or statement credit.

Chase Dining

Through the Chase Dining portal, you can book exclusive dining reservations and order takeout or food delivery from select restaurants using your points at a rate of one cent each.

Combine points

You can also transfer and pool your points with other Chase cards that earn Ultimate Rewards® points. For example, you could transfer points from a no-annual-fee credit card like the Ink Business Unlimited® or to your Chase Ink Business Preferred® account to take advantage of the boosted point value on travel.

Ink Business Preferred® Credit Card benefits

Insurance and warranties

Trip cancellation and interruption insurance: This benefit reimburses up to $5,000 per person (up to a maximum of $10,000 per trip and $20,000 per year) for travel arrangements that are canceled or interrupted due to injury, sickness, severe weather and more. The policy covers pre-paid, non-refundable travel expenses (like flight tickets, hotels and car rentals) booked for you, immediate family members and/or individuals employed by your business.

Auto rental collision damage waiver: Use your card to rent a car for business purposes, and you'll get coverage for theft and collisions (up to the vehicle's actual cash value). The coverage is available for you and authorized employees both in the U.S. and abroad. The coverage is primary, so you won’t need to file a claim through your personal auto insurance provider. But note that you'll have to decline the rental company's insurance during booking, and your rental periods can't exceed 31 consecutive days.

Cell phone protection: Use your card to pay your cellphone bill, and you'll get coverage for damage and theft to all phones listed on your monthly statement. You can get up to $1,000 per claim and file a maximum of three claims annually (each with a $100 deductible).

Purchase protection: This covers select purchases made with your card against damage or theft for 120 days from the date of purchase (up to $10,000 per claim and $50,000 per account).

Extended warranty: This policy extends an item's warranty period by an extra year. However, it only applies to U.S. manufacturer's warranties of up to three years, and you must use your card to pay for all or a portion of the cost of an eligible item.

Other benefits

Free employee cards: Employees on the account get free cards that help you earn rewards. You can manage these accounts and set spending limits for each employee.

Roadside dispatch: As an Ink Business Preferred® cardholder, you can call 1-800-847-2869 to request roadside assistance. Customer service agents are available 24/7 to arrange help for a tow, jumpstart, tire changes and more. However, note that you're responsible for covering the service costs.

Ink Business Preferred® Credit Card interest rates and fees

How the Ink Business Preferred® Credit Card compares to other cards in its category

How the Ink Business Preferred® Credit Card compares to other Chase business credit cards

How we evaluated the Ink Business Preferred® Credit Card

To review the Ink Business Preferred® Credit Card, we evaluated the following factors:

• Annual fee. We considered the card's annual fee to assess whether its rewards and ongoing benefits justify the cost, particularly when compared to cards in the same price range and with similar features.

• Additional rates and fees. We also assessed other relevant rates and fees, including the card's foreign transaction, balance transfer and interest rates.

• Rewards. We evaluated the card's bonus categories and annual reward caps, considering how simple it is for cardholders to maximize their rewards. We also looked into the card's redemption options and how valuable its points or miles are when redeemed for travel or cash back, for example.

• Benefits. We reviewed the card's complimentary insurance policies, purchase protections and statement credits. We prioritized these over introductory offers and promotions to help readers find a card that fits their daily spending habits and provides exceptional value for its price range.

Summary of Money’s Ink Business Preferred® Credit Card Review

The Ink Business Preferred® Credit Card is ideal for business owners and freelancers who spend a lot on travel, online advertising, shipping and internet, cable and phone services. Moreover, it boasts valuable perks (like rental car insurance) that can benefit both you and your employees for a modest $95 annual fee.

However, businesses with high operational expenses may find the card's $150,000 annual cap on bonus points somewhat limiting. If that doesn't apply to you, the Ink Business Preferred® Credit Card is the best option in its price range.