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By Jason Steele
October 20, 2020
Courtesy of Chase

When you own a company, or just make some extra money on the side, it can make sense to have a small business credit card. And the Chase Ink Business Preferred® credit card has the most valuable bonus points offer of any credit card today.

New applicants can earn a whopping 100,000 bonus points, which are worth $1,000 in cash back or are even more valuable when redeemed for travel. While this is indeed a great bonus offer for new customers, there are several reasons that this card is one you’ll probably want to keep for the long haul.

Chase Ink Business Preferred Card: Key Terms

  • Welcome bonus: Earn 100,000 bonus points after you spend $15,000 on purchases within three months after account opening.
  • Rewards: Earn 3x points on travel, shipping, internet, cable and phone services, and advertising purchases made with social media sites and search engines (on up to $150,000 spent on combined qualifying purchases each calendar year). Earn one point per dollar spent elsewhere.
  • Annual Fee: $95
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How the Chase Ink Business Preferred Card Works

When you open a new Chase Ink Business Preferred account, you can receive 100,000 bonus points after spending $15,000 within three months. These Ultimate Rewards points are worth $1,000 toward cash back, merchandise or gift cards. But you can get 25% more value (for a total worth $1,250) when you redeem your points for travel reservations booked through Chase. Plus, you have the option to transfer your rewards to airline miles or hotel points, which can potentially be even more valuable.

The Ink Business Preferred card offers you three points per dollar spent on your most common business purchases. This includes up to $150,000 spent each calendar year on travel, shipping, internet, cable and phone services, and advertising purchases made with social media sites and search engines. You earn one point per dollar spent elsewhere, and on purchases above that $150,000 mark.

Purchases with this small business credit card are protected by theft and damage coverage, an extended warranty policy and cell phone insurance. Travel benefits includes rental car insurance and trip cancellation and trip interruption coverage that specifically includes quarantines. There’s a $95 annual fee for this card.

Advantages

The 100,000-point bonus is a fantastic offer for new applicants. Beyond that, you have the chance to earn tremendous quantities of reward points from common small business purchases. This makes the Ink Business Preferred an especially great card for those whose business spends heavily on internet advertising or shipping. It also has valuable benefits, including cell phone insurance and trip cancellation/trip interruption coverage that can be very useful, especially during the pandemic.

Disadvantages

The 100,000-point bonus offer is great, but it requires you to spend $15,000 within three months of account opening. This might be beyond the reach of some small business owners. The $95 annual fee is competitive for a premium rewards card like this, but some small business owners will still prefer to have a no-fee card.

Alternatives: More Great Small Business Credit Cards

American Express Business Gold Card. This card offers new applicants 35,000 Membership Rewards points after spending $5,000 within three months of account opening. You earn 4x points on the two categories where your business spends the most each billing cycle. Examples of eligible categories include airfare and U.S. purchases of advertising, shipping, gas and technology. This card has a $295 annual fee.

Chase Ink Business Cash®. Here’s a card that offers an impressive welcome bonus along with strong rewards in bonus categories and no annual fee. You’ll earn 75,000 bonus points that can be redeemed for $750 cash back after spending $7,500 on purchases within the first three months of account opening. Earn 5% cash back on the first $25,000 spent in combined purchases at office supply stores and on internet, cable and phone services each account anniversary year. You’ll also receive 2% cash back on the first $25,000 spent in combined purchases at gas stations and restaurants each account anniversary year, plus unlimited 1% cash back on other purchases.

Chase Ink Business Unlimited®. This is another no-fee card that offers new cardholders 75,000 bonus points that can be redeemed for $750 cash back after spending $7,500 on purchases within the first three months of account opening. What separates this card from the Ink Business Cash are its rewards; instead of bonus reward categories, you’ll simply earn unlimited 1.5% cash back on purchases.

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Bottom Line

If you need a small business credit card, you might as well earn the most valuable rewards possible while you’re at it. The Chase Ink Business Preferred® card happens to have the most valuable bonus offer available for new accounts, and it offers extremely strong rewards for spending. When you can start by earning $1,250 towards travel rewards, it’s definitely an offer worth considering.

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