While most business rewards cards tend to offer either cash-back or travel rewards, there is at least one business credit card that offers the best of both worlds. The works whether you want to rack up cash rewards for your business expenses or use your points to travel the globe. The best part is, you can rack up points now and decide how to use them later.
One of the biggest benefits of this card is its enormous signup bonus, but its consumer protections also help it stand out. And of course, another perk is that this card belongs to the popular Chase Ultimate Rewards program.
Keep reading to learn all the reasons we love the Ink Business Preferred℠ Credit Card and why it could be the perfect fit for all your business expenses.
Ink Business Preferred℠ Credit Card Review: Key Takeaways
- Earn flexible points. You can redeem your points for travel through the Chase travel portal or transfer them 1:1 to popular loyalty programs like Southwest Airlines, Hyatt, Marriott, and United MileagePlus. You can also cash them in for statement credits, high value gift cards, or merchandise.
- Earn 3x points in select categories. This card’s bonus earning categories can help you rack up points quickly if your daily business expenses are a good fit. Terms Apply.
- Pay a reasonable annual fee. While some business credit cards (I’m looking at you, ) charge huge annual fees, this card’s $95 annual fee is easy to justify regardless of how much your business spends each year.
Ink Business Preferred℠ Credit Card: The Ideal Rewards Card Whether You Travel or Not
While the Ink Business Preferred℠ Credit Card is a travel credit card at heart, one of its biggest benefits is the fact you have so much flexibility when it comes to redeeming your points. You can cash them in for travel, via the Chase Ultimate Rewards program, but you don’t have to. If you want, you can turn in your points for statement credits or gift cards at a rate of one cent per point. You can also use them to shop on Amazon or buy other merchandise, which means there really is an option for everyone and every business.
Of course, it helps that the makes it so easy to earn points to begin with. Not only do you earn 1 point per $1 spent on all purchases, but you earn three points per dollar on travel, shipping, Internet, cable and phone services, and advertising purchases made with social media sites and search engines (up to your first $150,000 in combined purchases) each account anniversary year. That’s a pretty generous offer, but it can be insanely lucrative if your business spends a lot in any of these categories every year. If you spend a ton on shipping or phones for your employees, for example, you can rack up thousands of extra dollars in cash-back or travel rewards via these bonus categories every 12 months you have the card.
Another reason to get this card as a small business owner is the fact that employee cards are offered at no additional cost. The fact that there are no foreign transaction fees for overseas purchases also makes this card a smart option for anyone whose business is run on an international level.
Last but not least, the Ink Business Preferred℠ Credit Card offers some pretty snazzy additional perks worth mentioning. Benefits like cell phone coverage, free trip cancellation/interruption insurance, primary auto rental coverage, and extended warranties add a lot more value to the deal.
Now, let’s say you do actually travel all the time. In that case, it’s hard to make an argument against getting this card. The signup bonus alone is big enough to cover the $95 annual fee for the first eight years, after all. Plus, you get the ability to transfer your points 1:1 to the following lucrative rewards programs:
- British Airways
- Korean Air
- Singapore Airlines
- Southwest Airlines
- United Airlines
- Virgin Atlantic
- Aer Lingus
- Hyatt Gold Passport
- Marriott Rewards
- Ritz-Carlton Reward
If you don’t like dealing with transfer partners, you can also book travel directly through the Chase Ultimate Rewards portal with a 25% discount when you use points. The portal works a lot like Expedia, meaning you can just search for the flights and hotel you want and book with any travel provider who’s offering the best deal.
Ink Business Preferred℠ Credit Card: Where It Falls Flat
With an annual fee of just $95, an outrageous signup bonus, and excellent earning potential, it’s hard to find any fault with the Ink Business Preferred℠ Credit Card. Still, there are plenty of people who don’t want to pay an annual fee for a rewards card. In that respect, I would say the biggest downside to this card is the fact you do have to pay a $95 annual fee. Not only that, but it’s not waived the first year.
Another possible downside is the fact that Chase has a limited number of transfer partners. They are great ones for sure, but you may want to choose a different card if your main airline partners with American Express instead, for example.
Last but not least, there are some business cards that offer a higher flat rate of return on all purchases. The is a good example. If you don’t want to travel but want to earn 2% cash back for every purchase you make, a different card like this one could end up being a better deal for you.
Who This Card Is Good For:
- Business owners who spend a lot in the 3x bonus categories. Terms Apply.
- Consumers who want flexibility in how they redeem their rewards, including the option for travel or cash-back
- People who want a premier business credit card without a $400+ annual fee
Who Should Skip It:
- Anyone who never wants to pay an annual fee for a credit card
- People who want a higher rate of return in cash-back and don’t care about travel
- Someone who wants to earn miles for transfer partners not offered through Chase
How Does It Compare to Other Business Credit Cards?
While the Ink Business Preferred℠ Credit Card is a smart business card option for nearly anyone, we acknowledge that some people might prefer a standard cash-back credit card for their business instead. For that reason, we wanted to compare the Ink Business Preferred℠ Credit Card and the .
The following chart shows how these two cards stack up:
|Ink Business Preferred℠ Credit Card||Capital One® Spark® Cash for Business|
|Signup Bonus||Earn 80,000 bonus points after you spend $5,000 on purchases in the first 3 months from account opening. Terms Apply.||Earn a one-time $500 cash bonus once you spend $4,500 on purchases within 3 months from account opening|
|Earning Structure||Earn 3 points per $1 on the first $150,000 spent on travel and select business categories each account anniversary year||Earn a flat 2% cash back on all purchases|
|Transfer to Travel Partners?||Yes||No
|Redeem for Cash-Back?||Redeem for statement credits at a rate of one cent per point||Redeem for statement credits at a rate of one cent per point|
|Annual Fee||$95||$95, waived the first year|
|Foreign Transaction Fees||$0||$0|
This chart makes it easy to see why both cards are a good option. However, it also highlights the need to determine the type of card you want before you dive in. If you want to be able to travel, you’ll absolutely want to pick a card like the Ink Business Preferred℠ Credit Card since it lets you transfer points to popular airline and hotel transfer partners. If you want cash-back instead, on the other hand, sticking with a flat-rate cash-back card is never a bad idea.
Still, the Ink Business Preferred℠ Credit Card stands out for the first year regardless. The signup bonus is worth $500 more than the Capital One’s bonus, for starters. For that reason, you may want to sign up for the Ink Business Preferred℠ Credit Card first to see how you like the card. You could also sign up for both cards and spend the first year deciding which one you like best.
Best Strategy with the Ink Business Preferred℠ Credit Card: Pair with a Chase Cash-Back Card
While the Ink Business Preferred℠ Credit Card is a great standalone card, you can earn a lot more points over time if you pair it with a no-fee Chase cash-back card like the or Chase . Both cards offer their own earning structure for your everyday purchases. The best part is, you can pool your points in one account for optimal redemption options.
For example, you could rack up a bunch of cash-back on your personal spending with the Chase Freedom® then transfer your points to your business account for easy transfers to airline partners. Since the Chase Freedom® offers 5% cash back on your first $1,500 spent in categories that rotate every quarter, it’s easy to see how having both cards could benefit you.
Hate Annual Fees? Get This Card Instead
If you love the Chase brand but are fee-averse, you can also consider the . This card has a signup bonus and its own unique earning structure that could be a lot less lucrative over time, but it lets you avoid paying an annual fee for the long haul.
Chase has some of the best rewards cards out there, and that’s true whether you’re looking for a cash-back card, a business card, or a travel credit card. When it comes to the Ink Business Preferred℠ Credit Card, I personally believe it’s the best in the business — especially if you like Chase travel partners and love to travel.
Still, it’s important to make sure you understand all the options. To that end, make sure you compare cards, benefits, and fees to find the right business credit card for your needs.
To learn as much as you can about the different rewards cards available, we suggest you read through and take note of the cards on these pages:
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