In the fast-paced world of business, finding the right credit card can make a world of difference. The Chase Ink Business Preferred credit card is one that often garners attention for its robust rewards program and various perks. But is it worth the hype for your business? In this article, we'll explore the pros and cons of the Chase Ink Business Preferred to help you make an informed decision.
Chase Ink Business Cash®
Best for Experienced Users
1. Generous Sign-Up Bonus: Additionally, the Chase Ink Business Preferred card offers a sign-up bonus of 100,000 points after spending a certain amount within the first few months. This bonus alone can be worth up to $1,000 in travel rewards, making it an attractive incentive for new cardholders.
2. Travel Rewards Galore: If your business involves frequent travel, this card is a standout choice. You'll earn 3x points per dollar spent on various travel-related expenses, including flights, hotels, rental cars, and more. For businesses with substantial travel expenses, this can result in significant rewards that can be used for future trips or other expenses.
3. Office Supplies and Communication Costs: Beyond travel, the Chase Ink Business Preferred also rewards your everyday business spending. You'll earn 3x points per dollar spent on select business expenses, including office supplies and internet, cable, and phone services. If your business relies heavily on these categories, the rewards can add up quickly.
4. Transfer Partners: Chase Ultimate Rewards points earned with this card can be transferred to a range of airline and hotel partners. This flexibility can be a game-changer, allowing you to maximize the value of your points by redeeming them for high-value travel options.
5. Cell Phone Protection: The Chase Ink Business Preferred offers cell phone protection coverage when you pay your monthly cell phone bill with the card. This valuable benefit can save you money on unexpected phone repair or replacement costs.
6. Purchase Protection and Extended Warranty: Your business purchases are also protected with this card. You get purchase protection against damage or theft for 120 days, and the card extends the manufacturer's warranty by one additional year for eligible items.
Travel Benefits: Furthermore, the card provides various travel benefits, including trip cancellation insurance, rental car insurance, and travel and emergency assistance services. These perks can be particularly valuable for business owners who frequently travel for work, providing peace of mind and financial protection.
1. Annual Fee: One notable downside is the annual fee, which is $95. While this fee can easily be offset by the rewards and benefits, it may still be a deterrent for some business owners who are looking to minimize expenses.
2. Foreign Transaction Fees: If your business involves international travel or expenses, be aware that this card has foreign transaction fees. These fees can add up quickly, diminishing the value of your rewards.
3. Approval Requirements: The Chase Ink Business Preferred is designed for businesses, which means that approval may be more challenging for sole proprietors or small businesses with limited credit history compared to personal credit cards.
4. No 0% Intro APR: Unlike some other credit cards, this one doesn't offer a 0% introductory APR on purchases or balance transfers. This could be a drawback if your business needs to carry a balance or make a large purchase.
5. Category Restrictions: While it offers excellent rewards in specific categories, the Chase Ink Business Preferred may not be the best choice for businesses with diverse spending patterns that don't align with the card's bonus categories.
In conclusion, whether the Chase Ink Business Preferred is worth it for your business depends on your unique financial situation and spending habits. If your business frequently incurs travel and office-related expenses, this card can be a valuable tool for earning rewards. However, if your needs and spending patterns differ, you might find better value with other credit cards that align more closely with your business requirements. To make an informed decision, it's essential to compare different credit cards and their reward structures to find the one that suits your business best.
How to use Chase Pay Yourself Back
The Chase Pay Yourself Back Scheme was launched back in 2020. This points redemption scheme allows Chase Card Members to redeem Ultimate Rewards points when they purchase from certain companies and make donations to charities.