Is the Chase Ink Business Preferred Credit Card worth it?

1
Thomas Barwick/Getty Images
Bankrate Logo

Why you can trust Bankrate

At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here's an explanation for . The content on this page is accurate as of the posting date; however, some of the offers mentioned may have expired.

The Chase Ink Business Preferred® Credit Card is a solid business credit card for small-business owners who want to earn travel rewards on their business purchases. In fact, it recently made our list of the best business credit cards for travel—which means that if you’re a small business owner who’s thinking about taking out a travel credit card for your business, the Ink Business Preferred card should definitely be on your list of cards to consider.

But are the Chase Ink Business Preferred benefits worth the card’s $95 annual fee? Would your business be better off with a no-annual-fee card that offered fewer benefits—or even a high-annual-fee card that offered premium travel perks? If you’re a small-business owner, you already know the importance of conducting a cost-benefit analysis before making an important decision. Here’s what you need to know to decide whether the Ink Business Preferred card is right for you.

Chase Ink Business Preferred card benefits

What do your Chase Ink Business Preferred benefits include? Not only will you have the opportunity to earn 3 points per dollar on travel and select business spending, but you’ll also be able to maximize the value of your points by taking advantage of Chase’s travel benefits—including a 25 percent point boost you receive when using your points to book travel through Chase Ultimate Rewards.

When you use your Ink Business Preferred card to book a business trip, you’ll receive Ink Business Preferred travel insurance benefits—and if you use your Ink Business Preferred card to book a rental car, you’ll receive an auto rental collision damage waiver that can help you save money on rental costs. If you’re traveling internationally, know that there’s no Chase Ink Business Preferred foreign transaction fee.

These aren’t the only Chase Ink Business Preferred card benefits to know about—you’ll also be able to take advantage of free employee cards, cellphone protection, extended warranties and more.

Let’s take a closer look at each major benefit the Ink Business Preferred card offers.

Up to $1,250 value toward travel with welcome offer

Chase credit cards are known for their valuable sign-up bonuses, and the Ink Business Preferred card is no exception. The current Ink Business Preferred welcome offer awards 100,000 bonus points to the cardholder who spends $15,000 in the first three months of account opening. Thanks to the 25 percent points boost you get when you redeem your points for travel through Chase Ultimate Rewards, those points could be worth as much as $1,250 toward travel bookings.

Rewards rate higher for travel and select business categories

Savvy small-business owners know that they should choose a credit card that rewards their most common business expenses, which means that if you spend a lot on travel, shipping or online advertising, the Chase Ink Business Preferred card might be the right choice for your business. You’ll earn 3 points per dollar on travel, shipping purchases, online advertising purchases, and internet, phone and cable services, for the first $150,000 in combined spending per account anniversary year.

Travel benefits with Chase Ultimate Rewards

Chase Ultimate Rewards points are both valuable and flexible, whether you’re redeeming them for statement credits or purchasing Apple products through the Apple Ultimate Rewards Store. However, your Ink Business Preferred rewards might go a little farther if you redeem them for travel benefits—and you have two good options.

First, you can maximize your point value by redeeming your points for travel through Chase Ultimate Rewards. Since you get a 25 percent point boost every time you use your points to book travel through the Chase Ultimate Rewards portal, this is one of the best ways to get the most out of your Chase points.

That said, you may also want to consider transferring your Ultimate Rewards points to a participating airline or hotel partner. Chase lets you transfer points at a 1:1 rate, giving you the opportunity to move your points to another travel loyalty program and redeem them for flights, hotel rooms and more. Read our guide to Chase transfer partners to learn how to maximize your points value when you transfer.

Travel support

Your Chase Ink Business Preferred benefits also include a number of perks designed to help your travel go as smoothly as possible—and to help you out if something goes wrong. The Ink Business Preferred travel insurance benefits include trip cancellation and trip interruption insurance for up to $5,000 per person or $10,000 per trip, as well as an auto rental collision damage waiver that allows you to decline the rental company’s collision insurance and save money when you rent a car.

Want one more travel support benefit? Chase’s Roadside Dispatch service can help you deal with minor roadside issues, such as flat tires and empty gas tanks. You’ll pay $59.95 per service call, but it’s a good way to get back on the road quickly and safely.

Employee cards at no cost

Want to give your employees the opportunity to make purchases—and earn rewards—on behalf of your business? One of the Chase Ink Business Preferred benefits includes providing employee cards at no cost. Keep in mind that your employees will be Chase Ink Business Preferred authorized users on your account, so make sure they’re ready to use their employee cards responsibly. You can set spending limits on employee cards to ensure that your business stays within its budget and you don’t get any unpleasant surprises.

Cellphone protection

Here’s a lesser-known Chase Ink Business Preferred benefit: If you pay your business cellphone bill with your Ink Business Preferred card, you and any employees listed on the bill will receive cellphone protection that covers theft and damage. Your Chase Ink Business Preferred cellphone protection plan entitles you to make up to three claims per year, and you can receive up to $600 in benefits per claim after a $100 deductible.

Purchase protection and extended warranties

You can also use your Ink Business Preferred card to protect your new purchases and extend the warranty on certain types of purchases. This purchase protection plan covers new purchases for 120 days against damage or theft up to $10,000 per claim and $50,000 per account. The Chase Ink Business Preferred extended warranty takes eligible warranties of three years or less and extends the warranty protection by an additional year.

Are the Chase Ink Business Preferred benefits worth it?

Is the Chase Ink Business Preferred card right for your business? It all depends on the level of benefits you’re looking for—and the amount of business spending that makes sense with your budget.

If your business doesn’t typically spend $15,000 in three months, for example, it might be difficult to make the purchases required to earn the Ink Business Preferred welcome bonus, which means that you might have to go over budget to earn the points or you’ll leave the valuable sign-up offer on the table. Likewise, if you don’t spend a lot of money on business travel, shipping or advertising with social media networks and search engines, you might not earn as many points with the Ink Business Preferred card as you would with another top business credit card.

In that case, you might want to consider a flat-rate cash back card like the Capital One Spark Cash for Business (This card is no longer available)—you’ll earn unlimited 2 percent cash back on all purchases, and you can earn a welcome bonus of $500 after spending $4,500 in the first three months. Both the Ink Business Preferred card and the Spark Cash for Business card include a $95 annual fee, but the Spark Cash card waives the fee during your first year, making it a better choice for a business on a budget.

If you’re looking for a similar option but prefer a Chase business credit card, the Ink Business Unlimited® Credit Card offers a flat 1.5 percent cash back on all purchases and doesn’t charge an annual fee, making it another excellent choice for small-business owners who want to stick to a budget.

What if your business is going in the other direction—that is, expanding its budget and putting a lot of money into travel, online advertising and other big-ticket items? You might want to consider a premium business credit card like the Business Platinum® from American Express. In exchange for a $595 annual fee, you’ll be able to take advantage of high-level benefits like a $200 annual airline credit, complimentary airport lounge access, elite status benefits, free hotel nights and more—and that’s before you start adding up all the Membership Rewards points you might earn.

Ultimately, it’s up to you to decide whether the Chase Ink Business Preferred card is worth it—so take a look at your current business spending and long-term business goals and ask yourself whether the Ink Business Preferred card benefits will help your business get where it needs to go next.

The bottom line

The Chase Ink Business Preferred card is one of the best mid-range business credit cards and an excellent choice for small-business owners who want to save money on travel. That said, there are a few good reasons why the Ink Business Preferred card might not be worth it—some small businesses might have trouble reaching the level of spending required to take advantage of the Ink Business Preferred’s valuable welcome bonus, for example, and other small businesses might want the luxury perks associated with a premium travel credit card.

If you are trying to decide whether the Ink Business Preferred card is right for you, ask yourself what kind of benefits you’re hoping to get out of a business credit card and how much money you plan to charge to the card every month. You might decide that the Chase Ink Business Preferred card is a great fit—or you might decide to look for another option.