My husband and I have been self-employed in the digital media space for a decade, and this has left us managing every aspect of our finances on our own. This means we do everything we can to earn more money, legally minimize taxes and save for early retirement.
We also strive to simplify our business expenses in every way we can, and that includes using a single business credit card for the bulk of our business spending.
5 reasons to love the Ink Business Preferred Credit Card
While we also have other business credit cards (including the Ink Business Cash® Credit Card and the Ink Business Unlimited® Credit Card), we are at the point where we use our favorite—the Ink Business Preferred® Credit Card—for around 90 percent of our business spending and bills.
How can one card meet so many of our needs? Some of the reasons are specific to us and our business, but the rest could apply to any solopreneur or small business owner. If you’re intrigued by the Ink Business Preferred Credit Card, here are five reasons I love it, and why you might love it, too.
1. Exceptional rewards in popular business categories
The first reason we use this card so heavily is its bonus categories, which happen to apply for the bulk of our business spending. The Ink Business Preferred Credit Card gives cardholders 3X points on up to $150,000 spent each year (then 1x points) in the following categories:
- Shipping purchases
- Advertising purchases made with social media sites and search engines
- Internet, cable and phone services
All other purchases made with the card earn 1X points.
I love earning 3X points on most of our business spending, but I do use our Ink Business Unlimited card for other business purchases that would only earn 1X points with the Preferred. This is because the Ink Business Unlimited offers 1.5X points on every purchase made.
2. Option to pool points in my Chase Sapphire Reserve account
Chase also makes it easy to pool your points in a single account so you can use them how you want.
I use a combination of cards known as the Chase trifecta for our personal and business spending. This combination of cards also includes the Chase Freedom Unlimited®, which I use to earn 1.5X points on our personal spending that doesn’t qualify for bonus rewards. I also use the Chase Sapphire Reserve® to earn 3X points on personal travel and dining, as well as 10X points on Lyft rides.
Ultimately though, I pool all our points (mine and my husband’s) from all our Chase credit cards in my Chase Sapphire Reserve account. I do this because I like to keep all our family points in one place, but also because this card lets you redeem points for travel through Chase at a rate of 1.5 cents per point.
I can book airfare, hotels, rental cars and more at this superior rate, after using each card in the Chase trifecta to maximize the rewards points we earn.
3. Excellent rewards redemption options
In addition to getting 50 percent more value when redeeming points for travel through Chase, keep in mind that the Chase Ultimate Rewards program offers vastly superior redemption options. Not only can you use points for travel through the Chase portal, but you can also transfer points 1:1 to Chase airline and hotel partners.
If you don’t want to do that, you can redeem your rewards for gift cards, merchandise, cash back or statement credits.
4. Cellphone protection
Another benefit of the Ink Business Preferred that I use is cellphone protection, which is applicable when you pay your cellphone bill with your credit card. I pay my phone bill with my business credit card since it’s a business expense.
This perk is good for up to $600 per claim against damage or theft, although a $100 deductible applies. You are also limited to three claims within any 12-month period.
5. Travel insurance perks for business
Finally, we travel quite a bit for business, and we love the travel insurance benefits this card offers. Specifically, we benefit from having primary auto rental insurance when we rent a car for business purposes, as well as trip cancellation and interruption insurance worth up to $5,000 per person and up to $10,000 per covered trip.
Why should you consider it?
While I’ve had the Ink Business Preferred for quite a few years, there is a final reason other business owners should consider signing up.
Currently, new cardholders can earn 100,000 points after spending $15,000 within three months of account opening. This amount of points can be worth $1,000 in gift cards or statement credits, or $1,250 towards travel booked in the Chase portal.