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My husband and I have been self-employed in the digital media space for more than 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 possible, and that includes using a single business credit card for the bulk of our business spending.
Ink Business Preferred details
As a reminder, here’s a quick look at all that the Ink Business Preferred has to offer:
- Welcome bonus: 100,000 bonus points after spending $15,000 on purchases in the first three months from account opening
- Rewards: 3X points on the first $150,000 spent on travel and select business categories each account anniversary year (then 1X points); 1X points on all other purchases
- Intro APR: None; 18.99 percent to 23.99 percent variable APR
- Annual fee: $95
6 reasons to love the Ink Business Preferred Credit Card
While we also have several Chase business credit cards (including the Ink Business Cash® Credit Card and Ink Business Unlimited® Credit Card), we are at the point where we use our favorite — the Ink Business Preferred — for around 90 percent of our business spending and bills. By using one card to charge the majority of our business expenses, we are able to make tax time much more seamless and better account for what we’ve spent and when.
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 six reasons I love it — and why you might love it, too.
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 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 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 (and with no annual fee required).
Exceptional bonus offer
The Ink Business Preferred also comes with an exceptional bonus offer that’s worth a minimum of $1,000, but likely $1,250 or more, depending on how you redeem your rewards. Specifically, new cardholders earn 100,000 Chase Ultimate Rewards points after spending $15,000 on purchases within three months of account opening.
That’s a high minimum spending requirement for sure, but you should be able to reach it if your business spends at least $5,000 per month for three consecutive months after account opening.
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 redeem rewards from different cards together.
I use a combination of cards, known as the Chase trifecta, for our personal and business spending. This collection 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 hotel stays and car rentals booked through Chase. Other bonus rewards I pursue with the Sapphire Reserve include its 5X points rate on personal flights booked through the Chase portal and 10X points on Chase Dining purchases.
Ultimately, though, I pool all our points (mine and my husband’s) from all our Chase credit cards in my Sapphire Reserve account. I do this because I like to keep 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).
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 outstanding 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.
Chase Ultimate Rewards partners are wide and varied, and there are 14 in total. As an example, you can transfer Chase points to airline partners like Southwest Rapid Rewards and United MileagePlus, as well as to hotel partners like Marriott Bonvoy and World of Hyatt.
If you don’t want to do that, you can redeem your rewards for gift cards, merchandise, cash back or statement credits.
Another benefit of the Ink Business Preferred 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 $1,000 per claim against damage or theft, although a $100 deductible applies. You are also limited to three claims within any 12-month period.
Travel insurance perks for business
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.
Another Ink Business Preferred benefit comes in the form of roadside dispatch, which could help in a pinch if you were stranded on the side of the road with a flat tire or not enough gas to get home.
The bottom line
Any of the reasons I love this card could be a good one for you to sign up for your own. The sign-up bonus you can earn could be the biggest incentive, but the Ink Business Preferred’s regular earning rate and flexible rewards program is hard to beat, too.
If your business spends a lot each month and you like to travel, the Ink Business Preferred should be at the top of your list.