The Chase Ink Business Preferred Card created a lot of buzz when it was announced a few weeks ago, and the card is now publicly available.
Different banks have put several valuable credit cards on the market, and sometimes it’s hard to choose which one offers the best value for a business owner. Here are five reasons to consider applying for the Chase Ink Business Preferred Card.
Sign-Up Bonus
The sign-up bonus amount is worth consideration when applying for a new credit card. Chase is offering a welcome bonus of 80,000 Ultimate Rewards points after spending $5,000 on purchases in the first three months of card membership. The generous bonus is definitely a step up from Chase’s offer of 60,000 UR points on the Ink Plus Business Card, which is no longer available to new applicants.
When redeemed for cash back, the bonus is worth $800. When redeemed for travel through the Ultimate Rewards Travel Portal, the bonus is worth $1,000 because each point is worth 1.25 cents in that case. However, the points can offer an even better value when transferred to one of Chase’s airline or hotel partners. For example, an 80,000-point bonus can fly two people to Hawaii or three people to Disney World.
Bonus Categories
The Chase Ink Business Preferred Card earns triple points in the following categories: travel, shipping, phone services, cable and Internet, and advertising on social media and search engines—all areas where business spend the most. The bonus is capped at $150,000 per year.
What’s interesting is that all travel purchases earn triple points, which is the same as the Chase Sapphire Reserve earns but for a much lower annual fee of $95 (waived in branch).
The cap is higher than it was with the previously available Chase Ink Plus Card. Chase also provides employee cards at no additional cost, which presents business owners with an opportunity to rake in points faster. Just remember, owners are also liable for all the charges.
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Ink Business PreferredSM Credit Card
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$95 annual fee
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Earn 80,000 bonus points. After you spend $5,000 on purchases in the first 3 months from account opening. Read Review » |
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Keeping Business Expenses Separate
Opening a small-business credit card is a great way to keep business and personal expenses separate. As mentioned above, most bonus categories are already business-oriented, and putting those expenses on the credit card can make filing taxes at the end of the year much easier.
Keep in mind, the Chase Ink Business Preferred Card is targeted toward small businesses, and owners often can qualify as a sole proprietorship using a Social Security Number, or as a start-up venture with no income.
It’s important to notice that this card falls under Chase’s 5/24 rule, which means an approval is unlikely for those customers who have opened five or more credit cards with any bank in the last two years.
Waived Annual Fee
As previously mentioned, the annual fee on this card is $95. However, the introductory fee can be waived if business owners apply for this card at a Chase branch. Unfortunately, a Chase branch isn’t always available. Depending on its location, the cost and time of driving to the nearest branch might not be worth it to some.
No Foreign Transaction Fees
The Chase Ink Business Preferred Card is perfect for an international traveler because the card waives all foreign transaction fees. No matter where you are, you can pay for hotel stays, restaurant outings and souvenirs in local currency. Traveling with a credit card that waives foreign transaction fees is crucial to minimizing the overall costs. And because it’s a Visa card, traveling business people can rest assured it’d be accepted by most merchants overseas.
No matter the reason for applying, Chase Ink Business Preferred Card is a solid credit card. It’s important to establish a credit line for a business, and a large sign-up bonus doesn’t hurt.
What do you think of the new credit card by Chase?