Ink Business Preferred Credit Card Review: A Top Choice for Business Owners

Editor's note: This post is updated regularly with the latest information and offers.

Overview of the Ink Business Preferred Card

The Ink Business Preferred® Credit Card stands out as a versatile business credit card, featuring a generous sign-up bonus and the opportunity to earn valuable Ultimate Rewards points on various business purchases. These points can be transferred to 14 airline and hotel partners or redeemed for travel directly at a rate of 1.25 cents per point via Chase Travel℠. Card rating*: ⭐⭐⭐⭐½

*Card rating reflects the views of TPG's editors and is not affected by the card issuer.

The Ink Business Preferred Credit Card is a favorite among TPG editors.

Ink Business Preferred Credit Card — Earn 90,000 bonus points after spending $8,000 within the first three months of account opening.

While many business credit cards exist, the Ink Business Preferred stands out with distinctive benefits that appeal to business owners aiming to maximize earnings and access valuable rewards via the Ultimate Rewards program.

With a $95 annual fee, this card is accessible for most users. For optimal approval chances, a credit score of at least 670 is recommended.

Let’s explore the Ink Business Preferred to help you determine if it suits your business needs.

Pros and Cons of the Ink Business Preferred

Welcome Offer for Ink Business Preferred

Upon approval for the Ink Business Preferred, you can earn a sign-up bonus of 90,000 Ultimate Rewards points after spending $8,000 within the first three months of opening your account. This represents the largest sign-up bonus we've encountered for this card.

The bonus points alone are valued at an impressive $1,845 according to TPG's July 2024 valuations, primarily because these points can be transferred to a variety of travel partners, including British Airways, United Airlines, and Hyatt.

To qualify for the welcome offer, you'll need to average $2,667 in monthly spending over the first three months. For many small businesses, this spending requirement is manageable. Additionally, small businesses with multiple employees can request unlimited free employee cards to help reach this spending goal.

However, freelancers or individuals seeking a business credit card to earn rewards for side hustle expenses may find it challenging to achieve the bonus. You definitely don’t want to break TPG's sixth commandment for credit cards: Thou shalt not miss out on a sign-up bonus.

Benefits of the Ink Business Preferred

The earning rates and redemption options make this card appealing, but there are also several additional perks that enhance its value. Here’s a brief overview:

• Cellphone protection: If you often damage your cellphone, the Ink Business Preferred may be the ideal card for you. When you charge your monthly cellphone bill to this card, you and eligible employees can receive up to $600 per claim for theft or damage to cellphones. You’re allowed three claims within a 12-month period, with a $100 deductible for each claim. This benefit is notably rare among credit cards, making it quite valuable.
• Purchase protection: In addition to cellphone coverage, your other purchases are also protected. If an eligible item is damaged or stolen within 120 days of purchase, you can claim up to $10,000 per claim (with a total of $50,000 per account). Thankfully, I've never needed to utilize this perk, but it can be crucial if something goes wrong with a new purchase.
• Trip cancellation/interruption insurance: If you need to cancel or shorten a trip due to a covered reason (like illness or severe weather), you could receive up to $5,000 per person for prepaid, nonrefundable travel expenses, providing significant peace of mind during unexpected situations.
• Trip delay reimbursement: If your trip is delayed by a covered issue for 12 hours or more—long enough to require an overnight stay—you may qualify for reimbursement of reasonable expenses up to $500 per ticket. This can be particularly useful in cases like bad weather when airlines typically don't provide compensation. Just remember, you need to charge part of your fare to the card to access this benefit, so you’ll be covered on award tickets if you pay the taxes and fees with the card.
• Primary car rental coverage: Renting a car can be risky (and expensive), but if you pay for the entire rental with the Ink Business Preferred card while traveling for business, you're protected against theft and damage in the U.S. and most countries. Keep in mind that this coverage does not include liability, but it does cover you up to the actual cash value of the rental vehicle.
• Extended warranty protection: Items with a U.S. manufacturer's warranty of three years or less are eligible for an additional year of coverage. This can be especially helpful if an item malfunctions shortly after the original warranty expires.

The Ink Business Preferred also provides various business tools, including account insights, bookkeeping integration, and account alerts. The most noteworthy benefit of this card is likely the cellphone protection. Few cards provide this feature, and since the Ink Business Preferred also awards 3 points per dollar on phone services, it’s a win-win situation.

While the Ink Business Preferred lacks many travel credits, lounge access, or other luxury benefits found in competitor cards like The Business Platinum Card® from American Express with its $695 annual fee (see rates and fees), it offers substantial value for a much lower $95 annual fee.

Earning Points with the Ink Business Preferred

The Ink Business Preferred provides a range of bonus categories that can be very rewarding for small-business owners when it comes to earning points. You'll earn 3 Ultimate Rewards points for every dollar spent, up to $150,000 in combined purchases annually in the following categories:

• Travel
• Shipping expenses
• Internet, cable, and phone services
• Advertising expenses on social media and search engines

This $150,000 spending limit resets each year on your account anniversary, meaning you can earn these rewards annually. According to TPG's July 2024 valuations, Chase Ultimate Rewards points are valued at 2.05 cents each, offering a remarkable return of over 6% on purchases in these categories. If you fully utilize this cap, you could earn up to 450,000 Ultimate Rewards points, valued at $9,225 by TPG.

Once you exceed that limit, your earnings in these categories will drop to the standard rate of 1 point per dollar spent, which may not be as thrilling, but still yields over a 2% return—a solid deal for a card with a $95 annual fee.

A reader from TPG highlighted the impressive points potential of the Ink Business Preferred card.

"Earn multiple points on your top travel choices." – Karey K in a TPG newsletter survey

Disclaimer: Responses submitted by readers have not undergone editing, review, or approval by the card issuers and do not represent TPG's views on these cards.

Maximizing points redemption with the Ink Business Preferred card

While accumulating a significant number of points is a great achievement, using them for the best value is a different challenge. To get the highest value from your Ink Business Preferred rewards, consider transferring them to any of Chase's 14 airline and hotel partners or booking directly through Chase Travel.

You can redeem these points for travel expenses—such as flights, hotels, and rental cars—at a fixed value of 1.25 cents each when booked through Chase Travel. If you have the Chase Sapphire Reserve®, you can transfer your points there and redeem them at a value of 1.5 cents each for travel.

While this redemption option offers less value than TPG's 2.05-cent estimation of Ultimate Rewards points, it is straightforward and requires minimal effort. Keep in mind that redeeming Ultimate Rewards points for flights will still earn you full miles and elite credit, just like a standard paid ticket; however, this may not apply to hotel bookings.

Point transfers with the Ink Business Preferred card

You also have the choice to transfer your points to any of Chase's 14 hotel and airline partners. This method often yields the best value for your points, especially with reputable transfer partners like Air France-KLM Flying Blue, United MileagePlus, and World of Hyatt.

Moreover, most of these transfers happen instantly, so you won't have to wait for your points or miles to arrive and potentially miss out on your desired redemption.

TPG credit card editor Emily Thompson focuses on maximizing her Ultimate Rewards points by transferring them to Southwest Rapid Rewards, allowing her to benefit from flash sales for excellent value on domestic flights.

No matter which partner you opt for, the strength of the Ultimate Rewards program (and indeed any transferable point currency) lies in its flexibility. You're not confined to one airline or hotel loyalty program, and you can wait to transfer points until you're ready to make a booking. In some instances, you can even leverage competition between programs.

What are the competing cards for the Ink Business Preferred?

With a low annual fee, valuable rewards, attractive earning rates, and solid benefits, the Ink Business Preferred is an excellent choice for many small businesses. However, there are several other alternatives that might better suit your needs:

• If you're seeking more flexible bonuses: The American Express® Business Gold Card comes with a higher annual fee of $375 (see rates and fees), but allows you to earn four points per dollar in your top two spending categories each billing cycle (up to $150,000 in combined purchases each calendar year, then 1 point per dollar after). If the Ink Business Preferred's categories don’t align with your spending habits, this may be a more suitable choice. For more details, check our full review of the Amex Business Gold.
• If you prefer not to manage bonus categories: The Capital One Spark Miles for Business card provides at least 2 miles per dollar on all purchases, and the $95 annual fee is waived for the first year (see rates and fees). You still have access to transfer partners through Capital One, though you may miss out on extra benefits. For more information, read our full review of the Capital One Spark Miles card.
• If you want to avoid an annual fee: The Ink Business Unlimited® Credit Card offers 1.5% back on every purchase with no annual fee, plus basic benefits like purchase protection and the option to add employee cards at no additional charge. For more details, check our full review of the Ink Business Unlimited.

For more options, take a look at our guide to the best business credit cards.

Conclusion

If you frequently spend in the four bonus categories (travel, shipping, advertising, and telecommunications), you'll accumulate a substantial number of Ultimate Rewards points with your new Ink Business Preferred. Additionally, you and your employees will benefit from various travel and shopping protections—such as primary insurance when renting a car for business and generous cellphone coverage.

If you're just getting started, I highly recommend this card, especially if you can combine it with others like the Chase Sapphire Reserve and Chase Freedom Unlimited® to enhance your rewards on even more purchases.