Ink Business Preferred Credit Card review: A great all-around business card

Nick Ewen is TPG's senior editorial director and helps readers leverage credit cards (he has 23 of them) and loyalty programs to travel more for less. He's been at TPG for over 11 years.

When Ryan worked as a TPG credit cards writer, he oversaw refreshes of card reviews and card offer stories. He enjoyed racking up cash back and helping readers maximize their points and miles for their next big trip.

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Ink Business Preferred Card overview

The Ink Business Preferred® Credit Card is an excellent all-around business credit card, offering a sizable sign-up bonus and the ability to earn valuable Ultimate Rewards points on a variety of business expenses. Those rewards can then be transferred to 14 airline and hotel partners or redeemed directly for travel at a rate of 1.25 cents per point through Chase Travel℠. Card rating*: ⭐⭐⭐⭐½

*Card rating is based on the opinion of TPG's editors and is not influenced by the card issuer.

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

Although there are many business credit cards, the Ink Business Preferred has unique perks that make it attractive for business owners looking to maximize their earning potential and unlock valuable rewards through the Ultimate Rewards program.

The card has a $95 annual fee, making it very attainable for most. For the best chances of approval, you'll want a credit score of at least 670.

Let's take a closer look at the Ink Business Preferred so you can decide if it's a good fit for your business.

Ink Business Preferred pros and cons

Ink Business Preferred welcome offer

If approved for the Ink Business Preferred, you'll be eligible to earn a sign-up bonus of 90,000 Ultimate Rewards points after spending $8,000 in the first three months from account opening. This is the highest sign-up bonus we've seen on this card.

The bonus points alone are worth a whopping $1,845, based on TPG's July 2024 valuations, mainly because the points can be transferred to various travel partners, including British Airways, United Airlines and Hyatt.

To unlock the welcome offer, you'll need to spend an average of $2,667 per month in the first three months. For many small businesses, this level of spending may be a non-issue. Additionally, small businesses with multiple employees can request unlimited free employee cards to help meet the spending requirement.

However, freelancers or those who want a business credit card to earn rewards on expenses related to a side gig may not be able to realistically hit the bonus. And you don't want to violate TPG's sixth commandment for credit cards: Thou shalt not miss out on a sign-up bonus.

Ink Business Preferred benefits

The earning rates and redemption options alone make this an intriguing card, but you'll get several added perks that make it even more valuable. Here's a quick rundown:

• Cellphone protection: If you're prone to damaging your cellphone, the Ink Business Preferred could be a great card to have. When you charge your monthly cellphone bill to the card, you and eligible employees on the plan can receive up to $600 per claim for damage or theft of cellphones. You're limited to three claims in a 12-month period and must pay a $100 deductible per claim. Nevertheless, this is a terrific benefit that is relatively rare among credit cards.
• Purchase protection: Besides cellphone protection, you're covered for other purchases. If an eligible item is damaged or stolen within the first 120 days after purchase, you're covered up to $10,000 per claim ($50,000 per account). I've fortunately never had to use this type of perk, but it can be a lifesaver if something goes wrong with that new purchase.
• Trip cancellation/interruption insurance: If you must cancel or cut a trip short because of a covered issue (such as illness or severe weather), you're eligible for up to $5,000 of coverage per person for prepaid, nonrefundable travel expenses, which provides great peace of mind when unexpected problems arise.
• Trip delay reimbursement: If a covered trip is delayed by a covered hazard for 12 or more hours — or long enough to require an overnight stay — you'll be eligible for reimbursement, up to $500 per ticket in reasonable expenses. This can save you in situations like poor weather, where the airline generally won't provide any compensation. Note that you only need to charge part of your common-carrier fare to the card to use this benefit, so you'll be covered on award tickets if you put the taxes and fees on the card.
• Primary car rental coverage: Renting a car can be a risky (and expensive) proposition, but if you use the Ink Business Preferred card for the entire rental cost and are traveling for business purposes, you're covered for theft and damage in the U.S. and most countries around the world. Bear in mind that this doesn't offer any liability coverage, but you are covered up to the actual cash value of the vehicle you're renting.
• Extended warranty protection: Purchases with a U.S. manufacturer's warranty of three years or less will get coverage for an extra year. This can be extremely helpful when an item stops working shortly after its scheduled warranty ends.

The Ink Business Preferred also offers various business tools, including account insights, bookkeeping integration and account alerts. The most valuable benefit of this card is still probably cellphone protection. Not many cards offer this perk, and considering the Ink Business Preferred also offers 3 points per dollar on phone services, this is a win-win.

The Ink Business Preferred doesn't offer much in the way of travel credits, lounge access or other luxury benefits that competitors have, such as The Business Platinum Card® from American Express with its $695 annual fee (see rates and fees). However, for only a $95 annual fee, this card offers a lot of value to cardholders.

Earning points on the Ink Business Preferred

When it comes to earning points, the Ink Business Preferred offers a variety of bonus categories that can be quite lucrative to small-business owners. You'll earn 3 Ultimate Rewards points per dollar on the first $150,000 spent in combined purchases each year in the following categories:

• Travel
• Shipping purchases
• Internet, cable and phone services
• Advertising purchases made with social media sites and search engines

This $150,000 threshold is based on your account anniversary year, so it will reset each year when you renew your card. Since TPG's July 2024 valuations peg the value of Chase Ultimate Rewards points at 2.05 cents apiece, you'll get a fantastic return of over 6% on purchases in these categories. And if you max out these categories by spending the full $150,000, you'll take home a total of 450,000 Ultimate Rewards points, which TPG values at $9,225.

Once you've surpassed that mark, your purchases in the aforementioned categories will drop to match the earning rate of all other purchases: 1 point per dollar spent. Though that's not too exciting, you're still looking at over a 2% return, which isn't bad for a card with a $95 annual fee.

Redeeming points on the Ink Business Preferred

Earning a big haul of points is one thing; redeeming them for maximum value is an entirely different story. Like most cards that earn transferable points, you get the most value when you redeem your Ink Business Preferred rewards for travel by transferring them to any of Chase's 14 hotel and airline partners or booking travel directly through Chase Travel.

You can redeem these points at a fixed rate of 1.25 cents apiece for travel purchases like flights, hotels and rental cars that you book through Chase Travel. Or, if you have the Chase Sapphire Reserve®, you could transfer your points to that card and redeem them at a fixed rate of 1.5 cents apiece toward travel.

Even though you'll get less than TPG's 2.05-cent valuation of Ultimate Rewards points with this redemption option, it's simple and doesn't require much effort. Remember that when you redeem Ultimate Rewards points directly for airfare, you will earn full miles and elite credit, just as you would on a regular paid ticket. However, that's generally not the case with hotel bookings.

Transferring points on the Ink Business Preferred

You also have the option to transfer your points to any of Chase's 14 hotel and airline partners. You'll likely get the most value from your points by going this route, thanks to strong transfer partners like Air France-KLM Flying Blue, United MileagePlus and World of Hyatt.

In addition, most of these transfers post instantly, ensuring you aren't stuck waiting for the points or miles to arrive and miss out on the redemption you wanted.

TPG credit cards editor Emily Thompson prefers to maximize her Ultimate Rewards points by transferring them to Southwest Rapid Rewards to take advantage of their flash sales to get great value on domestic flights.

Regardless of which partner you choose, the power of the Ultimate Rewards program (and really any transferable point currency) is the flexibility it allows. You aren't locked into a single airline or hotel rewards program, and you can wait until you're ready to book to transfer points. In some cases, you can even pit programs against one another.

Which cards compete with the Ink Business Preferred?

With a low annual fee, valuable points, lucrative earning rates and solid benefits, the Ink Business Preferred is a great option for many small businesses. However, there are a few other options that could be a better fit for your company:

• If you want more customizable bonuses: The American Express® Business Gold Card carries a higher annual fee of $375 (see rates and fees), but you'll earn four points per dollar spent in your highest two spending categories each billing cycle (on the first $150,000 in combined purchases each calendar year, then 1 point per dollar after). If you can't maximize the Ink Business Preferred's categories or your spending varies from month to month, this may be a better option. For more information, read our full review of the Amex Business Gold.
• If you don't want to worry about bonus categories: The Capital One Spark Miles for Business card offers at least 2 miles per dollar spent on all purchases, and the $95 annual fee is even waived for the first year (see rates and fees). You still have access to transfer partners through Capital One, though you'll sacrifice additional perks. For more information, read our full review of the Capital One Spark Miles card.
• If you don't want an annual fee: The Ink Business Unlimited® Credit Card earns 1.5% back on every purchase at no annual fee, plus basic perks like purchase protection and the option to add employee cards at no additional cost. For more information, read our full review of the Ink Business Unlimited.

For additional options, check out our guide to the best business credit cards.

Bottom line

If you spend significantly across the four bonus categories (travel, shipping, advertising and telecommunication providers), you'll earn tons of extra Ultimate Rewards points on your new Ink Business Preferred. Plus, you and your employees will enjoy various travel and shopping protections — like primary coverage when renting a car for business purposes and generous cellphone protection.

If you're just starting, I'd highly recommend starting with this card, especially if you can pair it with other cards, such as the Chase Sapphire Reserve and Chase Freedom Unlimited®, to maximize your rewards across even more purchases.

For rates and fees of the Amex Business Platinum, click here.
For rates and fees of the Amex Business Gold, click here.

Editorial disclaimer: Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, airline or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.