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This Chase Inc. business card could line your pockets with a welcome bonus of at least $1,200 in cash back. Ink Business Preferred® Credit Cardyou’ll earn 120,000 bonus points after you spend $8,000 on purchases in the first three months, which translates to $1,200 cash back, $1,500 towards travel when redeemed with Chase Travel℠, or up to $2,460 when you transfer points to select Chase partners.
Before purchasing this card, check out its closest competitor, Capital One Venture X Business Cardis currently offering 150,000 bonus points to new cardholders.
Also, as we discuss in the section “Should I get a business card?”, make sure your business really needs a credit card and not a small business loan.
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Ink Business Premier Credit Card
- Other Card Member Benefits
- Free Employee Cards
- Trip Cancellation and Interruption Insurance
- Extended Warranty Protection
- Mobile Phone Protection
What can I use my bonus points for?
The 120,000 bonus points can be used in a variety of ways.
Cashback (worth $1,200) – When you log into your Chase Ultimate Rewards account, you’ll see cash back options at a rate of 1 cent per point. You can deposit any amount into a checking or savings account with Chase or another major bank, or redeem it as a statement credit on your Chase Ink account. And with the Chase Pay Yourself Back program, you can earn 1.25 cents back per point when you donate to select charities through December 31, 2024.
Transfer points to partner airline frequent flyer or hotel programs (variable value from $1,200 to $2,460) – Chase Travel℠ partners with 11 airlines and 3 hotel chains to make it easy to transfer your Chase points to the partner programs of your choice at a ratio of 1 cent per point. The value of points in these partner programs varies depending on how and when you use them, so the actual value of transferred Chase points may be more or less than 1:1.
According to The Points Guy, the 120,000 points you earn from Ink Card rewards are worth $2,460 (or 2.05 cents per point) if used strategically with travel partners. Don’t expect to get that much value — not everyone has the time or energy to make the most of their points.
Purchase flights, hotels and other travel through the Chase Travel℠ portal ($1,500 value) – You can redeem points for 25% more value through the Chase Travel portal.
If you spend at least $8,000 in the first three months of owning the card, you’ll have to wait an additional six to eight weeks for the bonus points to post to your account. Don’t plan on using your bonus points right away.
For example, say you have a frequent flyer account with United Airlines. You can transfer 120,000 bonus points to your United account for an additional 120,000 miles. However, if you book your flight through the Chase Travel portal, you can exchange at a 1:25 rate instead of 1:1, so your United miles will be worth 150,000 miles on the Chase platform.
If you have any issues while traveling, you’ll be dealing with a Chase Travel customer service agent, not United, so it’s important to understand how your credit card’s travel portal works. Chase has an average to high rating for travel portal customer service.
Should I make business cards?
Before you apply for a business credit card, keep these points in mind to help you decide if it’s the right choice.
- Your credit score: Most major business credit cards require good or excellent credit, meaning a FICO credit score of 670 or higher. If your score is lower than this, your options may be limited. Be sure to understand the details of what constitutes a good credit score.
- Potential costs: Business credit cards often have high interest rates, and some have annual fees. You can avoid interest by paying off your balance in full each month, but if you think you might carry a balance, consider how the potential interest rate will affect your bottom line. If you’re considering getting a card that has an annual fee, make sure you have access to a rewards program or other perks that are worth compensating for the fee.
- Can I open another financial account? Managing multiple financial accounts can be a pain. If you already manage multiple personal and business accounts, adding more can make things more complicated. As long as you have enough accounts to keep your personal and business expenses separate, it may be wise to stick with the ones you already have.
- Reasons why you want it: While a business credit card can help with day-to-day cash flow, once you’re past the early stages and want to raise the capital you need to grow your business, you might want to consider a small business loan instead. And don’t think that using a business credit card will absolve you of liability if your company goes bankrupt; business card issuers typically require a personal guarantee on your application, so you’ll still be personally liable for any debts you owe.
- safety: Make sure your account is secure, especially from potential business partners and employees.
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As an independent publication dedicated to helping you get the most for your money, the article above represents our opinion on the best deals and not the opinion of any of the parties mentioned, such as card issuers, hotels, airlines, etc. Likewise, the content has not been reviewed or approved by any of these parties.
