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Chase Ink Preferred Business Card Review: Lots of Valuable Benefits for a $95 Annual Fee

Chase Ink Preferred credit card

The Chase Ink Business Preferred card is a great all-around business credit card that offers a big sign up bonus worth at least $1,000, 3x points on travel, and valuable benefits such as cell phone insurance, trip delay insurance, and primary rental car coverage.

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Chase Ink Preferred Information

Application Link: Chase Ink Preferred

  • This card is subject to the 5/24 Rule, which means you will automatically be denied if you have opened 5 or more personal cards in the past 24 months. (However, most business cards, like the Ink Preferred, do not count towards your number for the 5/24 Rule.)

Current Sign Up Bonus: 100,000 Ultimate Rewards Points after spending $15,000 in 3 months.

Recommended Bonus: At least 80,000 points. 

Annual Fee: $95

Earning Rewards: You earn 3x points per $1 on the first $150,000 in spending each year for:

  • Travel including airfare, hotels, rental cars, train tickets and taxis.
  • Shipping purchases.
  • Internet, cable, and phone services.
  • Advertising purchases with social media sites and search engines.

Plus from now until March 2022, you will earn 5x points with Lyft, which is a great benefit for those who frequently use ride-sharing. 

For everywhere else, you earn 1x points per $1, which equals about a 1.8% return on spending. 

Redeeming Rewards: You have the option of redeeming points directly for travel at a rate of 1.25 cents per point or you can transfer your points to several airline and hotel programs such as Hyatt, United Airlines, Southwest AirlinesSingapore AirlinesVirgin Atlantic, and British Airways.

We recommend you transfer your points, which brings the value of the sign-up bonus based on our valuations to approximately $1,500.

Ink Preferred Benefits

The Ink Preferred has several nice benefits to justify its $95 annual fee.

Cell Phone Insurance: The Ink Preferred offers valuable cell phone insurance up to $600 per claim for damage or theft when you pay your cell phone bill with the card. There is a $100 deductible and you are limited to 3 claims per year.

Rental Car Insurance: The Ink Preferred’s rental car insurance is primary coverage for business trips, international personal trips, or if you don’t have collision insurance. The card offers secondary coverage for domestic personal trips, so you may want to consider a different card for those trips.

  • Primary coverage means that Chase will pay for any damage to the rental car, but secondary coverage means that your collision insurance will pay first and then Chase will pay any remainder.
  • Under both coverages, you still need to maintain liability insurance to pay for damage to any other car, person, or property.

Trip Delay Insurance: This coverage reimburses you for up to $500 in expenses such as hotels, food, and transportation in the event that your flight is delayed for 12 hours or requires an overnight stay. This is one of my favorite benefits because it covers weather delays, which airlines do not. So while people are sleeping at the airport, you can enjoy a nice hotel and a four-course meal.

Trip Cancellation and Interruption Insurance: This benefit covers up to $5,000 of prepaid, nonrefundable travel expenses if you need to cancel a trip short because of a covered issue such as an illness or accidental injury by the covered person or their immediate family.

Baggage Delay Insurance: This coverage reimburses you for the purchase of essential items if your baggage is delayed more than 6 hours, and allows you can spend up to $100 per day for a maximum of 5 days.

Lost Luggage Reimbursement: If a common carrier loses your bag, you can seek reimbursement up to $3,000 per person for each trip including up to $500 per person for jewelry, cameras, and other electronic equipment.

Purchase Protection: This 120-day coverage protects your purchases from theft or damage up to $10,000 for each claim and up to $50,000 for each account. For example, if your new laptop was stolen or damaged within the first 120 days, you could seek reimbursement from Chase.

Other Benefits: No foreign transaction fees, free employee cards, extended warranty, roadside dispatch (pay per use), travel accident insurance, and travel and emergency assistance services.

We recommend you read the full benefits guide to familiarize yourself with the limits of each benefit and the requirements to make a claim. You generally need to use this card to purchase your travel to qualify for most of the travel protections.

Advantages of Ink Preferred

Great Travel Protections- The Ink Preferred’s travel protections clearly justify the $95 annual fee if you are a frequent traveler. A single flight delay could net you $500 per person in benefits for hotels, food, and transportation. 

Cell Phone Insurance- The Ink Preferred cell phone insurance can save you a good chunk of money. Similar cell phone insurance costs about $65 per year per phone. If you have 4 phones on your cell phone plan, that insurance would cost about $260 per year. Alternatively, you could pay your bill with Ink Preferred $165 after the $95 annual fee in that situation and still enjoy all the other benefits of the card.

3x Travel Multiplier- The 3x points on travel is a big perk considering the only other Chase card to offer 3x points on travel is the Chase Sapphire Reserve, which has a $550 annual fee. It also means you earn about a 5.5% return on travel spending based on our points valuations if you transfer your points to airlines or Hyatt.

Pooling Points- Chase has several other no annual fee Ultimate Rewards cards that can redeem points for only 1 cent each instead of 1.25 cents with the Ink Preferred. But the good news is that you can pool your Ultimate Rewards points together and convert them to points that count as 1.25 cents per point towards travel. (You could also do even better with the Chase Sapphire Reserve, which would allow you to convert points to 1.5 cents each.)

Disadvantages of Ink Preferred

The $95 annual fee could be a disadvantage if you travel less than 3 times per year or can’t utilize the cell phone insurance. But for most people, the $95 annual fee is a really great deal.

Frequently Asked Questions

You can check the status of your Chase credit card application by calling 888-338-2586. 

Yes, you do need to be a business owner to qualify for the Ink Preferred. But you would be surprised on what qualifies as a business. Try to think of any income you may earn outside of a salaried or hourly job.

You may qualify for a business if you:

  • Are paid as an independent contractor (or 1099 employee).
  • Have rental properties or rent out a room at your house.
  • Sell items on Amazon, eBay, Etsy, Facebook, etc.
  • Drive for Uber, Lyft, Door Dash, etc.

A business can only earn a sign-up bonus by opening a new Ink Preferred card every 24 months from the date you earned the bonus. But if you have a different business with a different EIN number, you can obtain another sign-up bonus without waiting the 24-month period. 

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