Ink Business Preferred® Credit Card Review (2024.9 Update: 90k Offer)

     2024-07-11     2024-09-06 82 Comments

Chase Business Card

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Ink Business Preferred® Credit Card‎ Review

2024.9 Update: The 120k offer is expired. The current offer is 90k.

2024.7 Update: The new offer is 120k, with $8k spending requirement. This is the best offer on this card.

2023.7 Update: The new offer is 100k, with $8k spending requirement (down from $15k spending requirement).

Application Link

Benefits

  1. 90k offer: earn 90,000 Ultimate Rewards (UR) points after spending $8,000 within the first 3 months. The recent best offer is 120k.
  2. We estimate that Ultimate Rewards (UR) points are worth about 1.6 cents/point, see below for a brief introduction. So the 120k highest sign-up bonus could be worth about $1,920!
  3. If you have this card, you can transfer your UR points to partner airlines miles and hotel points, similar to CSP.
  4. Earn 3x UR per $1 spent on the first $150,000 spent in combined purchases on travel, shipping purchases, internet, cable and phone services, and on advertising purchases made with social media sites and search engines each account anniversary year.
  5. Earn unlimited 1x UR per $1 spent on all other purchases.
  6. Purchase Protection – Covers your new purchases for up to 120 days against damage or theft up to $10,000 per claim and $50,000 per account.
  7. Primary car rental insurance, but for business purpose only. Note that, unless you can prove that you are traveling on business (which you will be required to do in the case of a claim), you will be better using the primary car rental insurance on the Chase Sapphire Preferred or the Chase Sapphire Reserve.
  8. [Limited Time] Earn 5x UR points on Lyft, until March 2025. Here is the official link for this promotion.
  9. Cell phone protection: get up to $600 per claim in cell phone protection against covered theft or damage for you and your employees listed on your monthly cell phone bill when you pay it with your Chase Ink Business Preferred credit card. Deductible $100.
  10. Refer a friend: You can earn 20,000 bonus UR points for every approved account you refer, up to a maximum of 100,000 UR points per calendar year.
  11. No foreign transaction fee.

Disadvantages

  1. Annual fee of $95. The fee is no longer waived if you apply in-branch.

Introduction to UR Points

Recommended Application Time

  1. [5/24 Rule] If you have 5 or more new accounts opened in the past 24 months, Chase will not approve your application on this card, no matter how high your credit score is. The number of new accounts includes all credit card accounts, not only Chase accounts. See this post for details about how to possibly bypass this rule.
  2. You are not eligible for this sign-up bonus if you received a sign-up bonus on this card within 24 months. Note that what this 24-month clock starts from when you last got the sign-up bonus, not the time you open the account or close the account. [Correction] There is no such rule for Chase Ink series!
  3. Don’t apply for more than 1 Chase business credit cards within 30 days, it’s highly likely that you will get rejected.
  4. We recommend that you apply for this card after you have had a credit history for more than a year.

Summary

The sign-up bonus is very generous, so it is definitely worth applying if under 5/24. If you have a business that is able to max out the 3x UR earning categories to earn an extra 450,000 UR per year, this card is a no brainer. If you find it hard to justify the annual fee, you can also product change this card to a no-annual fee card (Ink Cash or Ink Unlimited).

Related Credit Cards

Recommended Downgrade Options

After Applying

  • Call 800-453-9719 to check Chase business cards application status. This is an automated telephone line, and the information has the following meanings: Receive decision in 2 weeks means your application is probably approved; Receive decision in 7-10 days means your application is probably rejected; Receive decision in 30 days simply means your application requires further review and there’s nothing to tell you for now.
  • Chase reconsideration backdoor number: 888-270-2127 or 888-609-7805. It’s pretty hard to recon Chase business cards. Be prepared to be asked about a lot of details of how your business operates.

Historical Offers Chart

Application Link

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