Update: This offer for The Business Gold Rewards Card from American Express has expired. Learn more about the current offers here.
About a year ago Chase introduced the new Ink Business Preferred℠ Credit Card, which continues to be one of the most compelling business cards out there. There’s not another business card that offers a combination of a huge welcome bonus, generous return on spend, and useful perks, all while having such a reasonable annual fee.
For those of you who have businesses but don’t yet have this card, here are seven reasons I consider this to be the all around best business credit card:
A welcome bonus of 80K Ultimate Rewards points
The Ink Business Preferred Card is offering a welcome bonus of 80,000 Ultimate Rewards points after spending $5,000 on purchases within the first three months. I value Ultimate Rewards points at ~1.7 cents each, so to me that welcome bonus is worth ~$1,360. By my valuation, that’s the biggest welcome bonus being offered by any card at the moment.
Transfer your Ultimate Rewards points to Singapore KrisFlyer to redeem for Suites Class
3x points bonus categories
The Ink Business Preferred Card offers triple points in the following categories:
- Shipping purchases
- Internet, cable and phone services
- Advertising purchases made with social media sites and search engines
You earn triple points on the first $150,000 spent in combined purchases in the above categories each account anniversary year (which means they’re not using a January 1 through December 31 calendar, but rather it’s based on when you applied).
Since I value Ultimate Rewards points at ~1.7 cents each, that’s like earning a return of ~5.1% on spend in those categories. That’s a massive return on spend.
An amazing cell phone insurance benefit
There’s one benefit of the Ink Business Preferred Card that really stands out, that’s especially useful given how expensive smartphones are nowadays. Specifically, the card offers 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 Ink Business Preferred Card. You can have a maximum of three claims in a 12 month period, and there’s a $100 deductible per claim.
Car rental coverage
The Ink Business Preferred Card offers primary collision damage waiver coverage for rentals of most types of vehicles in most countries, except Ireland, Israel, and Jamaica. This is only valid when cardholders are renting for business purposes.
Use the Ink Business Preferred car rental coverage when renting from Silvercar
Other travel and purchase protection benefits
In addition to the cell phone and car rental coverage, the Ink Business Preferred offers other purchase and travel benefits, including (but not limited to) the following:
- Trip cancelation and interruption coverage, of up to $5,000 per trip
- Purchase protection for up to 120 days against damage or theft
- Extended warranty protection, for up to a year on eligible purchases
- Price protection if the price of a purchase drops within 90 days
You’ll want to read the cardmember agreement for exact terms, but this has the potential to be extremely valuable for purchases as well.
A reasonable $95 annual fee
The Ink Business Preferred Card has a very reasonable $95 annual fee, especially when you factor in all the perks and bonus categories. As a point of comparison, I also really like the The Business Gold Rewards Card from American Express OPEN, which is the Amex business card with the best bonus categories. However, that card has a $175 annual fee, though it’s waived for the first year. Still, long term that card is going to cost you $80 more per year.
The ability to pool points with three no annual fee cards
Specifically, Chase has three fantastic no annual fee cards that can help you earn more Ultimate Rewards points. I’m talking about the:
By having a card that earns Ultimate Rewards points, like the Ink Business Preferred Card, you can convert the points earned on the card (where one point is ordinarily worth a penny) into Ultimate Rewards points, which I value at ~1.7 cents each. So just having this card makes other cards more valuable as well.
What you need to know about getting approved for the card
The Ink Business Preferred Card is subjected to Chase’s “5/24 rule,” meaning you typically won’t be approved for the card if you’ve opened five or more new card accounts in the past 24 months. Furthermore, the welcome bonus isn’t available to those who have had the card before.
There are a lot of great business cards out there. For example, I love The Blue Business℠ Plus Credit Card from American Express, which offers 2x Membership Rewards points on the first $50,000 spent annually, and doesn’t have an annual fee.
However, in terms of well rounded business cards, it’s tough to beat the Ink Business Preferred Card, between the 80K point welcome bonus (the best welcome bonus of any credit card at the moment), reasonable $95 annual fee, 3x bonus points in select categories, and great coverage, including on travel, car rentals, and cell phones.
The only major hurdle is getting approved, so if you’re eligible, that’s all the more reason to apply sooner rather than later.