Ink Business Preferred® Credit Card Review (2023.7 Update: 100k Offer) – US Credit Card Guide

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

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Benefits

1. 100k offer: earn 100,000 Ultimate Rewards (UR) points after spending $8,000 within the first 3 months of card membership. This is the best offer on this card.
2. We estimate that Ultimate Rewards (UR) points are worth about 1.6 cents/point, see below for a brief introduction. So the 100k highest sign-up bonus could be worth about $1,600!
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

• You can earn UR points with Chase Freedom Student, Chase Freedom, Chase Freedom Unlimited (CFU), Chase Sapphire Preferred (CSP), Chase Sapphire Reserve (CSR), Chase Ink Cash (Business), Chase Ink Unlimited (Business), Chase Ink Preferred (Business), etc.
• You can move your UR points from one UR card to another at any time.
• UR points never expire. You will lose the UR points on one card if you close the account, but you can prevent losing your UR points by moving the points to another UR card beforehand.
• If you have Chase Sapphire Preferred (CSP), Chase Sapphire Reserve (CSR), or Chase Ink Preferred (Business), UR points can be transferred to some hotel points. One of the best way to use UR points is to 1:1 transfer to Hyatt points. UR points can also be transferred to some airline miles. One of the most common and best way to use UR points is to 1:1 transfer them to United Airlines (UA) miles (Star Alliance), and combine them with the UA miles earned from the UA card. Other good options are: Southwest (WN) (Non-alliance), British Airways (BA) (Oneworld), Virgin Atlantic (VS) (Non-alliance), etc. If you use UR points in this way, the value is about 1.6 cents/point.
• If you have Chase Sapphire Reserve (CSR), you can redeem your UR points at a fixed rate 1.5 cents/point towards air tickets or hotels on UR travel portal; if you have Chase Sapphire Preferred (CSP) or Chase Ink Preferred (Business), you can redeem your UR at a fixed rate 1.25 cents/point towards air tickets or hotels on UR travel portal.
• If you have any of the UR cards, you can redeem your UR points at a fixed rate 1 cent/point towards cash.
• In summary, we estimate that UR points are worth about 1.6 cents/point.
• For more information about UR points, see Maximize the Credit Card Points Values (overview), and Introduction to UR: How to Earn and Introduction to UR: How to Use (very detailed).

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.

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