A good business card can be useful to a flourishing business in addressing the daily requirements such as the purchase of office supplies, payment of phone, cable, internet bills and travels. Chase Ink Business Preferred offers excellent options through which rewards can be earned.
Benefits of Chase Ink Business Preferred
Potential to Gain Rewards
Your card will earn 3x points for business travels, purchases in categories such as shipping and purchases made at the search engine and social media site. The 3x points that the card earns is up to $150,000 spending limit annually on select categories described by Chase. Once you reach the limit you continue to earn a 1 point per dollar spent on all purchases.
The reward points on your card do not expire as long as the account remains active. There are no limitations on the points you can collect and you can redeem them for cash, travel, gift cards, Apple purchases through Ultimate Rewards, purchases on Amazon.com
Point Value Increase
Each point earned is valued at a cent when they are redeemed for cash. When the same points are redeemed against booking travel on Chase Ultimate Rewards the value increases by 25%. It would be beneficial to book your business travel with points as the return value is more than any other redemption form.
For a business card, Chase Ink Business Preferred offers an attractive early spend bonus. You can get 80,000 points if you put the charge on your card for purchases of $5,000 or more within three months of you opening your account.
If you spend around $1700 each month on business purchases for the first three months, you can collect 80,000 points, which is worth $1000 for travel. This is valid if you choose travel as a redemption option through Chase Ultimate Rewards portal.
Transfer of Points to Travel Partners
Chase Ink Business Preferred gives you a premium benefit which is the option to transfer your points to one of the airline or hotel partners who have a tie-up with Chase. The minimum points needed to initiate a transfer is 1000. Your points are transferable at 1:1 ratio. United MileagePlus, Southwest Airlines Rapid Rewards and British Airways Executive Club are some of the well-known programs to which you can transfer your points.
You can also transfer points to hotel programs such as IHG rewards club, World of Hyatt and Marriott Bonvoy.
Chase Ink Business Preferred card advantages are not limited to earning rewards. You get various protections which safeguard your business interactions and travels.
Cell Phone Insurance Benefit
If you are using a Chase Ink Business Preferred card to pay your mobile phone bill or for your employee then you are eligible for cell phone insurance coverage. In case your phone is stolen or lost you are covered up to $600 per claim. To receive coverage for your employee they must be listed on your monthly mobile bill. You cannot make more than three claims in a year. Also there is a deductible which will be charged to your account should you avail this benefit.
No Foreign Transaction Fees
Chase Ink Business Cash and Chase Ink Business Unlimited both charge 3% on every transaction is us dollars for the purchases you make outside of the US or buy online through a foreign vendor. You save on the foreign transaction fees when you opt for a Chase Ink Business Preferred card.
Employee Cards Free of Charge
An employee card will allow you to authorize someone from your team to make payments and purchases on your behalf. When you have a Chase Ink Business Preferred you dont’t have to pay extra fees for getting an employee card. You can pre-define a spending limit on the employee card and also follow the financial transactions made on the card by logging in to your business account. The purchases that are made using an employee card will also earn reward points.
Chase Ink Business Preferred Travel benefits that add value to your business
Trip Cancellation/Trip Interruption Insurance
While most of us don’t cancel on our planned business trips there are certain situations when the trip may get canceled or interrupted e.g. due to severe weather. It’s good to know that you have a chance of getting the trip cost reimbursed. The coverage is available to the primary cardholder, immediate family members and the authorized employee who use the business card. To be eligible for the claim at least a partial payment towards the trip should be made using an Ink Business Preferred card. The maximum coverage available is up to the amount of $5000 for each covered trip.
Roadside assistance service is available to all Ink Business cardholders. You can pay a standard fee and avail services such as towing within 5 miles radius, tire change, battery jump- start, and lockout services. This service is available throughout the year and 24hours a day.
Auto Rental Collision Damage Waiver
You get primary coverage for your rental vehicles when travelling outside of the US and secondary coverage when you rent within your country. The car rental insurance will cover the vehicle in case of damage and theft. The rental period must not exceed 31 days. This coverage excludes certain vehicles such as expensive cars, exotic or antique vehicles and vans. To be eligible for primary coverage you must decline the insurance provided by the rental company and pay for the rental using your business card.
Purchase protection covers stolen or damaged purchases for 120 days. This coverage excludes certain types of consumable, perishable items, jewelry, computer software etc. To know the complete list, you can refer to Chase benefits guide.
Extended Warranty Protection
The items purchased can be eligible for an extra year of extended warranty when the original manufacturer’s warranty is three years or less.
Shortcomings of Chase Ink Business Preferred
The benefit that you miss out on when you pick Chase Ink Business Preferred is the introductory APR offer that Chase offers on the other two Ink Business cards. So, you have to right away begin with the variable APR offered if you are planning to make a big purchase.
The Chase Ink Business Preferred card is suitable for small businesses who do not want to pay a premium price for owning a business card and yet would like to take advantage of the benefits. Separation of business expenses from personal spending is the biggest gain that you get from a business card. The accounting tools offered by Chase will add to the effective management of business accounts.