The Ink Business Preferred® Credit Card is a popular choice among small business owners and entrepreneurs looking to maximize their rewards while managing expenses. With a range of benefits tailored to business needs, this card stands out in the crowded credit card market. Below, we explore its key features, benefits, and the application process in detail.
Key Features of the Ink Business Preferred® Credit Card
1. Generous Sign-Up Bonus
One of the most attractive aspects of the Ink Business Preferred® Credit Card is its substantial sign-up bonus. As of the latest offerings, new cardholders can earn a significant bonus after spending a specific amount within the first three months of account opening. This bonus can translate into valuable rewards, making it an excellent option for businesses looking to ramp up their spending.
2. Rewards Structure
The Ink Business Preferred® Credit Card offers a robust rewards program:
- 3 Points per Dollar: Earn three points on the first $150,000 spent in combined purchases at travel, shipping, internet, cable, and phone service, and at social media and search engine advertising each account anniversary year.
- 1 Point per Dollar: All other purchases earn one point per dollar spent.
These points can add up quickly, especially for businesses with significant travel or online advertising expenses.
3. Point Redemption Options
The flexibility of point redemption is another highlight. Cardholders can redeem points for various options, including:
- Travel through Chase Ultimate Rewards: Points can be worth 25% more when redeemed for travel through the Chase portal.
- Cash Back: Points can also be converted into cash back, giving businesses liquidity when needed.
- Gift Cards: Points can be redeemed for gift cards from a variety of retailers.
- Transfers to Travel Partners: Cardholders can transfer points to numerous airline and hotel loyalty programs, often at a 1:1 ratio, which can be highly valuable for frequent travelers.
4. Travel Benefits
Traveling for business can be costly, but the Ink Business Preferred® Credit Card helps mitigate those expenses with several travel benefits:
- Travel Insurance: The card includes travel accident insurance, trip cancellation insurance, and baggage delay insurance, providing peace of mind for business travelers.
- No Foreign Transaction Fees: This is a significant advantage for businesses that operate internationally or require travel abroad.
5. Purchase Protections
The Ink Business Preferred® Credit Card offers various purchase protections, including:
- Purchase Protection: New purchases are protected against damage or theft for a specific period after the purchase date.
- Extended Warranty Protection: If you purchase an item that has a manufacturer’s warranty, this card may extend that warranty, adding additional security.
6. Employee Cards
Business owners can obtain additional employee cards at no extra cost. These cards help manage expenses while allowing business owners to earn rewards on employee purchases. Each employee’s spending contributes to the overall points accumulation, making it easier to reach rewards goals.
7. Annual Fee
While the Ink Business Preferred® Credit Card does come with an annual fee, many users find that the rewards and benefits easily offset this cost. The fee is competitive for a card with such a robust rewards structure and benefits tailored for business use.
How to Apply for the Ink Business Preferred® Credit Card
Applying for the Ink Business Preferred® Credit Card is a straightforward process. Here are the steps to guide you through:
Step 1: Assess Your Eligibility
Before applying, ensure you meet the basic eligibility criteria:
- Business Type: You should be a business owner or self-employed individual. The card is designed for small to medium-sized businesses.
- Credit Score: A good to excellent credit score (typically 700 or higher) is advisable for the best chances of approval.
Step 2: Gather Required Information
When applying, you will need to provide several details, including:
- Business Information: Legal business name, address, and type of business (LLC, corporation, etc.).
- Personal Information: Your name, address, Social Security number, and income details.
- Business Revenue: Estimate your annual revenue and other financial details that may be requested.
Step 3: Complete the Application
You can apply online through the Chase website or visit a local Chase branch. The online application is user-friendly and takes about 10-15 minutes to complete.
- Online Application: Navigate to the Ink Business Preferred® Credit Card page on the Chase website, click “Apply Now,” and follow the prompts to enter your information.
- In-Person Application: If you prefer face-to-face assistance, visiting a branch can provide the benefit of speaking with a representative who can guide you through the process.
Step 4: Review and Submit
Once you’ve entered all necessary information, review it for accuracy before submitting your application. This step can help avoid any potential issues that may arise from incorrect information.
Step 5: Await Approval
After submitting your application, you will typically receive an immediate decision. However, some applications may require additional review, which can take a few days. If approved, you will receive your card in the mail within 7-10 business days.
Conclusion
The Ink Business Preferred® Credit Card is an excellent option for small business owners looking to earn rewards on their spending. With its generous sign-up bonus, robust rewards structure, and valuable benefits tailored to the needs of businesses, it stands out as a premier business credit card. The application process is straightforward, making it accessible for entrepreneurs ready to take their business expenses to the next level. Whether you’re a frequent traveler or looking to maximize your business purchases, the Ink Business Preferred® Credit Card can provide significant advantages that enhance your overall financial strategy.