15 Valuable Benefits of the Chase Ink Business Preferred℠ Credit Card [$2,500+ in Value]

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The Ink Business Preferred℠ Credit Card has long been a favorite business credit card here at Upgraded Points. It has some of the best points-earning rates of all business credit cards, and since it earns Ultimate Rewards points, you have flexibility in how you redeem your points for travel.

Further, the card has other interesting benefits, too, like free cell phone insurance, extended warranty on purchases, and even trip delay protection.

But while all of these benefits sound great on paper, how much are they really worth? And more importantly, how do they stack up to the card’s $95 annual fee?

If you’re asking yourself these questions, you’re in the right place, because here we’ll discuss all of the Ink Business Preferred’s benefits and assign them a cash value, giving you a look at exactly how much value you’ll get from the card.

Note that the values assigned here are based on moderate travel and moderate business spend for 1 employee. If you travel frequently or have more employees added to your Ink Business Preferred account, you can easily reap more value than what we’ve outlined here.

We’ll start out by taking a look at the card’s travel benefits and then move into purchase protections and other card benefits.

Let’s get started.

Ink Business Preferred Points And Travel Benefits

Ink Business Preferred Business Credit Card
The Ink Business Preferred has a number of travel and points-earning benefits. Image Credit: Chase

As discussed earlier, the Ink Business Preferred has a slew of travel and points-earning benefits. Here’s an outline of exactly how much these benefits are worth when you’re making business purchases and traveling for work.

3x Earning on Popular Business Purchases [$400]

One of the main draws to the Ink Business Preferred is its 3x points earning categories. When you use your Ink Business Preferred for business purchases, you’ll earn 3 points per dollar spent your first $150,000 in purchases (then 1x) in the following 4 categories:

  • Travel — this broad category covers everything from plane tickets to train passes to Uber rides. Just note that this category doesn’t cover gasoline purchases, gift cards, or purchases of travel points and miles.
  • Shipping purchases you’ll earn bonus points whenever you pay for shipping from DHL, USPS, FedEx, and other carriers. However, it doesn’t include shipping from third-parties like Staples or Walgreens.
  • Internet, cable and phone services — this covers your phone and internet bill, but not hardware purchases.
  • Advertising purchases with social media sites and search engines think Facebook, Google, Instagram, and Bing ads.

Earning 3 points per dollar in these categories can make for some serious bonus points earning, especially if you can max out the $150,000 cap for 450,000 Ultimate Rewards points. However, make sure to examine your business’ spending habits to ensure that you can take advantage of these categories. If not, you may be better off with another variant of the Chase Ink card or another business credit card.

We’ll value this benefit at $400 for the purpose of this article. We value Chase Ultimate Rewards points at 1.95 cents per point, so if you agree with our valuations, you’d have to spend just $6,850 in the card’s 3x categories (for 20,550 points) to get this value. But depending on how much you spend, this benefit could be worth up to $8,775 if you’re able to max out the $150,000 spend cap.

Note that all purchases not included in these categories earn 1 point per dollar on all purchases. This also applies to purchases made within the 3x categories after you’ve reached the $150,000 limit.

25% More Value When Redeeming for Paid Travel [$100]

The Ink Business Preferred can redeem points through the Chase Travel Portal at 1.25 cents per point. This is 25% more value than the Ink Business Cash℠ Credit Card and Ink Business Unlimited℠ Credit Card, so you’ll be able to redeem fewer points for more travel.

Hot Tip: Tickets booked through the Chase Travel Portal are considered paid tickets, so you can earn redeemable and elite qualifying miles on tickets you’ve booked through the portal. Just add your frequent flyer number and points will automatically be credited to your frequent flyer account after flying.

For example, if you book an $80 one-way flight from San Francisco (SFO) to Los Angeles (LAX) through the Chase Travel Portal, you’d pay just 6,400 Ultimate Rewards points. This is far cheaper than redeeming British Airways Avios for an American Airlines ticket on the same route, so make sure to always compare the Chase Travel Portal with transfer partners (more on that soon!).

We value this benefit at $100. This is because you’ll generally get more value by redeeming points through one of Chase’s many transfer partners like United Airlines or Virgin Atlantic. Don’t worry – we’ll take a look at where you can transfer your Ultimate Rewards points in the next section.

Ability to Transfer Points to Airline Partners [$300]

Qatar Airways Airbus A350 Business Class - Middle Seats
Transfer your Ultimate Rewards points to Chase’s various travel partners and you can fly business class on the cheap. Image Credit: Greg Stone

Unlike other Chase Ink cards, you can transfer Ultimate Rewards points earned with your Ink Business Preferred to Chase’s numerous transfer partners out of the box. The extensive list of transfer partners includes airlines across all 3 major alliances as well as 3 major hotel loyalty programs, so you’ll have ultimate flexibility in how you use your points to travel.

See Chase’s list of transfer partners below:

Chase Airline Transfer PartnerMin TransferTransfer Ratio
(Chase > Airline)
Transfer Time
Aer Lingus AerClub1,0001:1Almost Instant
British Airways Executive Club1,0001:1Almost Instant
Flying Blue AIR FRANCE KLM
1,0001:11 hour
Emirates Skywards1,0001:1New, pending reports
Iberia Plus1,0001:1Almost Instant
JetBlue1,0001:1Almost Instant
Singapore Airlines KrisFlyer
1,0001:11-2 days
Southwest Airlines Rapid Rewards1,0001:1Almost Instant
United Airlines MileagePlus1,0001:1Almost Instant
Virgin Atlantic Flying Club1,0001:1Almost Instant
Chase Hotel Transfer PartnerMin TransferTransfer RatioTransfer Time
World of Hyatt
1,0001:1Almost Instant
IHG Rewards Club1,0001:11 day
Marriott Rewards1,0001:12 days

Taking advantage of these transfer partners will generally yield much better value than booking through the Chase Travel Portal. This is because you can take advantage of each transfer partner’s redemption “sweet spots,” letting you book everything from lie-flat business class seats to Asia to round-trip economy tickets to Europe to Hyatt hotel suites for fewer points.

For example, one of our favorite Ultimate Rewards redemptions is transferring 120,000 Ultimate Rewards points to Virgin Atlantic to book a round-trip ANA first-class ticket from the Midwest or East Coast U.S. to Tokyo. Booking a paid ticket from New York (JFK) to Tokyo (NRT) in ANA first-class usually costs around $21,000 round-trip, giving you a value of 17.5 cents per point!

We value the Ink Business Preferred’s ability to transfer Ultimate Rewards points to Chase’s travel partners at $300. This is a conservative valuation, though, and you’ll get more value from the feature if you book high-end award tickets like the ANA example outlined above.

Combine Points From Ink Business Unlimited and Cash [$150]

Have an Ink Business Unlimited or Ink Business Cash? You can turn cash-back earned with those cards into Ultimate Rewards points with your Ink Business Preferred.

You can turn cash-back earned by other Ink cards into Ultimate Rewards points with your Ink Business Preferred. Image Credit: Chase

To do this, just log into the Ultimate Rewards portal and select the Combine Points option. From this screen, you can transfer cash to Ultimate Rewards points at a rate of 1 cent to 1 Ultimate Reward point, meaning that $100 turns into 10,000 Ultimate Rewards points.

By our valuations, you’re nearly doubling the value of your cash-back when you transfer it to Ultimate Rewards points and redeem for travel.

Further, the Ink Business Unlimited and Ink Business Cash have different points-earning rates than the Ink Business Preferred. For example, the Ink Business Cash has a selection of 5% cash-back categories that differ from the Ink Business Preferred, so you can earn even more Ultimate Rewards points by allocating your spend to the right Ink cards and transferring cash-back to the Ink Business Preferred.

With this in mind, if you hold an Ink Business Unlimited or an Ink Business Cash, we value this perk conservatively at $150. Allocating your spend to the right Ink cards means you can earn even more Ultimate Rewards points, getting you closer to your next big redemption. However, if you don’t hold 1 of these cards, you can disregard this benefit and its valuation.

Trip Interruption and Cancellation Insurance [$100]

When you book travel with your Ink Business Preferred, you’re automatically eligible to take advantage of a number of trip interruption and cancellation protections.

This insurance will reimburse you for prepaid, non-refundable travel expenses if you become ill before a trip, your carrier files for insolvency, or are subject to a number of other eligible circumstances. This can give you extra peace of mind when traveling — especially when you consider how many air carriers have filed for bankruptcy in 2019 alone.

The Ink Business Preferred reimburses up to $5,000 in these expenses annually. So if you book a $1,000 plane ticket and the carrier then files for bankruptcy, you’ll be reimbursed the full amount if your ticket is canceled. Likewise, you’re eligible for reimbursement if you get sick before a trip and need to cancel airfare, prepaid lodging, etc.

We value this benefit modestly at $100. You’re unlikely to ever have to use it, but if you do, it can quickly become worth thousands of dollars depending on the type of travel you’ve booked.

Trip Delay Insurance [$200]

Man Sitting With Suitcase At The Airport
Your Ink Business Preferred will reimburse you for up to $500 in expenses when your flight is delayed 12+ hours. Image Credit: Jeshoots

Flight tickets booked with your Ink Business Preferred are also covered against long delays and unplanned overnight stays. If your flight is delayed by 12+ hours or requires you to stay overnight and fly out the following morning, you can be reimbursed for up to $500 in reasonable expenses. This includes lodging, meals, transportation to your hotel, and other necessary expenses.

To take advantage of this benefit, you’ll need proof from the airline that your flight was delayed for 12+ hours. Then, call the number on the back of your card and speak to a claims specialist to start the claim process. Make sure to keep original receipts for all of your expenses as you’ll need to submit them for reimbursement.

We value this benefit at $200 for moderate travelers, however, those that travel often will likely get much more value. Just remember to book all of your business flights with your Ink Business Preferred so that you can take advantage of this benefit.

Baggage Insurance [$100]

Nothing’s worse than a lost bag, but Chase will help soften the blow by covering the value of the contents of your lost bag. Tickets booked with your Ink Business Preferred are eligible for up to $3,000 in reimbursements, with $500 allocated towards jewelry, cameras, and other electronics.

We value this benefit at $100 as most people are unlikely to check a bag with thousands of dollars in valuables in it. However, the benefit can come in handy for covering expensive lost luggage, clothing, and other valuables.

Baggage Delay Protection [$100]

Further, Chase also protects you against baggage delays — in other words, when you make it to your destination before your checked bag does. In this case, Chase will reimburse you for toiletries, clothing, and a cell phone charger when your bag is delayed for more than 6 hours.

You must book your plane tickets with your Ink Business Preferred to be eligible for this benefit. Further, you can claim up to $100 in reimbursements per day for up to 5 days of delays.

We value this benefit at $100, but frequent travelers that check their bags often may be able to get more value. As a general rule of thumb, though, don’t put something you can’t live without in your checked bag when traveling.

Travel Accident Insurance [$100]

The Ink Business Preferred also includes travel accident insurance for travel booked with your card. This insurance pays out if you or an immediate family become severely injured during your travels. This includes things like dismemberment, loss of sight, hearing, or speech, or death due to a covered accident on a common carrier during your travels.

The Ink Business Preferred includes 2 forms of travel accident insurance:

  • Common Carrier Travel Accident Benefit [$500,000] — this protection covers you while you are a passenger on any common carrier (think airline, cruise ship, etc.) or at the airport or another transit facility immediately before or after your trip.
  • 24-Hour Travel Accident Benefit [$100,000] — you’re covered as soon as you begin your trip, during your trip, and until you return for the injuries covered above.

Note that not all of the injuries listed will pay out the full amount of the benefit. Some injuries — for example, losing a thumb and index finger on the same hand — will only pay out a portion of the total benefit. Refer to your benefits guide for more info.

We value this benefit at $100 as you’re unlikely to ever have to use it. However, the benefit can provide peace of mind when traveling, especially during adventure travel and on other trips where you’re more susceptible to injury.

Rental Car Collision Damage Waiver [$150]

Black Range Rover In A Forest
All car rentals booked with your Ink Business Preferred include complimentary collision insurance. Image Credit: Michael Heuser/Unsplash

Rental cars booked with your Ink Business Preferred are automatically given primary collision insurance.

This included insurance covers damage to the vehicle and theft of the vehicle. You’re insured up to the actual cash value of the car in these circumstances, and since the insurance is primary, you don’t need to contact your own auto insurance if you incur damage to the vehicle.

There are a couple of things to be aware of with this insurance, though.

The first is that the included insurance does not cover liability, meaning that you’ll need to either claim on your own auto insurance or insurance purchased from the rental car company. Further, you must waive the damage waiver offered by your rental car company in order to take advantage of Chase’s rental car insurance.

Additionally, only cars rented for business receive primary collision insurance. If you rent a car for pleasure using your Ink Business Preferred, you’ll only receive secondary coverage, meaning that Chase’s policy will only cover whatever your personal car insurance doesn’t cover. Consider a personal credit card that offers primary collision insurance if you often rent cars while traveling for fun.

We value this benefit at $150 due to the fact that it only covers business rentals. However, if you end up in a wreck or with a stolen rental car on a business trip, you’ll undoubtedly get a ton of value from this benefit. Further, if you often purchase the damage/collision waiver from your rental company, this can save you money right off the bat.

No Foreign Transaction Fees [$100]

If you often travel abroad for work or pay invoices in foreign currencies, you’ll be happy to know that the Ink Business Preferred does not charge foreign transaction fees. Many business credit cards charge up to a 3% fee per foreign transaction, turning a $1,000 charge into a $1,030 charge with no benefit to you. So depending on how often you make payments in another currency, this can save you some serious money.

We value this benefit conservatively at $100, but you can easily get more value if you make frequent business purchases abroad.

A Hefty Welcome Bonus [$1,000+]

When you first receive an Ink Business Preferred card, you’ll likely be eligible for a welcome bonus. In short, this is when you spend a set amount of money on your new card in a given amount of time from when you first opened your account. Once you meet this spending threshold, you’ll receive a lump-sum of bonus points in your Ultimate Rewards account.

Check out the card’s current welcome bonus below:

The welcome bonus for this card is usually in the 50,000 to 80,000 point range, meaning that you can get up to $1,560 in value (based on our Ultimate Rewards valuation) from the card from the welcome bonus alone. For the purposes of this article though, we’ll value the welcome bonus at $1,000+ as it’s subject to change.

Ink Business Preferred Purchase Benefits

From smartphones to laptops to office supplies, you probably buy a lot of stuff for your business. And while earning points on these purchases is one thing, it’s essential that your credit card protects these things from damage and loss.

Thankfully, the Ink Business Preferred does this, so we’ll run through all of its purchase protection benefits below.

Cell Phone Theft and Damage Protection [$300]

iPhone 11 Pro in Retail Packaging On A Desk
Paying your cell phone bill with your Ink Business Preferred gives you complimentary cell phone insurance. Image Credit: Andy Feliciotti/Unsplash

One unique benefit offered by the Ink Business Preferred cardholders is complimentary cell phone insurance. When you charge your and your employees’ cell phone bills to your card, you’ll receive compensation if you break or damage your cell phone or if it’s stolen.

While lost cell phones are not covered, “involuntary and accidental parting” of a cell phone is. This means that while simply losing your cell phone isn’t covered by insurance, having a wave sweep your cell phone into the ocean during a beach vacation might be covered.

Chase will cover you up to $600 per claim, but you’re responsible for a $100 deductible, so your net payout is at most $500. You can make up to 3 claims per 12 month period, giving you up to $1,500 in benefit if you’re prone to breaking cell phones.

Hot Tip: Secondhand and pre-owned cell phones are not included with this benefit, so make sure to purchase a new cell phone if you want to be protected by Chase’s cell phone insurance.

If your phone costs more than $600, you’ll simply be paid the full $500 and be responsible for the rest of the cost of replacing a phone if your phone is stolen. Thankfully though, screen replacements and other common repairs are generally less than $500 for even the most expensive modern smartphones.

We value this benefit at $300 as most phone screen replacements cost between $300-$400, and you’re subject to a $100 deductible. This means that using this benefit just once will more than cover your $95 annual fee.

Purchase Protection on Nearly All Purchases [$200]

Purchase protection isn’t limited to cell phones, though. All purchases made with your Ink Business Preferred — with some exceptions — are eligible for purchase protections for your first few months of ownership.

If something you purchase with your Ink Business Preferred is damaged or stolen within 120 days of purchase, you may be eligible for reimbursement with the purchase protection benefit. Note that each claim has a $10,000 maximum, and you are allowed to claim up to $50,000 with this benefit per calendar year.

Purchase protection can come in handy if you lose a laptop while traveling, have property stolen from your office, or a number of other unfortunate circumstances. With that in mind, we value this benefit (and the peace of mind it provides) at $200.

Extended Warranty Protection [$200]

Finally, Chase will give you a complimentary extended warranty on all purchases you make with your Ink Business Preferred card. This benefit adds 1 year of coverage to products that have a manufacturer’s warranty of 3 years or less at no charge.

This benefit covers up to $10,000 per warranty claim with up to $50,000 in claims per account. Just note that your Ink Business Preferred card must be open and in good standing in order to claim this benefit.

This benefit can save you some serious money, especially if you need to fix things like computer equipment and cameras. So with that in mind, we value this benefit at $200.

Final Thoughts

The Chase Ink Preferred is one of the most valuable business credit cards on the market. Its slew of travel and purchase protections can save you lots of money when making work purchases and ensures that you won’t be liable for trip delays and other travel mishaps.

On top of this, its large welcome bonus, stellar points-earning categories, and ability to transfer points to travel partners mean that you can subsidize work travel (or take your dream vacation!) by simply making everyday business purchases with your Ink Business Preferred.

We value the card’s suite of benefits at $2,500 when not including the welcome bonus. This more than offsets the Ink Business Preferred’s $95 annual fee, making it one of the best credit card deals for business owners.


FAQ

Can sole proprietors apply for an Ink Business Preferred?

Yes, sole proprietors and freelancers are eligible to apply for the Ink Business Preferred.

Can you have more than 1 Ultimate Rewards credit card?

Yes! Having multiple Ultimate Rewards credit cards that have different earning categories can actually help you earn points more quickly than if you had just 1 card.

Is the Ink Business Preferred worth the $95 annual fee?

Yes! As outlined in the article, the Ink Business Preferred’s benefits more than make up for the card’s modest $95 annual fee. We value the card’s benefits at $2,500.

What's the best card for a small business?

The best business credit card is the one that best matches your business’ spending habits and offers the benefits that your business needs the most.

The Ink Business Preferred is great for businesses that spend lots of money on social media ads, travel, and shipping as it earns 3 points per dollar on those purchases.

However, if your business spends lots of money at office supply stores, it may be a better match for the Ink Business Cash that offers 5% back at office supply stores like Staples and OfficeMax.

We recommend estimating your business’ annual expenses in each purchase category and selecting a business credit card that rewards those categories.

Andrew Kunesh

About Andrew Kunesh

Andrew was born and raised in the Chicago suburbs and now splits his time between Chicago and New York City. He’s a lifelong traveler and took his first solo trip to San Francisco at the age of 16. Fast forward a few years, and Andrew now travels just over 100,000 miles a year, with over 25 countries, 10 business class products, and 2 airline statuses (United and Alaska) under his belt.

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