The Ink Business Preferred® Credit Card is one of the best business credit cards for travel rewards.
It currently offers a welcome bonus of 120,000 points after you spend $8,000 on purchases in the first three months of account opening. According to TPG’s August 2024 ratings, the bonus offer is worth $2,460.
Before you complete and submit an application, here’s how to determine if you’re eligible to apply for Ink Business Preferred and receive the welcome bonus.
Ink Business Preferred Card Details
As a reminder, here are the current offer details and a summary of the card’s key benefits:
Current welcome offer
The Ink Business Preferred card allows new cardholders to earn 120,000 bonus points when they spend $8,000 on purchases in the first three months of account opening.
annual fee
95$
Earnings rates
With Ink Business Preferred you collect points at the following rates:
- 3 points per dollar for travel, mail order purchases, internet, cable and phone services
- 3 points per dollar for advertising purchases through social media sites and search engines
- 1 point per dollar for other purchases
Cardholders only earn 3 points per dollar on the first $150,000 spent annually on total purchases, then earn 1 point per dollar thereafter.
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Main benefits
- Phone protection: Get up to $600 per claim for cell phone damage or theft. This is limited to three claims in 12 months and you must pay a $100 deductible per claim.
- Purchase protection: Eligible items damaged or stolen within the first 120 days of purchase are covered up to $10,000 per claim ($50,000 per account).
- Travel cancellation/trip interruption insurance: Eligible for up to $5,000 in coverage per person for prepaid, non-refundable travel expenses.
- Reimbursement in case of travel delay: If a covered trip is delayed for 12 or more hours due to a covered peril, you may be entitled to reimbursement of reasonable expenses up to $500 per ticket.
- Primary insurance coverage for rental cars: You are covered against theft and damage in the United States and most countries around the world. Note that theft does not trigger liability protection, but you are covered up to the actual cash value of the vehicle you rent.
- Extended warranty protection: Purchases with a U.S. manufacturer’s warranty of three years or less are covered for an additional year.
Who can apply for Ink Business Preferred?
To be eligible for Ink Business Preferred, you must have a business, which can be a limited liability company, S-corporation, or partnership; freelancers and sole proprietors are also eligible. In some cases, Chase may require you to provide documentation as proof of your business, as was the case with my application.
It’s easier for people with LLCs or other business structures. However, it can be more difficult for freelancers or sole proprietors. You could provide your 1099 tax forms; in my case, I provided my “doing business as” registration that I received from my county clerk’s office.
Related: Who is eligible for a business credit card?
Unlike Chase’s personal Sapphire cards, the Ink Business Preferred has no restrictions on who is eligible for the welcome bonus. You can also have multiple Chase Ink Business cards, such as the Ink Business Cash® Credit Card or the Ink Business Unlimited® Credit Card, and still be eligible for the Ink Business Preferred and its welcome bonus.
Data points also show that cardholders can own multiple Ink Business Preferred cards. For example, some cardholders have one Ink Business Preferred for their LLC, which they applied for with an employer identification number, and another Ink Business Preferred for their freelance work, which they applied for with their social security number.
Related: How to get a business credit card with just an EIN
Chase’s 5/24 Rule
Before you apply for the Ink Business Preferred Card, consider Chase’s infamous 5/24 rule.
Even if you meet the requirements regarding business ownership and proof of business and good credit, your application may be rejected if you have too many credit cards.
If you have opened five or more new credit card accounts (including authorized user accounts and some business accounts) with any issuer in the past two years, Chase will likely reject your application.
Before applying, look at your cards and even your credit report to make sure you fall under the 5/24 rule before you get rejected; the hard inquiry stays on your credit report for two years.
Related: Chase’s 5/24 Rule: Everything You Need to Know
Bottom line
The Ink Business Preferred is a fantastic travel rewards credit card for business owners, so eligible individuals should consider applying. The card is open to a wide range of business owners, including freelancers and sole proprietors.
Have all your documentation ready in case Chase asks for proof. The card’s earning categories, low annual fee, and ability to earn transferable Ultimate Rewards points make this product an excellent choice for businesses.
To learn more about the card, read our full Ink Business Preferred review.
Apply here: Ink Business Preferred
