Chase has freshened up their line-up of small business credit cards. The Ink Business Preferred Card is offering a 80,000 point bonus after you spend $5,000 on purchases in the first 3 months after account opening. This flavor is their “premium travel card” with 3X points on travel purchases and the ability to redeem points at a 25% premium through their travel portal. This feature makes 80,000 points worth $1,000 towards travel when redeemed through Chase Ultimate Rewards. Here are the details:
- 80,000 bonus points after you spend $5,000 on purchases in the first 3 months from account opening.
- Points are worth 25% more when you redeem for travel through Chase Ultimate Rewards.
- 3X points per $1 on the first $150,000 spent on travel, shipping purchases, internet/cable/phone services, and advertising purchases with social media sites and search engines.
- 1 point per $1 on all other purchases with no limit.
- No foreign transaction fees.
- Employee cards at no additional cost.
- Primary rental car coverage when renting for business purposes.
- $95 annual fee.
Ultimate Rewards points. This card offers a 25% bonus on travel redemptions made through the Ultimate Rewards travel website. 80,000 Ultimate Rewards = $1,000 in travel. Similar to Expedia or Travelocity, you can book flights on most major airlines and hotel chains. This makes it much more flexible to spend your points. You can even buy something more expensive and pay the difference.
If you have other Chase cards that earn Ultimate Rewards points like the Ink Business Cash or Ink Business Unlimited, you can transfer points into this card account and take advantage of the 25% premium. However, if you happen to have the Chase Sapphire Reserve, you could transfer your points out to grab the better 50% premium.
You could think of this card as the small business version of the Chase Sapphire Preferred card.
Prefer airline and/or hotel points? This card also allows you to transfer Ultimate Rewards points into hotel and/or airline miles. Transfer to United Airlines, British Airways, Singapore Airlines, Korean Air, Southwest, Hyatt Hotels, IHG Hotels, and Marriott Hotels at a ratio of 1 Ultimate Rewards point = 1 mile/hotel point. Miles redemption continue to offer great value for savvy travelers, especially for last-minute travel and business class seats.
Many people aren’t aware of the fact that they can apply for business credit cards, even if they are not a corporation or LLC. The business type is called a sole proprietorship, and these days many people are full-time or part-time consultants, freelancers, eBay/Amazon/Etsy sellers, or other one-person business owners. This is the simplest business entity, but it is fully legit and recognized by the IRS. On a business credit card application, you should use your own legal name as the business name, and your Social Security Number as the Tax ID.
Note that Chase has an unofficial rule that they will automatically deny approval on new credit cards if you have 5 or more new credit cards from any issuer on your credit report within the past 2 years (aka the 5/24 rule). This rule is designed to discourage folks that apply for high numbers of sign-up bonuses. This rule applies on a per-person basis, so in our household one applies to Chase while the other applies at other card issuers.
Bottom line. This Chase small business card has a large sign-up bonus and premium travel features with a $95 annual fee. You can transfer Ultimate Rewards points from other Chase cards to increase your value. Be sure to compare with other Chase small business cards – Ink Business Unlimited and Ink Business Cash.
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