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One of the absolute best small business cards in the market today is the Chase Ink Business Preferred. I’m a cardholder myself, and it’s become a staple of my wallet providing great benefits, earn rates, and actually improves the value of the points I earn on other cards like my Chase Freedom and Ink Business Cash by allowing them to convert into fully transferrable Ultimate Rewards. Chase is currently offering an incredible welcome offer of 80k Ultimate Rewards after $5k spend, and if you don’t already have this card – you should definitely put it at the top of your list.
One of my favorite Ultimate Reward redemptions: using Singapore Airlines Krisflyer to fly EVA business class.
Chase Ink Business Preferred Benefits
1) 80k points welcome bonus after $5k spend in 3 months
2) 3x on first $150k spent on
Phone, Cable, Internet
Social Media/Search advertising
3) 1x on all other purchases
4) Cell Phone Insurance
5) No Foreign Transaction fees
6) Add additional employee cards
7) Redeem at 1.25c for travel with Chase Travel
8) $95 annual fee
But I don’t have a small business, Miles. You may, and not know it. Keep reading.
Chase is very friendly to entrepreneurs and small business owners. In fact, if you haven’t been in business for long, or you haven’t established yourself with an EIN, you can still apply as a Sole Proprietor ( fill in your SSN ). If you run a small side business (think bloggers, ebay sellers, tutors, consultants, etc) and want a card to segregate your business income from your personal income at tax time…this is a great opportunity to earn a load of points and help yourself out.
Personally, I have two businesses that I run, one has an EIN, and one doesn’t. I still need to keep all of their records separate, and so I have cards for each business.
Let’s walk through some of the benefits I find most valuable
1) Earning Transferrable Ultimate Rewards
First and foremost, the 80k point sign up bonus is amazing and puts you well on your way to some incredible redemptions. How? As I’d mentioned in the intro – this card is one of Chase’s premium cards – meaning it earns fully transferrable points. The ability to transfer into partner programs is the single best way to consistently get maximum value for your Ultimate Rewards
Chase Ultimate Reward Transfer Partners
- British Airways
- Virgin Atlantic
- Jet Blue
- Aer Lingus
- Air France
- Ritz Carlton
Business class starts at just 57.5k with United, 65k with Singapore Airlines from the US to Europe. Incredible value to fly flat and hit the ground running when you get to your final destination.
2) 3x points on Travel
Being in the travel business means it accounts of a large portion of my business expenses. Chase has a broad and generous definition of travel:
Airlines, hotels, motels, timeshares, car rental agencies, cruise lines, travel agencies, discount travel sites, campgrounds and operators of passenger trains, buses, taxis, limousines, ferries, toll bridges and highways, and parking lots and garages
I’m always surprised at the end of the month when I see how many different places I accumulated triple points simply by using this card.
3) Cell Phone Insurance
This is an outstanding benefit and typically not one of the main advertising points of this card, but saves me $10-15 every month. The Ink Business Preferred provides cell phone protection so long as you pay your bill with the card.
Yes, that’s right, you can switch your current bill over to the Ink Business Preferred, and you and your employees phones will be covered with following benefits:
- $600 of protection with a $100 deductible
- Claims 3 times per 12 months
- Lost phones are NOT covered
- Covered phones must be purchased new. Refurbished or resold phones are NOT included
- Only covers you and your employees listed on your monthly cell phone bill
4) Transfer your Freedom/Ink Cash, etc into Ultimate Rewards
One of the great things about having a premium Chase Ultimate Reward earning credit card, is it allows you to increase the value of points you may earn on other Chase products.
I wrote an entire article on building a Chase Trifecta/Quadfecta which maximizes this benefit and utilizes the incredible suite of Chase products to earn the most points per dollar on different cards, and then merge them into a single account to transfer into partners for maximum redemption.
Here are 5 of my favorite ways to use Chase Ultimate Rewards at high value
ANA First Class Via Virgin Atlantic
One of the sweetest of sweet spots is flying ANA First Class through a Virgin Atlantic redemption. In fact, you can do it roundtrip starting at 110k from the West Coast. That is an unreal value.
Lufthansa First Class via Singapore Airlines or United
It now costs 95k Singapore miles, which is quite steep, but Singapore miles are one of the easiest currencies to accrue as they partner with all 4 major flexible point programs ( SPG, Chase, Citi, and Chase). Additionally, Singapore has comparatively low change fees, meaning you can book into business class as a backup, and when Lufthansa releases space ( roughly 14 days ahead of departure) swoop in. Alternatively, if you see space avail, and are willing to fork out a few more miles, but avoid fees – you can redeem 110k United for the same award.
Singapore Suites via Singapore Airlines
For 76k Singapore miles you can fly from JFK to FRA or vice versa, and experience one of the most aspirational first class experiences in the sky, Singapore Suites. It’s truly incredible. You can read our review here
68k Roundtrip Business Class to Europe with Iberia Avios
One of the great spots on Iberia’s award chart is flying business class from Chicago/East Coast to Madrid on Iberia’s own lie-flat business class. I’m doing this in over New Year’s and will have a review posted soon after.
Transfer to Air France for sweet-spot biz redemptions 52k-67.5k
Air France offers a great reverse herringbone business class that you can find on their 772, 773s, some A330s, and eventually on their A380s. You’ll be hard pressed for find a better way to fly across the pond.