The sign up bonus on the Chase Ink Preferred is worth up to $1,600. For a $95 annual fee, this was reason enough for us to sign up for this business card. But, there are other reasons you should consider it. Here’s our Chase Ink Preferred review.
Sign Up Bonus (Grade: A++)
Earn 80,000 Chase Ultimate Rewards after spending $5,000 in the first three months. That’s not a small amount of money to spend, and the $95 annual fee isn’t waived the first year. But, it’s worth up to $1,600, so it’s a small price to pay for a small fortune (in points).
|Sign Up Bonus||80,000 Chase Ultimate Rewards|
|Value Per Point||2 cents|
|Value of Sign Up Bonus||$1,600|
Daily Spending (Grade: B+)
You’ll earn 3x Chase Ultimate Rewards on purchases of: “travel, shipping purchases, Internet, cable and phone services, and on advertising purchases made with social media sites and search engines.” You earn 1x Chase Ultimate Rewards on all purchases. As you can tell, the card’s earning structure is clearly targeting small businesses.
If you have more of a “side hustle” business (like us), these might not be particularly helpful for you. If your small business is your full time job, these category bonuses could be quite valuable.
|Category||Points Per Dollar|
|Travel, Shipping, Internet, Cable and Phone, and Online Advertising||3X|
Additional Perks (Grade: B)
No Foreign Transaction Fees – Helpful for that trip to Disneyland Paris or Tokyo Disneyland.
Insurance – 1) You get primary rental car insurance when you’re renting for business purposes. 2) You get cell phone protection, up to $600 three times a year with a $100 deductible. 3) It also comes with purchase protection for the first 120 days against both damage and theft. This covers up to $10,000. 4) You also get trip cancellation insurance if you get sick, there’s severe weather, or another covered situation.
Redeeming Points (Grade: A)
All of the Chase Ultimate Rewards cards with an annual fee shine comes it comes to redeeming points.
Cash – You can redeem your points for cash at one cent per point. This is the least valuable way to redeem points, but if you’re in a pinch and need a bit of cash it’s nice to know you have this option.
Travel – When you book travel through Chase using points, you get a redemption rate of 1.25 cents per point. It’s not the most lucrative way to use your points, but it can be especially worthwhile for a Disney Vacation Package. Here’s a post about how to do that.
Transfer – The most lucrative option is transferring Chase Ultimate Rewards to one or more of their travel partners. The most popular of these include United, Hyatt, Southwest Airlines, and British Airways. Hyatt is probably the most valuable transfer partner at an average value of 2 cents per point, but having many great options helps you maximize the value because it allows you to choose between several great options.
Overall Grade: A-
Even a “side hustle” small business will qualify for a card like this. And, with a sign up bonus worth up to $1,600 using a Chase Ultimate Rewards Strategy, this card is a no-brainer in our opinion for the first year. Whether it’s worth keeping or not depends on whether you have a small business that will get great value out of the ongoing bonus categories or not. For our side hobby business, we’ll probably cancel it before the next annual fee comes due.
If you think this card is right for you, apply here.