Credit Card Review: Chase Ink Business Preferred

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Welcome to another post in the credit card review series. Each time I open a new credit card this year, I’m posting a quick review on this blog to share my experiences.

I recently signed up for the Chase Ink Business Preferred credit card, on the advice of a good friend. I was happy to give him the sign up bonus to get this card. This is a new card from Chase, so even if you’ve done the Ink Bold and Ink Plus in the past, as both I and my wife had.

Here are the key details:

  • Sign up bonus: 80,000 Ultimate Rewards points after spending $5,000 in 3 months
  • Annual Fee: $95, NOT waived in first year
  • Other benefits: 3x points on travel, shipping purchases, internet, cable and phone, advertising purchases made with social media sites and search engines

My experiences with the Chase Ink Business Preferred

I applied and immediately received approval online. I received the card about 7 business days after approval. After receiving the card, I hit the spending limit with a combination of charitable giving and paying down the ridiculous medical bills we incurred (details here in case you missed them).

The very first statement included the $95 annual fee. I hit the annual spend in the first month, and Chase’s website showed me right away that I would be getting the 80k points when the next statement hit. As soon as I received the next statement, I had the 80k bonus points.

Because I’m in a stage of life where travel is just not a priority (3 kids under 6), I decided to use the points to get cash back. Chase makes it easy to get your cash back either as a statement credit (what I chose) or a deposit to your bank account. For the statement credit, it took about two days to hit.

The other fun thing I did with this card was use it to buy a couple of things that I’ve been thinking about for a while but just didn’t want to spend my “real” money on. This is totally ridiculous and something I usually make fun of, but for me it’s good once in a while to have some “off book” fun money that I spend without tracking. My big purchase was an awesome pool basketball hoop that I’d been eyeing for the last year. It’s been pretty great so far. And yes, it’s silly expensive. The rational Tom would say this is income like any other income and the pool basketball hoop was an expense, but the occasional rebel Tom treated both the income and expense as off book, which is a fun little hack for me every once in a while.

Bottom line, this is a great card. Even at the lowest redemption option (which I did), you can net $755 after spending $5k. If you use it for travel on Chase’s website, that goes up to $943.75. And if you transfer the rewards to one of Chase’s partners, you can earn even more. Also, Chase points are typically considered the most flexible points – there are all kinds of other uses, including using the points to extend the expiration deadline on your airline miles.

I’d definitely recommend this card as a Chase offer to pursue (just remember you have to be under 5/24!). You can help me out by applying for this card using my referral link. You’ll get the same great reward and I’ll get an additional bonus too.

Tom’s credit card earnings history

  • 2017 to date: $1,405 ($755 Chase Ink Business Preferred Tom, $650 Amazon Business Gold wife)
  • 2016 total: $2,306.69 cash (didn’t track gift cards, etc)
  • 2015 total: $1,329.14 cash (didn’t track gift cards, etc)

Common excuses debunked

Won’t this mess up my credit score? No. I’ve opened 5-10 cards between me and my wife each year for the past 5-6 years and our scores have always stayed around 770 – 810. There are no benefits for having a score > 740 that I’ve seen. 740 is the lender cut off for the best mortgage interest rates.

More to come.

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