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Update: This offer for The Business Platinum® Card from American Express OPEN is expired. Learn more about the best available offer here.
A few weeks ago Chase introduced the Ink Business Preferred℠ Credit Card, which is their hot new business card. The card comes with a huge sign-up bonus of 80,000 Ultimate Rewards points after spending $5,000 on purchases within the first three months of account opening. I value Ultimate Rewards points at ~1.7 cents each, so to me those 80,000 points are worth ~$1,360.
Not only does this card offer a huge sign-up bonus, but it also has a great points rewards structure that will help many businesses maximize their points. Specifically, you can earn triple points for the first $150,000 of combined spend annually in the following categories:
- Shipping purchases
- Internet, cable and phone services
- Advertising purchases made with social media sites and search engines
As I previously wrote about, the card also offers some great protection benefits, like primarily collision damage waiver coverage on car rentals, trip cancelation and interruption protection, purchase protection, an extended warranty, and perhaps best of all, an amazing cell phone protection plan. That benefit is specifically worth pointing out, since I suspect we’ve all at one point or another broken a phone and kicked ourselves over it. That perk works as follows:
Get up to $600 per claim in cell phone protection against covered theft or damage for you and your employees listed on your monthly cell phone bill when you pay it with your Chase Ink Business Preferred credit card. Maximum of 3 claims in a 12 month period with a $100 deductible per claim.
With that in mind, I figured I’d talk a bit about who is eligible for the new Ink Business Preferred Card.
Are you eligible for the Ink Preferred if you have the Ink Plus or Ink Bold?
The great thing about the Ink Preferred is that it’s considered a new product, so you’re eligible for the sign-up bonus on it even if you already have the Ink Plus or Ink Cash cards. That’s a great way to pick up 80,000 bonus points on a card that offers a great return. So as long as you’re eligible to apply for business cards you should be able to get approved for this card.
Can you product change to the Ink Preferred?
As of now, Chase doesn’t seem to be allowing product changes to the Ink Preferred.
Many times credit card issuers will allow you to product change to another version of a card if you’ve had your current card for a year (for example, it’s quite easy to upgrade from The Business Gold Rewards Card from American Express OPEN to The Business Platinum® Card from American Express OPEN, though I’d rather apply for both cards individually).
As of now, Chase doesn’t seem to be allowing product changes from the Ink Cash or Ink Plus to the Ink Preferred.
I just called to verify firsthand, and the associate explained that it wasn’t possible, but that I could apply for the card with the 80,000 point bonus instead.
So unfortunately if you have an existing card you won’t be able to product change, but the good news is that if you do sign-up for the Ink Business Preferred Card you’ll get a big 80,000 point sign-up bonus.
Does Chase’s 5/24 rule apply for the Ink Preferred?
Chase has an unofficial rule where they won’t approve people for cards if they’ve opened more than five new card accounts in the past 24 months. That rule doesn’t apply to some Chase cards, like the IHG® Rewards Club Select Credit Card and The Ritz-Carlton Rewards® Credit Card.
Unfortunately the Chase 5/24 rule does seem to apply to the Ink Preferred Card, so you’ll only want to apply for it if you haven’t opened more than five new card accounts in the past 24 months. If you are in that situation, it’s all the more reason to get this card first, so you’ll be eligible for that bonus.
The new Ink Business Preferred Card offers a fantastic sign-up bonus of 80,000 points, and all kinds of benefits that make the card a keeper, including a great points earning structure and purchase protection. As of now Chase isn’t allowing product changes to the card, so the only way to acquire it is to outright apply and be approved for it. Assuming you haven’t opened more than five card accounts in the past 24 months, I’d seriously consider applying for this card.