Is the Ink Business Preferred worth the annual fee?

Credit cards can be a valuable financial tool, offering perks, benefits, rewards, and protections to cardholders. However, many credit cards come with an annual fee, which can range from as low as $1 to as high as $1,000 or more. The Ink Business Preferred® Credit Card, for example, has a relatively low annual fee of $95. But is it worth it to pay this fee year after year? In this article, we will explore whether the annual fee for the Ink Business Preferred is justified by the perks and benefits it offers.

One of the most enticing features of the Ink Business Preferred is its generous welcome bonus. Currently, new applicants can earn 100,000 bonus Ultimate Rewards points after spending $8,000 on purchases within three months of account opening. This bonus is valued at $2,050 by The Points Guy, making it a lucrative incentive for new cardholders. While Chase values the bonus at $1,000 as cash back or $1,250 in travel when redeemed through the Chase travel portal, savvy cardholders can get even more value by transferring their points to Chase’s airline and hotel partners for award travel.

In addition to the welcome bonus, the Ink Business Preferred offers valuable perks such as cellphone protection. Cardholders who pay their monthly wireless bill with the card are eligible for coverage against theft or damage to their phones, up to $1,000 per claim with a $100 deductible. This benefit can provide peace of mind for business owners and their employees who rely on their phones for work.

The card also offers shopping protections, including purchase protection and extended warranty protection. These benefits cover new purchases against damage or theft for up to 120 days and add an additional year to manufacturers’ warranties of three years or less. While cardholders may not need to use these protections frequently, they can be valuable for expensive business purchases.

Travelers will appreciate the trip cancellation and interruption insurance, roadside dispatch, and auto rental collision damage waiver protections offered by the Ink Business Preferred. These benefits can provide financial protection and peace of mind when traveling for business or leisure. Cardholders can be reimbursed for pre-paid, non-refundable travel expenses if their trip is canceled or cut short due to covered situations, such as sickness or severe weather.

Furthermore, cardholders can earn 3 points per dollar on travel, shipping purchases, internet services, cable services, phone services, and advertising purchases with social media sites and search engines, up to $150,000 in purchases each account anniversary. This can result in significant rewards for businesses that spend heavily in these categories.

Overall, the Ink Business Preferred offers a valuable combination of perks, benefits, and rewards that can justify its $95 annual fee for many cardholders. The welcome bonus alone can offset the cost of the annual fee in the first year, and the ongoing benefits and rewards can continue to provide value in subsequent years. However, cardholders should evaluate their spending habits, travel preferences, and business needs to determine whether the annual fee is worth it for them.

In conclusion, whether your credit card’s annual fee is $1 or $1,000, it’s important to evaluate the benefits and perks offered by the card to determine whether the fee is justified. The Ink Business Preferred® Credit Card, with its $95 annual fee, offers a valuable combination of welcome bonus, perks, benefits, and rewards that can make it worth the cost for many cardholders. By weighing the costs and benefits of the card, cardholders can make an informed decision about whether to keep or cancel their card in the years ahead.

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