Editor’s Note: This is a recurring post, updated regularly with new information and offers.
The Ink Business Preferred® Credit Card has long been recognized as one of the best business cards on the market. It has expanded bonus categories, a long list of travel and purchase protections, and a reasonable $95 annual fee — and the card only gets more desirable once you factor in its six-figure welcome offer.
Right now, new applicants can earn 120,000 bonus points after spending $8,000 in the first three months of account opening. TPG’s July 2024 valuations have Ultimate Rewards points at 2.05 cents, so this sign-up bonus represents $2,460 in value — the best offer ever in the card’s history.
While this sign-up bonus is attractive, cardholders must meet a significant $8,000 spending threshold before seeing bonus points posted to their account. One of TPG’s 10 commandments for credit cards is to never miss out on a sign-up bonus, so you’ll want to strategize how to meet the minimum spend within the allotted time frame without stretching your finances.
Whether you’re a freelancer, self-employed or operate a physical storefront, let’s take a look at how to help ensure you responsibly receive Ink Business Preferred’s sign-up bonus.
Related: 5 Reasons to Get the Chase Inc. Business Preferred Credit Card
How to meet the Inc. Business Preferred minimum spend requirement
If you have a lot of ongoing business expenses (such as for equipment or advertising), $8,000 should be worth spending over three months. But what if you’re self-employed and don’t have many or any operating expenses?
Here are some creative ways you can meet Ink Business Preferred’s minimum spend requirements:
Move all your business expenses to your new card
If this is your first business card, it’s a no-brainer that you should put all of your business expenses that you can pay with a credit card onto your new Ink Business Preferred. Even if you already have another business credit card, it’s still worth preferring the Ink Business Preferred during these three months — even if it means forfeiting any bonus points from other earning rates.
Consider paying rent or a mortgage
If you have a physical storefront or office, the easiest way to take part of the requirement is to pay your rent or mortgage on your card. If you are self-employed, you may want to consider paying your personal rent or mortgage with Inc Business Preferred. While there are potential fees for using a credit card as a payment method, do the math and calculate if the fees incurred are worth it to get you to the finish line.
Even if your landlord doesn’t accept credit cards, you can take advantage of tools like Plastiq, a payment platform that accepts virtually every debit or credit card to pay bills. Note that there is a processing fee of up to 2.9%.
Let’s say your total rent for three months adds up to $9,000. By using plastic, you might pay about $260 in fees — but you’ll be able to cover all those spending requirements from one expense and earn points in the process.
Prepay regular utilities or bills
On the same note, you can prepay utilities or bills that you will pay anyway in the future. Whether it’s your cellphone bill — as an added bonus, this will trigger the card’s cellphone insurance — a car payment, insurance, or other similar expenses, you can try to pay as much as you can upfront with the card (depending on what you can afford). ).
Pay your taxes
Another way to easily meet your minimum spending requirement is to prepay your quarterly (and other) taxes using your Ink Business Preferred Card. Just note that you will incur a 1.82%-1.98% fee when paying taxes by credit card.
Book a trip ahead
Whether you’re looking to book your first cruise or take that dream international trip, you can use your card to book ahead. Best of all, Ink Business Preferred offers 3 points per dollar spent on travel, so you’ll earn a significant number of points by planning ahead.
If all else fails, use your card for expenses you wouldn’t normally charge on it
If you are falling short of meeting the expense requirement, now is the time to use your Ink Business Preferred for every expense possible in your daily life. Sure, you won’t earn bonus points on groceries, restaurants, gas, and other everyday purchases during that time, but every dollar counts when it comes to earning those bonuses.
Things to keep in mind
When you’re not actively chasing sign-up bonuses, we recommend not using your credit card in a way that wouldn’t be appropriate under normal circumstances. For example, you generally want to avoid unnecessary fees or using Ink Business Preferred for non-bonus purchases.
So, here are some other considerations when pursuing this sign-up bonus:
Don’t overspend
For the sake of earning a sign-up bonus — even if it’s an incredible six-figure offer — you don’t want to spend what you can’t afford. You should only put $8,000 of spending on this card if you can pay it off now or by the due date of your monthly statement. You don’t want to fall into a debt trap that could affect you and your credit score.
Avoid balance
When racking up thousands of dollars in spending on your card, you want to avoid carrying that balance and incurring potential late fees and interest charges. The best practice is to pay your statement on time and in full as this fee will begin to offset the value of earning this sign-up bonus.
Be mindful of time
The clock starts ticking to get the sign-up bonus as soon as you’re approved, but it can take up to 10 business days for your card to arrive in the mail — significantly shortening the three-month window. Be more aware of the exact date by which you have to meet the minimum spending requirements.
Bottom line
Requiring $8,000 in expenses over three months is nothing. If you’re considering applying for Ink Business Preferred, create a game plan to meet this requirement without putting yourself in debt. This sign-up bonus can provide plenty of value for the right cardholders, especially if you’re working Ink Business Preferred into your Chase Trifecta strategy.
If you’re still unsure, check out our full review of the Ink Business Preferred for more details on whether this card is right for you.
Apply at: Inc Business Preferred