Editor’s Note: This is a recurring post, regularly updated with new information and offers.
The Ink Business Preferred® Credit Card has long been considered one of the best business card on the market. The card has plenty of bonus categories, a long list of travel and purchase protections, and a reasonable $95 annual fee—and it becomes even more appealing once you factor in the card’s six-figure welcome offer.
Currently, new applicants can earn 120,000 bonus points after spending $8,000 in the first three months of account opening. TPG July 2024 valuation Ultimate Rewards points are pegged at 2.05 cents per point, so this sign-up bonus is worth $2,460—the best deal ever history of this card.
While this sign-up bonus is attractive, cardholders still have to hit a significant spending threshold of $8,000 before seeing those bonus points credited to their account. One of the TPG’s 10 Commandments for Credit Cards is to never miss a sign-up bonus, so you’ll want to strategize to hit the minimum spend within the allotted time frame without straining your finances.
Whether you are a freelancerWhether you’re self-employed or manage a brick-and-mortar store, let’s take a look at how to help ensure you reap your Ink Business Preferred sign-up bonus responsibly.
Related: 5 Reasons to Get the Chase Ink Business Preferred Credit Card
How to meet the Ink Business Preferred minimum spending requirement
If you have a lot of ongoing business expenses (like equipment or advertising), spending $8,000 over three months is feasible. But what if you’re self-employed and have little or no operating expenses?
Here are some creative ways you can meet the Ink Business Preferred minimum spending requirement:
Transfer all your business expenses to the 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 on your new Ink Business Preferred card. Even if you already have another business credit card, it’s worth prioritizing the Ink Business Preferred card for these three months — even if it means losing out on any bonus points from another earning rate.
Consider paying your rent or mortgage
If you have a physical store or an office, one of the easiest ways to meet some of your needs is to pay rent or mortgage with your card. If you are self-employed, you may want to consider paying your rent or personal mortgage with Ink Business Preferred. While there may be a fee for using a credit card as a payment method, do the math and consider whether the additional fees are worth it to help you reach your goals.
Even if your landlord doesn’t accept credit cards, you can still Use leverage tools like Plastiqa payment platform that accepts almost any debit or credit card for bill payment. Note that there is a processing fee of up to 2.9%.
Let’s say your total rent for three months is $9,000. Using Plastiq, you might pay about $260 in fees—but you’ll be able to cover that entire cost from one expense and earn points in the process.
Prepay utilities or regular bills
Likewise, you can prepay for utilities or bills that you’ll have to pay in the future. Whether it’s your cell phone bill — as an added bonus, this will activate the card’s cell phone coverage — car payments, insurance, or other similar expenses, you can try to prepay as much as you can with the card (keeping in mind your ability to pay).
File your taxes
Another way to easily meet your minimum spending requirement is to prepay your quarterly taxes (and other taxes) with your Ink Business Preferred card. Just keep in mind that you’ll be charged a 1.82%-1.98% fee when pay taxes by credit card.
Book your trip in advance
Whether you’re thinking about booking your first cruise or taking that dream international trip, you can use your card to book in advance. Best of all, the Ink Business Preferred offers 3 points per dollar spent on travel, so you’ll rack up some serious points by planning ahead.
If all else fails, use your card for expenses you wouldn’t normally charge it for.
If you don’t meet the spending requirement, now is the time to use your Ink Business Preferred for every possible expense in your daily life. Sure, you won’t earn rewards points on groceries, restaurants, gas, and other everyday purchases right now, but every dollar counts when it comes to earning those rewards.
Things to consider
When you’re not actively pursuing a sign-up bonus, we recommend that you don’t use your credit card in ways that wouldn’t make sense in normal situations. For example, you might want to avoid unnecessary fees or use your Ink Business Preferred for non-bonus purchases.
So here are some other considerations when pursuing this sign up bonus:
Don’t overspend
To earn a sign-up bonus—even if it’s a staggering six-figure offer—you don’t want to spend more than you can afford. You should only spend $8,000 on this card if you can afford to pay it off now or by your monthly statement due date. You don’t want to fall into a debt trap that could hurt you and your credit score.
Avoid carrying scales
When charging thousands of dollars in expenses to your card, you’ll want to avoid carry that balance and may be subject to late fees and interest. It is best practice to pay your statement on time and in full. as these fees will start to offset the value of earning this sign up bonus.
Be careful about time
The The clock starts ticking to earn your sign up bonus as soon as you are approvedbut it can take up to 10 business days for your card to arrive in the mail — significantly shortening the three-month window. Be especially vigilant about the exact date by which you must meet the minimum spending requirements.
Last line
The $8,000 spending requirement over three months is nothing to sneeze at. If you’ve been considering applying for Preferred Business InkPlan to meet this requirement without going into debt. This sign-up bonus can be a huge value for the right cardholder, especially if you’re using the Ink Business Preferred on Chase’s Three-in-One Strategy.
If you are still unsure, check out full review of Ink Business Preferred for more details on whether this card is right for you.
Register here: Preferred Business Ink
