Business credit card rewards can provide your business with needed capital or goods to assist in its operations or future growth. The type, value and length of time it takes to earn rewards differ in each card and credit company. Below are 5 business credit cards rewards that will be extremely useful to your company.
1. Cash Back
Many cards are now offering a percentage of cash back for qualified purchases. This percentage can range anywhere from 1-5%. Usually, the credit company will refund the amount of cash back you earn only after it rises above a pre-determined threshold, and even then it will be refunded directly onto the credit card and not in the form of a check. Qualified expenses include purchases at business supply stores, business lunches, gas station fill-ups for business automobile and other business related expenses.
2. Frequent Flyer Miles
Most credit cards offer frequent flyer miles for qualified purchases. For business owners who travel frequently, miles will quickly add together to a large lump sum, and eventually permit free or discounted plane tickets.
Similar to frequent flyer mile rewards, a point system awards the credit card user points for each dollar spent. The ratio is typically one point for each dollar spent, but on some qualified purchases, the user can earn up to five points per dollar spent. These points can then be traded for products, travel rewards, hotel discounts or other items from the credit card company. The credit card company will set the amount of points needed for each item, which, unfortunately, can often be quite high and disproportionate to the true cost of the item.
4. Access to Concierge
As a reward for being a card holder, many credit card companies will provide free access to concierges to assist the card holder in making travel arrangements, locating restaurants or anything else. Through a simple phone call, the card holder will be helped immediately with his request. Often, this reward is also offered internationally. For a business owner, having assistance in immediately resolving problems, and just to help in general, is invaluable.
5. Authorized User Rewards
Some credit companies will offer rewards for those expenses by authorized card users. In essence, therefore, you can earn rewards on purchases associated to your business without you actually having made the purchase. Depending on the reward you choose and the number of authorized users for your card, you could compile rewards much faster than you think. Sometimes, you may be able to choose different rewards for each authorized card, meaning that you can customize the rewards for each cardholder. If an authorized user does not travel, but regularly makes large business purchases, you can choose a card with a point system or one with a cash back refund. For an employee with a hectic travel schedule, a card that rewards with airline miles will work the best.