Rewards, just like on any other credit card are a very important factor of Business Credit cards. Business Credit card rewards offer benefits like higher-than-usual rewards/cash back, covering travel expenses, or maybe even earning discounts with specific vendors. These rewards can also be used to recognize the employees by redeeming the reward points for gift cards or bonuses.
With a wide variety of credit cards available in the market, users get confused with the rewarding offer differentiation available with different cards. Not all business reward credit card offers the same offers/rewards. Here is a broad distinction of the rewards of how many types of rewards are present in the market:
Points are credits that users get with every expenditure made with a credit card. These points can be redeemed for an eligible discount on expenses like office supplies or meals, etc.
Travel – These rewards are also earned with every purchase. However, these points can be used for eligible travel expenses, like airfare, hotels, etc.
Cash back rewards with Business credit card rewards are simply where you get a specific percentage of your money back from the payment you made. You can cash the money back whenever you want.
The right card for your Business :
Choosing the right credit card for any business seems like a tough call. But with the right card in your hand, you can not only just save but accumulate rewards as well.
- If you like to know what card would be the most beneficial for you, here are some notice-worthy points:
- If you have to travel often then travel cards can offer you bonus miles on the qualifying expenses which also allows you to accumulate more bonuses for future purchases on travels.
- If you want to keep the balance low or decrease the expenses, you can check the cash-back rewards card. This card allows you to earn a certain percentage of the amount which you have used on every eligible purchase. One of the best examples of this type of card is ICICI Bank Business Advantage Black Credit Card.
- If your business has regular miscellaneous expenses then consider a card that allows you to redeem points for discounts or gift cards on purchases with the major vendors. Before applying for the card, you should check whether your everyday purchases will earn points on the purchases you make to vendors you are frequent with.
Ways to maximize the credit card rewards for your business :
Anyhow, the type of reward is not just the only factor that makes sense while looking for credit cards. There are many other important factors as well which need to be considered such as creating a reward and spending strategy. A credit card regardless of being personal or for business use only is going to be a burden to you if you do not have a spending strategy.
Here are certain ways which can help you improvise on how can a person maximize Business Credit Card Rewards:
- Introductory offers will be offered to entice new customers. These offers can prove to be not just eye-catching but they are money-saving as well.
- Redemption of rewards can come in handy but how you redeem your rewards can affect their value. It is crucial to understand the importance of any limitations or redemption of rewards.
- Potential perks like points, miles, and cash back aren’t the only benefits a credit card can provide. A few Business Credit card Rewards can also include exclusive events or premium lounges not only national but some international as well.
Some key benefits of having a Business Credit Card
- Company Credit – A business credit card provides your company with a chance to build a good credit score. A good credit score can prove to be very crucial for the future growth of the company and it also helps in qualifying for other financing options like loans.
- Increase cash flow – The cash flow of a business is extremely important be it a small or large-scale scale business. With a business credit card, you can open a line of credit and increase the cash flow easily.
- Keeps tabs on expenditures – A business card keeps your expenditures on track. Rather than handling cash which can go unnoticed, credit cards are far better at keeping tabs on the spends.
Examples of a few Business credit card
1. American Express Platinum Corporate Card is one of the highlight cards which provides extremely luxurious Business Credit card Rewards. This card offers rewards like unlimited access to over 1200 airport lounges across the world, zero liability protection and insurance covers, etc.
2. Axis Bank Executive Corporate Credit Card stands out when it comes to offering points on every purchase. But not only that, this card has some exciting additional offers like travel benefits on national or international flights, golf rounds every year, 24/7 concierge services, and much more.
3. SBI signature corporate card comes into mind when you want to keep the expenses analyzed. This card provides insurance benefits for fraud and travel-related concerns with complimentary access to the airport lounge, etc.
Choosing the right credit card will not only give you financial stability but with the benefits of Business Credit card Rewards you can save a lot, pay bonuses, treat your employees with meals, and whatnot.