If you’re the chief financial officer (CFO) of a business, you may be looking for ways to help your team take advantage of rewards such as credit card points or miles for business travel. Particularly if you work for a small business or early-stage startup, knowing how to make the most of travel rewards could help you save on flights, earn hotel loyalty points and improve the overall travel experience for you and your colleagues.
Whether you’re flying to a meeting yourself or setting travel policies and norms for your team, here are some business travel rewards hacks that could help you optimize your travel budget and enjoy some perks along the way.
Use one credit card for all business expenses
Having a designated business travel credit card for company expenses could help you earn points more quickly on airline travel, hotel stays, car rentals and other purchases. Eventually, you should be able to redeem your credit card points to help cut down on the cost of business travel.
Using one card for all business-related expenses could also help you keep better track of your spending as a business and pinpoint opportunities for potential savings or ways to use travel rewards in the future.
Compare a few different cards
Different credit cards may offer different travel rewards, so it could be helpful to do your research and figure out which card best suits your needs as a small business. Compare the type of points they offer, how you can redeem your points and whether there are additional perks, such as a welcome bonus. For example, if you spend a lot of time on the road meeting with clients, look for a card that offers points for gas and electric vehicle charging. You’ll also want to know whether your points or miles ever expire.
Look for a welcome bonus
You can often earn a welcome bonus on a new credit card by spending a specific amount in a certain amount of time. For example, CIBC’s Aventura Visa Card for Business offers a welcome bonus of 20,000 points with your first purchase, plus an additional 50,000 points if you spend C$40,000 or more within the first year. If you use the credit card for other business expenses in addition to travel, it may be possible to reach that bonus threshold easily.
Choose a preferred airline or hotel group
Consistently staying at one hotel chain or using a specific airline for business travel could help you earn miles, points and loyalty rewards. Hotels often reward frequent customers with early check-in or late check-out, free breakfasts and room upgrades, while you might get a free checked bag, priority boarding or access to a business lounge if you’re a member of an airline loyalty program.
If your business travel credit card is affiliated with a specific airline or hotel chain, you may earn even more points or perks on purchases. Similar travel rewards may also apply at car rental and rideshare companies. You might even consider designating a preferred airline, hotel chain and car rental company for your team’s business travel that are all connected through your credit card or loyalty program to maximize your rewards and transfer your points across purchases more seamlessly.
Book travel sooner rather than later
Booking business travel well in advance means you should have more options at different price points, and you’ll likely be able to get a better deal when it comes to using airline miles or points. For example, if you’re looking to pay for a flight with miles, booking at least a few weeks ahead of time could give you a better deal on fares. When you do have to book business travel on short notice, however, using your points or miles to subsidize your trip could help you save on hefty last-minute rates.
Apply your travel points to other business costs
If your credit card allows you to redeem points for a statement credit, you could use your rewards to pay down your credit card balance. This could help with covering other costs associated with your business, such as purchasing office equipment, paying for marketing or taking clients out for meals.
Make the most of business travel rewards
Whether you’re booking flights and hotels or paying for rideshares and meals, travel rewards can help you maximize the cost-effectiveness of your next business trip. By planning ahead and making strategic choices, you could make travel more enjoyable and productive for you and your colleagues.
