Whether it’s flying to an international conference or driving from province to province for a trade show, business travel is a significant expense for many small businesses.
Since you already have to pay for every flight, rental car, or tank of gas, you might as well use your travel purchases to your advantage. By implementing a few simple strategies, you can start to maximize your travel credit card points and reinvest them into your business in the form of free flights or a statement credit.
Here are some effective strategies you can use to maximize your points with your business travel credit card.
Make sure you have the right card
If you want to boost your points, you need to make sure your credit card supports your actual spending habits. Review your past statements to get a clear understanding of your top business expenses, then find a card that aligns with these categories. For instance, if a long commute has you filling up your tank multiple times per week, you should choose a card that offers a high earn rate on gas. If you regularly take clients out on business dinners, look for a card that offers accelerated rates on dining out. If you have a card that doesn’t reward your actual spending habits, you’re leaving points on the table.
Use your card for everything
Instead of using your debit card for everyday operating costs, a simple way to maximize your points is by using your credit card for everything, not just travel purchases. Of course, you want to focus on high-earning purchases, but using your business credit card for software subscriptions, office supplies, business dinners, and anything else that doesn’t charge a credit card processing fee can help you achieve your reward point goals faster.
Meet minimum spend requirements
Most credit cards offer a sign-up bonus, where you can earn a large number of points if you meet a minimum spend requirement. For example, you might earn 50,000 points if you spend $9,000 in the first three months. Timing your credit card application around large business purchases, like a new laptop or booking a trip overseas, can make it easier to meet these requirements and secure the bonus. But don’t spend beyond your normal operating expenses just to hit the minimum threshold.
Take advantage of all benefits
Points are important, but don’t forget about the card’s other benefits and perks, especially if you’re paying an annual fee. To get the most out of your travel credit card, make sure you’re aware of everything it has to offer and then put those benefits to use. For example, if your card offers travel insurance, use it instead of purchasing a standalone policy at an extra cost. If it includes rental car coverage, you may decide to decline coverage at the rental counter.
Pool your points
One of the standout features of many business travel credit cards, such as select CIBC cards, is the ability to pool points between your business and personal credit cards. This allows you to consolidate rewards from all your spending, accelerating your ability to redeem points for flights, hotels, or statement credits. And if your business has multiple employees who travel for work, you can look for a card that allows you to combine all of the purchases from authorized cards, helping you earn rewards faster.
Use your credit card travel portal
If you make a purchase through your credit card travel portal, you can often earn a higher rate of points. For example, let’s say you need to book an international flight. Instead of going to the airline’s website, you can earn more points by logging into your credit card portal to book your flight. If you’re working with a large travel budget, this one strategy can help you earn significantly more points.
Regularly review your spending
Set an annual calendar reminder to perform an audit of your spending habits. This way, you can determine if the business travel credit card you have is still a good match. Financial priorities can change as your business grows. The business travel card that was a good fit a year ago might no longer align with your new spending, and you could be missing out on rewards opportunities.
Avoid carrying a balance
Carrying a balance from month to month results in interest payments that can largely negate any points you earn. For example, say you carry a $3,000 balance at 20%, you’ll pay roughly $600 in interest a year. This is more than you might earn in rewards over the same period. To maximize your travel credit card benefits, aim to pay your balance in full each month.
How will you maximize your points?
With a bit of strategic planning, you can start to supercharge your points with a business travel credit card. If you want to keep it simple, align your spending with a card that offers the highest number of points in your top spend categories. Then, use your credit card for all other purchases that don’t come with a processing fee. Also consider choosing a card that allows you to pool points across business and personal spending, so you can make the most of every dollar. By stacking several strategies, you can maximize your points without changing your spending.
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