For smooth running of a business, money management is an important responsibility that needs a careful tracking of the expenses. The best solution for efficient business operation is undoubtedly a business credit card. Meant to maintain a distinction between a personal account and a business account, a business credit card offers a lot of benefits on every spending.
It is quite handy and beneficial with the purchase of equipment for your business, hotel booking, flight booking, complimentary lounge access at domestic and international airports, fuel surcharge waiver and an insurance cover. While there are host of reasons to pick up a business credit card if you are running even a micro business, it is important to be informed about the rewards that come along with the card for reaping the benefits in full. Explore here what are the rewards you can avail on using a business credit card.
Cashback
Cashback has become a trending term with almost all the online shopping merchants provide a cashback offer. Using your business credit card for hotel and flight booking, spends on utilities retail expenses, you are very likely to get a cashback from the merchant or the credit provider. You can either get a specific amount of cashback on every spend or doing a transaction with a partner outlet. The cashback accumulated can be redeemed as per the policies of the bank. The cashback accumulated reduces the monthly bill amount thus saving you a lot of money.
Rewards
Bonus points, reward points, payback points, discounts, loyalty points or cash bank points; each bank calls it differently and has distinct rules and features in offering the rewards on every retail and international spend. Making purchases is unavoidable in a business. A business credit card cuts down a lot on the expenses with the help of the rewards accumulated. Each bank has its own rewards redemption policy and program.
Fuel Waiver
If your business involves a lot of transportation, you can save a few bucks on the fuel transaction. Every card comes with a fuel surcharge waiver that helps you save a certain percentage of the expenses. Though a personal credit card too provides fuel surcharge benefits, the amount waived off could differ largely.
Travel Rewards
When on a business trip to a foreign land, you might have to meet with a lot of expenses regarding your stay, food, shopping and travel tickets. It will be quite a gratifying and rewarding experience if all the expenses are cut down with a business credit card. Moreover, you can get a lot of privileges at the airports with a priority pass program that gets you lounge access and various other benefits.
Moreover, a business credit card offers insurance protection against accidents, flight delays and baggage loss.
End Note
When on a business trip to a foreign land, you might have to meet with a lot of expenses regarding your stay, food, shopping and travel tickets. It will be quite a gratifying and rewarding experience if all the expenses are cut down with a business credit card. Moreover, you can get a lot of privileges at the airports with a priority pass program that gets you lounge access and various other benefits.
Eventually, if all the transactions are made via a business credit card and a certain spending limit is achieved, the annual fee will be reversed hence allowing you to use it the card for free.