Important things to know about travel credit cards for small business
Small businesses may have clients and colleagues in different national and international locations, which requires small business owners to take multiple business trips throughout the year. To provide solutions for frequent travel expenses, several banks and credit card companies now offer travel credit cards especially designed to benefit small businesses. As a business owner, one must assess all available options and features of travel credit cards before making the final decision.
There are several factors that should be considered while shopping for small business travel credit cards. The following questions will provide a brief overview of travel credit cards for small businesses to help them make an informed decision.
What are the different types of travel credit cards?
- Airline card – An airline travel credit card can be beneficial for small businesses that require to take multiple business trips on an annual basis. These cards offer various perks that include priority service, discounts on inflight purchases, and points earned on miles traveled.
- Hotel card – Business owners can save money on their hotel stays during national and international business trips using hotel travel cards that allow one to avail free nights.
- General-purpose travel card – This type of travel card is ideal for small business owners who are looking for flexibility in terms of being able to redeem reward points toward any type of travel reservation.
- Luxury travel card – Business owners can avail several benefits by using a luxury travel card. Some of the primary benefits include access to airport lounge and services and complimentary stay at five-star hotels.
How can small businesses compare travel credit cards?
- Choose the type of travel card – As mentioned above, there are different types of travel credit cards available for businesses including hotel, airline, co-branded, and general-purpose travel credit cards. Choosing the correct type will help one compare two different credit cards in a better way.
- Compare the fees – Annual fee often varies across different credit card providers and can, therefore, be an important factor to be considered. Apart from the annual fee, there are other fees, including the foreign transaction fee, that should be compared before making the final choice.
- Compare ongoing rewards and sign-up bonuses – Rewards and sign-up bonus are important when it comes to choosing a travel credit card. Comparing these two factors will help a business owner make an informed decision and choose the right credit card.
- Compare benefits – Small business owners can also compare the benefits travel credit cards offer. These benefits may include rental car insurance, travel insurance, and extended warranties.
What are some popular travel credit card rewards?
Some of the most popular credit cards that offer lucrative rewards have been listed below.
- Chase Ink Business Preferred℠ Card – Chase credit card users have the opportunity to earn up to 80,000 bonus points. Card holders can spend around $5,000 on purchases made in the first three months of opening the account to earn the bonus. The bonus accounts for up to $1,000 that can be used on travel as well as other business-related purchases.
- Capital One® Spark® Miles for Business – Business owners can access flat-rate travel rewards for their business expenses using this card. The flat-rate reward gives 2 miles for every dollar the owner spends. There is no limit on the number of miles one can earn with this credit card.
- Business Platinum® Card from American Express OPEN® – Card holders can earn up to 5 membership rewards points for every dollar that’s spent on flights and prepaid hotels through AmexTravel.
- CitiBusiness®/AAdvantage® Platinum Select® World Mastercard® – This card can be a good choice for business owners who wish to access rewards that are specific to an airline. There is a huge welcome bonus, sustained rewards, and additional perks for travel by American Airlines with this card.
Where can one find the best travel credit cards for their business?
- One can directly contact the banks or credit card companies to enquire about some of the best travel credit cards for small businesses.
- The Internet contains an enormous amount of information on travel credit cards present in various blogs, websites, and video channels.
- Some websites that help people find the most popular travel credit cards include CreditCards, The Balance, NerdWallet, Forbes, and official websites of credit cards companies and banks.