Travelling for business requires a lot of planning: booking flights and hotels, arranging meetings and events and keeping an eye on your bottom line all the while. With a business travel credit card, you can find ways to optimize every dollar you’re spending so that you get the best value for your money and earn points that can be redeemed for rewards later on.
Keep reading for some ways to make the most of your money while travelling for work.
Plan ahead
If you want to get the best deals on airfare and hotel rooms, it’s helpful to book as early as possible. You might be able to snag a last-minute deal occasionally, but it’s best not to count on that happening if you travel frequently for business. You can often cancel or change your flight within a certain window, depending on the airline, or get a full refund or credit on a hotel room that you can use in the future, particularly if you’re part of a loyalty program, so there may be little risk in booking your travel ahead of time.
If you prefer one airline or hotel for work travel, join their loyalty program and take advantage of their perks. If not, you may want to shop around and compare prices to find the best fit. If you have the flexibility, you may also consider flying on off-peak days or times, when fares may be more affordable.
Use one credit card for all business expenses
The best way to collect credit card rewards is to put as many business expenses on that card as you can. That way, you won’t miss out on points for items like gas, electric vehicle charging, tolls and parking. Depending on your card’s rewards plan, you might also earn statement credits or cash back on some purchases that could help offset some of the costs of travel. Keeping your business travel expenses on one card can also make your life easier when it comes to reconciling your travel costs against your company’s ledger later on.
Take advantage of the welcome bonus
If you decide to sign up for a new credit card specifically for business travel, you may be able to take advantage of a welcome bonus and earn bonus points for your first purchase or if you spend a certain amount of money in a specific amount of time—for example, CIBC’s Aventura Visa Card for Business awards 20,000 bonus points for your first purchases, and an additional 50,000 points if you spend C$40,000 or more in your first year. If you know you’re going to spend that amount on business travel anyway, why not collect extra points at the same time?
Make the most of loyalty perks
You likely have a preferred airline or hotel chain if you travel frequently for work. You may even have a preferred vendor when it comes to renting a car for business travel. Loyalty programs reward repeat customers, and taking advantage of these perks could help you stretch your travel dollar further. Airlines may offer free checked baggage and lounge access for members with a certain status, while hotels often offer room upgrades and late check-out times. You could also use your points to pay for a seat in business class if you need more space to work on a client presentation or book a better rental car if you know you’ll be driving long distances.
If you decide to open a business travel card with CIBC, you can take advantage of their range of travel management tools and resources, including an online Rewards Center that helps you redeem points for rewards more seamlessly.
Make the most of your money
You can’t always avoid last-minute business trips, but planning ahead the rest of the time could help you find the best deals on big-ticket items like airfare and hotels. Charging all your business travel expenses to one credit card can help you maximize the rewards you earn, offsetting the cost of future business trips, and taking advantage of loyalty perks can help you upgrade your travel experience at minimal cost. When you approach your travel spending strategically, your trip can pay off in more ways than one.
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