Wondering how to maximize the value of your company's credit card rewards programs?
Try these tips:
Consider letting travelers keep more perks to help enforce your travel policy. There are many ways to get the most out of supplier rewards programs. Contact your corporate consulting manager for other great ideas.
Rewards come in all shapes and sizes and when it comes to credit card reward programs, employees are eager to hold on to any perks for themselves. This can wreck havoc on your travel program.
For example, travelers will often purchase travel with personal cards to acquire mileage credit, even when a company card is available. That can not only make accounting more difficult, but can also cut into potential revenue for the company.
We have a few suggestions to help make rewards work for you instead of against you:
Examine company card benefits
If you're happy with your current card program, there may be no need to make changes. Verify that the card allows you and your travelers to earn extra benefits for your company through company point systems; competitive annual percentage rates (APRs); and possible rebates on specific types of purchases. Often this is dependent upon volume purchased with that card, so you may need to institute strict rules on card usage.
Use rewards to encourage users into using your card - instead of theirs
Some Travel Managers prefer to keep the perks for the company instead of letting the traveler take the reward. However, allowing your travelers to keep the rewards can be a great way to motivate travelers to use your card.
Consider paying your travelers' membership fee
Typically a Travel Manager would have the traveler pay his or her own way into membership programs. But some Travel Managers have had success paying this membership fee for travelers in order to encourage them to use the company card. It might pay for itself in the long run.
Company points or traveler points? Weighing the decision
Quite often travelers want to use their own credit cards to amass miles and points. Often fine with Travel Managers, it helps reward travelers for being away from friends and family. But that compensation may be a financial benefit that could or should benefit the entire company. In addition, the loyalty travelers feel toward their personal programs might be affecting their willingness to stick to the rules of your travel policy. By removing that loyalty via a program that gives reward points to the company, you may have a better chance of enforcing your policy overall.
There may be many other ways to analyze the best ways to get the most out of credit card rewards programs. Contact your corporate consulting manager today to discuss ways to make credit card rewards work best for you.