Sometimes, as much as you try to stay within your annual business travel budget, it can be hard to get where you need to go without feeling like you’re stretching your wallet. Particularly for a small business, making the most of your travel budget could be key to making sales, landing new clients, and expanding your business across Canada.
One way to offset your annual business travel budget is through travel rewards, such as points, miles, statement credits, and loyalty programs that can help you save money in the long run. Keep reading to learn how to make the most of travel rewards.
Sign up for a credit card with travel perks
A business travel credit card can be a great way to earn rewards that can help offset your travel costs. If you use your travel credit card for everyday business expenses, such as software subscriptions and office supplies, you may accumulate points or miles more quickly, which could make a dent in your bottom line. Whether you’re renting a car to visit a supplier, paying for gas or electric vehicle charging or meeting a colleague for breakfast, earning credit card points on eligible purchases could help you make the most of every dollar you spend along the way.
Use statement credits to cover costs
As you consider which travel credit card is right for your business, you may want to look for a card that allows you to use your points to pay down your credit card balance. Some cards also offer a statement credit or cash back reward on certain travel purchases like flights and hotel stays. Perks like these could help you recover some of your travel costs—even a small statement credit that reduces your credit card bill every month could make a big difference over the course of a year.
Put your miles toward flights
Paying for flights is often one of the most expensive parts of business travel. If you have a limited travel budget, you’ll want to make the most of any points or miles you earn on purchases and put those toward expensive flights–especially when time is tight and affordable options are few. And if you’re flying across the country or internationally, using your points to upgrade to business or first class could help you arrive feeling fresher and more ready to tackle the day. Plus, your travel credit card could give you access to perks like free checked bags and day passes for airport lounges.
Book a hotel with points
The next largest expense on a business trip is likely your hotel room. If your business travel requires you to stay overnight, look into whether your credit card is associated with a specific hotel chain, either as a co-branded card or a preferred partner. You may be able to secure the best rate on a room or take advantage of free nights, upgrades, annual statement credits, or other rewards. You may also earn points on your stay that you or a colleague can redeem for your next trip.
Join a loyalty program
In addition to using a business travel credit card that is partnered with a specific airline, hotel chain, or car rental company, you could also join a loyalty or frequent flyer program, such as Air Canada’s Aeroplan. A major benefit to belonging to a loyalty program is that the more you spend on flights and hotel stays, the more status you earn within the program, which leads to more perks. These rewards may include a free breakfast and early check-in at a hotel, late car rental return, or seat upgrades and free Wi-Fi on flights, which could make a big difference for your budget—and make necessary travel more enjoyable.
Some airline loyalty programs even partner with specific hotels, meaning you could use your points from air travel to book a hotel room at a more affordable rate.
Boost your bottom line with travel rewards
Knowing how to earn and redeem travel rewards could help you supplement a small budget without cutting back on necessary business travel. Whether you’re converting credit card spending into points, using statement credits to cover business costs, putting miles and points toward flights and hotel stays or joining a loyalty program, think carefully about how to take advantage of the rewards that are available to you.
