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Rewards and Incentives Corporate Card Providers Offer Businesses

Written by
Marissa Saini
Last Modified on
December 19, 2023

Corporate cards are payment cards specifically designed for businesses and organizations. These cards offer features and benefits tailored to the needs of corporate entities, enabling them to manage expenses, streamline financial processes, and exercise greater control over employee spending.

Besides enabling free local transfers and economic cross-border transactions, corporate cards can offer various rewards and incentives to add value to businesses. While the specific rewards and incentives may vary among card issuers and programs, some common rewards and incentives available on corporate cards are covered in this article.

Rewards programs offered by corporate card providers

1.Cashback rewards

Corporate cards may offer cashback rewards on eligible purchases made with the card. These rewards typically provide a percentage of the transaction amount as cashback, which can help businesses save on their expenses.

2.Travel benefits

Many corporate card programs include travel-related perks and benefits. These may include airport lounge access, complimentary travel insurance coverage, discounted rates on flights, hotels, car rentals, and other travel-related services.

3.Reward points

These cards often have reward point systems where businesses earn points for eligible transactions. These points can be redeemed for various rewards, such as gift vouchers, merchandise, or travel bookings. Some business rewards programs may also offer the flexibility to transfer points to airline or hotel loyalty programs.

4.Merchant discounts/offers

Corporate cardholders may have access to exclusive merchant offers, discounts, or promotions. These can include discounts on dining, shopping, business services, or other relevant categories. Partnering merchants may vary depending on the corporate card program.

5.Insurance coverage

Some corporate cards offer insurance benefits, such as travel insurance, purchase protection, extended warranty coverage, or even rental car insurance. These insurance benefits can offer added peace of mind and protection for business-related activities.

6.Corporate card rewards

Some corporate card issuers offer additional rewards or incentives specifically tailored to corporate cardholders. These can include enhanced rewards earn rates, bonus points for meeting specific spending thresholds, or special promotions for business-related expenses.

7.Employee incentives

Business card rewards and incentives may also be designed at the employee level. For example, businesses can define rewards programs where employees earn points or incentives for adhering to expense policies, making cost-conscious decisions, or achieving specific spending targets.

When considering getting corporate cards, businesses should carefully review the rewards and incentives offered by different card issuers. It's vital to assess the relevance of the rewards to the business's spending patterns and priorities, as well as any associated terms and conditions, eligibility criteria, cashback redemption options, and expiration policies, to utilize them fully.

How can businesses leverage the rewards and incentives available on corporate cards? 

1.Significant financial savings

Cashback rewards and merchant discounts can help businesses reduce their expenses. Companies can effectively lower overall costs by strategically using the corporate card for eligible purchases and taking advantage of cashback offers or discounts at partner merchants.

2.Lower travel expenses

Businesses demanding frequent travel can maximize the travel benefits offered by corporate cards. Earn air miles rewards with every dollar spent on flight travel through corporate credit cards, accumulate them and redeem miles later, get access to airport lounges, avail of travel insurance coverage, and reduced prices on flight bookings, hotel reservations, and vehicle rentals. Together they can lead to much savings and enhance the employee travel experience.

3.Reward point optimization

Corporate cards that offer reward points can be used strategically to accumulate points for future redemptions. Businesses can concentrate their spending on specific categories or vendors that offer higher rewards earn rates. The accumulated points can be redeemed for various rewards, such as gift vouchers, merchandise, or additional business-related expenses.

4.Incentivize employees

Incentivize employees to adhere to expense policies, make cost-conscious decisions, or achieve specific business spending targets. Recognizing and rewarding employees for responsible spending practices can encourage compliance and foster a culture of financial prudence within the organization.

5.Partner offers and collaborations

Corporate card programs often collaborate with partner merchants to give exclusive discounts or promotional offers. Businesses can explore these collaborations and encourage employees to take advantage of the partner offers when making business-related purchases. This can lead to significant cost savings and optimization opportunities.

6.Earning rewards for business spend

Some corporate card programs allow businesses to earn rewards on specific business expenditures like office supplies, technology (hardware and software) purchases, or travel-related expenses. By understanding the eligible spending categories and maximizing rewards on those business-related expenses, enterprises can further enhance their rewards earning potential.

While cashback rewards on corporate cards can be appealing it is essential to consider the below mentioned factors -

How to choose the right reward and incentive card for your business

You should consider several factors when selecting the right rewards and incentives for your business. The guide below can help you make that important decision -

1.Relevance to your business

As with choosing any other financial benefits, you should first analyze your business's spending patterns and priorities. Consider the type of expenses your business engages in regularly. For instance, travel, entertainment, software subscriptions, office supplies, and specific business-related purchases are some categories businesses often spend on. Determine which categories are most significant for your business and then choose a card which provides most rewards and incentives for those categories.

For example, if your business often incurs substantial travel expenses, a card with travel rewards, like air miles or hotel points, can be beneficial. Also, if your business spend revolves around office equipment, supplies, or technology, a corporate credit card with cashback or discounts for particular vendors might be more suitable.

2.Weigh the rewards programs

Look for various corporate card providers and compare their rewards programs. Consider cards offering rewards and incentives relevant to your business spending. Focus on earning potential, redemption options, and the flexibility to customize rewards based on your company's preferences.

3.Ease of redeeming

Check the redemption options provided by the corporate card. Consider cards offering various choices like redeeming rewards for travel, cashback, gift cards, or merchandise. Flexibility in redemption allows you to make the best use of the rewards in a way that aligns with your business needs, maximizing their value.

4. Assess point valuation

Learn how the rewards points are valued and any potential limitations or restrictions. Some cards may have higher redemption rates or restrictions on specific categories, limiting their overall value. Ensuring that the rewards program offers favorable redemption rates and doesn't impose excessive limitations on earning or redeeming points can be vital.

5.Added perks and benefits

Besides rewards, consider the extra perks and benefits offered by corporate cards. Airport lounge access, travel insurance, concierge services, and discounts with partner merchants are a few attractive offers you should consider. Benefits that are most relevant and valuable to your business can enhance the card's overall value.

6.Associated fees and interest rates

Understand the related costs of the corporate cards you are considering opting for. Compare annual fees, interest rates, and other charges. The benefits and rewards should exceed the costs, and the financial terms should favor your business.

7.Client feedback  

Read client testimonials posted by businesses and professionals having a particular corporate card. Consider customer reviews, forums, or industry-specific suggestions to get insights into the experiences and satisfaction levels of existing cardholders.

Consult a financial advisor if you're uncertain about which corporate card, rewards, and incentives are ideal for your business. They can provide personalized recommendations based on your business's unique requirements, financial activities, and goals.

The above steps can help you choose a card that offers rewards and incentives tailored to your business needs to ensure optimal utilization.

Why choose Aspire corporate cards for your business 

1.Cashback rewards

Aspire provides attractive cashback rewards. Businesses can earn up to 1% cashback on digital marketing, Software subscriptions(SaaS), E-commerce & business logistics with the biggest names in business tech including Google Ads, Facebook Ads, LinkedIn Ads, Adobe, Hubspot, Notion, Slack, Microsoft 365 and many more that support business operations, including hosting services, analytics, collaboration, accounting tools, and expenses. 

2.Special perks

Open an account with Aspire to gain exclusive access to Aspire Perks, a collection of valuable benefits from their platform partners, including Google, AWS, Xero, and more. These perks, worth over S$50,000, offer businesses exclusive advantages.

3.Software tools

Aspire provides expense management tools and reporting features to help businesses track and manage spend effectively. These tools assist in categorizing expenditures, generating reports, and making the expense reconciliation process seem effortless.

4.Transparent pricing

Aspire aims to provide transparent and competitive pricing for its corporate card services. They focus on offering straightforward fee structures with no hidden charges and cheaper foreign transaction fees. You can leverage market-leading FX rates when you spend with the Aspire card, up to 2x cheaper than banks. 

To avail of the above benefits that come with Aspire corporate cards, all that businesses should do is –

  • Open a corporate account online with Aspire, within minutes.
  • Issue a corporate card associated with the business account.
  • Use the corporate card for online billing during business purchases.
  • Aspire will compute the cashback on the business' qualified spending at the end of the month.
  • Cashback is credited into the corporate account at regular periods.

What to do if a service is not visible in the partner list?

Submit a request online if a particular service is vital for your business but isn't visible on the portal. Aspire's reward and cashback team will check and inform you if the merchant is eligible for Aspire cashback.

Conclusion

Rewards and incentives on corporate cards hold great significance for businesses. They help reduce costs through cashback, discounts and points redemption. Such benefits motivate companies and employees, fostering responsible spending and boosting retention. Integrated expense management features streamline processes, saving time and improving financial management.

Exclusive perks and discounts from partner vendors strengthen business relationships. Rewards accumulated on corporate cards support growth by facilitating business travel and meetings, making more purchases, and exploring new markets. Overall, rewards programs deliver financial advantages, enhance employee satisfaction, optimize spend management, foster business relationships, and drive business expansion.

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About the author
Marissa Saini
is a seasoned writer and an avid trendspotter across business finance, personal finance, travel and lifestyle industries. With writing history at SingSaver, INK, and ohmyhome, Marissa leverages her broad range of experiences to simplify finance and make readers financially savvy.
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