These days, the prestige of having a credit card is no longer enough and consumers like to enjoy the additional perks that come with the card, such as incentives and rewards.
Whilst the benefits are by no means free – after all, you have to spend money in order to qualify – they can act as a nice little thank-you for using the card to pay.
For companies, running expenses on credit cards can make the accounting far simpler, keeping all costs in one place.
For those that have to travel abroad regularly on business, a company credit card can offer a whole range of perks which make the trip more comfortable such as concierge services as well as accommodation upgrades.
Airmiles – or the points equivalent – are one of the big bonuses available on company credit cards with many lenders. As an extra incentive to pick their card above others, a number are offering free points when signing up which can be enough to travel to Spain and back to the UK for free. For companies that simply offer points rather than specific rewards for using their card, the choice of ways to spend the points usually incorporates a number of holiday-orientated options. Cruises, spa breaks as well as short getaways all feature as a popular way to spend points.
Those who like to use their points on something a little bit different can purchase one of the `experiences` offered by some lenders. Typical offers including not only cookery or wine tasting groups but dancing lessons and even DJing masterclasses.
Some cards focus on the needs of the business and offer cashback schemes when purchases are made for one of a list of business-related items, such as tools and office supplies. A simple but effective reward for buying business essentials on plastic.
Other company-focused rewards include special deals each month depending on how many points have accumulated. Examples might range from free printer ink to a free computer, for those that have spent significant amounts on the card.
Many retailers like to support business users and paying with a company credit card automatically qualifies the holder for a discount or special offer, not available to the general public. This can include designer labels as well as haute couture.
As the popularity of rewards and incentives shows no signs of abating, some firms are trying to get one step ahead of the game and rather than anticipating what customers might like, they are asking them directly. One firm has gone as far as providing `wish fulfillers` who for account holders with oodles of points, will try and make their fantasy wish come true. Other firms conduct regular surveys to ask their customers what they would like to see in the rewards section in the future. Some of the more bizarre requests have included a private lunch with Lady Gaga as well as Botox.
Although having a company credit card involves spending money saving money is also one of the primary reasons why many opt to go down this route. The various discounts available soon add up, giving both employers and employees a substantial benefit for simply using the plastic.