Credit cards have gained a lot of popularity in recent times with reward points as one of the appealing features. If you’re an SME owner, business credit card rewards can be a money-saving tool. However, despite many banks and SME credit card companies revamping rewards programs to make them more pandemic-friendly, 31% of Indians didn’t redeem any rewards in 2020. That’s money left on the table, and in business, every dollar counts. If you have been looking for the best ways to redeem credit card reward points, here are three ways to do so. Read on!
How business credit cards with a rewards program can help SME owners?
Don’t take credit card rewards as an afterthought. Strategize your reward points spending in accordance with the rewards points expected to be earned in a year. Redeem the reward points to make a maximum positive impact on your business.
1. Convert reward points to cash: A few business credit card providers give you the option to convert your reward points into cash. The amount that has been converted into cash will be credited into your credit card account. You can use this to make payments.
2. Convert Rewards into Air Miles: You could use your business credit card rewards to fly to a conference abroad, or you could cough up the cash to fund that trip (while reaping the tax deduction) and stockpile your miles for a beach vacation in some exotic location.
3. Increase Employee Engagement: Get creative and motivate your employees for their hard work at no extra cost. Choose rewards that can boost your employees and witness the change in the growth curve of your business. With founderscard bespoke catalog, choose from innumerable choices based on your employee’s priorities at a zero-redemption fee.
Can you redeem business credit card rewards for personal use?
Yes, absolutely yes. IRS does not mind if you want to use your business credit card rewards for your personal use. You can use the extra miles or extra points earned for personal redemption without any headache from tax filings. So, splurge and revitalize to make your business grow more.
Isn’t it rewarding?
Reward points earned on the spending is the incentive that business credit card holders receive when they spend their hard-earned money to grow their business. Reward points may not be the primary reason for using the credit card, but they surely provide bonus benefits to help small businesses grow further.
founderscard is India’s first VISA infinite Business credit card designed especially for small and medium businesses to help them address their credit needs. With the accelerated rewards program and bespoke catalog, spending with founderscard is rewarding personally and professionally.