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This article was last updated Sep 16, 2015, but some terms and conditions may have changed or are no longer available. For the most accurate and up to date information please consult the terms and conditions found on the issuer website.
We all know about the points, miles and cash back offered by rewards credit cards, but there is another type of credit card rewards program that few know about. Visa, MasterCard and American Express each offer their own cash back rewards, just for business card holders. And better yet, once you enroll (if necessary), there is nothing you need to do for these discounts, which arrive automatically when you use any of their rewards credit cards at featured merchants.
Visa's program requires eligible business cardholders to enroll at VisaSavingsEdge.com. Then cardholders will automatically receive a range of discounts at featured merchants, which can be as much as 15% off your purchases! For example, there is a 1% savings on fuel purchases at Texaco and Chevron Gas stations and a 5% discount on Mircrosoft Bing ads as well as for purchases at OfficeFurniture.com. Love to travel? When traveling, cardholders can receive 5% back from stays at Wyndham properties, and 4% back when renting a car from Alamo and National.
Business owners can enroll in three simple steps; enroll your Visa Business card at no additional cost, use your card at participating merchants, and save money automatically. Savings will appear as credits on future account statements, making it a seamless process for the busy entrepreneur. As an added convenience, Visa SavingsEdge also has an app!
MasterCard Easy Savings
This program also offers savings for a wide range of companies that would be of particular interest to business cardholders. To qualify for these savings, customers must first register their business MasterCard at the Easy Savings website. Then they can enjoy 5% cash back for shipping at DHL and car rentals with Avis and Budget, as well as at Firestone Complete Auto Care. There are other discounts offered for airport parking, office supplies, and even for dining out. Once enrolled, rebates will be received automatically and included in the monthly billing statement.
Additional networks are included in this program for fuel and hotels. The Fuelman Network is a team of nationally recognized fuel and maintenance locations from major oil companies across the country. The MasterCard Easy Savings Hotel Network includes over 5,000 midscale and economy hotels that offer a 4% rebate when you use your enrolled MasterCard. Business owners should also take advantage of the MasterCard Easy Savings app for on-the-go access.
American Express OPEN Savings
American Express offers a wide range of business credit cards and charge cards, and all cardholders have access to the American Express OPEN Savings program to help business cardholders save even more money. This program functions a little bit differently than the others. OPEN savings benefits can be received as either a discount or as additional Membership Rewards points. Purchases made under all cards under one business name are combined so that the savings benefit is credited only to the primary account holder.
While cardholders don't need to register to receive these savings, they can choose between earning an additional two Membership Rewards points, or 5% cash back when shopping at featured partners. Read the conditions of these two options carefully as, "the relative value of the benefit options will differ depending on how you use the Membership Rewards points. The redemption value of additional points received under the Membership Rewards Points Benefit will be less than the dollar value of statement credits received under the Discount Benefit."
Cardholders can change their OPEN Savings benefit selection one time a per calendar month. Unlike the Visa and MasterCard programs, American Express only has four partners in their program: FedEx, Hertz, HP, and Hyatt. Nevertheless, these are strong, major brands that are frequently used by business owners, and 5% is a great rate to receive with a credit card.
What to do With the Savings?
While business owners can apply these savings directly to their bottom lines, employees who charge company expenses can be presented with a dilemma. The savings will appear as a separate line item on their credit cards, and they are free to present the receipt for full price to their company or client for reimbursement, and keep the additional cash back. Just like any other form of credit card rewards, these business savings are rebates to cardholders. And since the cardholder is paying the annual fee and managing the account, it seems appropriate that he or she retains any benefits offered, including rewards and other forms of cash back.
By unlocking the value of these best rewards credit cards programs, you can save even more money when you make your business purchases.
*The content in this article is accurate at the publishing date, and may be subject to changes per the card issuer.