Most people know they can earn rewards by making purchases using a personal credit card, but many business owners don’t take full advantage of rewards cards for their company. Business rewards cards can be a good way to save money on everyday business expenses. Use these tips to get started earning rewards for your company.

1. Pick the right card.

Compare your card options to find one that caters to the rewards you are seeking and are most likely to accumulate based on your spending habits.

"Choosing the right small business credit cards can be overwhelming," says Forbes contributor Johnny Jet. "If it's been a few years since you have last applied for a business credit card for rewards, you might be surprised at how much the opportunities have progressed. Since every business owner will use their business rewards credit card differently than their personal card, this second credit card can be a way to maximize your rewards points in ways the average consumer card cannot."1

Nevada State Bank has a great selection of business credit card options, including the Amazing Rewards for Business option, which lets you earn rewards points on business expenses.

2. Put operating expenses on your card.

If you can use your business rewards card to pay operating expenses, do so. Use the card for things like your lease, your phone and utility bills, inventory purchases, printing, marketing expenses, etc. The more you use the card, the more rewards you'll get. This will translate to saved money via cashback rewards, discounts, etc.

3. Use your card for business travel.

If you travel for business occasionally or regularly, or you have employees who do, use the card for these expenses. Transactions can add up quickly when you’re on the go in another city or state, so let your card work for you and gain rewards in the process.

4. Track prices.

For retail purchases, whether you need to buy equipment, office furniture, or day-to-day supplies, you can get more bang for your credit card buck if you save money on your purchases to begin with. The less you pay, the further your credit and your rewards can potentially go.

As Robin Saks Frankel at NerdWallet says, "Before you shop with a specific retailer through a bonus mall or cash-back site, it pays to compare. Consider using tracking tools like camelcamelcamel, which focuses on Amazon prices, or sites like PriceGrabber and Google Shopping to see which retailer is offering what you’re looking for at the lowest price. With that quick bit of research, you can get your item at the lowest price, rack up portal rewards and pile on credit card points for that category or retailer."2

5. Pay your card off each month.

If you make sure to pay off the card balance every month, you can maximize your rewards by refreshing your credit card balance. If you run your balance up, you won't have as much room to make purchases, and therefore, you won't get the rewards associated with those purchases. If you regularly pay your balance down, you give yourself the ability to make more and more purchases using the card. All the while, your rewards will continue to accumulate.

6. Use the rewards.

Don't forget to actually use the rewards. As you get caught up in day-to-day operations, you might not remember to redeem the rewards, which usually have an expiration date. Make it a point to regularly check in with your rewards to see what's available so you can properly take advantage of them.

If you use your card often, and always pay your balance, rewards can add up big-time, and that means extra money you can use to help your business in any way you see fit. Get the right card and take full advantage of it, and make your spending go to work for you. 

1. https://www.forbes.com/sites/johnnyjet/2017/11/01/best-business-credit-cards-for-rewards/#1e041ed84c55

2.  https://www.nerdwallet.com/blog/credit-cards/stack-your-credit-card-rewards/

 

The information provided is presented for general informational purposes only and does not constitute tax, legal or business advice. Any views expressed in this article may not necessarily be those of Nevada State Bank, a division of Zions Bancorporation, N.A. Member FDIC