If your business has you flying from Toronto to New York and Singapore, you need a credit card that can keep up. But choosing a business travel credit card isn’t as easy as finding the best welcome bonus. You want a card that works for you, one that makes travelling for work smoother and more rewarding.
Here’s what you need to know to help you choose the business travel credit card that’s right for your needs.
How a business travel credit card differs from a personal one
A personal travel rewards credit card is great for individuals looking to earn points on daily spending. But Canadian entrepreneurs and small business owners have different needs. You likely require a higher credit limit to accommodate your growing business, or employee credit cards with spending limits. You might also want to make it easier to separate your business and personal expenses. CIBC offers tailored credit card solutions designed specifically for Canadian small business owners, helping them manage higher credit limits and streamline expenses.
Match the card to how you actually travel
Before you start comparing credit cards, take a look at how you and your employees actually travel. This will give you the information you need to find the business credit card that best suits your current travel patterns. Consider the following:
Travel frequency
How often you travel internationally is one of the most important factors in determining which travel credit card is right for you. If you make multiple trips per year or month, you’re likely to benefit from premium perks like airport lounge access and robust travel insurance. Frequent travel also means you’re more likely to offset the annual fee that comes with many premium travel credit cards.
Travel destination
Where you travel also matters. Are most of your business trips within Canada, North America, or overseas? If most of your travel is international, consider a card with global acceptance and minimal foreign transaction fees.
Airline and hotel preferences
If you always fly the same airline or stay at the same hotel chain, you might be a good candidate for an airline-specific or hotel-branded credit card. However, if you want a card that’s more flexible, allowing you to fly multiple airlines and stay in different hotels, then a general travel rewards credit card is likely a better fit.
Number of cards
Entrepreneurs who travel alone have different needs than those managing employees. As a solo traveller, you might prioritize personal convenience and rewards. If you have employees, consider a credit card that allows you to implement spending limits and consolidate reporting so you can track all of your travel business expenses in one place.
Compare key credit card features
With a better understanding of your travel profile, you can start to compare business travel credit cards on key features, including:
Earning rewards
The right credit card can help you turn business expenses into future value, like flights, hotel stays, or car rentals. Over time, this can help to reduce the cost of business travel and improve the overall experience. CIBC business travel credit cards provide accelerated points on categories where Canadian businesses typically spend, turning everyday expenses into valuable rewards.
Foreign transaction fees
Some credit cards charge a small fee on purchases made in a foreign currency. If you’re frequently travelling overseas for work, these costs may add up. To reduce business expenses, consider looking for a card with no foreign transaction fees.
Fraud protection
International travel puts you at a higher risk for credit card fraud. More transactions in new locations equal more opportunities for your card data to be compromised. So, you want to find a card that offers security measures, like CIBC’s advanced fraud monitoring and alerts, to ensure your business transactions remain secure.
Travel insurance and protection
When you’re away from home, knowing you’re protected with the right type of insurance can provide peace of mind. Business travel credit cards can offer insurance for trip cancellation and interruption, flight delay and baggage insurance, purchase protection, car rental coverage, and medical emergencies. Having robust insurance on your business travel credit card can help prevent large and unexpected expenses, and may help to replace policies you would otherwise need to purchase separately.
Expense management
A business travel credit card should make it easy to optimize and control your business spending. You may want a card that offers features, such as custom monthly budgets and spend alerts that notify you when you’re getting close to your credit limit.
Cash flow management
If you have employees who travel, consider how many extra cards you need and how easy it is to maintain control. Ideally, you want a card that makes it easy to set up and make changes to employee spending limits and cash advances.
Annual fee
Premium business travel credit cards often come with an annual fee. A higher fee can be worthwhile if it provides travel benefits, insurance, and other perks that exceed the annual cost. When choosing between cards, make sure you consider the total value of the card, not just the cost of the annual fee.
Find the business travel credit card that’s right for you
When choosing a business travel credit card, look for one that suits your actual travel profile. Next, compare cards on key features like rewards, fraud protection, and expense management. CIBC’s extensive experience in supporting Canadian small businesses can help you find a credit card that simplifies company operations. This way you can find the card that supports your business habits and makes time away from home just a little bit easier.