If you hold one of U.S. Bank’s corporate credit cards, you’re in for a treat: You’ll now be able to earn FlexPoints for your business spending with the FlexPerks Corporate Rewards program!
U.S. Bank announced on March 17, 2014 that it is extending its popular FlexPerks program to the following corporate cards: the U.S. Bank Corporate Travel Card, the U.S. Bank Executive and Executive Platinum cards and the U.S. Bank One Card. The corporate program goes by a slightly different name than its consumer counterpart—FlexPerks Corporate Rewards as opposed to FlexPerks Travel Rewards—but it will function in largely the same manner.
Corporate cardholders who opt in to the program will earn 1 FlexPoint for every $1 spent and can cash in FlexPoints for air travel, hotel stays, rental cars and more. One of the great things about the FlexPerks program (corporate and consumer) is that award flights start at as little as 20,000 FlexPoints for a ticket of up to $400. This means that each FlexPoint is worth up to 2 cents when redeemed for travel, which is high by industry standards.
When asked about foreign transaction fees, Mary Miklethun, Vice President of Product Management, Travel Payment Solutions at U.S. Bank, told one of the Nerds that “foreign transaction fees vary depending on the size of the program and the level of international transactions.” If you’re an employee using this card, you’ll have to check in to see what U.S. Bank will charge you in foreign transaction fees if you’re concerned about this expense.
The new FlexPerks Corporate Rewards is an optional add-on program with a few innovative features. For instance, FlexPoints earned with the corporate cards listed above can be pooled at the company level to be redeemed centrally. Alternatively, individual employees can be allowed to earn points on their own. If you choose to allow your employees to earn their own points, it’s worth noting that they can combine FlexPoints earned on their corporate cards with FlexPoints earned on their personal cards. This is a nice perk for employees who hold cards like the U.S. Bank FlexPerks® Travel Rewards Visa Signature® Card – 20,000 Bonus FlexPoints.
The introduction of the FlexPerks Corporate Rewards program is intended to bring the corporate credit cards offered by U.S. Bank in line with the incentives offered by its competitors, such as the American Express Corporate Card. Travel rewards programs have become popular in both the corporate and consumer markets in recent years, but choice is still key to the corporate community. According to U.S. Bank Corporate Payment Systems President Kurt Adams: “We offer clients the flexibility to choose the right mix of financial benefits for them—whether it be rewards, rebates or a combination. Whatever their size or industry, we can structure the program to fit their organization.”
We’re excited to see what else U.S. Bank and other corporate credit card issuers have in store for the future. From what we can tell, the rewards just keep getting bigger and better.
Business traveler image via Shutterstock.