This article is sponsored by American Express
If you want to earn rewards for yourself from payments made by your small business, American Express has two Charge Cards which are well worth a look:
You can learn more about American Express® Business Platinum® and American Express® Business Gold® Cards by clicking the links above.
Earn bonus Membership Rewards points paying bills with Premium Rewards
American Express has recently launched a new service for Cardmembers called Premium Rewards.
This is available to holders of its Business cards, as well as selected personal cards.
It allows you to pay the majority of your company bills – to suppliers who do not take payment cards – via American Express and earn Membership Rewards points in the process!
As an example, Premium Rewards can be used to pay, and I quote:
- Non-accepting merchant and supplier payments
- Rental fees and business rates
How does American Express Premium Rewards work?
Once you have set up your Account, making payments is a simple process:
- You go online and tell American Express where it should send money, and how much
- American Express takes the money directly from your bank account
- American Express makes the payment
- You earn 1 Membership Rewards point per £1 sent
What does American Express Premium Rewards charge?
The fees for Premium Rewards are on a sliding scale:
- Payment under £10,000 – 1.25%
- Payment of £10,001 – £100,000 – 1.15%
- Payment of £100,000+ – 1%
Payments can be batched to reduce the fee. If you want to pay your staff using Premium Rewards, for example, the 1.15% band would apply if the combined total sent on payday was over £10,000.
How do I benefit from this?
There is clearly an administrative benefit in using one simple online platform to arrange and execute payments.
The real benefit, however, is in earning additional Membership Rewards points.
Because the fee for Premium Rewards should be a tax deductible business expense in many cases, the Membership Rewards points have the potential to offer good value.
Transferred into frequent flyer miles, hotel loyalty points or for one of the other redemption options, you have the potential for you or your staff to build up enough points for a valuable reward. This could include flights in premium cabins or stays at luxury hotels through Membership Rewards partners such as British Airways, Virgin Atlantic, Singapore Airlines, Emirates, Hilton and Marriott.
What American Express Cards can be used with Premium Rewards?
Points can also be credited to other American Express Cards, however, as long as:
- Your Card is issued in the UK
- Your Card is not a Cashback card
- Your Card is not a co-branded card
However, payments for the service need to be made by a business and Premium Rewards should only be used for business payments.
How do I sign up for Amex Premium Rewards?
American Express Premium Rewards won’t be right for everyone, but it may suit your business.
There is no online sign-up service at the moment. You can download the two Premium Rewards brochures (PDF) here and here. These include a form that you can send in, or alternatively you can call to register.
American Express Services Europe Limited is authorised and regulated by the Financial Conduct Authority.