First-in-market programme for all American Express Corporate Cardmembers offers great benefits and flexibility.
AMERICAN Express has chosen Singapore as its first market in Asia to launch its new Corporate Membership Rewards programme, so Singapore companies can achieve greater savings and benefits on their company expenses. The programme allows businesses to consolidate reward points earned through multiple cards issued to employees into a single company account. Companies can convert the reward points to redemptions such as statement credits, business travel, and for business initiatives, such as team building and staff incentives.
Enrolling in the new Corporate Membership Rewards programme allows companies to earn points on all purchases made by their employees using the American Express Corporate Card. Every S$1.60 spent on the Card earns the company one Corporate Membership rewards point. Company programme administrators are given the flexibility to determine how to use the accumulated points, based on their business needs.
“As a leading corporate card issuer in Singapore, American Express’ introduction of the Corporate Membership Rewards programme demonstrates our commitment to enhanced and customised benefits for Singapore businesses. This programme provides the type of corporate savings and maximum benefits from company spending that our corporate customers have been telling us they want,” said Ms Jennifer Berthold, vice president and general manager, global corporate payments, American Express.
The new programme allows companies flexibility with the wide selection of rewards, including redemption of:
- Statement credit against any travel-related charges, with no restrictions on service providers of airlines, hotels, travel agencies, etc
- Credit amounts against Corporate Card Statement balance, and
- Business-relevant rewards, such as dining vouchers, electronic items, fuel vouchers, and items that can be used as corporate gifts or employee incentives.
Company spending by individual employees is growing. According to a 2009 study conducted by Accenture for American Express, companies across the world entrusted employees with an average of US$500 million to US$1.2 billion in annual travel and entertainment spend.1 Typically, indirect spend is viewed as a company’s most controllable expense, and can translate to greater savings in the long run, with proper expense management. For example, Accenture found that the use of corporate card data in hotel negotiations helped achieve savings by 21 per cent. 2
“Our Corporate Card programme can help companies capture all business-related purchases. This data is critical for companies to understand purchasing trends in specific categories, and uncover opportunities to drive savings with suppliers.” Ms. Berthold said. “The new Corporate Membership Rewards programme provides businesses an additional way to save by virtually turning company-wide expenses into savings.”
Launched in 1966, American Express’ Corporate Card programme helps deliver significant savings across all key expense categories for mid-sized companies and large corporations in more than 100 countries.
1 Expense Management Strategies for an Economic Downturn, Accenture, 2009
Substantial Business savings
Companies can earn points on all business expenses and redeem them for a variety of rewards that deliver business savings:
-Flexible Savings: Flexibility in targeting savings to where a business needs it most by redeeming points for credit on your corporate card statement.
-Travel: Travel benefits and redemption through the use of TripFlex for air tickets, hotels and car rental. (For example, if a company charges S$300,000 to the Cards, it can earn enough points to offset the cost of 3 return air tickets* to Hong Kong.)
-Products and Services: Points can be used to redeem a variety of rewards for employee incentives or gifts for customers.
Greater transparency and control
Companies can have greater control and visibility on business expenses on multiple enrolled corporate cards in their business:
-Points accumulated on the programme are transferred to the single corporate account, and
-Simple, streamlined control for billing and payments processes reduces the time taken to track respective rewards points earned by employees.
* based on economy fare on Singapore Airlines as of 15 March 2012.
Copyright © 2012 Singapore Institute of Management