Maui disaster: What should you do if you have plans to visit Hawaii
Jamie Dimon's Advice On Business Travel Is A Wake-Up Call To CEOs
The positives of business travel outweigh the negatives in the long term.
CQ-Roll Call, Inc via Getty ImagesA few years ago, travel halted globally. While leisure travel resumed in 2021, corporate travel lagged. However, this trend is now reversing. Over two-thirds of companies with under $1 billion in annual revenue are increasing travel budgets this year. Despite the rise of remote work, business travel remains essential for various reasons. According to the 4th edition of Deloitte's corporate travel survey, US corporate travel spending will reach or even surpass 2019 levels by the end of 2024, potentially growing by 8% to 12% this year. Yet, some leaders remain hesitant.
However, Jamie Dimon, Chairman and CEO of JPMorgan Chase, recently emphasized that leaders must travel to avoid failure and being left behind. Here are two key reminders on the benefits of business travel for CEOs and how it will benefit their executive performance, organizational bottom lines, and talent management:
Expansion And CreativityIn a recent LinkedIn This is Working series, Dimon stated, "Leaders have to get out. They have to get out all the time. They have to be curious; ask a million questions."
This action is beneficial due to leaders' innovation and creativity blossoming when they step outside familiar environments. When leaders aren't getting out enough, stress, a natural companion to the CEO role, will continue to accumulate. While you can't entirely eradicate stress, excess and unmanaged stress can shrink the brain, affecting daily performance, according to research in the journal Neurology. Although business trips aren't leisure vacations, they offer a break from your daily routine while providing opportunities for new experiences, expanding your thinking, and developing empathy.
Speaking of expanding your mindset, open-minded leaders can better process information and operate with a more emotionally intelligent perspective of the world, according to a study in the Journal of Research in Personality. Business travel often involves international exposure. Columbia Business School professor Adam Galinsky found that "foreign experiences increase both cognitive flexibility and depth and integrativeness of thought," thus further improving your ability to connect disparate ideas.
With this notion in mind, soft skills become even more valuable in a world increasingly integrating with artificial intelligence. Dimon's emphasis on curiosity and questioning is not just a suggestion; it's a principal reminder for effective leadership. Business travel can serve as an opportunity to allow CEOs to get away and become more innovative through exposure to different cultures, markets, practices, and other macro factors.
Staying Ahead Through Better ConnectivityThanks to AI and other changing workforce demographics, business trends move faster than ever. Therefore, CEOs can become rapidly detached from the on-the-ground realities if they aren't self-aware. Without adequate travel and boots on the ground, you risk complacency and stagnation. As Dimon warns, "Complacency and politics is the petri dish of death. The antidote is always learning, always being curious." According to Dimon, corporate travel allows leaders to learn about their competitors, customers, employees, and other global events.
Adding up all of these factors can lead to a higher likelihood of being an early adopter. JPMorgan, an early AI adopter since 2012, has also started to reshape its workforce by focusing on skills development and overlooked talent pools, such as ex-convicts and applicants without college degrees. Regularly stepping out of the office provides a more accurate portrayal of your team's well-being and future trends, thus offering a strategic edge over CEOs who aren't as hands-on.
While business travel has its challenges, the benefits outweigh the negatives. CEOs can leverage travel to reflect, learn, and grow, thus strengthening their leadership abilities, mental health, and executive brand.
Ink Business Preferred Review: A Travel Rewards Powerhouse For Certain Businesses
Advertiser disclosure: Content provided by Bankrate.Com. Fox and its content partners earn compensation from the affiliate companies below. This content doesn't include all available offers, and compensation may impact how and where links appear in the content.
Terms apply to American Express benefits and offers. Enrollment may be required for select American Express benefits and offers. Visit americanexpress.Com to learn more.
The Ink Business Preferred® Credit Card offers valuable rewards for businesses with significant travel, advertising, and telecommunications expenses. It offers 3X points on these categories (up to $150,000 annually).
Points value depends on how you use it, but frequent travelers will benefit the most. You can transfer points to travel partners at a 1:1 ratio or receive a 25% bonus when redeeming points for travel through Chase Travel℠.
The card also features a generous welcome bonus, free employee cards, and a slew of travel and purchase protections.
Fox Money rating: 8.7/10
The Ink Business Preferred is a strong contender for businesses with significant travel, advertising, and telecommunications expenses. However, its appeal may be limited for businesses with more varied spending.
The Chase Ink Business Preferred Credit Card is a great tool for businesses looking to earn valuable rewards on their expenses while enjoying travel and purchase protections. Here are the key things to know about this card:
Ink Business Preferred® Credit Card
Pros
Cons
The Ink Business Preferred Card offers rewards tailored to business owners who spend heavily in certain categories (up to a certain annual limit). This card is a good option if you want to use points to book business travel and enjoy well-rounded protections.
One of the standout features of the Ink Business Preferred Card is its bonus categories. Cardholders earn 3X points on the following:
This 3X points multiplier can be particularly advantageous for businesses that allocate a significant portion of their budget to these categories. For example, if your company spends $50,000 annually on online advertising and $25,000 on travel, you would earn 225,000 points (worth $2,250 when redeemed for travel through Chase Ultimate Rewards) from these categories alone.
However, it's important to note that the 3X earning rate is capped at $150,000 in combined purchases across these categories per account anniversary year. Once you exceed this threshold, you'll earn 1X points on these categories. This limitation may be a drawback for larger businesses with substantial expenses in these areas.
Some other business cards offer more straightforward rewards. For instance, the Capital One Spark Cash Plus Card provides unlimited 2% cash back on all purchases without category restrictions or spending caps. This card offers 5% cash back on hotels and rental cars booked through Capital One Travel.
To maximize your earnings with the Ink Business Preferred, it's essential to align your spending with the bonus categories. If a significant portion of your business expenses falls outside these categories, you may find more value in a card with a higher flat-rate rewards structure.
The Chase Ink Business Preferred Card offers a variety of redemption options, giving you the flexibility to use your points in a way that best suits your business needs. Redemption options include:
One notable feature of the Ink Business Preferred Card is the ability to transfer points to other eligible Chase cards. This can be advantageous if you have multiple Chase cards with different redemption options or bonus categories, allowing you to maximize the value of your points across all your accounts.
Unlike some other rewards programs, points earned with this card do not expire as long as your account remains open and in good standing. However, you may forfeit your points if your account is closed voluntarily or by Chase due to misuse, fraudulent activity, or other cardholder agreement violations.
In addition to its robust rewards, the Ink Business Preferred Card offers a range of benefits designed to support and protect your business.
The Ink Business Preferred Card offers a generous sign-up bonus for new cardholders, provided they meet the steeper spending requirement.
You can receive 120,000 bonus points if you spend $8,000 within the first three months after account opening. That's worth $1,200 when redeemed for cash back or $1,500 when redeemed through the Chase Travel℠ portal.
This is one of the higher sign-up bonuses on the market — though the timeframe to reach the spending threshold is fairly steep.
Beyond the sign-up bonus, the Ink Business Preferred Card offers a suite of additional benefits that can help you manage and grow your business.
While the Ink Business Preferred does provide some important travel and purchase protections, it is missing a few notable travel perks, including airport lounge access and travel credits. Some other business cards, like the American Express® Gold Business Card, have higher travel insurance claim limits.
The Ink Business Preferred Card has several fees to keep in mind. Here's what you can expect.
The Ink Business Preferred Card has an annual fee of $95 — quite reasonable compared to other business cards with similar benefits. For example, the American Express®Gold Business Card has an annual fee of $375, while the Capital One Spark Cash Plus charges $150 annually. See rates and fees.
It's important to note that, unlike some other business cards, the Ink Business Preferred Card does not offer a way to waive the annual fee based on spending. For instance, the Capital One Spark Cash Plus Card waives its $150 annual fee if you spend at least $150,000 annually on the card.
To determine whether the Ink Business Preferred Card's annual fee is worth it, consider the value of the rewards you can earn based on your spending habits. The annual fee may be justified if you can take full advantage of the card's bonus categories and travel perks.
The Ink Business Preferred Card has an interest rate range of 21.24% to 26.24% for purchases and balance transfers, depending on your creditworthiness. This APR range is fairly standard among business credit cards.
Unlike other Chase business cards, the Ink Business Preferred Card does not offer an introductory 0% APR period for purchases or balance transfers. If you tend to carry a balance on your business credit card, the lack of an intro APR offer may make the Ink Business Preferred Card less appealing.
In addition to the annual fee and interest rates, the Ink Business Preferred Card has a few other fees to keep in mind:
One standout feature of Ink Business Preferred is its lack of foreign transaction fees. This can be a significant benefit for businesses that make international travel or purchases.
Another unique aspect of the Ink Business Preferred is the option to enroll in the Chase Pay Over Time feature. This allows you to pay a monthly fee of up to 1.72% of each eligible purchase transaction in exchange for waiving interest charges. This can be an option for businesses that need extra flexibility in their payments.
To help you determine whether the Chase Ink Business Preferred Card is the best choice for your business, let's compare it to two popular alternatives.
The Capital One Spark Cash Plus Card is a strong contender for businesses that prefer cash back rewards over points. The Spark Cash Plus Card offers unlimited 2% cash back on all purchases. While it doesn't offer bonus categories like the Ink Business Preferred, its base earning rate is higher, with no spending limits.
The Spark Cash Plus Card has a $150 annual fee (waived if you spend $150,000 or more annually), while the Ink Business Preferred Card has a $95 annual fee.
Another key difference is that the Spark Cash Plus card is a charge card, which means you'll need to pay your entire balance off every billing cycle.
If your business has significant expenses in the Ink Business Preferred Card's bonus categories, you may earn more rewards with this card. However, if your spending is more varied or you prefer the simplicity of cash back, the Spark Cash Plus Card may be a better fit.
The American Express Business Gold Card is another popular choice for businesses. For a higher annual fee, it offers more lucrative rewards and benefits.
With the Gold card, you'll earn 4X points on your top two selected categories (from a list of six) each month, up to $150,000 in combined purchases annually. You'll also earn 3X Membership Rewards® points on eligible travel purchases and 1X on general purchases. That's more rewarding than the Ink Preferred.
The Business Gold Card has a higher annual fee of $375, compared to the Ink Business Preferred Card's $95 fee. See rates and fees.
Ink Business Preferred® Credit Card
Capital One Spark Cash Plus
American Express® Business Gold Card
Annual fee
$95
$150 (can be refunded every year you spend at least $150,000)
$375. See rates and fees.
Rewards
3X points on the first $150,000 spent on travel and select business categories each account anniversary year (then 1X points), and 1X points on all other purchases
Unlimited 2% cash back on every purchase, and unlimited 5% cash back on hotels and rental cars booked through Capital One Travel
4X Membership Rewards® points on up to $150,000 per calendar year in your top two of six eligible categories (then 1X after that; only the top 2 categories each billing cycle will count toward the $150,000 cap), 3X Membership Rewards® points on eligible travel purchases (including flights and prepaid hotels booked through AmexTravel.Com), and 1X points on general purchases
Welcome bonus
Earn 120,000 bonus points after you spend $8,000 on purchases within the first three months of account opening
Earn $1,200 once you spend $30,000 within the first three months of account opening
Earn 70,000 Membership Rewards® points after you spend $10,000 on eligible purchases within the first three months of card membership
The Chase Ink Business Preferred Card is optimal for business owners who travel often and spend heavily in certain business categories.
If a significant portion of your business expenses fall into the card's 3X points categories, you can quickly rack up rewards points. The card's travel insurance and other protections can also provide significant value.
Plus, the Ink Business Preferred Card allows you to add employee cards at no additional cost and set individual spending limits for each card, making it easy to manage your team's expenses.
On the other hand, businesses that don't spend much in the card's bonus categories or those that prefer straightforward cash back rewards may find other cards more appealing. Additionally, if your business requires a 0% APR period to finance large purchases or pay off existing debt, the Ink Business Preferred Card may not be the best fit, as it does not offer this benefit.
Every credit card review we publish has undergone a rigorous editorial process to ensure accuracy and objectivity.
We rate all credit cards on a 10-point system, with 10 being the highest possible score and 1 being the lowest possible score. We assess each card across several key factors, weighted based on what our research shows matters most to readers like you. Learn more about our methodology here.
Rating
Category
Description
9/10
Rewards
Rewards structure is strong for businesses that spend heavily in the bonus categories, especially with the 25% bonus on travel redemptions through Chase Ultimate Rewards. The downside is the $150,000 annual cap on bonus categories and the lack of bonus rewards on everyday business expenses outside these categories.
9/10
Redemption flexibility
Chase provides various redemption options with a valuable boost for travel redemptions, making points quite versatile.
9/10
Annual fee
The $95 fee is reasonable, given the card's benefits — though some competitors waive the annual fee in the first year.
6/10
Rates and other fees
The card's high APR and lack of an introductory 0% offer are drawbacks, but the absence of foreign transaction fees is a plus for international travelers.
9/10
Welcome bonus
The large welcome bonus offers excellent value, especially when redeemed for travel, though some businesses may have a high spending requirement.
8/10
Benefits
The card offers a solid suite of travel and purchase protections, though you won't find premium travel perks like airport lounge access or Global Entry/TSA PreCheck credits.
The Ink Business Preferred Credit Card excels in its rewards structure for certain business expenses, redemption flexibility, and travel-focused benefits. Its main weaknesses are the cap on bonus category spending and the lack of an introductory APR offer.
The card is best suited for small to medium-sized businesses that spend heavily on travel, advertising, and telecommunications and can take advantage of the travel rewards and protections. Businesses with high everyday expenses outside the bonus categories or those wanting an intro APR offer might want to consider other options.
Editorial disclosure: Opinions expressed are author's alone, not those of any bank, credit card issuer, or other entity. This content has not been reviewed, approved, or otherwise endorsed by any of the entities included in the post.
Meet the contributor:Marc Guberti
Marc Guberti is a Certified Personal Finance Counselor (CPFC) and Bankrate contributor. He also writes articles on finance and investing for US News & World Report, InvestorPlace, Benzinga, and other publications.
Business Travel Bounces Back: Spending Forecast To Hit Record
Business travel is roaring back, with global spending projected to surpass pre-pandemic levels in dollar volume this year. Face-to-face wins.
Business travel spending worldwide is projected to reach an all-time high of $1.48 trillion by the end of 2024, surpassing pre-pandemic levels for the first time, the Global Business Travel Association (GBTA) said Monday.
GBTA surveyed 4,100 business travelers across 28 countries.
Business travel volumes are not back to 2019 levels, but spending is up, especially for long-haul flights. 61% of travelers and 68% of business travel managers report spending more this year than last in the GBTA survey.
The association projects that global business travel spending will top $2 trillion in 2028. That would represent an annual compound growth rate between 2025 and 2028 of 7%.
Recovery Varies by Sector and RegionThere are some changed priorities.
"The naysayers think that if you just have virtual meetings, that's all you need," said Suzanne Neufang, CEO of GBTA. "And guess what? The energy comes from actually meeting the people in person. And that energy translates into bottom-line gains for companies."
Neufang was installed as CEO of GBTA in February 2021 after a controversy ousted the previous leadership. GBTA membership has grown to close to 9,000 members, with the fastest growth in Asia Pacific.
Airlines Sector Stock Index Performance Year-to-DateWhat am I looking at? The performance of airline sector stocks within the ST200. The index includes companies publicly traded across global markets including network carriers, low-cost carriers, and other related companies.
The Skift Travel 200 (ST200) combines the financial performance of nearly 200 travel companies worth more than a trillion dollars into a single number. See more airlines sector financial performance.
Read the full methodology behind the Skift Travel 200.
Comments
Post a Comment