Are you ready to take your Membership Rewards points-scoring abilities to the highest level? Let us introduce you to American Express® Premium Rewards – a helpful way to make the most out of every business transaction you make.
The Premium Rewards programme allows you to earn points from your company payroll, international transactions and by maximising supplier payments – even if they don’t accept American Express.
Using Premium Rewards couldn’t be easier. Simply log into your Online Account, tell us the details of the payment you want to make, and we’ll take the funds from your nominated account and make the payment. There’s no limit to the points you can earn, and your points won’t expire while your Account is active.
Once you join Premium Rewards, you will earn one point for every £1 spent¹. Keep in mind that the Premium Rewards programme does charge a transaction fee on a sliding scale, as illustrated below:
- Under £10,000 – 1.25%
- £10,000 - £100,000 – 1.15%
- £100,000+ - 1%
No further fees will apply for domestic transactions but a margin will be added for any overseas transactions made through Premium Rewards.
How to earn points through your business using Premium Rewards
Earn points on everyday supplier costs
If you make regular monthly payments to suppliers that don’t accept American Express, switching these payments to Premium Rewards allows you to earn points on every transaction.
Sam Hall, a Business Account Manager with American Express, recently helped a construction business earn an extra 100,000 points every month. The business was spending thousands of pounds every week on raw materials such as sand, gravel and concrete with most suppliers unable to accept American Express payments. “By joining Premium Rewards, the business was able to put most of their supplier payments through their Card and increase their points balance,” says Sam.
By making multiple supplier payments through a single platform, the construction firm was able to spend less time on admin and earn points that the business owners could use to fund future travel.
Sam also helped an auto-repair firm move £100,000 in small supplier payments to Premium Rewards. The company used to pay dozens of spare part suppliers by bank transfer each week because these small companies didn’t accept American Express. Using Premium Rewards helped to reduce payment administration and gave new suppliers the confidence of dealing with a trusted payment platform.
Boost your balance by paying your tax bill
When it comes to fulfilling your tax obligations, Premium Rewards can make it more rewarding. Moving your VAT, corporation and NI payments to Premium Rewards means you can earn one Membership Rewards point for every £1 you pay to HMRC.
For example, if you’re paying £100,000 to HMRC annually using Premium Rewards, you could earn 100,000 points, the equivalent of £500 in statement credit, just for settling your tax bill.
A family-owned building firm will be celebrating its owner’s birthday by taking the whole family on a holiday to Dubai. The business funded the trip using points that were earned mostly via Premium Rewards when the business switched both tax and payroll to the platform. “By booking his trip through American Express Travel, we’re able to ensure he gets the best deal when redeeming points and he can also earn points on extras like car hire and hotels,” says Sam.
Don’t forget to seek professional advice from your accountant to confirm whether or not the Premium Rewards fee is a tax-deductible expense.³
Turn payroll into points
Paying your employees through Premium Rewards is a no-fuss way to earn Membership Rewards points from a regular, essential business expense.
Our team helped an accounting firm pay its 15 employees through Premium Rewards, earning some 75,000 points² each month. The firm uses the points to fund employee rewards from vouchers to spa days to high street shopping gift cards. The result is higher employee satisfaction and reduced staff turnover.
Getting set up with payroll on Premium Rewards is quick and easy. Your account manager will advise you to identify your current system, whether that’s third-party payroll software, a payroll management company or your own in-house banking system. We’ll then send you a simple sheet to complete each payroll period that can be uploaded directly into the Premium Rewards payroll application.
Looking for more tips on how your business can collect even more Membership Rewards points? Choose from our comprehensive guides below.
Click here to find out how to enrol in the programme.
- Membership Rewards points are earned on every full £1 spent and charged, per transaction. Terms and conditions apply.
- Rewards shown are examples that are subject to availability and may change. Examples valid as of June 2021. Membership Rewards points are earned on every full £1 spent and charged, per transaction. Terms and conditions apply. Enrolment is required.
- Terms and conditions apply.