A co-branded credit card for employee rewards
Aiming to parallel their existing consumer initiatives, Chase and Continental Airlines have launched a co-branded MasterCard credit card for small to medium-sized businesses (SMEs), allowing business owners to manage company expenses while rewarding employees with frequent flyer miles.
Holders of the new card will earn one OnePass mile for every US$1 spent, and double miles on all Continental Airlines tickets purchased directly from Continental. They also earn up to 11 miles per US$1 spent at more than 8,000 participating I-Dine restaurants throughout the US.
Employee benefits Miles earned are added to the individual employee's OnePass frequent flyer account, with no limit on the number of miles an employee can earn. OnePass points do not expire.
Apart from the point-earning attraction, employees using the card to pay for business expenses also have access to a 24-hour concierge service, which helps them with restaurant reservations, concert and theatre tickets, and other travel and entertainment needs.
Management benefits As a business tool designed to aid the management of company expenses, the card comes with appropriate credit levels, online access to detailed statements and reports, and a centralised consolidated bill for the management.
Business owners issuing their employees with the cards benefit from various discounts on hardware, financial software, car rentals, and even incorporation and trademark protection. And, as is often expected, the cards also provide vehicle rental insurance, purchase protection, and travel accident insurance.
"Just like consumers, businesses have specific needs," said Faye Evans, senior vice president of reward programmes for Chase. "Whether it's easing the number crunching for tax filing, or increasing employee morale with frequent flyer rewards, we give business owners an edge in effectively managing their businesses."
Chase Manhattan Bank's existing credit card portfolio has over 28 million card members, and over US$50 billion in outstandings.