Navigating the new business travel landscape
8 minute read
Key takeaways
- Card programs provide visibility and control over how your company’s travel budget is being spent.
- A dedicated travel manager and comprehensive travel policy can streamline and improve the efficiency of internal processes.
- Companies can realize cost benefits if they consolidate spend through corporate cards and leverage the right technology and tools.
With business travel spend forecasted to grow by 28% to surpass $2 trillion by 2029, having a comprehensive travel policy and corporate card program is essential.1
Business travel has entered a new era where its importance is no longer defined by recovery from the Covid-19 pandemic, but by its direct impact on driving competitiveness, deepening client relationships, and supporting broader business objectives.
Why business travel is more important than ever
Business travel directly supports the core drivers of modern organizational success: growth, competitive differentiation, and high‑quality human connection. Research shows that face‑to‑face engagement drives greater outcomes. It strengthens relationships, accelerates innovation, and enables companies to win new business in ways that virtual meetings cannot.
Global surveys reveal rising confidence and increased travel budgets as organizations pursue new markets and rely on in‑person collaboration to drive revenue. Shifting workforce expectations, particularly among younger professionals who value meaningful travel experiences, further underscore its importance. Advances in AI and travel technology are boosting productivity, ensuring that every trip delivers more value.
In a world of economic uncertainty and rapid change, business travel has become a strategic asset—enhancing resilience, deepening customer engagement, and powering sustainable growth.
How to get the most out of your investment in business traveI
Whatever the reason for business travel, a corporate credit card program can make the entire process more efficient, offering flexibility, visibility and control. For businesses, having expense data all in one place makes reconciliations and oversight easier, while centralizing tasks saves time and resources. For employees, card programs mean they can participate in travel even if they don’t have high credit limits or, in some cases, don’t have personal cards. It’s important to ensure that all employees who travel have access to a corporate card to eliminate personal card use or cash advances.
To get the most out of a card program, streamlining management responsibility is essential. Companies should designate or hire a skilled travel manager who will be responsible for setting an overall travel policy, including:
- Deciding budget constraints.
- Providing clarity on how to book travel, where to use the credit card and how much employees can spend per day.
- Determining which services, like rideshare and lodging booking platforms, are permitted.
- Communicating clearly and frequently with travelers about the travel policy.
Six best practices for travel managers
What a card program delivers
Visibility and control
When a company mandates cards, it has full visibility into travelers’ purchases or decisions, making it easier for employees to comply with travel policies. A corporate card program can limit transactions by allowing only merchant category codes (MCCs) that are related to travel. Additionally, managers can easily keep track of budgets throughout the year, pulling back or loosening controls as needed.
Cost benefits
Companies can benefit if they consolidate spend through corporate cards, helping to lower cost through greater oversight and control and increased policy compliance. For example, they can expedite reconciliation processes for managers and employees, eliminate rogue spending through better program compliance, negotiate preferred supplier rates and discounts, or provide incentives like rewards and rebate.
Added security
Built-in security features such as fraud protection, spending limits and spend type restrictions help safeguard businesses from unauthorized transactions and losses from theft. And for employees, corporate cards come with added benefits like travel insurance, road assistance, legal assistance and concierge services, making their business trips smoother.
Get started
Corporate cards give businesses more flexibility and control, plus convenient labor-saving workflows, while employees can access a payment card that’s accepted everywhere they work and travel, with tools that help them adhere to policies.
At Bank of America, we offer a range of comprehensive solutions with enhanced benefits and 24/7 access to account management. If you have any questions or would like to start a conversation, please talk to your bank representative.
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