How This Small Business Owner Turns Millions in Annual Spend Into Big Credit Card Rewards

If you’re a small business owner, you know that every penny counts — especially when it can cost millions just to launch your enterprise. And by leveraging your spending on business credit cards, you can improve cash flow, accumulate rewards, and build business credit.

But it’s the wise business owner who carefully assesses their credit card strategy before diving into what could be significant investment. Knowing where to use business credit cards, where not to, and how to get the biggest bang for your buck can be tricky.

So we had a chat with Dr. William Peña, a Florida-based pediatric dentist, health care entrepreneur and co-author of “The Power Couple: Navigating the Roller Coaster of Business with Your Soulmate While Raising a Family,” to learn how he strategizes credit card spending in his 8-figure business while balancing work and family life with these 10 questions.

1. Which Credit Cards Do You Use for Your Business?

My business partner and wife, Richelle, and I use the American Express^® Corporate Gold Card and Ink Business Preferred^® Credit Card to earn 2 distinct types of reward currencies — American Express Membership Rewards and Chase Ultimate Rewards — while also taking advantage of their purchase protections. By directing as many expenses as possible through these 2 cards, we reliably earn more than 100,000 points each month.

We primarily redeem our points for travel, often transferring points earned on our travel credit cards to partners like Avianca LifeMiles, Air France-KLM’s Flying Blue, and others. Additionally, since we use The Ritz-Carlton™ Credit Card for everyday purchases, earning 2 points per $1 spent on most eligible purchases, we frequently redeem Marriott Bonvoy points for stays at some of Marriott’s luxury brands.

2. What Are Your Favorite Travel Rewards Cards?

My wife and I each love using our Amex Gold card for groceries and dining out, since we earn 4 points per $1 at restaurants (up to $50,000 per calendar year) and 4 points per $1 at U.S. supermarkets (on up to $25,000 per calendar year).

For our travel adventures, we count on The Platinum Card^® from American Express because it offers 5 points per $1 spent on flights booked directly with airlines or via AmexTravel.com (on up to $500,000 on these purchases per calendar year).

When traveling, we always carry our Chase Sapphire Reserve^® and appreciate it for its fantastic travel insurance protections and the perk of no foreign transaction fees.

At home, we use the Ritz-Carlton card, which earns 2x points for $1 spent on all purchases. As Marriott Bonvoy aficionados, we routinely stay at The Ritz-Carlton and JW Marriott hotels worldwide. The Ritz-Carlton card comes with a free night certificate worth up to 85,000 points, which we truly appreciate!

We take a methodical approach to credit card spending, carefully evaluating each purchase to maximize benefits through specific cards. For example, we rely on the Amex Platinum card for booking flights through AmexTravel.com or directly with the airline.

3. How Do You Balance Personal and Business Expenses Regarding Credit Card Rewards?

We focus on maximizing our credit cards for strategic purchases, accumulating points through both personal and business cards. Rather than separating rewards, we combine these points and later redeem them for travel.

4. Have You Ever Used Your Credit Card Rewards To Reduce Business Expenses?

No, we only use credit card rewards for travel redemptions. Redeeming points for travel provides significantly better value compared to redeeming them for cash-back or statement credits to cover business expenses.

5. Which Rewards Program Have You Found Most Beneficial for Your Businesses?

For our several businesses, Amex Membership Rewards and Chase Ultimate Rewards are our favorite credit card rewards programs. We like that cards from these 2 popular programs provide exceptional value when redeeming rewards, and both issuers’ cards are noted for their excellent purchase protection benefits. In my perspective, no other cards can compare.

Choosing my favorite travel partner within these programs is a tough call — it’s a toss-up between Flying Blue and LifeMiles. Both are fantastic because they partner with the big 3 credit card issuers — Chase, American Express, and Capital One — making point transfers seamless and flexible.

I love LifeMiles for its access to an impressive range of Star Alliance flights, including favorites like Lufthansa and United. Plus, one of the biggest perks is the minimal taxes and fuel surcharges, which means I can save even more on my redemptions. It’s perfect for booking long-haul flights without breaking the bank.

On the other hand, Flying Blue shines for its wide availability of SkyTeam flights, particularly with Air France and KLM. I primarily use this program for booking flights to Europe, and it’s been incredibly reliable for finding award availability.

6. What Kind of Experiences Have You Had Using Travel Rewards?

Leveraging credit cards for points and award travel has been an absolute game-changer for me and my family. Thanks to this strategy, we’ve been able to explore incredible destinations like Dubai, Ireland, Iceland, Korea, Japan, and so many more — all for a fraction of what it would have cost to pay in cash.

One of the key lessons I’ve learned is the value of transferring points to partner travel programs rather than booking directly through the credit card’s proprietary travel portal. This approach has allowed us to stretch our points further and unlock amazing opportunities, like premium cabin flights and luxurious hotel stays.

It definitely took some time to learn the ins and outs of travel rewards, from understanding point transfers to timing redemptions strategically, but the payoff has been absolutely worth it.

7. What’s Your Favorite Award Redemption Story?

One of our most memorable redemptions was booking 2 business class seats from Miami to Paris. The Paris trip was my very first experience booking travel with points, and let me tell you: It was a game-changer!

As I stepped onto the Air France business class cabin, I was completely in awe. The flight attendants greeted me with Champagne and a light appetizer … and the seats? Oh, the seats! Plush, spacious, and they reclined fully flat — perfect for an overnight flight. Richelle, my wife, was immediately obsessed with this feature and fell asleep almost as soon as we took off.

The only downside? I enjoyed myself so much that I barely slept! By the time we landed in Paris early the next morning, I was exhilarated but definitely in need of a nap.

8. What Is the Most Valuable Reward You Get From a Credit Card?

The annual free night certificate from the Ritz-Carlton card is something we genuinely look forward to each year. It gives us the perfect opportunity to plan a special trip with our kids each year.

My all-time favorite Ritz-Carlton free-night redemption? That would have to be our spontaneous stay at the Ritz-Carlton Aruba over New Year’s. It was such a last-minute decision — we hadn’t made any plans but decided we wanted to ring in the New Year somewhere in the Caribbean. That’s when we discovered that the Ritz-Carlton Aruba still had availability!

Without hesitation, I jumped on the opportunity, using a free night award for our first night and then covering the remaining 3 nights with points accumulated on my Ritz-Carlton credit card. It all came together so perfectly, and the trip turned out to be absolutely incredible. Spending New Year’s in paradise? It doesn’t get much better than that! If you’re ever debating where to use your free-night awards, trust me — this property is worth every point! 

9. What Are Your Favorite Travel Perks From a Credit Card?

My wife and I use credit cards like the Chase Sapphire Reserve card to access airport lounges worldwide. The Chase Sapphire Reserve card includes a complimentary Priority Pass membership, which allows us to visit airport lounges practically anywhere we travel.

My favorite credit card lounge? Without a doubt, it’s the Centurion Lounge at MIA. The food is consistently top-notch, the ambience feels elevated, and the service has always been impeccable. It’s the perfect escape from the usual hustle and chaos of Miami International Airport. Highly recommend making time for it if you’re flying through MIA!

10. How Have Credit Card Rewards Changed Your Life?

Our family places a high value on travel, which is why we utilize points for this experience instead of going for a cash-back rewards card.

Having a healthy reserve of points on hand has been absolutely critical for our travel lifestyle. It allows us to book exciting getaways on a whim, turning those spur-of-the-moment ideas into unforgettable family memories! I don’t follow set travel patterns or stick to the same destinations every year — our family’s travel style is all about spontaneity and excitement.

Hands down, our most unforgettable family trip was to Bora Bora, flying round-trip on Air France business class. This was during the pandemic, a time when many people were apprehensive about traveling, and many countries still had restrictions in place. But I decided to check out the Flying Blue site and hit the jackpot. There it was: wide-open business class availability for Los Angeles to Tahiti on my ideal travel dates. Without hesitation, I booked those tickets — not just for my wife, myself, and our 3 kids, but for my in-laws, as well.

Final Thoughts

If you are a business owner who has developed a strategic credit card plan for your business expenses, that’s commendable. When embarking on a new business venture or seeking to maximize travel rewards through credit card expenditures, it is essential to match your lifestyle and the requirements of your business with the appropriate credit card. This approach allows you to maximize the possibilities for fully earning and redeeming rewards.

The information regarding the American Express^® Corporate Gold Card was independently collected by Upgraded Points and not provided nor reviewed by the issuer.