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Wednesday, October 15, 2008
American Express offers business travellers 10 tips for savings
Comtex
Mar, ON, Oct. 15, 2008 (Canada NewsWire via COMTEX) ----American Express Business Travel, a global industry leader in business travel management and consulting, today published 10 top cost-saving tips for road warriors. With the global economy creating new and mounting pressures on bottom lines across all industries, business travellers can significantly impact the successfulness and efficiency of their company's travel program.
"Companies are seeking opportunities to maximize savings without sacrificing the tangible benefits of a robust travel and entertainment program," said Lyell Farquharson, Vice President and General Manager, Business Travel Canada, American Express. "When clients seek our counsel on the best ways to protect their travel investments during the current economic environment, in addition to working to shape a unique and comprehensive policy, we recommend various simple strategies for travellers that help ensure spending efficiency during trips and increase the return on investment."
<< The top 10 tips for travellers released by American Express Business Travel today follow: 1. Plan Twice, Book Once - Travellers can incur many fees for changes with airlines often charging $150 or more and hotels charging "no show" fees of $50 or more. Double-checking to confirm appointments before booking can help you save on these potential added charges. 2. Pack Light - As airlines move to unbundle services, travellers can minimize any costs by packing and checking the least number of bags as possible. For longer business trips, the cost of dry cleaning may be cheaper than checking extra luggage for extra shirts and pants. Overnight delivery and luggage forwarding services are also an option if you have a lot of materials or samples to bring on a business trip. 3. Check Your Paperwork - Ensure that your passport is current and that you have any necessary visas for your trip in advance. Expired or missing paperwork can delay your trip and add costly charges for expedited applications. Most travel management companies can provide visa/passport support before you travel. 4. Be Flexible To Find Savings - For travel to or from an area with multiple airports, ask your travel counsellor to search alternate airports or use this option in your online booking tool. For example, when flying to New York City, fares may be less expensive enough at JFK to offset the incremental taxi fare difference for a trip to Laguardia. 5. Watch for Waste - Millions of tickets go unused, even though most non-refundable fares are valid for travel for up to a year. While there may be change fees, travellers can still save money by not letting these unused tickets go to waste. There are various products available, like TicketTRAX for example, which can help travellers keep track of and re-use these tickets. 6. Employees That Stay Together, Save Together - Some companies are instituting room-sharing policies for co-workers travelling together. Along the same lines, sharing car service or taxis to and from the airport is an easy way to save. If you're on different flights, plan to meet your co-workers at an airport lounge and travel to the hotel together, instead of meeting at the hotel. 7. Big Ticket Items Can Mean Big Savings - Complex international itineraries can offer opportunities for significant savings. Having travel counsellors plan these trips for you saves you time (which you can use to focus on your business) and allows you to take advantage of their knowledge on the best airlines, fare classes, specials and more to ensure you get the lowest fare. 8. Plan Ahead, and Stay In Touch - The earlier you book air tickets and hotel rooms, the more likely it is that you'll find a lower rate. Many hotels will offer you a lower rate if the price for your trip falls after you've booked it. Plan your trips as early as you can and ask your supplier for a discount if you see the rate drop. 9. Stretch Your Stay to Stretch Your Dollar - With the resurgence of "minimum stay requirements," postponing your return trip from a Friday until a Sunday or Monday can create additional savings. If possible, considering extending your trip to include a weekend vacation in the same destination. 10. Oldies But Goodies - The "classic" opportunities still exist for travellers, and some are even more common now with higher airline loads. Whenever possible, you should look for opportunities to get "bumped" for a free voucher, select destinations that are "off- season" (e.g. for team meetings) and be flexible with your travel dates. >>
About American Express Business Travel
American Express Business Travel (www.americanexpress.com/businesstravel), a division of the American Express Company, is dedicated to helping its clients realize the greatest possible value from their investment in travel through increased cost savings, outstanding customer service and greater spend control. For small businesses, medium-sized enterprises and multinational corporations, American Express Business Travel provides a combination of industry-leading booking technology, travel management consulting expertise, strategic sourcing and supplier negotiation support, and customer service available online and offline, around the world.
About American Express in Canada
American Express in Canada operates as Amex Bank of Canada and Amex Canada Inc. Both are wholly owned subsidiaries of the New York based American Express Travel Related Services Company, Inc., the largest operating unit of the American Express Company. Amex Bank of Canada is the issuer of American Express Cards in Canada. Amex Canada Inc. operates the Corporate Travel, Travel Services Network and Travellers Cheques divisions in Canada. American Express opened its first offices in Toronto and Hamilton in 1853 and now employs 3,700 Canadians coast-to-coast.
SOURCE: American Express
Jolene Price, American Express Canada, (905) 474-8746, jolene.price@aexp.com
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Some mutual funds want you to pay for the privilege of them (or your investment adviser) taking your money to invest. It's called a load, and it works like a cover charge to get into a nightclub. Luckily, there are such things as no-load funds. As the name implies, shares of these funds are sold without a fee paid to a broker or investment advisor.
The entire amount you invest in no-load funds goes to work for your returns. On the other hand, with load funds, right off the bat you're charged commission (not to mention other fees incurred over the life of the investment). Let's say, for example, you invest $25,000 into a load fund that charges a 5% commission. This costs you $1,250 off the top, bringing your actual investment down to only $23,750.
The often-cited horse race analogy argues against investing in load funds. Here's the logic behind it: Would you place a bet on a horse that had to start a race 200 yards behind the others? Well, maybe you would if you got a tip from a sketchy, trench coat-clad man in a dark alley. However, under most circumstances, it's not smart to put your money on that handicapped horse.
But some argue that at times that man in the trench coat (aka your broker) knows more about the horses than you do, and has a better shot at picking a winner. Also, sometimes these fees are unavoidable because some funds are available only through investment advisers.
Cost-benefit analysis can help determine when a load fund is worth it (in other words, when it will score you a load) and when it is better to "do it yourself" and avoid the fees. Load-fund fees range depending on share class and can cover a variety of costs, such as paper work and fund management.
