Foreign transaction fees are just one of several annoying travel fees that can be added to your purchases when you use a credit card to pay overseas. Thankfully, many business credit cards waive these fees, which may be just what you need if your business frequently travels abroad.
The best business credit cards can also earn rewards for business-related purchases and offer various perks and benefits.
Here are some of our top choices for business credit cards with no foreign transaction fees.
Comparing the best business credit cards with no foreign transaction fees
Business credit cards with no foreign transaction fees can offer rewards for spending and other perks like annual statement credits or airport lounge access. To find the best business card, consider your business needs and the rewards and benefits you want the most.
| Card Name | Best for | Highlights | Annual Fee | Bankrate Score |
|---|---|---|---|---|
| Ink Business Preferred® Credit Card | Flexible travel rewards |
|
$95 | 4.4 |
| American Express® Business Gold Card | Bonus categories |
|
$375 | 5.0 |
| Capital One Spark Cash Plus | Flat-rate cash back |
|
$150 | 4.7 |
| The Business Platinum Card® from American Express | Travel perks |
|
$695 | 4.8 |
| Capital One Spark Classic for Business | Fair credit |
|
$0 | 3.9 |
| Bank of America® Business Advantage Travel Rewards World Mastercard® credit card | No annual fee |
|
$0 | 3.9 |
Top business credit cards with no foreign transaction fees
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This card’s best feature is its flexible rewards through the Chase Ultimate Rewards portal. You can transfer these points to Chase transfer partners and get 25 percent more value for your points when you redeem them through the Chase Travel℠ portal.
For the card’s modest annual fee, you can get a massive welcome bonus (worth $1,250 in travel when you redeem through Chase Ultimate Rewards) and earn boosted rates on up to $150,000 spent each year on numerous categories (then 1X). You’ll also receive trip cancellation and interruption insurance, purchase protection, extended warranty, cellphone protection and other cardholder perks.
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Pros
- This card has a generous elevated welcome bonus for a modest annual fee.
- Points can be combined with other Ultimate Rewards cards for additional value.
Cons
- The spending requirement for the welcome bonus is high and may be difficult to achieve.
- Yearly caps on bonus categories may limit larger-spending businesses.
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While this card has a recently raised annual fee of $375, it stands out among reward-earning business cards thanks to its flexible and powerful reward categories. You earn 4X points in your top two select categories each month (up to $150,000, then 1X points). You can also get a solid welcome offer to boost your Membership Rewards balance.
You can combine these flexible travel points with any Membership Rewards-earning business or personal card and transfer them to any American Express transfer partner. The monthly flexible business credit can help offset your annual fee while providing a powerhouse for reward earnings.
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Pros
- Earning top reward rates in your two top bonus categories from a list of six offers great flexibility for business owners who can plan their spending accordingly.
- The ability to transfer to Membership Rewards travel partners provides potential for outsized value when redeeming points.
Cons
- While the card has no set credit limit, bonus earnings in the top categories have an annual cap of $150,000 which can limit some businesses.
- The annual fee was increased recently to $375 without a significant increase in value.
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The Capital One Spark Cash Plus is a top flat-rate cash back option for business cards, offering 2 percent cash back on all purchases. This is ideal for business owners who prefer simplicity or spend primarily in traditionally non-bonused categories. The lack of foreign transaction fee also keeps things simple abroad while maintaining your strong reward rate.
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Pros
- The annual fee waiver makes this card an excellent choice for higher-spending businesses.
- Since this is a charge card, there is no preset sending limit.
Cons
- There are no bonus categories to boost earnings.
- You’ll need to pay in full monthly to avoid penalty fees.
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While its rewards earning isn’t great, The Business Platinum Card® from American Express offers an excellent laundry list of perks, which include a $200 airline fee credit with a select airline each year, airline lounge membership, a fee credit for Global Entry or TSA PreCheck membership, shopping credits with Dell, wireless credits, elite status with multiple programs and much more.
Even though the card has a high $695 annual fee, you can easily offset it if you utilize most of the perks. Combining this card with a powerhouse earner like the Amex® Business Gold Card can give you an excellent one-two travel combo.
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Pros
- The value of the card’s numerous perks and credits can far outweigh the high annual fee.
- This card offers elite status with many programs and has one of the most comprehensive offerings for lounge access.
Cons
- The annual fee is very high and can be difficult if you don’t travel enough to take advantage of the travel benefits.
- The card likely isn’t worth it unless you maximize most benefits.
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If you only have fair credit but need a business credit card for your travels, this card is more accessible than many other top options. You’ll also earn a flat 1 percent cash back on all purchases and 5 percent back on hotels and rental cars booked through Capital One, which is solid for a credit-building card.
While better cards come with superior benefits, the Spark Classic for Business can be a practical choice to help build your business credit while working towards better cards.
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Pros
- This card offers a solid reward rate for a credit-building business card.
- It comes with several business accounting tools that can help keep your business organized.
Cons
- The card has mediocre earning rates when compared to cards with greater credit requirements.
- There are no intro offers to help consolidate your debt or make large purchases.
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In addition to earning 3X points on travel booked through the Bank of America Travel Center, you’ll also earn a respectable flat rate of 1.5X points on all other purchases you can redeem on travel for maximum value.
The card also combines a decent welcome bonus and intro APR offer on purchases, which adds significant up-front value for a no-annual-fee card. This can help cover larger purchases for your business while providing breathing room for repayment and a decent return on spending.
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Pros
- The welcome offer and intro APR offer great day-one value for a no-annual-fee card.
- Earning rates can be as high as 2.625 percent if you have Preferred Rewards status, which is the highest unlimited flat rate available on a card
Cons
- You can only receive maximum point value when you redeem your points on travel.
- There are no bonus categories to boost earnings on specific purchases.
How to choose the best business credit cards with no foreign transaction fees
Many business credit cards come with no foreign transaction fees, so there are other card aspects you’ll want to consider when choosing a business credit card. Here’s what you should take into account when comparing your options.
Find rewards to fit your spending and travel
If you typically spend in specific categories month-over-month, look for cards that offer bonuses on those expenses. You’ll also want to make sure those cards provide the same bonuses while abroad. For example, many American Express cards only offer rewards on U.S.-based spending, meaning you won’t earn a bonus if you spend in that same category while abroad.
Consider benefits and welcome bonuses
Make sure the cards you choose offer benefits you can use, whether that includes airport lounge access, or statement credits for business-related services or expenses. If you’re considering a business credit card with a high annual fee, ensure the perks and benefits offer enough value to justify the fee.
Compare rates and fees
Business cards with no foreign transaction fee can range from no annual cost to upwards of $695 each year, and there can be significant variety in the fee structure and APR rates. Select a card with terms favorable to your needs.
Difference between foreign transaction fees and currency conversion fees
Always pay in local currency when possible.
While foreign transaction fees and currency conversion fees both occur after purchases abroad, they are very different fees.
Foreign transaction fees: Foreign transaction fees are assessed on purchases you make with your credit card outside of the United States.. Depending on the card issuer, these fees can range between 2.7 to 3 percent of the purchase amount. For example, if your credit card charges a 3 percent foreign transaction fee on a $100 purchase, you would see an additional $3 charge for that purchase on your credit card statement.
Currency conversion fees: Merchants charge currency conversion fees for converting a purchase into U.S. dollars before making the transaction. While these fees vary, they are typically at least 1 percent of the purchase amount. You may end up paying foreign transaction fees on top of these fees if you use the wrong card. For instance, if you buy an item that costs 100 euros, you may see an option to convert it to U.S. dollars marked up to $115.
Local currency is almost always the better payment option for reducing costs. Currency exchange rate apps can help you compare other currencies to U.S. dollars to see when you are losing value with a currency conversion fee. When possible, advise merchants that you wish to pay in local currency, as they may charge you by default in U.S. dollars.
Frequently asked questions
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If all other factors — such as rewards or other fees — are similar, you’ll typically get more favorable exchange rates with Mastercard. Visa and American Express are a bit more expensive than Mastercard.
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While credit card issuers aren’t required to do so, if you feel you paid a foreign transaction fee accidentally — paying for an online transaction in a foreign currency, for example — you may get a one-time exception if you call and plead your case.
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While Visa and Mastercard are accepted virtually worldwide, American Express and Discover are accepted on a more limited basis. Always check whether the credit card you want to use will work where you travel most often. It’s a good habit to carry more than one type of business card when you travel if your first option isn’t accepted.
What’s next?
Check out the resources below to view currency rates and find a card that matches your travel needs.
The bottom line
Business credit cards with no foreign transaction fees can help business owners avoid overpaying for purchases abroad. Many of these cards offer excellent spending rewards and numerous benefits and perks.
That said, the right business credit card will differ for every business owner. Not having foreign transaction fees is becoming a standard feature on credit cards, so it shouldn’t be a deciding factor in choosing a card. Consider all aspects of a business credit card before making your decision.
*The information about the Capital One® Spark® Classic for Business and Bank of America® Business Advantage Travel Rewards World Mastercard® credit card has been collected independently by Bankrate. The card details have not been reviewed or approved by the issuer.
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