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A foreign transaction fee only comprises a single bullet amid the seemingly never-ending list of potential fees you could incur with a business credit card. But if you’re doing a lot of business spending abroad, this single fee could end up costing you majorly.
With foreign transaction fees typically rounding in at 2% to 3% of every purchase you make abroad, jet-setting business owners are often on the hunt for business credit cards with no foreign transaction fees.
For entrepreneurs who need the reassurance of no foreign transaction fee as they invest in their business beyond the boundaries of the U.S., we’ve compiled a list of the top eight best small business credit cards that won’t charge you for spending abroad.
So, based on what you’re looking for in your no foreign transaction fee business credit card—be it travel rewards, cash back, no annual fee, or access for those with average credit—here are our top picks:
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In complete honesty, you’re not going to have a tough time finding travel business credit cards. Zero foreign transaction fees and travel rewards for business are an iconic duo that many card issuers have packaged together. That said, having so many travel business credit cards with no foreign transaction fees won’t necessarily make it easier to choose the best for your business. As such, we’ve sifted through all the travel rewards business card options to find the very best ones without foreign transaction fees:
The Ink Preferred is a no foreign transaction fee business credit card that offers one of the most generous welcome bonuses on the market—you’ll earn an 80,000 points if you spend $5,000 within your first three months with the card. And if you redeem those points through Chase Ultimate Rewards, then they’ll get you upward of $1,000 worth of free travel.
Keep in mind, though, this no foreign transaction fee business credit card won’t be completely fee-free: You’ll have to pay an annual fee of $95 to be a cardholder.
If you’re looking for a no-fuss, easy-to-use travel business credit card with no foreign transaction fee, then the Capital One Spark Miles for Business will be your best bet. For every dollar you spend with the card, you’ll earn 2x miles. Simple as that.
Plus, if you spend $4,500 within your first three months after opening your account, you’ll earn a welcome bonus of 50,000 miles, which will amount to $500 worth of travel. Again, you’ll have to pay to access these rewards—the Spark Miles has an annual fee of $95, but it won’t set in until your second year with the card.
Alternatively, if you want the most luxury travel perks that a business card with no foreign transaction fee can offer you, then look to the AMEX Business Platinum Card. The AMEX Business Platinum is a charge card, so you won’t be able to carry a balance from month to month without incurring costly late fees. But if you’re planning on paying off your spending in full from month to month, and you want to access the pinnacle of travel rewards, then this is your go-to card. You’ll be able to earn 5x rewards on flights and prepaid hotels that you book through AMEX’s travel portal. Plus, you’ll gain access to AMEX’s airport lounge, and you’ll have a TSA Precheck or Global Entry statement credit so that you can travel in style.
Again, though you won’t have to pay a fee for foreign transactions with this card, you will have to pay for the card itself. The Business Platinum will have an annual fee of $595, so be sure you’ll get enough value out of it to justify that yearly cost.
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On the other hand, a business credit card with no foreign transaction fee that’s not specifically meant for business travel might be harder to come by. If you’re a business owner who does a lot of spending abroad but would prefer to earn in cash back rather than travel rewards, you’re in a demographic that fewer card issuers tend to cater to.
You’ll still have some pretty solid options, nonetheless. Two top cash back business credit cards won’t charge you foreign transaction fees, so let’s check them out:
If you’re looking for straightforward cash back rewards from a business credit card with no foreign transaction fee, then the Capital One Spark Cash should do the trick. You’ll earn an unlimited 2% cash back for every single dollar you spend with it. Plus, if you’re able to spend $4,500 within your first three months with the card, then you’ll earn a statement credit of $500 as a welcome bonus.
And even though this business credit card with no foreign transaction fee will carry an annual fee of $95, the annual fee won’t set in until your second year with the card.
If you’re looking for payment flexibility from a business credit card with no foreign transaction fee, then your one and only option will be the Plum Card from American Express. If you’re able to pay down your statement within 10 days of your statement closing date, then you’ll be able to earn an unlimited 1.5% cash back on it. However, if you need a bit more time to pay down your spending one month, you’ll have a grace period of 60 days to do so without incurring fees or interest—you just won’t be able to earn that 1.5% cash back for it.
Keep in mind: The Plum Card is a charge card like the Business Platinum Card, so you’ll need to pay down your balance in full every month, even if you do have a bit more wiggle room for when exactly you have to do so. Also be sure to note that the Plum Card comes with an annual fee of $250, but AMEX will waive the fee for your first year with the card.
Perhaps you want to access a business credit card with as few fees as possible. No matter how much rewards value or cash back you can eke out of a business card, paying an annual fee is never quite fun. If you’re averse to paying fees, generally, and not just foreign transaction fees, then we suggest you consider the following three business credit cards with no foreign transaction fee and no annual fee:
If you’re looking for a travel card with no foreign transaction fee or annual fee, then the Bank of America® Business Advantage Travel Rewards World Mastercard® is your top option to consider. This no-fee business credit card will allow you to earn:
If you’re looking to earn free travel without having to pay to spend, then this might be your bet.
Alternatively, if you want to earn cash back with your business credit card with no foreign transaction fee—and you don’t want to pay a yearly fee to do so—then the Capital One Spark Cash Select is the perfect no-fee business credit card for you. For every dollar you spend with this card, you’ll earn an even, unlimited 1.5% cash back. And if you’re able to spend $3,000 within your first three months with the card, then you’ll earn an additional $200 cash back as a welcome bonus.
All of the no foreign transaction fee business credit cards we’ve highlighted so far require good-to-excellent personal credit. Unfortunately, this makes them inaccessible for business owners who are working with average credit. On the brighter side, there is one business credit card that’s available to business owners who have a FICO score of at least 580—and it just so happens, this card won’t charge a foreign transaction fee. Let’s take a look at the details on this option:
The eighth and final option in our list of the best business credit cards with no transaction fees is the Capital One Spark Classic for Business. Through this card, business owners with personal credit as low as 580 can access unsecured credit and cash back—all for no annual fee or foreign transaction fee at all. For every dollar you spend with the Spark Classic, you’ll do so knowing that you’re earning an unlimited 1% cash back and that you’re not paying any foreign transaction fees.
Spending to spend is rarely ideal—even if a business credit card provides droves and droves of value through its rewards program, paying fees to make purchases abroad will only serve to detract (and distract) from this value. So, if you’re spending overseas and across borders, you should seriously consider applying for one of these eight business credit cards with no foreign transaction fees—even if to simply supplement any other business credit card with foreign transaction fees you might already have. All in all, having a no foreign transaction fee business credit card ready in your wallet will allow you to save untold sums on avoidable fees.