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Best business credit cards with no foreign transaction fees

Written by Edited by
Published on October 18, 2024 | 5 min read

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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
  • Earn 100,000 points after spending $8,000 in the first 3 months
  • 3X points on the first $150,000 spent in combined purchases on travel, shipping, advertising with social media and search engines, internet, cable and phone services
  • Points worth 25% when redeemed through Chase Travel
$95 4.4
American Express® Business Gold Card Bonus categories
  • Earn 70,000 points after spending $10,000 in the first 3 months
  • 4X points in your top two categories monthly on the first $150,000 spent in combined purchases
  • 3X points on flights and prepaid hotels booked through AmexTravel.com
  • $240 flexible business credit
$375 5.0
Capital One Spark Cash Plus Flat-rate cash back
  • Earn a one-time cash bonus of $1,200 after spending $30,000 in the first 3 months
  • Unlimited 2% cash back on purchases
  • Unlimited 5% cash back on hotels and rental cars booked through Capital One Travel
  • Annual fee refund after spending $150,000
$150 4.7
The Business Platinum Card® from American Express Travel perks
  • Earn 150,000 points after spending $20,000 in the first 3 months
  • 5X points on flights and prepaid hotels booked through AmexTravel.com
  • 1.5X points in business categories and purchases over $5,000 (cap applies)
  • Over $1,000 in annual credits for business and travel expenses
  • Elite status with numerous hotels and car rental companies
$695 4.8
Capital One Spark Classic for Business Fair credit
  • Unlimited 1% cash back on purchases
  • Unlimited 5% cash back on hotels and rental cars booked through Capital One Travel
$0 3.9
Bank of America® Business Advantage Travel Rewards World Mastercard® credit card No annual fee
  • Earn 30,000 points after spending $3,000 in the first 3 months
  • Unlimited 1.5X points on purchases
  • 0% intro APR on purchases for 9 months (18.49% to 28.49% percent variable APR after)
$0 3.9

Top business credit cards with no foreign transaction fees

Ink Business Preferred® Credit Card image
Best for flexible travel rewards

Ink Business Preferred® Credit Card

Rating: 4.4 stars out of 5
4.4
American Express® Business Gold Card image
Best for bonus categories

American Express® Business Gold Card

Rating: 5 stars out of 5
5
Capital One Spark Cash Plus image
Best for flat-rate cash back

Capital One Spark Cash Plus

Rating: 4.7 stars out of 5
4.7
The Business Platinum Card® from American Express image
Best for travel perks

The Business Platinum Card® from American Express

Rating: 4.8 stars out of 5
4.8
Capital One Spark Classic for Business image
Best for fair credit

Capital One Spark Classic for Business

Rating: 3.9 stars out of 5
3.9
Bank of America® Business Advantage Travel Rewards World Mastercard® credit card image
Best for no annual fee

Bank of America® Business Advantage Travel Rewards World Mastercard® credit card

Rating: 3.9 stars out of 5
3.9

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

  • 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.
  • 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.
  • 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.