Compare business credit cards with no foreign transaction fees

If you or your staff frequently travel overseas for business, choose a credit card that won't charge punishing fees to convert currencies.

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Overseas business travel can get expensive, especially when you factor in the cost of currency conversion. Most company credit cards will charge currency-conversion fees of around 3% (and some may also charge a higher interest rate on these transactions) for spending in other countries. But thankfully, there are some business credit cards which help you to minimise these costs.

If you’d like the flexibility and convenience of using a company credit card on overseas business trips, then it’s highly recommended to use one of these specialist cards.

Business credit cards with no non-sterling transaction fees

Table: sorted by representative APR, promoted deals first
Updated September 16th, 2019
Name Product Foreign usage charge (EU) Foreign usage charge (rest of world) Annual/monthly fees Rep. APR Incentive Representative example
0%
0%
£0
39.9% p.a. (variable)
Opt-in to Capital Club for £99 pa to earn 1 point for every £1 spent. 2 points can be redeemed for either 1 Avios Point or 1p in cashback. 10,000 bonus points when £5,000 spent in first 3 months. Up to 15 free supplementary cards available.
Representative example: When you spend £1,200 at a purchase rate of 39.941% (variable) p.a., your representative rate is 39.9% APR (variable).
0%
0%
£30 per annum (fee paid is per business, not per card)
23.7% p.a. (variable)
1% after £1 of monthly spend. Cashback paid Monthly into Card Account.
Representative example: When you spend £1,200 at a purchase rate of 18.9% (variable) p.a. with a fee of . All - Fee paid is per business, not per card: £30 per annum, your representative rate is 23.7% APR (variable).
0%
0%
£70 per annum
29% p.a. (variable)
0.5% after £1 of yearly spend. Maximum of £400 cashback paid per month. Cashback paid Monthly into Card Account. 2% cashback on eligible trade and business supplies, 1% cashback on eligible fuel and hotel accommodation and 0.5% cashback on all other business spending. Max £400 per annum.
Representative example: When you spend £1,200 at a purchase rate of 14.816% (variable) p.a. with a fee of £70 per annum, your representative rate is 29% APR (variable).
0%
0%
£70 per annum
29% p.a. (variable)
0.5% after £1 of yearly spend. Maximum of £400 cashback paid per month. Cashback paid Monthly into Card Account. 2% cashback on eligible trade and business supplies, 1% cashback on eligible fuel and hotel accommodation and 0.5% cashback on all other business spending. Max £400 per annum.
Representative example: When you spend £1,200 at a purchase rate of 14.816% (variable) p.a. with a fee of £70 per annum, your representative rate is 29% APR (variable).

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Approval for any credit card will depend on your status. The APR shown represents the interest rate offered to most successful applicants. Depending on your personal circumstances the APR you're offered may be higher, or you may not be offered credit at all. Fees and rates are subject to change without notice. It's always wise to check the terms of any deal before you borrow.

What fees can you incur when using a business credit card abroad?

  • Foreign transaction fee (charged by your own bank). You could be charged a foreign loading fee for every purchase you make overseas. This fee is usually charged as a percentage of the transaction (typically 2-3%). However, you can avoid these fees entirely by choosing one of the specialist overseas business credit cards listed above.
  • Merchant currency conversion fee (charged by the merchant’s bank). Sometimes merchants will offer you the chance to pay in pounds instead of the local currency. In this situation, it will be the merchant’s bank (rather than your own) whose fee structure will apply. Often it will use the mid-market rate with a mark-up added on top. To avoid this, choose a decent travel credit card and then always choose to pay in the local currency. Cash machines may also offer this facility, in which case the same advice applies.
  • Credit card surcharge (charged by the merchant). While credit card surcharges have been banned across the EU for personal Mastercards and Visa cards, business credit card transactions could still incur a surcharge at the merchant’s discretion, so it’s worth asking before you pay.
  • Cash advance fee (charged by your own bank). If you withdraw cash from an ATM, arrange cashback from a merchant or use your credit card to buy foreign currency, you’ll be charged a cash advance fee. This is often higher than the fees you’d pay back in the UK. You’ll begin paying interest on these transactions immediately and on a daily basis, so it’s best to avoid doing this if possible.
  • Cash machine fees (charged by the cash machine owner). Some ATM owners will charge you to withdraw cash, although this is becoming rarer across the globe.

It’s also worth bearing in mind that some cards may charge a different interest rate and/or have a shorter grace period for non-sterling transactions.

What other features do I need to consider?

While the removal of overseas spending fees is a welcome addition to any credit card, there are likely to be other features to consider before applying, especially if you’re planning to use the card in the UK.

  • Interest rates. A lack of foreign loading fees might not count for much if your credit card has an uncompetitive interest rate, so check to see how this compares to other cards. To avoid interest charges completely, pay off your balance in full every month.
  • Eligibility. Each card is likely to come with its own requirements – typically involving the number of years of trading, turnover or number of staff.
  • Perks and rewards. Some business credit cards reward you for spending, perhaps via cashback or a rewards points scheme. Many specialist overseas credit cards offer air miles as a reward for spending.
  • Introductory bonuses. Some credit cards will offer you 0% interest on card transactions for an initial period after your account has been opened. This deal may or may not include overseas transactions. The interest rate will shoot up after this bonus period has ended, so you should aim to clear your balance before this point.

It is a common practice for business owners to use one credit card specifically for overseas use, and another to use in the UK. If you’re planning to only use your overseas card when you’re abroad and pay the balance off in full each month, none of the features above is likely to be too important.

Dos and don’ts

Do

  • Use a specialist overseas card whenever you’re abroad.
  • Pay off your balance in full to avoid interest charges.
  • Let your bank know you’re heading abroad.
  • Check the small print before you travel.

Don’t

  • Pay in pounds, if offered the opportunity.
  • Use your credit card to withdraw cash, unless it’s an emergency.

Frequently asked questions

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