BEST FOR
Spending abroad

BEST FOR
Spending abroad
BEST FOR
Lounge access
BEST FOR
Frequent flyers
If you regularly need to travel abroad for business, choosing the right type of credit card (or charge card) can enable you to side-step sneaky foreign transaction fees, as well as benefit from travel perks such as airport lounge access or frequent flyer points. Here’s how to pick the best card for your business.
One of the main features to look for with a travel credit card for business is whether it charges foreign transaction fees. Many standard business cards charge a fee every time you make a purchase abroad, as well as when you withdraw cash with your credit card. Travel credit cards can help you to avoid paying these fees, making them ideal if you regularly need to spend abroad.
Be aware, however, that even if your credit card doesn’t charge a fee for withdrawing cash abroad, you’ll still usually be charged interest. This will be charged from the transaction date even if you clear your balance that month.
On top of this, check whether you’ll benefit from additional travel perks. Some credit cards offer travel accident insurance, for example, as well as emergency card replacement around the world. Others might also offer access to airport lounges, and some might let you earn reward points, such as Avios.
Find out whether you can get additional employee cards and how much interest the card charges if you don’t pay off your balance in full each month. Some credit cards might even offer interest-free purchases for a few months, and if the card comes with travel rewards, employee spending could help top up the travel points pot, too.
Finally, check whether there is an annual fee to pay, and if so, whether this would be worth it in exchange for the rewards you receive.
We’ve outlined some of the different travel rewards programmes below:
One of the biggest travel reward programmes is Avios. This frequent flyer programme lets you to earn points as you spend, which can be redeemed for rewards such as free flights or hotel stays. Avios is British Airways’ loyalty currency but can be used on any of the Oneworld Alliance airlines, including Iberia, Qantas, Cathay Pacific and American Airlines, among others. You can find out more about Avios business credit cards in our guide.
Use the fields above to calculate how much cashback you will earn.
On Business is another British Airways loyalty programme, but it’s designed specifically for businesses. It works similarly to Avios, but instead of rewarding individuals, it rewards your company when you travel. This means you earn On Business reward points for each flight booked with British Airways. You can collect both Avios and On Business points on the same flight. Points can be redeemed on flights with British Airways, Iberia and American Airlines.
Certain American Express business credit cards also let you earn Membership Reward points as you spend. You can then redeem these points on American Express Travel, which includes flights with major airlines such as British Airways, Virgin Atlantic and Emirates, as well as hotels and car hire.
To get the most out of your business credit card for travel, you’ll need to spend regularly. Some travel credit cards require you to spend a set amount in a certain timeframe to qualify for reward points, so make sure you can meet this requirement. This can be easier if you have additional cardholders, such as your employees, and if you have a lot of expenses to put on a card.
It’s also important to check whether there’s an annual fee to pay and, if there is, whether the card offers enough in the way of rewards to make paying the fee worthwhile. Similarly, interest rates on travel credit cards can be high, so it’s really only worth using one if you can be sure of paying off your balance in full each month. Otherwise, the interest charged will likely outweigh the benefits of having the card.
Remember, too, that cash withdrawals are best avoided with a credit card. Even if your card doesn’t charge a foreign transaction fee for withdrawals, you’re usually charged interest, and this is charged from the withdrawal date.
To be eligible for a business credit card for travel, you need to be at least 18 years old, and you and your business need to be based in the UK. Depending on the credit card you choose, you might also need to meet a minimum turnover requirement and be registered as a private limited company or a limited liability partnership.
You’re also likely to find it easier to get accepted if your business has a good credit history.
The exact application requirements depend on the business card you’re interested in. However, you can usually make your application online by filling in a short form and providing some personal details as well as information about your business. Your credit card should arrive within 5 to 7 working days.
You probably won’t find a card that ticks all the boxes, but here’s a basic list of factors to consider and prioritise when you compare your options:
Business credit cards for travel can offer some very enticing rewards if you regularly travel abroad for business. As well as helping you to avoid expensive foreign transaction fees when you spend on your credit card, you might also benefit from access to airport lounges, insurance and the opportunity to earn reward points that can be redeemed on future flights.
However, annual fees can apply and interest rates can be high, so they’ll only be of real benefit if you can pay off the balance in full each month and earn enough rewards to make the fee worth paying.
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