Approval for any credit card depends on your status. The representative APRs shown represent 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.
Compare business credit cards for spending abroad
About business credit cards with no foreign fees
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% for spending in other countries, and some may also charge a higher interest rate on these transactions.
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, it’s a good idea to use one of these specialist cards. Plus, it will save your accounts team the headache of trying to translate your expense receipts.
Credit card jargon explained
- APR. The annual percentage rate (APR) is a benchmark of the annual cost of your card. As well as the interest, the APR also takes into account any compulsory fees or charges. However, providers only have to award the advertised APR to 51% of those who take out the credit card and the other 49% could get a higher rate. That’s why it’s often referred to as the representative APR.
- Fixed rate. A fixed-rate will not change for an agreed amount of time, even if market conditions mean that bank interest rates generally are increasing or decreasing. A fixed-rate can be a popular option for some borrowers, and it allows them to budget with more certainty.
- Foreign usage charge. This is normally a percentage fee charged on any purchases you make using your card outside the UK.
- Variable rate. A variable rate is the opposite of a fixed rate and can increase or decrease over time at the lender’s discretion. Typically, variations occur as market conditions generally shift – for example an increase or decrease in the Bank of England base rate.
What fees can you incur when using a business credit card abroad?
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?
Free currency conversion is a huge bonus if you do a lot of spending abroad, but it’s not the only consideration. Here are some other things you should think about:
How to choose the right business credit card for foreign usage
- Work out what you want to get out of your credit card. Do you want the ability to earn rewards or cashback, or multiple cards for employees?
- Compare cards to find the one that best suits you. Look at things like APR, earn rates, and fees.
- Check you meet the eligibility criteria for the specific card you want.
- Apply for the card.
How do I avoid foreign transaction fees?
- 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.
- Pay in pounds, if offered the opportunity.
- Use your credit card to withdraw cash, unless it’s an emergency.
If you or your employees often travel for work, a specialist business credit card card that comes with no FX fees is a good option so you’re not caught out by unwanted charges. But as always, you should always compare your options and make sure you keep on top of your repayments.
Frequently asked questions
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