When you’re making cross-border purchases and paying for travel expenses with your business credit card, you’re probably facing:
We’ll compare seven providers offering business credit cards with no foreign transaction fees and offer tips on how to choose the best one:
Note: Want to apply for a business credit card with no transaction fees right away? Apply to Jeeves for free now!
Since we're the ones writing the article, we thought we would start with ourselves.
Being experienced founders of an international company like Jeeves, we know the common problems early-stage businesses face and what's needed to scale and manage a successful business.
We found that getting a line of credit is not straightforward when your business is just starting out, even if you’re VC-backed, breakeven or profitable. Banks want to see credit history and two to three years of business expenses before lending you money.
We set out to fix this and developed an international business credit card that’s fee-free, including no foreign transaction fees, for companies travelling and scaling across borders.
Our main features are:
Here’s what you can do with a Jeeves international business credit card with no FX fees…
Jeeves is one of the best credit cards with no foreign transaction fees because it’s completely fee free – we don’t add extra fees for additional cards or cardholders. Nor are there yearly costs for using the card like other providers charge. As long as you pay back your credit within 30 days, our cards are interest free, too.
Many companies find it difficult to provide employees with credit cards without forex fees when they’re dispersed globally. Jeeves’ business credit cards act as local cards. You can issue an unlimited number of free physical and virtual credit cards with no FX fees to your employees in international offices, saving you in local and global expenses. You’ll get the same fee-free benefits for each cardholder.
Another area where some companies don’t optimise their spending is paying the cost of multi-currency exchanges. If you receive credit in a currency that’s different from the currency you’re spending in, you may also be paying extra to exchange currencies.
With Jeeves, you can avoid paying the fees associated with currency hedging as you can pay back your credit in the currency of your choice, whether it be the currency you took the credit out in or another.
Unlike other card providers’ additional fees and hidden costs (which negate their rewards), we make sure there are no hidden fees so you know exactly what you’re getting with Jeeves’ perks and benefits.
We also wanted to maximise the potential gains you can make from our perks and benefits, as we know that not every business will need or use the usual points or credits most business credit cards offer.
We made cashback on all purchases a primary benefit to your business because it can increase your margins. You’ll receive 2% cashback for your first 90 days with Jeeves.
If you’re an international company with thin margins, like a global online advertising firm, you’ll have two savings: not paying any FX fees and getting cash back for all your ad spend.
With cashback credited directly to your Jeeves account, you’ll have more flexibility and choice over what you want to spend the benefit on, which could be operational expenses, car rentals, or other business travel expenses.
Clients who enjoy our no-foreign-transaction-fee business credit cards and travel a lot can avail of further Jeeves’ benefits, such as free access to 1,300 airport lounges worldwide.
Perks with Jeeves’ corporate card also include potential savings of up to $100,000 in discounts on many brands, including travel-related services such as Flok, SafetyWing and Freightcom.
Rather than needing a separate system for tracking expenses along with your business credit card provider, Jeeves can do both. Our expense management system provides a real-time view of company expenses allowing for better budget planning.
We link your Jeeves business credit cards to our expense management system for greater expense visibility and overview. By comparing your employees' international spending, you can see who’s getting the best deals and make better decisions on which future vendors to choose and create procurement policies.
With Jeeves’ interconnected global expense software, you can start using your business credit cards with no foreign fees immediately. Create and issue virtual cards to all your employees in a click no matter where they are because each will have automatic access to a personal Jeeves dashboard.
You can also use virtual cards for one-time purchases or issue them to temporary or remote contractors who can even add them to digital wallets if they need a card for in-person purchases or expenses.
Not based in the UK? Not a problem -- we offer business credit cards to companies in the U.S., Canada, Mexico, Brazil, and many other countries. Learn more and apply here!
Jeeves provides an infrastructure that seamlessly integrates your business expenses with our credit cards on one easy-to-use platform.
Jeeves’ application process is simple and only takes 5 minutes.
Unlike most banks, to be eligible for Jeeves’ credit, we don’t need years of financial statements from you and we don’t ask for personal guarantees. Instead, we want to see high amounts of growth, private funding, or healthy financials. You’ll also need a minimum of 10k in monthly revenue to apply.
You’ll receive an application response in as little as 24 hours. If approved, you can start issuing cards on the same day of approval.
Companies with high operational expenses can increase their margins with Jeeves’ cashback feature. If you have global expenses or frequent business travellers, you can save by availing of Jeeves’ zero FX fees
We are especially useful for international companies like Spare, who need to move fast and don’t have time to waste setting up local cards in multiple countries whenever an employee needs one.
As far as business credit cards for employees, Jeeves enables a quick set up. Get new employees started with virtual business credit cards you can issue in a click. Order new physical cards, which typically arrive within three business days.
We’re also a great fit for VC-backed businesses who are looking to extend their cash runway either with Jeeves Credit or Jeeves Capital, our short-term revenue-based financing designed to help you grow.
Jeeves is on a mission to provide all the tools necessary to help a business scale, with an eco-system that includes capital, credit and spend management software to manage all your business needs.
Interested? Apply now in 5 minutes and get a response in 24 hours.
As every business is unique with its model, size, objectives and operations, there is no one-size-fits-all credit card. We’ve reviewed other suitable cards on the US and UK markets that might fit your business needs better.
Small businesses or mid-sized companies. Ramp’s features help with growth and analysing your expense so you can cut costs.
Enterprise businesses with high business travel purchases and frequent C-suite flyers travelling internationally.
Companies should be aware of the amount they have to spend to make this card worth the annual fee. You will have a minimum monthly spending target to access their premium benefits in the bonus category.
The Gold American Express Card is good for high-spending startups with many frequent flying employees as there are a lot of travel-related perks.
If you fly excessively, consider using Amex Platinum. If most of your business spending is for everyday expenses, go with Amex gold.
For smaller companies to help to cover expenses while earning simple rewards. Also good if you already have an expense management system in place because it can integrate with different apps and software.
To be eligible, you need to be active on companies house in the UK and you can be accepted with a low credit score. They also provide quick application response times.
An existing business account holder with 1|2|3 or Santander that’s a UK-registered SME with a maximum of 2 directors and a high credit score. Best suited to those wanting a long interest-free credit window.
Existing RBS account holders based in the UK with international spending. RBS recommends that businesses with less than £6 million turnover only apply. If you’re not a current RBS account holder, you’ll also need to have a high credit score to apply.
Cards need to show all their fees by law. You will often find this information under the terms and conditions or the extra fees and travel sections.
Some credit cards with no FX fees like Jeeves do not ask for a personal guarantee, but other credit card issuers may require one.
In general, we don’t recommend getting cards that do ask for personal guarantees, as it’s better to have the business as a failsafe between you and the debt. However, more credit card options will be available if you’re willing to accept personal guarantees.
You will often find the eligibility requirements listed clearly on the company’s website, but always look for the terms and conditions, which are usually found in the fine print. Some need 3 years' worth of financial accounts, which can be an obstacle if you’re a relatively new business.
Other than the basic eligibility requirement, it’s worth knowing how long the process will take.
For some businesses, speed is everything, and you don’t want to wait weeks to get an answer or waste time setting up an account with them first. Look for those with online applications and a quick turnaround time, like Jeeves.
It depends on how much your business operations and financing are made overseas.
If you make international purchases, have employees spending lots on travel credit cards and receive funding in a currency different than your main operational currency, you’ll want to estimate your FX expenses per calendar year and compare that against the credit card’s additional fees and charges.
If the amount saved in FX fees far outweigh the cost of the card, then it’s worth it.
Not all credit cards or card offers will suit every business.
You’ll want to pay close attention to the costs. For example, if the card issuer provides a free annual fee the first year, an intro APR or limited sign-up bonuses, you’ll want to check out the fees vs benefits for the following years.
Double check the rewards, perks and bonus points your business can qualify for and in what area your business spends the most during each billing cycle. Some cards will have great bonuses but won’t be relevant to your business, depending on your specific business needs.
We hope this article has shown you some of the features and benefits you should look out for when choosing a business credit card with no foreign transaction fees.
Once you figure out what rewards you would like and what card benefits are necessary to you, you can then work backwards and shortlist the credit cards that cater to these.
For a more well-rounded credit card experience, it's useful to pick a business credit card that offers additional benefits and savings to better manage your company's finances.
With no FX fees and our additional features like cash back and and travel perks, Jeeves is a credit card provider that can meet all your needs. Apply today in 5 minutes and receive a response within 24 hours.