Using your credit cards while traveling abroad for business can be a convenient and safe way to pay for international goods and services, but not all are created equal and some may charge extra fees. While there are many highly rated business credit cards, some of the best ones for travelers have competitive points programs and don’t charge foreign transaction fees.
Chase Ink Business credit cards could be a worthwhile option when it comes to earning rewards points. But depending on which one you have, the foreign transaction fees can add up quickly.
What foreign transaction fees entail
Foreign transaction fees are additional charges applied by credit card issuers on purchases outside of the U.S. For example, you may be charged a foreign transaction fee when using your card at restaurants and hotels during a trip abroad. These fees can also apply to online purchases processed by an international bank, even if you were physically in the U.S. when you made the transaction.
If your credit card charges a foreign transaction fee, it will typically cost you about 3% per transaction. That fee breaks down into two parts: a 1-2% fee from the card issuer and a 1% fee from the card network (such as Visa or Mastercard).
One way to avoid foreign transaction fees is by converting U.S. currency before your trip and using local cash only. However, this requires you to budget your expenses ahead of time and doesn’t give you the convenience and protection of using a credit card. Fortunately, there’s a Chase Ink Business card that charges zero foreign transaction fees.
What Chase Ink Business cards don’t charge a foreign transaction fee?
The Chase Ink Business Preferred is the only credit card with no foreign transaction fees in the Chase Ink Business lineup. That means transactions made with this card both in the U.S and internationally won’t incur any additional costs.
Chase Ink Business Preferred benefits
Aside from avoiding foreign transaction fees, what are best business credit cards for your needs? To start, you’ll earn one point per $1 spent on the Ink Business Preferred. You can also earn 3X bonus points for every $1 of the first $150,000 spent in select business categories each account anniversary year:
- Travel (including airfare, car rentals, hotel stays, train tickets, and taxis)
- Phone services
- Advertising purchases for social media sites and search engine ads
The rewards program is even sweeter for new cardholders. This rewards credit card offers a 100,000 sign-up bonus after spending $15,000 within the first 3 months of account opening. Plus, since accrued points are worth 25% more when redeemed for travel purchases through the Chase Ultimate Rewards portal, the value of your sign-up bonus to stretch to upwards of $1,250. You can also choose to transfer points to one of Chase's 13 travel partners, which include Marriott, Hyatt, JetBlue, United, and Southwest, among others.
Additionally, you have the option to redeem rewards points for gift cards to popular retail stores, such as Staples and Home Depot. If you prefer to shop for your business online, you can pay with Chase Ultimate Rewards points on Amazon. But if hard cash speaks more to you, Chase gives you the option to redeem points as cash back toward your statement balance.
You keep all of the points you earn since points don’t expire on the Chase Ultimate Rewards program.
Other useful card benefits for frequent business travelers include trip cancellation insurance, emergency roadside assistance, primary rental car insurance, cell phone protection, purchase protection, and extended warranty protection.
Who the Chase Ink Business Preferred is best for
This card is a worthy contender if you’re looking to avoid foreign transaction fees and if your business spending justifies the annual fee.
It’s also helpful if you need to issue individual business cards to your employees and establish spending limits for each card. The flexibility of adding card users to the account while restricting spending is available on the Ink Business Preferred at no additional cost.
Lastly, this is one of the few credit cards that offers cell phone protection. So if you’re prone to damaging your cell phone or if it gets stolen, the Ink Business Preferred could get you up to $600 per claim in cell phone protection.
How to qualify for the Ink Business Preferred
To qualify, you’ll need to provide your business information, including your tax identification number. You’ll also want to keep in mind that transactions on the card should be for business-related purchases.
The Chase Ink Business Preferred card is subject to the unofficial 5/24 rule, which stipulates that if you’ve opened five credit card accounts within the past 24 months, your application will likely be declined.
Although the Chase Ink Business Preferred isn’t the only card on the market with zero foreign transaction fees, its sign-up bonus value compared to the card’s relatively low annual fee make it a worthwhile addition to consider for any business traveler looking to avoid extra fees.
FAQs about Chase business credit cards
Which Chase Ink card is best?
The answer to this question depends on what matters most to you. The best credit card is different for everyone. If you're looking for a travel credit card, the Chase Ink Business Preferred card may be a good choice because it has no foreign transaction fees. Plus, new cardholders can earn 100,000 points after spending $15,000 in the first 3 months. If you're looking for a cash back card, the Chase Ink Business Cash card would be worth checking out. It offers 5% cash back at office supply stores and on internet, cable, or phone services (up to $25,000 combined annually); 2% cash back at gas stations and restaurants (up to $25,000 combined annually); and 1% cash back on everything else. Look at what each card offers and weigh it against what works best for your business and situation.
How do I get a Chase Ink business card?
Simply apply! It doesn't matter if you're a sole proprietor, small business owner, or established corporation. You may be asked for some more information than you would for a consumer card, but the business credit card application process is pretty much the same. Business credit card approvals can take longer than personal credit card approvals because there may be some additional information to verify, such as a business name, type, or employer identification number. But don’t worry, this is common.
What credit score is needed for a Chase business card?
Chase will check your personal credit score during the application evaluation process. This is great news if your business doesn’t have established credit. Your personal credit will be what’s evaluated. In order to get approved for a business credit card, you’ll likely need good to excellent credit. Experian places good credit scores from both FICO and Vantage between 660 and 780, with very good and excellent scores increasing from there.
Can you have all three Chase Ink cards?
You can apply for all three Chase Ink cards. Whether you are approved for them depends on a variety of factors, including your credit score, how many cards you’ve applied for recently, and when you applied for each card. Before applying for an additional card, carefully consider whether having a hard inquiry on your credit report is worth the potential payoff.
Do the Chase business cards report to personal credit?
Although Chase will check your personal credit reports when considering your application for this line of Chase credit cards, it won’t add your new Ink Business card to those reports as long as you manage your account responsibly. If you don’t keep up with payments, however, Chase may add late payments and defaults to your personal credit reports.