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
- What Ink Business cards don’t charge a foreign transaction fee?
- Ink Business Premier℠ Credit Card benefits
- Ink Business Preferred® Credit Card benefits
- Who the Ink Business Preferred® Credit Card is well suited for
- How to qualify for the Ink Business Preferred and Ink Business Premier
- FAQs about Ink Business credit cards
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 an Ink Business card that charges zero foreign transaction fees.
What Ink Business cards don’t charge a foreign transaction fee?
The Ink Business Premier℠ Credit Card and the Ink Business Preferred® Credit Card are the two credit cards 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.
Both the Ink Business Unlimited® Credit Card or Ink Business Cash® Credit Card offer great benefits, but if you use them to pay for purchases internationally, you’ll pay a 3% fee on foreign transactions.
Ink Business Premier℠ Credit Card benefits
The Chase Ink Business Premier is a new card in the Chase Ink Business credit card lineup. It provides 5% cash back on travel purchased through Chase Ultimate Rewards; unlimited 2.5% cash back on purchases of $5,000 or more; unlimited 2% cash back on all other business purchases.
And new cardmembers can also earn $1,000 bonus cash back after you spend $10,000 on purchases in the first 3 months from account opening.
Your redemption options include:
- Cash back
- Gift cards
- Online shopping
You typically receive at least 1 cent per point for your cashback rewards, which are also known as Ultimate Rewards points. So 10,000 points can often equal $100.
The primary exception to this rule is using your Chase points through Amazon’s Shop with Points program. This redemption option provides a lower value of 0.8 cents per point, so it may not be worth it to use your points on Amazon if you want to maximize your redemption value.
There is a downside to the Ink Business Premier when it comes to point transfer. You can typically transfer points between certain Chase cards to help increase your total points balance. For example, you can combine points between many of the Chase Freedom, Chase Sapphire, and Chase Business Ink credit cards.
But you can’t transfer points from the Ink Business Premier to other Chase cards. You should also keep in mind that you can’t transfer points on this card to hotel and airline travel partners, which you can on some of the other Chase cards.
That said, these limitations aren’t severe enough to make the Ink Business Premier card worthless. This card still provides loads of value for small business owners with its sign-up bonus and everyday earning potential.
Other helpful card benefits include purchase protection, extended warranty protection, and cell phone protection.
Who the Ink Business Premier Credit Card is well suited for
The Ink Business Premier is an excellent card for small business owners who want a one-size-fits-all card for everyday expenses. Without considering the other bonus categories, you earn 2% cash back on all other business purchases. That makes it easy to have just one card in your wallet for every business-related expense.
You get even more value from the Ink Business Premier if you frequently make large purchases. This is because you earn 2.5% cash back on purchases of $5,000 or more. That’s $125 back in your pocket for a $5,000 purchase, but also a lot more potential cash back if your business spends hundreds of thousands on purchases each month.
And don’t forget, the Ink Business Premier has no foreign transaction fees and provides 5% cash back on travel purchased through Chase Ultimate Rewards. So this card could easily be a good fit if you have a lot of business travel expenses.
Ink Business Preferred® Credit Card benefits
Aside from avoiding foreign transaction fees, what are the 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 enables you to earn 100k bonus points after you spend $15,000 on purchases in the first 3 months from account opening.
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.
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 can transfer points to any of Chase's travel partners, which include Marriott, Hyatt, IHG, JetBlue, United, and Southwest, among others. The value you can get from transferring your points can vary, but you may often see a value ranging between 1.2 to 1.5 cents per point.
Keep in mind that some transfer partners may have blackout dates or their points may expire. Alternatively, you can keep all of the Chase 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 Ink Business Preferred® Credit Card is well suited 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 and Ink Business Premier
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 and Ink Business Premier cards are 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 Ink Business Preferred and Ink Business Premier aren't the only cards on the market with zero foreign transaction fees, their sign-up bonus value can make them worthwhile to consider for any business owners looking to avoid foreign transaction fees.
FAQs about Ink Business credit cards
Which Ink Business 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 100k bonus points after you spend $15,000 on purchases in the first 3 months from account opening. If you're looking for a cash back card, the Ink Business Cash® Credit Card would be worth checking out. It offers 5% cash back on the first $25,000 spent in combined purchases at office supply stores and on internet, cable and phone services each account anniversary year; 2% cash back on the first $25,000 spent in combined purchases at gas stations and restaurants each account anniversary year; and 1% cash back on all other purchases. Look at what each card offers and weigh it against what works best for your business and situation.
How do I get an 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 an Ink 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 four Ink Business cards?
You can apply for all three Ink Business 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 Ink 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.
Hot Welcome Bonus
Earn 100k bonus points after you spend $15,000 on purchases in the first 3 months from account opening
3X points on the first $150,000 spent in combined purchases on travel, shipping purchases, Internet, cable and phone services, advertising purchases made with social media sites and search engines each account anniversary year; and 1X points per $1 on all other purchases