Maria Adams, Credit Cards Moderator
@m_adams
Most Bank of America Mastercard credit cards charge a foreign transaction fee of 3% on all international transactions. Some exceptions include the Bank of America® Business Advantage Travel Rewards World Mastercard® credit card and a few co-branded travel cards, which come with a $0 foreign transaction fee.
At 3%, the Bank of America Mastercard foreign transaction fee is too steep for anyone planning to make international purchases, but the cards that charge it are meant more for everyday spending than travel.
Alternative Credit Card Options
If you’re a frequent traveler, you should consider getting the Bank of America® Travel Rewards credit card or the Bank of America® Premium Rewards® credit card as they both have 0% foreign transaction fees.
Although they're Visa credit cards, the worldwide acceptance is pretty much the same. Plus, they're better suited for occasional travelers or people who spend on many different categories.
Gina Marte, WalletHub Advisor
@ginamarte
To apply for a Chase Ink credit card, visit the issuer’s dedicated page and choose the card you wish to apply for. Then, enter your personal information and submit your application. It is worth noting you cannot apply for a Chase Ink credit card via phone.
How to Apply for a Chase Ink Credit Card
- Choose the card you wish to apply for. Chase offers 4 Ink Business credit cards to choose from. Make sure you apply for the one that best suits your financial needs.
- List your personal information. This includes your name, SSN or ITIN, birthdate, and e-mail address. Existing Chase cardholders’ personal information will be filled out automatically at the top of the online application.
- Enter your business title and income. All applicants are required to include a business title, such as owner or partner, and an annual income. This could include money received from your business or another job and your spouse’s income. Note that Chase will review your personal credit score and credit history as part of the application process.
- Fill in the necessary business information. Enter your business structure (LLC, partnership, sole proprietorship, etc.), legal business name, number of employees, and how many years you’ve been in business. Your annual business revenue and company tax ID number, if you have one, are also required.
- Add employee cards (optional). Enter the name, address, birthday, and SSN / ITIN for each employee you want to have a card upon approval. There’s no charge for employee cards.
- Review the application and agree to terms. Make sure your application information is accurate and complete. Then, check the box stating you agree to use the Chase Ink account solely for business purposes, and that you’ll be personally liable for charges to the account if the business is unable to pay.
- Submit the Chase Ink application. Click “Submit”, and you should get a response in a few seconds.
If your Chase Ink application is instantly approved, you’ll receive your new card within 7-10 business days. If there’s no immediate decision, Chase will e-mail you a status update within 7-10 days. You may need to provide some more information. Also, if your Chase Ink application is denied, you’ll receive a separate letter in the mail citing the reason(s) for the decision.
People also ask
How do I avoid foreign transaction fees?
The best way to avoid foreign transaction fees is to use a debit or credit card that waives foreign fees when you're traveling abroad or making online purchases from international retailers. About 25% of credit card offers don't have foreign transaction fees, so there’s no reason to pay the extra charge.
How to avoid foreign transaction fees
- Get a credit card with no foreign transaction fee
- Understand that foreign fees can...
Does my credit card have foreign transaction fees?
Your credit card will likely have a foreign transaction fee of around 3% if it is from Chase, PNC, Bank of America, Barclays or U.S. Bank, which charge foreign fees on most (but not all) of their cards. Your credit card will not have a foreign transaction fee if it is from Capital One, Discover, USAA, PenFed or HSBC.
Credit Card Issuers That Do Not Charge Foreign Transaction Fees
read full answer by Chip Lupo, Credit Card WriterWhat Chase debit cards can I get with no foreign transaction fees?
There are no no-foreign-fee Chase debit cards.
The Chase debit cards that they show on their website charge a fee of 3% on every transaction you make in a currency that isn’t US dollars. That covers ATM withdrawals, cash transactions away from ATMs, and purchases you make with your card.
read full answer by James W Reed, Credit Cards ModeratorDid we answer your question?
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