If you have a business that makes purchases in either U.S. Dollars, Euros, or British Pounds, the Loop Card is a card for you to take a look at.

For no annual fee, you have the ability to make purchases in those currencies without paying foreign exchange fees, provided you also pay your bill in those currencies.

If you can't, you'll still pay a very low fee if you pay your bill in Canadian dollars. Here's how this business credit card works.

Saving on foreign currency fees with the Loop Card

The Loop Card is here to save you money on foreign currency conversion fees.

On top of being able to purchases in Canadian dollars, here are the currencies you can save on fees with:

• U.S. Dollars,
• Euros, and
• British Pounds.

Loop keeps track of how many purchases you are making in each currency, as well as any Canadian Dollar purchases you have.

When you go to make your payments, if you make them in the same currencies that you made purchases in, you won't pay any foreign exchange fees. That's how you avoid foreign currency transaction fees, because everything is being done in the same currency.

Don't have accounts with those foreign currencies? No problem, you can make your payments in Canadian Dollars. You'll just pay a small 0.5% fee for the conversion, lower than the typical 2.5% fee credit cards charge.

If you make purchases in any other currency, you'll still pay the low 0.5% fee.

Earning rewards on purchases

While the Loop Card is here to save you money on currency transaction fees, you'll still be earning rewards on purchases.

You'll earn a simple 1 point per $1 spent on all purchases. As to what you can use your rewards for, you'll be able to turn them into gift cards. Each point is worth 0.5 cents each.

3 benefits to the Loop Card

On top of the currency conversion and rewards, here are a few other notable features of the Loop Card.

1. No annual fee

Despite the fact you're earning rewards on purchases and get savings on foreign currency exchange, you'll also pay no annual fee for having the card. That's money you can use for something else.

2. 55 day grace period on purchases

Most credit cards come with no more than 25 days in interest-free purchasing. But with the Loop Card, you'll get a 55 day grace period to pay for your purchases.

3. Credit limit automatically adjusts

Loop will analyze your sales channels and growth and they'll adjust your credit limit as needed so you don't lose out on purchasing power.

2 things to think about with the Loop Card

There are 2 things you'll want to think about when you have the Loop Card.

1. No credit card insurance included

This may not be the biggest deal to some, but the Loop Card doesn't include any credit card insurance at all.

If this is something you value, you may want to look elsewhere.

2. No fee savings on other currencies

If you make purchases outside of the 4 covered by this card, you'll still be paying a foreign exchange fee of 0.5%.

It's still much better than the usual 2.5% fee, but there are other cards out there that wouldn't charge you a fee at all.

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FAQ

What is the Loop Card?

The Loop Card is a business credit card that lets you save on foreign currency conversion fees in select currencies. It also offers rewards on all purchases.

What currencies can you save on currency conversion fees with the Loop Card?

The Loop Card lets you save on currency conversion in the following currencies:

• Canadian Dollars,
• U.S. Dollars,
• Euros, and
• British Pounds.

You won't pay any fees if you pay your bills in the same currency as purchases were made on. If you pay in Canadian Dollars, you'll pay a 0.5% fee.

Does the Loop Card earn rewards?

The Loop Card earns 1 point per $1 spent on all purchases. You can use your points for gift cards from various retailers.

What is the annual fee of the Loop Card?

The Loop Card has no annual fee.