Updated 2026-06-01
US vs EU corporate cards: the structural differences
Why the two markets developed differently — and what it means for buyers.
Quick answer
TL;DR
Why the two markets developed differently — and what it means for buyers.
- •US: charge cards on Visa/Mastercard rails dominate; interchange is high.
- •EU: prepaid + credit hybrids dominate; interchange is capped by regulation.
- •Result: US-style 'free' card programs are harder to replicate in the EU.
Regulation
EU interchange is capped at 0.2-0.3% for consumer cards and unregulated for commercial — which is why most EU spend platforms charge per-user fees while US ones run on interchange.
Underwriting
US charge cards (Brex, Ramp) underwrite on cash balance. EU markets historically required real credit underwriting or prepaid. Moss and Pliant changed that for EU; Brex remains US-only.
Banking
US runs on ACH + wire. EU runs on SEPA. The result: EU spend platforms tend to bundle banking; US platforms tend to bundle credit.