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January 13, 2016

Navy Federal Credit Union scraps foreign transaction fees on all credit cards

Navy Federal Credit Union, a US credit union with 5.9 million members and more than $71bn in assets, has scrapped all foreign transaction fees on its credit cards for new and existing cardholders

By Verdict Staff

Navy Federal Credit Union, a US credit union with 5.9 million members and more than $71bn in assets, has scrapped all foreign transaction fees on its credit cards for new and existing cardholders

The credit union, which serves all Department of Defense and Coast Guard Active Duty, civilian, and contractor personnel and their families, said it will no longer charge a fee for using a credit card for foreign currency transactions.

Navy Federal vice president of credit cards Randy Hopper said: "We always want to be doing the right things for our members, especially our Active Duty military. By eliminating foreign transaction fees, we’re making it better for our members to use their credit cards, particularly while traveling or if they’re based overseas."

There are no fees for credit card balance transfers or cash advances, and the credit union sets no limit on rewards earned for eligible purchases.

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