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PenFed Says No More Foreign Transaction Fees

Credit Cards
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In early October, PenFed announced that it would eliminate the foreign transaction fees on all its credit cards. Pentagon Federal Credit Union (but really, call it PenFed) is one of the larger credit unions out there, and is open to pretty much anyone. The Premium Travel Rewards has been free of F/X fees all along. The PenFed Promise Visa® Card, too, charged no fee.

But now, PenFed’s gotten rid of the fee on the Platinum Cashback, Gold and other cards. The move puts it on par with Capital One, another issuer that has no F/X fee on any of its cards. Unlike most credit unions, PenFed offers pretty great perks and rewards on its cards.

(Thanks to slug at Sunk Costs are Irrelevant for bringing this to our attention.)

Premium Travel Rewards: The Premium Travel Rewards offers great fringe benefits for travelers. It provides complimentary concierge service, 2 free Priority Pass airport lounge visits a year (if and only if you spend $15k/yr) and, of course, no F/X fee. You also get a signup bonus: Earn 20,000 Bonus Points when you spend $2,500 in the first 3 months of opening your account. It also gives 5 points per $1 spent on airfare and 1 per $1 spent elsewhere.

PenFed Promise Visa® Card: For those in need of low interest rates, the PenFed Promise Visa® Card offers an incredibly low introductory rate: 4.99% promotional balance transfer rate for 12 Months on transfers made between July 1, 2017 - September 30, 2017., and then the ongoing APR of 9.49% - 17.99% Variable. It’s got other goodies too, like no cash advance, balance transfer or annual fees.

PenFed Eligibility Requirements

Pentagon Federal is a credit union, so it has a restricted field of membership. You’re automatically eligible if:

  • You’re in or retired from the military or uniformed services
  • You’re a member of an eligible military organization, such as the VFW, Museum of Jewish Military History…
  • You’re a US Government employee
  • You’re an employee of an eligible business, such as many veterans’ services organizations
  • You’re a family member or housemate of someone who’s eligible
  • You’re located on an eligible military installation, such as Walter Reed, Fort Hood or West Point

If you don’t meet any of the above criteria, you can join by: