Creditnet News Story
PenFed credit card offers elimination of foreign fees
Monday, March 22, 2010
By Thomas Astery
The PenFed American Express product may be especially beneficial to members of the military.
A company recently announced it is making changes to an American Express product it offers, which could provide members of the military some savings.
The Pentagon Federal Credit Union's Premium Travel Rewards American Express credit card offers consumers the ability to earn points on purchases made on airfare and other items. PenFed said it is also eliminated foreign transaction fees associated with the card.
Nicole Butler, vice president of card services with PenFed, said that travelers may be used to fees between 3 and 4 percent when making purchases with a credit card abroad. This may be especially evident to members of the military, who may find themselves in foreign lands.
"By removing the foreign transaction fee from this product, we not only provide them with an added convenience, but we provide them an additional opportunity to save money while away from home," Butler said.
Fees have been an issue for a number of credit card holders regardless of whether they travel out of the country. Some credit card companies have added annual charges to their customers' accounts in order to make up for revenues that could be lost because of the Credit Card Accountability, Responsibility and Disclosure Act.
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