Paycheck Chronicles

Navy Federal Drops Foreign Transaction Fees


In a long-overdue move, Navy Federal Credit Union removed foreign transaction fees from their credit card accounts in January.  This is super news for the many military families who use Navy Federal credit cards for military travel, living overseas, and general use.

I have often wondered how long it was going to take Navy Federal to realize that it was losing a lot of business due to the foreign transactions fees.  My family lived overseas from 2010 to 2015, and I instructed my husband to use another credit card whenever possible.  We still held on to our Navy Federal cards, as backup and to avoid closing the accounts, but his balance was $0 almost the entire time we were abroad.  (Me, not so much.  I'm the primary spender, darn groceries, and I had more situations where I didn't have as many choices.  But I digress...)  Even worse for Navy Federal, we're now in the habit of grabbing another card when we open our wallets.  Even though we're no longer overseas, those now-gone foreign transaction fees are costing Navy Federal our business.

For those of you who live overseas, or travel frequently, you can now consider adding your Navy Federal credit card back into your first choice payment options.  As with any credit card, I suggest that you ensure that Navy Federal knows that you will be using your card in a foreign country, just to eliminate the possibility of any problems.

For those of you who don't have a Navy Federal credit card, and are looking for a new card, Navy Federal has some great options.  You don't have to be Navy to join Navy Federal Credit Union - membership is open to all branches of the military, including reservists and retirees, and Department of Defense civilians.  Navy Federal is one of the three banks that I trust and use regularly.  They have always treated me fairly and have great customer service.

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