PenFed Credit Cards Eliminate Foreign Transaction Fee

I have only been a PenFed customer for about half a year. The product that I got in April wasn’t a loan or a bank account, though I have heard good words about them, but  the PenFed Visa Platinum Cashback Rewards Card. The card had been on my mind for a long time before I decided to go get one for myself. What I especially like is the 5% cash back on gas purchases, which is probably the highest rewards on gasoline a credit card has to offer. Since then, the PenFed Visa Rewards Card has replace my Costco American Express Card as THE card I use to make payments at gas stations (I am trying to maximize cash back rewards I get from credit cards, so I use different cards for different purchases based on the amount of cash back I can get).

I have mentioned many time before that I am a credit card person and the main reason for me to use credit cards to make payments in stead of other methods, such as cash or debit cards, is to get rewards, might they be cash back, points or miles. The higher the rewards, the better. Therefore, the amount of rewards a card offers has always been one of the main considerations when choosing which card to apply for. Other than rewards and annual fee, I don’t really care much about others, especially interest rates :) The same thing for the PenFed card. I like the cash back rewards the card gives its holders. But today, the news that PenFed eliminates foreign transaction fee on all its credit cards, including the Visa Rewards Card that I own, makes me like the card even more. No, I don’t travel a lot, especially travel overseas, so the chances for me to ever use the card in another country and save the 3% foreign transaction fee are pretty slim. What I really like about the announcement is that, when other issuers are cutting back credit card rewards and adding fees, PenFed chose to do the opposite to increase the benefits for cardholders.

Effective immediately, all four PenFed credit cards do not charge foreign transaction fee. Those cards, and their main benefits, are listed below:

  • PenFed Visa Platinum Cashback Rewards Card: Earn 5.00% cash back on gas purchases and 1.00% cash back on all other purchases; no annual fee.
  • PenFed Promise Visa Card: No annual fee; no balance transfer fee; no cash advance fee; no late fees; no over credit limit fee; no penalty APR; 7.49% APR introductory purchase APR for first 36 months.
  • Premium Travel Rewards American Express Card: 20,000 bonus points when spending $650 in the first three months; 5 points per dollar on airfare purchase; 1 point per dollar on all other purchase; no annual fee; complimentary concierge services.
  • Visa Godd Card:  No annual fee; no cash advance fees.

And for a limited time, PenFed is offering 4.99% promotional APR for 24 months on all balance transfer during July 1, 2011 through December 31, 2011 on all the four cards and the balance transfer fees will be waived for this special offer.

If you are interested interested in any of these cards, but have no relationship with the military, you can find out in my previous post on how to become a member of PenFed and be eligible for all the PenFed products.

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