PenFed Visa to Start Charging Forex Fee

Per a recent email, the Pentagon Federal Credit Union Visa is due for a number of changes “in response to new federal laws and regulations, as well as market conditions” effective November 30, 2009. Among them:

  • Change from fixed to variable rate – if your card can be used for purchases or cash advances, your rate will now be variable.
  • Overlimit fee will be eliminated
  • The foreign transaction fee will be increased to 2%
  • Payments made in excess of the minimum payment will now be applied to the highest APR first
  • Payments will be credited the same day if received by 5PM local time

While it is sad to see the foreign transaction fee increased, there are still other options for no fee forex cards, the Schwab Visa being chief among them. And with its 5% gas, 2% supermarket and 1.25% rebate on everything else, the Penfed Visa is still overall an excellent card. But like many other casualties of the credit crisis, it’s not quite as great as it used to be.

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