In a move that was perhaps overdue, Navy Federal Credit Union just announced it has dropped foreign transaction fees on its credit cards for both new and existing cardholders. For an organization with a constituency who is frequently abroad, this should be a very welcome change. As a comparison, Pentagon Federal Credit Union has not charged foreign transaction fees on its credit cards for years.

“We always want to be doing the right things for our members, especially our Active Duty military,” said Randy Hopper, vice president of credit cards at Navy Federal. “By eliminating foreign transaction fees, we’re making it better for our members to use their credit cards, particularly while traveling or if they’re based overseas.”

With these changes, Navy Federal’s credit card lineup becomes quite competitive when it comes to fees. None of its cards have an annual fee–with the exception of its Visa Signature Flagship Rewards Card–and its cards do not charge fees for credit card balance transfers or cash advances.

NFCU membership
To apply for any of its cards, however, you do need to be a member of Navy Federal Credit Union. In order to be eligible for membership, either you or an immediate family member must be affiliated with the Armed Forces, Department of Defense, Coast Guard or National Guard. (See this page for membership details.)

For more info on Navy Federal’s credit card offerings, see this link.

For a list of other cards that do not charge a foreign transaction fee, see this page.