There is no reason to continue to charge foreign transaction fees. American Express and Chase Visa will stop charging these fees on May 1, 2014. I think USAA should be a leader in credit card technology and take a page from their European and Asian competitors who issue credit and debit cards with the electronic chip card with pin signature, a more secure and more widely accepted form of payment. They also have zero foreign transaction fees. Do we need another Target or Michaels security breach to learn our lesson.
1. First of all, USAA does have EMV Chip and Pin Cards. More info about Chip and PIN Credit Cards offered by USAA can be found here.
2. As for USAA charging Foreign Transaction Fees.
I hope I have helped.
I sent an e-mail to USAA about EMV Chip and PIN Credit MasterCards and asked question about Foreign Transaction Fees (as well as other information).
Keeping Members Informed
My daughter is overseas attending a university. I wanted to get her started with USAA correctly as she starts out. I dIdn't realize the 1% fee everytime she charges something. Over 4 years of transactions, thats going to add up. I'm considering switching her to Chase account with a Visa that has no overseas fees. Im surprised at USAA :(
I find that I now carry more credit cards as i travel to Canada a lot with work. The global card would be great, but the fees are too much. In so many ways USAA is one of the best banks to deal with, but if other credit cards can drop foriegn fees that why not USAA??? My only other issue with USAA has been interest on personal loans is way out of line, no even competative, which makes me think they just don't want the business.
Do the foreign transaction fees apply to the USAA Debit Card or just the Credit Card? I currently bank with Navy Federal Credit Union as well and they have been charging me 1% of the amount I pull out of the ATM for foreign transaction fees (currrently stationed at Osan Air Base, South Korea).