Credit unions are always looking for new revenue streams, but a few are voluntarily giving up one – foreign transaction fees.
Foreign transaction fees are typically added to cardholder purchases that are made in a foreign currency or that go through a non-U.S. bank. According to a CreditCards.com survey last year, of 163 cards from 12 of the largest issuers in the U.S., the number of cards that are ditching foreign transaction fees has increased by 80% since 2012, up from 21 to 38.
Some credit unions are following this trend on some or all of their cards, but the move isn't for every credit union. Three factors make it worth taking another look, experts said.
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