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PenFed Eliminates Foreign Transaction Fee From Remaining Credit Card Programs in Card Portfolio

ALEXANDRIA, VA--(Marketwire -10/04/11)- In another move designed to return maximum value to its members, PenFed announced today that it has eliminated the Foreign Transaction Fee from the remainder of its credit card programs currently available in its card portfolio.

Now all PenFed cardholders traveling overseas with a PenFed credit card can be certain that they will not be paying a foreign transaction fee; no matter which PenFed card they carry.

"Staying true to PenFed's core principles to bring products to our membership that have everyday value is a key element to the successful growth of the credit union," says Deborah Ames-Naylor, Executive Vice President, Credit and Collections, PenFed. "Eliminating the Foreign Transaction Fee on all of the credit cards in our portfolio is just our way of creating a unique and competitive line of cards that come packed with practical benefits that our members can actually utilize."

PenFed's two most popular "Best in Class" cards, The PenFed Premium Travel Rewards American® Express Card and the PenFed Promise Card have both been void of the Foreign Transaction Fee all along. However, the fee has now been eliminated from PenFed's Platinum Cash Rewards Card, Visa Gold and Visa Classic and MasterCard programs, which is a competitive distinction in the card industry.

The Foreign Transaction Fee elimination on the remaining Penfed credit card programs is effective immediately. The new terms will apply to both new cardholders and existing PenFed cardholders.

For more information about PenFed's credit card portfolio and to apply for a credit card and membership, visit www.PenFed.org or call 800-247-5626.

About Pentagon Federal Credit Union

Pentagon Federal Credit Union is the third largest credit union in the United States with over a million members, and more than $15 billion in assets. The credit union provides worldwide service to Army, Marine Corps, Navy, Air Force, Coast Guard, Department of Defense, and Department of Homeland Security personnel, members of the VFW, employees or volunteers of the American Red Cross, and others in the defense community and their families.