Travel Tips

Okay, how many times have you traveled overseas only to later realize that you paid your bank exhorbitant rates for using your ATM debit card/credit card overseas? Exchange rate fees and foreign fees which can go as high as 3% can turn a $5,000 trip into a $5,500 trip.

If you are looking for a way to save that money, perhaps I have something that might be of interest. THIS IS NOT AN AD. I use the Pentagon Federal Credit Union VISA Platinum Cash Rewards card on all my travels: no cash advance fees, no foreign fees, and no exchange rate fees. The only fee they have is the mandatory 1% VISA fee...and all credit cards with Visa and Mastercard logos will institute that fee.

Any U.S. citizen is eligible for membership by donating $20 to the National Military Family Association (NMFA). Then you deposit $5 into an account.

They will pull your Equifax credit report. That report will be used for 60-90 days. If you have alot of accounts opened within the last six months, chances are you will be accused of "pyramiding debts" (opening one card to pay for another) and will be denied membership. Equifax scores in the 675 and above range stand a better chance of acceptance.

Further, sometimes they require income verification like check stubs, w-2 forms, or bank statements. It may seem a hassle at first if they ask for this, but the long-term rewards are well worth it. They don't ask for income verification from everyone.

They are also generous with their credit lines too. Provided that you manage your credit wisely, this can help improve your FICO score as well. For the large credit line will increase your available credit limit and lower your usage percentage.

PenFed has saved me hundreds and hundreds of dollars in foreign fees.

www.penfed.org