USAA Ditches MasterCard For Visa

Visa and USAA

USAA is one of the largest U.S. issuers of debit and credit cards in America and it’s ditching longtime partner MasterCard for new partner Visa.

“USAA Bank is moving from MasterCard to Visa. As our primary network, this provides us the opportunity to offer more benefits including the elimination of foreign transaction fees for all USAA Visa credit cards in 2016,” USAA said in a statement.

The USAA provides insurance, banking, investments, retirement products and advice to current and former members of the U.S. military and their families.

“Most cards will be changed from MasterCard to Visa throughout 2016,” the statement added.

The USAA is responsible for nearly $26 billion in annual purchases on its cards.

“While we pursued the business, we reached a point where the economics did not make sense for our company and shareholders,” the Wall Street Journal quoted MasterCard as saying.

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Written by Peter Mondrose

Peter Mondrose

Peter Mondrose is the Editor-In-Chief at BusinessPundit. He received his degree in Economics in 1998 and a second degree in Journalism in 2004. He has served as a financial adviser, market trader, and freelance journalist for the last 11 years. When he's not investigating market conditions and reporting on workplace news, he can be found traveling with his wife, dog, and laptop. He can be reached at PeterMondrose@BusinessPundit.com or (929) 265-0240.