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.