USAA, one of the largest U.S. issuers of debit and credit card, has made the choice to switch to using Visa from its longtime partner, MasterCard, the company said on its website this week.
“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 released to it’s members.
The company, which is based in San Antonio, Texas, is one of the largest U.S. financial institutions right now. It provides a number of resources and services including; 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 also added.
The Wall Street Journal, which first reported news of the move, said that this was a big blow to MasterCard as USAA was its biggest debit-card issuer with some $26 billion of purchases made on its cards last year.
(Information sourced from Reeters and USAA)