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PenFed balance transfer credit cards

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Get a 0% promo APR on balance transfers for 12 months.

PenFed cards don’t have spectacular balance transfer promo APRs. However, a few of them offer excellent rewards, and others offer potentially low ongoing APRs.

Compare PenFed balance transfer credit cards

Name Product Intro Balance Transfer APR Balance Transfer Fee Recommended Minimum Credit Score
0% for the first 12 months (then 12.99% to 17.99% variable)
3%
670
Earn 25,000 bonus points when you spend $2,500 in the first 90 days from account opening.
0% for the first 12 months (then 11.99% to 17.99% variable)
3%
670
2% cash back for all PenFed Honors Advantage members and 1.5% cash back on all purchases made with your card.
0% for the first 12 months (then 11.99% to 17.99% variable)
3%
670
Earn 5x points on gas at the pump and 3x points on groceries. Earn 1x points on all other purchases.
0% for the first 12 months (then 9.24% to 17.99% variable)
3%
670
Low APR on all purchases including cash advances.
4.99% for the first 12 months (then 11.99% to 17.99% variable)
None
670
Earn a $100 bonus after spending $1,500 on purchases in the first 90 days from account opening.

Compare up to 4 providers

What are the benefits of a balance transfer with PenFed?

Here’s why you might want to make a PenFed balance transfer:

What are the drawbacks of a balance transfer with PenFed?

Here’s why you may want to consider another balance transfer provider:

Promo APRs are a maximum of 12 months.

This is a decent promo APR, but it’s outshined by those of other providers. It’s relatively easy to find a promo APR of 15 to 18 months elsewhere.

No promo APRs for purchases.

A credit card often has a promo APR on purchases if it has one for balance transfers.

The no-transfer-fee card doesn’t have a 0% promo APR.

With the PenFed Promise Visa® Card, you’ll receive a 4.99% variable intro APR on balance transfers for 12 months. After that, an 11.99% to 17.99% variable applies.

Be careful about making purchases after transferring a balance

If you want to take advantage of a PenFed promo APR, be very cautious about spending with your card. If you make a balance transfer, you lose your grace period on new purchases.

The only way to avoid interest is to pay off all of your balances — including transfers — in full by the due date. Other providers might separate your transfers and purchases, charging interest on purchases only if you don’t pay them off.

PenFed cards can still be useful for balance transfers. However, consider never using your card for a purchase while you have a balance on it.

What debts are eligible for a balance transfer with PenFed?

You can transfer debt from…

  • Non-PenFed credit cards
  • Eligible loans, as long as you have account numbers for them
You can’t transfer debt balances from…

  • PenFed credit cards

Can I transfer balances to another PenFed card?

No. This policy is standard across most US banks.

Eligibility requirements

You can apply for a PenFed credit card if:

  • You’re willing to become a PenFed member. If you don’t meet one of the credit union’s standard requirements, you can join by making a one-time donation to Voices for America’s Troops or the National Military Family Association. You must also make a $5 deposit into a PenFed savings account.
  • You’re at least 18 years old.
  • You have a valid Social Security number or Individual Taxpayer Identification Number.

What do I need to apply?

Here’s the information you’ll need to apply for PenFed credit card:

  • Full name
  • Email and phone number
  • Birthdate and Social Security number or Individual Taxpayer Identification Number
  • Residential address
  • Employment information and total annual income

How to apply for a balance transfer with PenFed

  1. Pick a PenFed card, then check its terms.
    On the PenFed card page, click on Interest & Fee Information. Check for a promo APR, whether you’ll pay balance transfer fees and if an ongoing APR applies after your promo APR expires.
  2. Apply for the card.
    You have to be approved before you apply for a balance transfer. Then you must wait at least 24 hours before requesting a transfer.
  3. Request a balance transfer.
    You can request a transfer by logging in to your account or calling PenFed support.
  4. Wait for your balance transfer to complete.
    Keep paying your creditors as you wait for your transfer to complete. This will help you avoid late fees and dings to your credit score.

How long will it take to complete a balance transfer with PenFed?

It usually takes up to eight business days to complete a PenFed balance transfer.

I got the card. Now what?

  • Check that your balance transfer has posted. Look for your transfer in your online transaction history. If you want to be 100% sure your transfer has posted, call PenFed support.
  • Keep up with payments. Now that you’ve transferred your balance to PenFed, you’ll need to make payments according to the provider’s rules. PenFed says it may cancel your promo APR if it doesn’t receive your card payment within 60 days of the due date.
    Consider setting up automatic payments. Also, consider making a month-by-month plan to pay off your debt before your promo APR expires.
  • Contact customer service. Call 800-247-5626 if you have questions about your credit card.

Bottom line

PenFed offers promo APRs only for balance transfers and not on purchases. However, many of the provider’s cards offer excellent rewards. And you’ll find cards that offer low ongoing APRs for those who qualify.

If you’re not sure a PenFed card is best for your balance transfer, consider cards from other providers such as Chase and Barclaycard.

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