Finder makes money from featured partners, but editorial opinions are our own. Advertiser Disclosure

PenFed Gold Visa® Card review

With strong credit, you may receive an APR as low as 7.49% variable for this no-annual-fee card.

  • Get this card if you want the opportunity for a low ongoing APR on purchases, balance transfers and cash advances.
  • Pick something else if you want rewards or an intro purchase APR.
  • Apply with a good to excellent credit score of 670 or higher.




Annual fee

7.49% to 17.99% variable

Purchase APR


Minimum Credit Score


Annual fee$0
Welcome offer$100 bonus after spending $1,500 in the first 90 days
Purchase APR7.49% to 17.99% variable
Balance transfer APR0% intro for the first 12 months (then 17.99% variable)
Minimum Credit Score670

Review by

Kevin Joey Chen is a credit cards, banking and investments writer whose work and analysis have appeared on CNN, U.S. News & World Report,, Lifehacker and He's passionate about helping you get your finances in order by expertly navigating cutting-edge financial tools — including credit cards, apps and budgeting software.

Expert review

If you have strong credit and plan on carrying a balance from month to month, you might like the PenFed Gold Visa® Card. You’ll get the chance at an ongoing purchase, balance transfer and cash advance APR as low as 7.49% variable. That’s a stellar rate, considering the average credit card APR is around 16%.

The card comes with other helpful perks such as a $0 annual fee, a promo APR on balance transfers and a signup bonus. Other products may offer slightly stronger benefits, but few offer such features combined with a potentially low ongoing APR.

How to apply for the PenFed Gold Visa® Card

  1. Go to the provider's site and select Apply now.
  2. If you’re a PenFed member, log in with your credentials. If you’re not, click Apply Now.
  3. Complete the application with details like your name, address, annual income and Social Security number.
  4. Review and submit your application.

PenFed Gold Visa Card screenshot1

How long will it take to get my PenFed Gold Visa® Card?

Because conditional credit card approval is automated on the website, you may get a decision on your application within a few minutes. If there are issues with your application, it may take a few days to a few weeks to hear back.

After you’re approved, you’ll typically receive your card within 7 to 10 business days.

The perks

  • Annual fee: None. A $0 annual fee makes it easier to keep this card long term. It’s an especially good perk combined with a promo APR on balance transfers and a potentially low purchase APR.
  • Signup bonus: $100 statement credit. When you spend $1,500 on purchases in the first 90 days of your account opening, you’ll earn a $100 statement credit.This is a slightly smaller signup bonus than other no-annual-fee cards, though it comes pretty close to the top players. For example, the Bank of America® Customized Cash Rewards offers a $200 online cash rewards bonus after you spend at least $1,000 on purchases in the first 90 days of your account opening.
  • Promo APR: 0% on balance transfers for 12 months.
    Receive a 0% promo APR on balance transfers for 12 months — after that, you’ll have an ongoing balance transfer APR of to 17.99% variable. You’ll receive this promo APR on transfers you make up until September 30, 2020. Keep in mind that you’ll still have to pay a 3% fee for transfers, even during the promo period. If you choose to make a balance transfer, you’ll start accruing interest on both purchases and transfers right away. This is a solid promo APR period, though you’ll find longer ones with products like the Citi Simplicity® Card and Citi® Diamond Preferred® Card. Still, many cards with market-leading promo APRs don’t offer signup bonuses or a potentially low ongoing APR like the PenFed Gold Visa® Card does.
  • Potentially low interest rate. Depending on your credit, you may qualify for an ongoing APR as low as 7.49% variable on all balances.

Am I eligible for PenFed membership?

The Pentagon Federal Credit Union primarily offers its services to military-affiliated individuals. But even without military affiliation, anyone can become a member and apply for the PenFed cards. In the past, you could become a PenFed member with a one-time $17 donation to either the Voices for America’s Troops or the National Military Family Association. This requirement is no longer active.

You’ll also like …

  • No foreign transaction fees. You won’t incur fees when you use your card abroad or on foreign websites. Typically, providers charge a 3% fee each time you use your card for an international transaction. It doesn’t sound like much, but it can add up over a trip spanning several days.Since the PenFed Gold Visa® Card comes with no foreign transaction fees, it can be a great choice for vacations or business trips.
  • Normal APR for cash advances, and no cash advance fees. With most cards, your cash advance APR will be higher than your purchase and balance transfer APR. With the PenFed Gold Visa® Card, you may have the same ongoing APR for all balances — including cash advances. You also won’t pay fees on cash advances, which is uncommon.Unlike with purchases, your PenFed Gold Visa® Card cash advances don’t come with grace periods on interest. PenFed will begin charging interest from each cash advance transaction date.

What to watch out for

  • Penalty APR. If you don’t make your minimum payment within 60 days after the due date, PenFed may apply a penalty APR of 17.99% variable to all of your balances. This rate will apply until you make three consecutive monthly payments on or before the due dates.
  • Penalty fees. Late and returned payments come with fees of up to $25.

Compare low interest rate credit cards

Name Product Purchase APR Balance transfer APR Annual fee Filter values
Blue Cash Everyday® Card from American Express
0% intro for the first 15 months (then 13.99% to 23.99% variable)
Earn a $200 statement credit after spending $2,000 in the first 6 months. This is a higher-than-average welcome offer for a card with no annual fee. Terms apply, see rates & fees
Blue Cash Preferred® Card from American Express
0% intro for the first 12 months (then 13.99% to 23.99% variable)
$0 intro annual fee for the first year ($95 thereafter)
Earn a $300 statement credit after you spend $3,000 in purchases on your new card within the first 6 months. Having 6 months to earn a welcome offer is a rare benefit as most cards give you only 3. Terms apply, see rates & fees
Applied Bank® Secured Visa® Gold Preferred® Credit Card
9.99% fixed
No credit check is required for this secured card. Make a deposit of at least $200 to open this card and get a low 9.99% fixed APR on purchases.

Compare up to 4 providers

How does a balance transfer work with this card?

  1. Apply for the card. You can transfer a balance when you open your credit card, or request one later.To make a balance transfer, you’ll need the account number of your existing balance. Also, be ready to provide personal information like your income, employment details and Social Security number.

    For each transfer, you’ll pay a fee of 3% of the transaction amount.

  2. Check for balance transfer time limits. For this card, PenFed offers a 0% promo APR for 12 months on balance transfers. Only balances you transfer up until September 30, 2020 qualify for this rate.Call a PenFed representative if you have questions about balance transfers.
  3. Keep track of your balance transfer details. If your balance transfers qualify, you’ll pay a 0% intro APR on the balances for 12 months.This is a promo APR. As long as you pay off the balance within 12 months, you won’t pay interest. If you still have a balance after that time, however, it’ll accrue interest at an APR between and 17.99% variable.

What should I know before I apply?

To apply for the PenFed Gold Visa® Card, you must be:

  • At least 18 years old.
  • A member of the Pentagon Federal Credit Union.

Information you’ll need

To complete the application, you’ll need to provide information that includes:

  • Your name and residential address.
  • Your Social Security number.
  • Your email address, phone number and date of birth.
  • Financial information like your annual income and income source.

What credit score do I need?

You’ll have a better chance of being approved for the PenFed Gold Visa® Card if you apply with a good to excellent credit score of 670 or higher.

If you have a high income and excellent credit, your likelihood of approval is strong.

Here are a few other factors that might affect your odds of approval:

  • Hard pulls on your credit report. If you have several hard inquiries — or hard pulls — on your report, it could imply you’re having trouble managing your debt. PenFed might think you’re desperate for credit and may be less likely to take you on as a customer.
  • Factors that tie into your credit score. Your credit utilization is a major factor PenFed considers. The bank prefers a customer with low balances relative to their credit limit. Having many new card accounts may be a red flag too, as it could indicate you’re desperate for credit. It may also give the impression that you’re a flighty customer who’s just hunting for welcome offers.
  • PenFed Gold Visa® Card reviews and complaints

    Pentagon Federal Credit Union is not accredited with the Better Business Bureau, but it earns an overall A+ rating from the agency as of August 2021. Some customers complain of difficulty reversing penalty fees, obtaining statement credit and having loan amounts honored.

    The credit union currently holds a 4.5 out of 5 rating on TrustPilot as of August 2021.

    I got the card. Now what?

    • Make payments on time. Register an account on the PenFed website to pay your balance online. You can also enroll in autopay.
    • Avoid interest. After the close of each billing cycle, you have a grace period of at least 25 days to pay your balance. If you do, you won’t pay interest on your purchases.
    • Avoid fees. Late and returned payments come with fees of up to $25.
    • Contact customer service. If you have questions, call the number on the back of your card. You can also call the main support line at 1-800-247-5626.

    Bottom line

    Perhaps the best reason to get the PenFed Gold Visa® Card is its ongoing APR — as low as variable for all balances. It’s a solid card in other respects, too, offering a $0 annual fee, a signup bonus and an intro APR on balance transfers.

    Before you apply, make sure to compare your options and find the credit card that best suits your needs.

    Frequently asked questions


Ask an expert

You are about to post a question on

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use and Privacy and Cookies Policy.
Go to site