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$100
Welcome offer
$0
Annual fee
8.99% to 17.99%
Purchase APR (variable)
0%
Intro Balance Transfer
for the first 12 months (then 8.99% to 17.99% variable)
| Product Name | PenFed Gold Visa® Card |
|---|---|
| Card type | Visa |
| Annual fee | $0 |
| Purchase APR | 8.99% to 17.99% variable |
| Balance transfer APR | 0% intro for the first 12 months (then 8.99% to 17.99% variable) |
| Balance transfer fee | 3% |
| Cash advance rate | 8.99% to 17.99% variable |
| Cash advance fee | None |
| Penalty APR | 17.99% fixed |
| Foreign transaction fee | None |
| Interest free period | Up to 25 days |
| Late payment fee | $25 |
| Returned payment fee | $25 |
| Additional cardholder fee | $0 |
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 8.99% 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.
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® Cash Rewards credit card 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. And the Blue Cash Everyday® Card from American Express offers a $150 statement credit after you spend $1,000 on purchases in the first 3 months of card membership (All information about this card has been collected independently by Finder).
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.
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.
Since the PenFed Gold Visa® Card comes with no foreign transaction fees, it can be a great choice for vacations or business trips.
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.
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.
Call a PenFed representative if you have questions about balance transfers.
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 8.99% and 17.99% variable.
To apply for the PenFed Gold Visa® Card, you must be:
To complete the application, you’ll need to provide information that includes:
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:
Pentagon Federal Credit Union is not accredited with the Better Business Bureau, but it earns an overall A+ rating from the agency. Some customers complain of difficulty reversing penalty fees, obtaining statement credit and having loan amounts honored.
The credit union does not currently have a profile on Trustpilot.
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.
Perhaps the best reason to get the PenFed Gold Visa® Card is its ongoing APR — as low as 8.99% 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.
Images: penfed.org
