Learn how to apply for the PenFed Gold Visa® card
If you are the kind of person who cares about good interests on a card, the PenFed Gold Visa® was made for this purpose!
What do I need to know about the PenFed Gold Visa®?
The most often asked question regarding this card is: what are the fees?
The Federal Reserve Board reports that the average standard APR is 15% for all credit cards and 17% for accounts with a balance. This card’s regular APRs are lower than normal.
The APR is 0% for purchases made within the first 15 months of account opening, and the promotional rate for balance transfers is also 0% for those 15 months.
A 3% transaction fee applies. subject to credit approval. There is a 0% introductory APR for the first 15 months on balance transfers made within the first 90 days of the account establishment.
After that, a non-variable 17.99% APR will apply to the remaining debt and any further balance transfers. Each transfer is subject to a 3% balance transfer fee.
Credit approval is a requirement for this transaction.
Interest on any purchases made with your credit card will begin to accrue as soon as you use this balance transfer until you pay off the whole account balance, including balance transfers, by the due date for payments each month
All in all, the PenFed Gold Visa Card is available to customers who need or want to do a balance transfer. This card is a good option for transferring a balance in order to pay off debt because it has a low-interest rate both during the introductory APR period and after the normal APR starts.
Who can apply for the PenFed Gold Visa®
The PenFed Gold Visa card has one of the lowest regular APRs and fewest fees available on a credit card, but it may only be used by members of the Pentagon Federal Credit Union.
Also, it is the kind of card that needs a good score (670 FICO minimum) which make this card some kind of niche.
How to apply for the PenFed Gold Visa®?
- Visit the webpage for the PenFed Gold Visa® Card (the one we provided earlier in the article)
- Complete the application. Typically, you’ll have to disclose basic financial details like your Social Security Number, mailing address, and annual salary.
- Verify the data is correct before submitting your application.
Is it worth it to have a PenFed Gold Visa®?
A person with great credit who intends to regularly carry a balance on their card is the perfect candidate for the PenFed Gold Visa Card.
Even though you will still be paying interest, using the card may be more cost-effective than most other options.
It might also be a good idea to think about using it as an emergency credit card, especially if you haven’t had time to accumulate a sufficient emergency reserve.
But first, you’ll need to join the Pentagon Federal Credit Union before you can apply. Everyone is welcome to join.
Make sure you spend enough to fulfill the welcome offer’s minimal spending criteria. In order to make that happen, you’ll need to spend, on average, $500 per month.
Also, keep in mind that the $1,500 requirement does not apply to cash advances, balance transfers, or credit card checks.
For people with excellent credit who frequently carry a load and wish to avoid the high-interest rates that are typical of credit cards, the PenFed Gold Visa Card can be a fantastic solution.
If you regularly pay off your credit card in full, it might not be the ideal option because there are no ongoing perks.
PenFed Gold Visa® vs Citi® Double Cash Card
Both cards have amazing features and carry no annual fees. However, the bread and butter on each of the cards are very different.
While the PenFed is amazing if you are the kind of person who is more focused on paying low interest. But if you are looking for a simple, flat-out cashback card, then the Citi card might be your go-to one.
It is really a matter of taste and after all, nothing stops you from having both of the cards in your wallet
PenFed Gold Visa® benefits
- No yearly charge
- Absence of foreign transaction fees
- Special interest rates for balance transfers
- Good introductory incentives
Citi® Double Cash Card Benefits
- No annual fee
- There is no cap on the amount of cashback that may be received.
- The rapid rate of awards
- Exceptional balance transfer fee
How to apply for a Citi® Double Cash Card?
If the idea of having an amazing cashback card at your disposal, consider taking a read at our Citi® Double Cash Card how to apply article!