PenFed Gold Visa® full review
Low interests usually aren't the main highlight a credit card have, but with the PenFed Gold Visa®, the watchword of this card is low interest
What do I need to know about the PenFed Gold Visa®?
For those who require or wish to perform a balance transfer, there is the PenFed Gold Visa Card. This card has a low-interest rate both during the introductory APR period and after the standard APR begins, making it a suitable choice for transferring a balance to reduce debt.
You can get an APR ranging from 11.49 to 17.99% depending on your credit (variable). In general, getting this card requires having great credit.
Military and allied organizations are no longer the only organizations eligible to join PenFed. For service members who carry a balance from month to month, the PenFed Gold Visa is still a good choice.
Not everyone should apply for the PenFed Gold Visa Card. It is a straightforward credit card with minimal extra features, no opportunity to earn rewards, and only cheap interest rates.
This card isn’t for you if you like to get cash back, points, or miles for your transactions.
However, if low interest is your go-to perk, keep reading and learn more about this card!
How does the PenFed Gold Visa® work?
First, and foremost, what are the fees on this card?
Keep in mind that the average normal APR is 15% for all credit cards and 17% for accounts that have a balance, according to the Federal Reserve Board. Regular APRs on this card are below average.
On purchases made within the first 15 months of account opening, the APR is 0%; for 15 months, the promotional rate for balance transfers is also 0%.
There is a 3% transaction fee. Depending on credit approval. On balance transfers done during the first 90 days of the account opening, there is a 15-month introductory APR of 0%.
After that, a non-variable 17.99% APR will apply to any new balance transfers and the outstanding balance. Each transfer is subject to a 3% balance transfer fee.
Credit approval is a requirement for this transaction.
If you use this balance transfer, interest on any purchases made with your credit card will start to accrue right away unless you pay off the whole account balance, including balance transfers, by the due date for payments each month.
The PenFed Gold Visa® One time offer
After you spend $1,500 in the first 90 days after your account is set up, you’ll get a $100 statement credit. In today’s credit card market, there’s only a 7% return on your spending throughout that time, which is by no means impressive.
It’s still a great perk, though, given that the card doesn’t provide recurring incentives. Cards that don’t offer rewards typically have no special offers at all.
PenFed Gold Visa® main benefits?
Chance of low APR
The most recent full-year figures from the Federal Reserve show that the average interest rate on credit card accounts that charge interest is 16.28%.
However, if you apply for the PenFed Gold Visa Card, you can be eligible for an APR as low as 7.49% variable (on average, it is important to state)
Earning rewards may not be as valuable as securing a reduced interest rate if you anticipate carrying a balance.
Amazing introductory incentives
Despite the fact that the card doesn’t pay rewards on routine transactions, after spending $1,500 in the first 90 days, you will receive a $100 statement credit.
While paying off other credit card debt, you will also have the opportunity to save money.
You will receive a 15-month 0% APR term if you transfer your balance from another card to the PenFed Gold Visa Card during the promotional period following approval.
Just remember that there is a 3% balance transfer fee associated with the card.
It’s not uncommon for a card like this to come without an annual fee. But there are relatively few major credit cards that also have no cash advance fee. However, cash advances do carry the card’s maximum APR, and interest starts accruing immediately.
The card also charges no foreign transaction fees, which is more common among travel credit cards.
Finally, if you’re late on a payment or have a payment returned, you will be charged a fee, but those fees are a little lower than the norm.
How to apply for the PenFed Gold Visa®?
If you got interested in how good this card is with interests and wants to own one, check out our article regarding how to apply for a PenFed Gold Visa® card!