PenFed Gold Visa Credit Card: Meet nice rates!

Are you one of those people that consider rewards overrated? After all, they just give you some perks for purchasing, but generally interest rates are high, as well as most fees. Maybe, you just want a simple credit card, that doesn’t give you much hassle when it comes to management. All you have to do is make everyday purchases without worrying much about its APRs. 

Well, that’s the case with the PENFED Gold Visa Card. You’ll have access to some of the lowest interest rates in the market as well as a great intro offer. Since this is supposed to be one of those easy to manage cards, there aren’t many fees to speak off, including a $0 annual fee. 

Did you find it an interesting offer for your lifestyle? Keep reading to find out everything about the Penfed Gold Visa Card! We’ll explain more about the intro offer, ongoing APRs and fees, as well as the application process below. 

How does Penfed Gold Visa Card work? 

Penfed Gold Visa Card offers a good, straightforward and simple credit card that comes with pleasingly low APRs. Sometimes, that’s all you need from a card that you can use daily, after all, interest rates are part of what makes these types of services expensive. 

Just for comparison, most credit cards have about 16% variable APR. Some cards for poor score holders might go as high as 29%! Meanwhile, Penfed Gold Visa Card manages to stay at the low end of the list with its 7,49% rate. It isn’t ideal, it’s still cheaper not to hold a balance, but this makes it safe to do so. You won’t be surprised by the time the next month rolls around. 

However, as happens with most credit cards you’ll find, there are some low points. There isn’t much to speak of when it comes to rewards. No matter how much you spend, you won’t have access to special offers or benefits. 

If that isn’t a turnoff for you, great! Then this credit card should be enough to answer your needs. Otherwise, maybe you should look at Penfed’s other products, there are some rewards cards among those that have similar characteristics. 

Main benefits for Penfed Gold Visa Card

The one characteristic everyone seems to love about the Penfed Gold Visa is its low interest rates. Some other good points about it are below: 

• No annual fee;
• $0 foreign transaction fee;
• $100 statement credit sign up bonus; 
• 0% balance transfer APR for 15 months; 
• Low variable interest rate;
• No cash advance fees. 

As you can see, most of the benefits are what this credit card doesn’t have. With no annual fees to speak of you will have an easy time keeping the Penfed Gold Visa Card for a long time. Combine this with the low variable APR and it becomes a great option for those who want something very simple to manage. 

Is there an intro offer?

Yes, and you’ll likely enjoy this offer if you have high balances on other cards that are charging you interest. You’ll be able to get no balance transfer rates for any transfers in the first fifteen months. A balance transfer fee applies, so you might want to be careful about that. 

The other part of the introductory offer is a $100 statement credit after your first $1500 in purchases within 90 days of getting the card. 

What is Penfed Credit Union?

Penfed Credit Union originally started in 1935 as a union specifically for those with links to the military. Armed forces personnel and relatives were its main focus, offering high quality and affordable financial services to those who needed it. All someone had to do was become a member and start using its services. 

Nowadays, however, Penfed became an open charter that accepts anyone as a member. Those who are looking for services specific to army relatives can still find support through the Armed Forces Bank. 

Penfed Credit Union also offers access to regular bank accounts, savings accounts, loans and other services. This means that you can combine all of these financial options with your Gold Visa Card for better results. 

Cons for using the Penfed Gold Visa Card

You won’t like this credit card if you’re a reward oriented consumer. There are literally no cashback, points or other types of gifts that you can get by making purchases with these cards. The closest you’ll get to that is the $100 statement credit after using up $1.500 of your credit limit in 90 days. 

Another low point we must stress is that there isn’t a guarantee you’ll get the lowest interest rate possible at the moment of application. The variable APR goes from 7,49% up to 17,99%. If the Penfed Credit Union doesn’t find you have a great credit score, you might end up on the worst end of the variable APR. 

To sum it up, this is a credit card that doesn’t have much fat on it. You’ll get a couple of benefits right at the start and that’s it. If you don’t get the best of interest rates, it won’t even be a good idea to transfer balances from other cards to it trying to save up a bit. 

Rates and fees for this credit card

There are a few fees that apply and you must watch out for when making purchases, which include: 

• 3% balance transfer fee for every transfer; 
• 17,99% penalty APR rate; 
• Up to $25 late payment fee; 
• $25 returned payment fee. 

As we said, there are just a few fees to watch out for. It’s always recommended no to miss payments, since you could risk paying $25 in late payment fees. Trying to avoid balances is also a great financial strategy to keep your credit score as good as it can be. 

How to apply for this credit card?

Before applying for a Penfed Gold Visa Card you must become a union member. You can do that through Penfed’s official website. Afterwards, you just have to fill out a form and wait for the approval.

Conclusion

The PenFed Gold Visa Card is an excellent option for those who prioritize low interest rates and straightforward credit management over rewards. Its key strengths include:

• Low APR: With a starting variable APR of 7.49%, it offers one of the lowest rates available, making it ideal for carrying a balance.
• No Annual Fee: Enjoying the benefits of a credit card without an annual fee makes it cost-effective.
• Introductory Offers: The 0% APR on balance transfers for 15 months and the $100 statement credit after spending $1,500 in the first 90 days are appealing incentives.

However, it does have some drawbacks:

• Lack of Rewards: It doesn’t offer cashback, points, or other rewards, which may be a downside for those who value perks for their spending.
• Variable APR: While starting low, the APR can go up to 17.99% based on your credit profile.
• Fees: Be mindful of the 3% balance transfer fee, late payment fee, and returned payment fee.

Overall, if you’re looking for a card with minimal fees and low interest rates, and you’re not concerned about earning rewards, the PenFed Gold Visa Card is a strong choice. It’s particularly beneficial if you plan to carry a balance or make balance transfers. If rewards are a priority for you, consider exploring other credit card options that offer a more robust rewards program.