Enjoy low interest and no fees with the PenFed Promise Visa

The PenFed logo.

PenFed’s Promise Visa is among the best credit cards on the market. (Photo Credit: CC BY-ND/PenFed)

If you aren’t satisfied with your bank’s credit card due to high interest rates and hidden fees, consider dumping it for a credit union. If you or an immediate family member is a member of the U.S. armed forces of a government contractor, Pentagon Federal Credit Union (aka PenFed) is offering the PenFed Promise Visa card. Low rates and no fees at all clean up the money-wasting mess in a hurry.

How the PenFed Promise Visa works

The PenFed Promise Visa card offers new applicants a 7.49 percent three-year introductory APR, which is more than competitive against nearly any credit card on the market. The standard APR after three years is only 9.99 percent, which is very low interest.

Underscoring the low interest is the fact that the PenFed Visa has no fees at all. Search through the terms and conditions; you won’t find any. Whether it’s an annual fee, foreign transaction fee, balance transfer fee, cash advance fee, late fee, or over the limit fee, it doesn’t matter. There are no fees and there is no penalty APR, notes WiseBread.

PenFed Promise for armed forces only

The only real catch to the PenFed Promise Visa is that the cardholder must be a member of the PenFed Credit Union, and they or a household family member must be a member of the military or uniformed services. Even if nobody in your household qualifies, joining a qualifying organization like Voices for America’s Troops for only $15 makes you qualify.

Pros and cons of the PenFed Promise Visa

As previously stated, the introductory and standard interest rates for the PenFed Visa are quite low. It’s a variable rate that can go up with the Prime Rate, so keep that in mind. Prime hasn’t changed for a few years, however. Fees are non-existent, although if you’re a frequent offender, PenFed will reserve the right to suspend the account. Finally, PenFed itself is a big plus, being a large, trusted, full-service credit union since 1935.

There are some things that aren’t ideal about the PenFed Promise Visa card, in the interests of full disclosure. No rewards points are offered, and promotional financing options are limited. Aside from the membership requirements, however, the only other real drawback is that the PenFed Promise Visa is a credit card, subject to all the potential dangers. Use it responsibly.



Voices for America’s Troops


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