PenFed Credit score Union gives many nice bank cards, and anybody can turn out to be a member of the credit score union. This PenFed Gold Visa® bank card assessment helps you identify if this primary bank card is best for you or if another choice is best.
PenFed Gold Visa® Credit score Card Highlights
- No annual payment
- 0% APR on purchases and stability transfers for 15 months
- No rewards
- 17.99% ongoing APR
PenFed Gold Visa® Credit score Card: Important Advantages & Perks
The PenFed Gold Visa® bank card has many advantages to get pleasure from. Listed here are the principle perks to think about when deciding if it’s best for you.
No Annual Price
Many bank cards immediately have annual charges, however the PenFed Gold Visa® bank card doesn’t. You get to get pleasure from all of the perks with out paying an annual payment at any time.
Hold Studying: Are Credit score Playing cards with Annual Charges Price It?
0% APR on Purchases
New cardholders get a 0% buy APR for the primary 15 months. That is not like PenFed’s different bank cards that solely provide the promotional APR on stability transfers.
Hold Studying: Greatest 0% APR Credit score Playing cards
0% APR on Steadiness Transfers
New cardholders additionally get entry to a 0% APR on stability transfers for 15 months; nevertheless, they cost 3% of every stability transferred.
Hold Studying: Greatest Steadiness Switch Playing cards
PenFed Member Reductions
PenFed credit score union members get entry to reductions, together with decrease auto and residential insurance coverage charges and different monetary merchandise. Members additionally get unique promotional gives by way of retail companions.
Low Ongoing APR
Whereas retaining a bank card stability is rarely a good suggestion, generally you don’t have any alternative. The continued APR after the introductory interval is simply 17.99%, which for many bank cards is a low APR.
PenFed Gold Visa® Credit score Card: Important Drawbacks
It’s all the time a good suggestion to take a look at the downsides of bank cards to make sure they’re a great match.
No Rewards
Getting rewarded for utilizing your bank card is all the time a pleasant perk, however the PenFed Gold Visa® bank card doesn’t provide rewards. You get the low ongoing APR, however that’s in regards to the extent of the ‘rewards.’
Should Be a PenFed Credit score Union Member
To get the PenFed Gold Visa®, you should be a PenFed credit score union member. Luckily, anybody can be part of. All it takes is offering your info and opening a PenFed financial savings account with at the least $5.
Minimal Options
The PenFed Gold Visa® bank card doesn’t provide many different options, akin to journey advantages or mobile phone safety like some bank cards provide. Its fundamental focus is the low introductory and ongoing APR.
Who Is PenFed Gold Visa® Credit score Card Greatest For?
Should you carry a stability typically and don’t qualify for a decrease APR bank card, the PenFed Gold Visa® bank card generally is a good choice. Whereas 17.99% is nothing to have fun, it’s decrease than many different bank cards provide.
Greatest Options To PenFed Gold Visa® Credit score Card
The PenFed Gold Visa® bank card is only one choice when searching for bank cards with engaging APRs. Listed here are another selections.
U.S. Financial institution Visa® Platinum Credit score Card
The U.S. Financial institution Visa® Platinum bank card gives a 0% promo APR for 21 months on purchases and stability transfers. That’s six months longer than the PenFed Gold Visa® bank card!
The cardboard doesn’t cost an annual payment. It additionally consists of as much as $600 in cellphone safety in case you pay your invoice together with your U.S. Financial institution Visa® Platinum card.
Citi Double Money® Credit score Card
The Citi Double Money® bank card pays money again twice, as soon as whenever you buy one thing and once more whenever you pay your invoice. You earn 1% with every, and it gives a 0% APR for 18 months on stability transfers.
Nevertheless, its ongoing APR ranges from 19.24% to 29.24%. Just like the PenFed Visa®, the cardboard has no annual payment.
Capital One Quicksilver Money Rewards Credit score Card
The Capital One Quicksilver bank card additionally has no annual payment. New cardholders additionally get an introductory 0% APR for 15 months on purchases and stability transfers. The cardboard pays 1.5% again on all purchases with no restrict. Nevertheless, its ongoing APR ranges from 19.99% to 29.99%.
Regularly Requested Questions
The PenFed Gold Visa® bank card gives many advantages. Listed here are some widespread questions individuals have about it.
Is the PenFed Gold Visa® Credit score Card a Good First-Time Credit score Card?
Should you’re searching for a bank card to maintain a stability on, chances are you’ll do nicely with the PenFed Gold Visa® bank card with its decrease APR. It’s greatest to make the most of its 0% intro APR and never carry a stability, however in case you should, it’s decrease than most.
Does the PenFed Gold Visa® Credit score Card Have a Money Again or Rewards Program?
Sadly, the PenFed Gold Visa® bank card doesn’t provide any rewards, so that you don’t get advantages for utilizing it.
Does the PenFed Gold Visa® Credit score Card Have an Intro APR Provide on Steadiness Transfers?
Sure, the PenFed Gold Visa® bank card gives an intro APR on purchases and stability transfers. Each APRs are 0%, however there’s a 3% payment for stability transfers, so hold that in thoughts when transferring balances.
Does the PenFed Gold Visa® Credit score Card Do a Onerous Pull?
Sure, PenFed does a tough credit score pull when figuring out in case you qualify for the PenFed Gold Visa® bank card. This may increasingly barely decrease your credit score rating, however you’ll be able to acquire the factors again with correct bank card use.
Does the PenFed Gold Visa® Credit score Card Have Pre-Approval?
Sure, you’ll be able to see in case you pre-qualify for the PenFed Gold Visa® bank card. Simply full the appliance, and also you’ll know in case you’re pre-approved immediately.
Can I Use the PenFed Gold Visa® Credit score Card Anyplace?
You should use the PenFed Gold Visa® bank card wherever Visa® bank cards are accepted, which is nearly all over the place.
Can I Withdraw Money From the PenFed Gold Visa® Credit score Card?
Sure, you should utilize your PenFed Gold Visa® bank card for money advances, and also you don’t have to fret about money advance charges as a result of they don’t cost one.
Is the PenFed Gold Visa® Credit score Card Greatest for You?
Should you’re searching for a primary bank card with a 0% intro APR and ongoing low APR, the PenFed Gold Visa® bank card is an efficient alternative.
Our PenFed Gold Visa® bank card assessment determines that it’s a good card for emergencies, however you shouldn’t use it for on a regular basis purchases because it doesn’t pay any rewards.