As featured in The Wall Street Journal, Money Magazine, and more!

PenFed Promise Visa Review

By offering a suite of services originally designed to help military families make ends meet, Pentagon Federal Credit Union has grown into one of the country’s largest nonprofit financial institutions. Unlike credit unions that require geographic or employer-related eligibility, PenFed extends membership to any citizen with a family connection to our national defenses.

You can also become a PenFed member by paying a one-time membership fee to join the National Military Family Association or Voices for America’s Troops. Having a PenFed membership doesn’t guarantee that you’ll get approved for the PenFed Promise Visa® Card, so make sure your credit score looks great before you apply.

The PenFed Promise Visa Card is one of the best no-frills credit cards on the market. It carries no annual fee, no foreign transaction fee, no fee when you make a balance transfer, not even a fee on a cash advance. It’s a good thing PenFed is already a nonprofit organization, since they’re not making anything from this card other than finance charges from a seriously low variable APR range based on your creditworthiness.

Issuer Details:
• 4.99% APR promo balance transfer rate for 12 months. After that, the APR for the unpaid balance and any new balance transfers will be 10.24% to 17.99%. APR will vary with the market based on prime rate. (Subject to credit approval.) $100 bonus after spending $1,500 in purchase transactions within 3 months of account opening.
• Rate and offers are subject to change.
• Absolutely no fees.
• No annual fee.
• No late fee.
• No cash advance fee.
• Federally insured by NCUA.
• Rates as low as 10.24% APR.

PenFed keeps its APRs and fees below the market average by exercising tougher underwriting standards than typical retail banks. Based on feedback from current and former members, you may need to provide documentation of income, even if you carry an above-average credit score. Applicants who normally have no problem getting a quick-response offer reported having to fax copies of pay stubs for credit union review. You’ll also need to agree to receive PenFed credit card statements electronically.

Should you switch to the PenFed Promise Visa?

If your score is on the bubble or if you have late payments or delinquencies on your credit report, you may want to hold back on applying for this card. Otherwise, your donation might help you qualify for a savings account without scoring you the balance-transfer deal you’re really looking for. In addition, that hard credit pull on your profile could make it harder to qualify for another issuer’s best offers.

Overall, this card offers one of the most consistently low variable APRs among all credit cards, even no-frills accounts. With no annual fee, no late fee and no penalty APR, this card makes a great addition for any family that manages bills well, but needs some occasional flexibility due to travel or illness. Credit unions like Pentagon Federal have been breaking customer satisfaction records over the past few years, and the Promise Visa could give you the perfect opportunity to make the switch.

Click on this link for more information about the PenFed Promise Visa Card.

Updated April 1, 2016 and originally published November 14, 2013.

About the author

Joe Taylor Jr. has covered personal finance and business for over two decades, and has written and researched for personal finance websites for over five years. His work has been featured on NPR, CNBC, Financial Times Television, Fox Business, and ABC News. Joe also serves as a business sales manager for a Fortune 500 technology company. View all articles by .

{ 0 comments… add one now }

Leave a Comment

Note: Use your name or a unique handle, not the name of a website or business. No deep links or business URLs are allowed. Spam, including promotional linking to a company website, will be deleted. By submitting your comment you are agreeing to these