PenFed Credit score Union presents many nice bank cards, and anybody can grow to be a member of the credit score union. This PenFed Gold Visa® bank card evaluate helps you identify if this primary bank card is best for you or if another choice is healthier.
PenFed Gold Visa® Credit score Card Highlights
- No annual price
- 0% APR on purchases and steadiness transfers for 15 months
- No rewards
- 17.99% ongoing APR
PenFed Gold Visa® Credit score Card: Most important Advantages & Perks
The PenFed Gold Visa® bank card has many advantages to take pleasure in. Listed here are the principle perks to contemplate when deciding if it’s best for you.
No Annual Payment
Many bank cards as we speak have annual charges, however the PenFed Gold Visa® bank card doesn’t. You get to take pleasure in all of the perks with out paying an annual price 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 in contrast to PenFed’s different bank cards that solely provide the promotional APR on steadiness transfers.
Hold Studying: Finest 0% APR Credit score Playing cards
0% APR on Stability Transfers
New cardholders additionally get entry to a 0% APR on steadiness transfers for 15 months; nevertheless, they cost 3% of every steadiness transferred.
Hold Studying: Finest Stability 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 presents by means of retail companions.
Low Ongoing APR
Whereas conserving a bank card steadiness isn’t a good suggestion, generally you don’t have any alternative. The continuing APR after the introductory interval is barely 17.99%, which for many bank cards is a low APR.
PenFed Gold Visa® Credit score Card: Most important Drawbacks
It’s all the time a good suggestion to have 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 concerning 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. Fortuitously, anybody can be a part of. All it takes is offering your data and opening a PenFed financial savings account with a minimum of $5.
Minimal Options
The PenFed Gold Visa® bank card doesn’t provide many different options, reminiscent of journey advantages or cellular phone safety like some bank cards provide. Its foremost focus is the low introductory and ongoing APR.
Who Is PenFed Gold Visa® Credit score Card Finest For?
In the event you carry a steadiness typically and don’t qualify for a decrease APR bank card, the PenFed Gold Visa® bank card could be a good choice. Whereas 17.99% is nothing to have fun, it’s decrease than many different bank cards provide.
Finest Alternate options To PenFed Gold Visa® Credit score Card
The PenFed Gold Visa® bank card is only one choice when on the lookout 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 presents a 0% promo APR for 21 months on purchases and steadiness transfers. That’s six months longer than the PenFed Gold Visa® bank card!
The cardboard doesn’t cost an annual price. It additionally contains as much as $600 in cellphone safety if you happen to 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 once you buy one thing and once more once you pay your invoice. You earn 1% with every, and it presents a 0% APR for 18 months on steadiness transfers.
Nonetheless, its ongoing APR ranges from 19.24% to 29.24%. Just like the PenFed Visa®, the cardboard has no annual price.
Capital One Quicksilver Money Rewards Credit score Card
The Capital One Quicksilver bank card additionally has no annual price. New cardholders additionally get an introductory 0% APR for 15 months on purchases and steadiness transfers. The cardboard pays 1.5% again on all purchases with no restrict. Nonetheless, its ongoing APR ranges from 19.99% to 29.99%.
Incessantly Requested Questions
The PenFed Gold Visa® bank card presents many advantages. Listed here are some widespread questions folks have about it.
Is the PenFed Gold Visa® Credit score Card a Good First-Time Credit score Card?
In the event you’re on the lookout for a bank card to maintain a steadiness on, you might do nicely with the PenFed Gold Visa® bank card with its decrease APR. It’s finest to benefit from its 0% intro APR and never carry a steadiness, however if you happen to 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 Stability Transfers?
Sure, the PenFed Gold Visa® bank card presents an intro APR on purchases and steadiness transfers. Each APRs are 0%, however there’s a 3% price for steadiness transfers, so preserve 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 if you happen to qualify for the PenFed Gold Visa® bank card. This may occasionally 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 if you happen to pre-qualify for the PenFed Gold Visa® bank card. Simply full the applying, and also you’ll know if you happen to’re pre-approved immediately.
Can I Use the PenFed Gold Visa® Credit score Card Wherever?
You should use the PenFed Gold Visa® bank card wherever Visa® bank cards are accepted, which is nearly in every single place.
Can I Withdraw Money From the PenFed Gold Visa® Credit score Card?
Sure, you should use 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 Finest for You?
In the event you’re on the lookout for a primary bank card with a 0% intro APR and ongoing low APR, the PenFed Gold Visa® bank card is an effective alternative.
Our PenFed Gold Visa® bank card evaluate 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.
