Learn how to apply for the PenFed Gold Visa® card

The Complete Guide to the PenFed Gold Visa® Card

One of the most commonly asked questions about the PenFed Gold Visa® card is regarding its fees. In comparison to the average standard APR of 15% on most credit cards, this card offers lower regular APRs.

For the first 15 months from the date of account opening, the APR is 0% for purchases, and this promotional rate also applies to balance transfers made within the same timeframe. A 3% transaction fee is applied to balance transfers, subject to credit approval.

After the initial 0% introductory APR period, the remaining debt and any subsequent balance transfers will be subject to a non-variable 17.99% APR. Each balance transfer carries a 3% balance transfer fee. It is important to note that credit approval is required for this transaction.

Interest on any purchases made with the PenFed Gold Visa® card will begin to accrue as soon as a balance transfer is made and will continue until the entire account balance, including balance transfers, is paid off by the monthly due date.

All in all, this card is a great option for those who need to do a balance transfer to pay off debt because of its low-interest rate during the introductory APR period and also after the normal APR commences.

Eligibility for the PenFed Gold Visa® Card

The PenFed Gold Visa® card offers one of the lowest regular APRs and fewest fees available, but it can only be used by members of the Pentagon Federal Credit Union. Additionally, a minimum FICO score of 670 is required, making this card suitable for individuals with a good credit score.

How to Apply for the PenFed Gold Visa® Card

• Visit the PenFed Gold Visa® Card webpage provided in this article
• Complete the application, providing necessary financial details like your Social Security Number, mailing address, and annual salary
• Double-check the accuracy of the provided information before submitting the application

Is the PenFed Gold Visa® Card Worth Having?

The PenFed Gold Visa® card is ideal for individuals with excellent credit who regularly carry a balance on their card. While interest will still be payable, using this card may be more cost-effective than other options. It can also serve as an emergency credit card for those who haven’t built up a sufficient emergency reserve. However, it is necessary to join the Pentagon Federal Credit Union before applying for this card, and it’s important to meet the minimal spending criteria to fulfill the welcome offer.

For people who pay off their credit card in full on a regular basis, this card may not be the best option as it does not offer ongoing perks.

PenFed Gold Visa® vs Citi® Double Cash Card

Both the PenFed Gold Visa® card and the Citi® Double Cash Card come with great features and no annual fees. However, their main benefits differ.

The PenFed Gold Visa® card is ideal for those focused on paying low interest, while the Citi® Double Cash Card is a straightforward cashback card. Ultimately, the choice between the two depends on personal preference, and nothing prevents someone from having both cards in their wallet.

PenFed Gold Visa® Card Benefits

• No annual fee
• No foreign transaction fees
• Special interest rates for balance transfers
• Attractive introductory incentives

Citi® Double Cash Card Benefits

• No annual fee
• No cap on cashback earnings
• Fast rate of rewards accumulation
• Exceptional balance transfer fee

How to Apply for a Citi® Double Cash Card

If you are interested in having an excellent cashback card, check out our guide on how to apply for the Citi® Double Cash Card!

Written by

Claire Harrison