PenFed Gold Visa® full review
The main highlight of a credit card is typically not low interests, but the PenFed Gold Visa® stands out with its watchword being low interest rates.
Discover the Benefits of the PenFed Gold Visa®
Are you considering a balance transfer? Look no further than the PenFed Gold Visa Card. With low-interest rates during the introductory APR period and beyond, this card is an excellent option for reducing your debt through balance transfers.
With variable APRs ranging from 11.49% to 17.99%, the PenFed Gold Visa requires individuals with excellent credit. This eligibility criterion has expanded to include more than just military and allied organizations.
Although the PenFed Gold Visa Card lacks additional features and rewards, it offers low-interest rates and affordable fees. This straightforward credit card is not recommended for those who prefer earning cash back, points, or miles with their transactions.
How Does the PenFed Gold Visa® work?
Let’s start with the fees associated with this card.
Compared to the Federal Reserve Board’s average normal APR of 15% for all credit cards and 17% for balance-carrying accounts, the regular APRs of the PenFed Gold Visa Card are below average.
During the first 15 months of account opening, the APR for purchases is 0% and the promotional rate for balance transfers is also 0% for 15 months.
A 3% transaction fee applies to balance transfers, subject to credit approval, within the first 90 days of account opening. After this period, a non-variable 17.99% APR applies to new balance transfers and outstanding balances, with a 3% balance transfer fee for each transfer.
Credit approval is necessary for this transaction. If you choose to utilize the balance transfer, interest on purchases made with your credit card will accrue immediately unless you pay off the entire account balance, including balance transfers, by the monthly payment due date.
Exclusive One-Time Offer for PenFed Gold Visa®
By spending $1,500 within the first 90 days of account setup, you can receive a $100 statement credit. Although this return on spending may only amount to 7% during this period, it is a noteworthy perk considering the card does not offer recurring incentives. Many non-rewards cards do not provide special offers.
Main Benefits of the PenFed Gold Visa®
Potential for Low APR
According to the Federal Reserve’s data, the average interest rate on credit card accounts that charge interest is 16.28%. However, by obtaining the PenFed Gold Visa Card, you may qualify for a variable APR as low as 7.49% (on average).
If you anticipate carrying a balance, the value of earning rewards may not compare to the benefit of securing a reduced interest rate.
Impressive Introductory Incentives
Despite the card’s lack of rewards for regular transactions, you will receive a $100 statement credit after spending $1,500 within the first 90 days. This offers you an opportunity to save money while paying off other credit card debt.
If you transfer your balance from another card to the PenFed Gold Visa Card during the promotional period after approval, you will enjoy a 15-month 0% APR term. Keep in mind that there is a 3% balance transfer fee associated with this card.
Favorable Fees
While it is common for cards like the PenFed Gold Visa to have no annual fee, few major credit cards also do not charge a cash advance fee. However, cash advances are subject to the card’s maximum APR, and interest starts accruing immediately.
In addition, the card does not impose foreign transaction fees, an attribute more commonly found in travel credit cards. Late payments or returned payments do incur fees, but they are slightly lower than average.
How to Apply for the PenFed Gold Visa®
If you are interested in benefiting from the low interest rates provided by the PenFed Gold Visa Card, check out our comprehensive guide on how to apply for the PenFed Gold Visa® card!
