Money Analysed

Save on Interest and Fees with PenFed Gold Visa Card

Introduction to PenFed Credit Union and the PenFed Gold Visa Card

If you’re looking for a credit union that caters to military personnel, PenFed Credit Union is worth considering. PenFed is one of the largest credit unions in the United States, with over 2 million members and $26 billion in assets.

It offers a range of financial services, including savings accounts, checking accounts, loans, and credit cards. In this article, we’ll focus on the PenFed Gold Visa Card and the benefits and drawbacks it offers.

Who can become a member of PenFed? Membership in PenFed Credit Union is open to anyone who meets the eligibility requirements.

The credit union was originally founded to serve military personnel, so active and retired military personnel, National Guard members, and reservists are eligible for membership. Additionally, family members of military personnel can also join.

If you don’t have a connection to the military, you can still become a member by joining a qualifying organization or donating to a qualifying charity.

Benefits and drawbacks of the PenFed Gold Visa Card

The PenFed Gold Visa Card offers a range of benefits that make it a popular choice among cardholders. First of all, the card has a low interest rate, making it an excellent option for those who carry a balance.

The card also offers an introductory balance transfer rate, which can save cardholders even more money on interest charges. In addition to low interest rates, the PenFed Gold Visa Card also offers rewards to cardholders.

The card earns 1% cashback on all purchases, with no limits or categories to worry about. Cardholders can redeem their cashback rewards for statement credits, merchandise, or gift cards.

However, there are also some drawbacks to the PenFed Gold Visa Card. One major drawback is that the card is only available to PenFed Credit Union members, so if you’re not eligible for membership, you won’t be able to apply for the card.

Additionally, the card’s rewards program is not as generous as some other rewards credit cards on the market.

PenFed Gold Visa Card Details

If you’re eligible for membership and interested in applying for the PenFed Gold Visa Card, here are some details you should know. Card basics such as type, issuer, and annual fee

The PenFed Gold Visa Card is a low-interest credit card offered by PenFed Credit Union.

The card has no annual fee, making it a cost-effective option for cardholders who want to avoid unnecessary fees. Additionally, the card is issued by PenFed Credit Union, so cardholders will be dealing with a credit union rather than a major bank.

Recommended credit score and intro APR offers

The PenFed Gold Visa Card requires an excellent credit score for approval, so if you have a less-than-perfect credit score, you may want to consider other credit card options. However, if you do have an excellent credit score, you may be eligible for the card’s introductory APR offers.

The card offers an introductory APR of 0% for the first 12 months on both purchases and balance transfers.

Foreign transaction fee and cash advance fee

One of the most attractive features of the PenFed Gold Visa Card is that it has no foreign transaction fee. This makes it an excellent option for cardholders who frequently travel internationally or make purchases from foreign websites.

Additionally, the card has a low cash advance fee of either $10 or 3% of the amount of each cash advance, whichever is greater. In conclusion, the PenFed Gold Visa Card is an excellent option for PenFed Credit Union members who want a low-interest credit card with no annual fee.

The card also offers rewards to cardholders in the form of 1% cashback on all purchases. However, the card is only available to PenFed Credit Union members, so if you’re not eligible for membership, you won’t be able to apply for the card.

Additionally, the card’s rewards program is not as generous as some other rewards credit cards on the market.

Benefits of the PenFed Gold Visa Card

The PenFed Gold Visa Card is an excellent credit card option for consumers, particularly those who are members of PenFed Credit Union. The card provides several benefits that make it stand out in the marketplace, including introductory purchase and balance transfer APR offers, and a lack of annual fees and foreign transaction fees.

Introductory purchase and balance transfer APR offers

The PenFed Gold Visa Card provides two introductory APR offers that can help cardholders reduce their interest payments. New cardholders can take advantage of a 0% introductory APR for 12 months on purchases made with the card.

This offer is particularly useful for those who need to make a large purchase and want to spread the payments out over time. The card also offers an introductory balance transfer APR of 0% for 12 months.

Balance transfers allow consumers to move high-interest balances from one credit card to another, allowing them to save money over time. For example, if you have a $5,000 balance on a credit card with a 20% APR, you are paying $1,000 in interest each year.

By transferring that balance to the PenFed Gold Visa Card, you can save $1,000 in interest payments over the course of the intro APR period. No annual fee, foreign transaction fee, and cash advance fee

One of the most significant benefits of the PenFed Gold Visa Card is that it has no annual fee.

Annual fees can be a significant burden for many consumers, especially those who don’t use their credit cards frequently. By choosing a card with no annual fee, cardholders can save hundreds of dollars each year.

Additionally, the PenFed Gold Visa Card has no foreign transaction fees. This is an essential feature for those who travel internationally or who frequently make purchases from foreign websites.

When using a credit card that charges foreign transaction fees, consumers can be hit with fees of 2-3% on each transaction. These fees can add up quickly, eating into any rewards or benefits that the card provides.

Finally, the PenFed Gold Visa Card also has no cash advance fees, or a low cash advance fee of either $10 or 3% of the amount of each cash advance, whichever is greater. Cash advances can be costly, with some credit cards charging fees as high as 5% of the amount advanced.

By choosing a card with no cash advance fees, consumers can save money when they need to access cash quickly.

Drawbacks of the PenFed Gold Visa Card

While the PenFed Gold Visa Card provides several benefits, there are also a few drawbacks that consumers should be aware of before applying for the card. These include the membership requirement and lack of rewards program.

Membership requirement and how to join PenFed

Perhaps the most significant drawback of the PenFed Gold Visa Card is that it is only available to members of PenFed Credit Union. For those who are not already members, this can be a significant hurdle to overcome.

To join PenFed Credit Union, consumers must meet certain eligibility requirements, such as serving in the military or being a family member of someone who is or donating to one of the qualifying organizations. In addition to meeting the eligibility requirements, consumers must also open a checking or savings account with PenFed Credit Union to become a member.

While this requirement may not be an issue for everyone, it can be inconvenient for those who want to keep the entirety of their banking relationship with another financial institution.

Lack of rewards program

Another drawback of the PenFed Gold Visa Card is that it does not provide an expansive rewards program. While the card does offer 1% cashback on all purchases, many other credit cards on the market provide more generous rewards programs.

For example, some cards provide bonus cashback on rotating categories, or higher percentages of cashback on specific types of purchases.

Conclusion

Overall, the PenFed Gold Visa Card provides several benefits that make it an attractive option for consumers. The card’s introductory purchase and balance transfer APR offers, lack of annual fees and foreign transaction fees, and low cash advance fees are all strong selling points for the card.

However, the membership requirements and lack of an expansive rewards program may make the card less appealing to some consumers. Ultimately, it is important to carefully consider the features of the PenFed Gold Visa Card and compare them to other credit card options before making a final decision.

PenFed Gold Visa Card FAQ

If you’re considering the PenFed Gold Visa Card, you probably have some questions about the credit union and the card itself. In this section, we’ll answer some frequently asked questions to help you make an informed decision.

How to join PenFed and required credit score

To become a member of PenFed Credit Union and apply for the PenFed Gold Visa Card, you must meet one of the eligibility requirements. These include serving or having served in the military, being a member of a qualifying organization, or making a donation to a qualifying charity.

You must also open a checking or savings account with PenFed Credit Union to become a member. The required credit score for the PenFed Gold Visa Card is excellent.

This means that you’ll need a credit score of at least 750 to be approved for the card. If you don’t meet the credit score requirements, you may want to consider other credit cards that are more accessible to consumers with lower credit scores.

How to pay PenFed credit card bill

PenFed Credit Union provides several ways for cardholders to pay their credit card bills. The easiest way to pay your bill is to log in to your account on the PenFed Credit Union website or mobile app and make a payment online.

You can also set up automatic payments to ensure that your bill is paid on time every month. If you prefer to pay your bill by mail, you can do so by mailing a check or money order to PenFed Credit Union’s payment processing center.

Be sure to include your account number on the check or money order, and allow enough time for the payment to be processed and received by the due date.

Other cards to consider

While the PenFed Gold Visa Card provides many benefits, including low interest rates and no annual fees, there are other credit cards on the market that may better suit your needs. Two other popular options include the PenFed Power Cash Rewards Visa Signature Card and Chase Freedom Flex.

The PenFed Power Cash Rewards Visa Signature Card offers 1.5% cashback on all purchases, with no limits or categories to worry about. Cardholders can earn even more cashback by using their card to shop online through PenFed’s perks program, earning up to 20% cashback at select retailers.

The card also has no annual fee, making it a great option for those who want to avoid unnecessary fees. Another option to consider is the Chase Freedom Flex.

This credit card offers a generous cashback rewards program, including 5% cashback on up to $1,500 in purchases in rotating categories, and 1% cashback on all other purchases. The card also provides a $200 bonus after spending $500 in the first three months.

However, it does have an annual fee of $0 for the first year and $95 after that.

Conclusion

The PenFed Gold Visa Card provides many benefits to consumers, including low-interest rates and no annual fees, making it a great option for those who want to save money on their credit card. However, it is important to consider your specific needs and compare the PenFed Gold Visa Card to other credit card options on the market before making a final decision.

By doing so, you can ensure that you select the credit card that is best suited for your financial needs and goals. In conclusion, the PenFed Gold Visa Card is an excellent option for PenFed Credit Union members who want to save money on interest and fees.

The card provides benefits such as low-interest rates, no annual fees, foreign transaction fees, and cash advance fees. Consumers should be aware of the membership requirements and the lack of an extensive rewards program when considering the card.

Additionally, if they are looking for other card options, they should consider the PenFed Power Cash Rewards Visa Signature Card or the Chase Freedom Flex, which offer more robust rewards programs. Overall, it’s essential to carefully evaluate these factors and compare the PenFed Gold Visa Card to other credit card options to make an informed decision that suits your financial needs and goals.

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