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PenFed Credit score Union provides many nice bank cards, and anybody can change into a member of the credit score union. This PenFed Gold Visa® bank card assessment helps you establish if this fundamental bank card is best for you or if an alternative choice is best.
PenFed Gold Visa® Credit score Card Highlights
No annual charge
0% APR on purchases and steadiness transfers for 15 months
No rewards
17.99% ongoing APR
PenFed Gold Visa® Credit score Card: Major Advantages & Perks
The PenFed Gold Visa® bank card has many advantages to take pleasure in. Listed below are the primary perks to contemplate when deciding if it’s best for you.
No Annual Charge
Many bank cards right now 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 charge at any time.
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.
0% APR on Steadiness Transfers
New cardholders additionally get entry to a 0% APR on steadiness transfers for 15 months; nevertheless, they cost 3% of every steadiness transferred.
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 provides via retail companions.
Low Ongoing APR
Whereas conserving a bank card steadiness isn’t a good suggestion, generally you don’t have any selection. The continued APR after the introductory interval is just 17.99%, which for many bank cards is a low APR.
PenFed Gold Visa® Credit score Card: Major Drawbacks
It’s at all times a good suggestion to have a look at the downsides of bank cards to make sure they’re a superb match.
No Rewards
Getting rewarded for utilizing your bank card is at all times 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. Happily, anybody can be 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 mobile phone safety like some bank cards provide. Its major focus is the low introductory and ongoing APR.
Who Is PenFed Gold Visa® Credit score Card Greatest For?
When you carry a steadiness usually and don’t qualify for a decrease APR bank card, the PenFed Gold Visa® bank card generally is a good choice. Whereas 17.99% is nothing to have a good time, it’s decrease than many different bank cards provide.
Greatest 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 below are another decisions.
U.S. Financial institution Visa® Platinum Credit score Card
The U.S. Financial institution Visa® Platinum bank card provides 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 charge. It additionally consists of as much as $600 in cellphone safety for those who 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 provides a 0% APR for 18 months on steadiness transfers.
Nevertheless, its ongoing APR ranges from 19.24% to 29.24%. Just like the PenFed Visa®, the cardboard has no annual charge.
Capital One Quicksilver Money Rewards Credit score Card
The Capital One Quicksilver bank card additionally has no annual charge. 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. Nevertheless, its ongoing APR ranges from 19.99% to 29.99%.
Often Requested Questions
The PenFed Gold Visa® bank card provides many advantages. Listed below are some frequent questions folks have about it.
Is the PenFed Gold Visa® Credit score Card a Good First-Time Credit score Card?
When you’re on the lookout for a bank card to maintain a steadiness on, you could do properly 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 for those who 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 Supply on Steadiness Transfers?
Sure, the PenFed Gold Visa® bank card provides an intro APR on purchases and steadiness transfers. Each APRs are 0%, however there’s a 3% charge for steadiness transfers, so hold that in thoughts when transferring balances.
Does the PenFed Gold Visa® Credit score Card Do a Arduous Pull?
Sure, PenFed does a tough credit score pull when figuring out for those who qualify for the PenFed Gold Visa® bank card. This may increasingly barely decrease your credit score rating, however you’ll be able to achieve 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 for those who pre-qualify for the PenFed Gold Visa® bank card. Simply full the appliance, and also you’ll know for those who’re pre-approved immediately.
Can I Use the PenFed Gold Visa® Credit score Card Wherever?
You should utilize the PenFed Gold Visa® bank card wherever Visa® bank cards are accepted, which is nearly all over the place.
Can I Withdraw Money From the PenFed Gold Visa® Credit score Card?
Sure, you need to 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 Greatest for You?
When you’re on the lookout for a fundamental bank card with a 0% intro APR and ongoing low APR, the PenFed Gold Visa® bank card is an effective selection.
Our PenFed Gold Visa® bank card assessment determines that it’s an honest card for emergencies, however you shouldn’t use it for on a regular basis purchases because it doesn’t pay any rewards.
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