The
PenFed Gold Visa® Card is a
$0 annual fee credit card for people with good-to-excellent credit scores (
700+). Aside from its
$0 membership fee, the PenFed Gold Visa Card’s best features are its intro purchase APR of
0% for 15 months after account opening and its intro APR of
0% for 15 months on balance transfers made in the first 90 days. The downside is the PenFed Gold Visa’s balance transfer fee of
3%.
The PenFed Gold Card leaves a lot to be desired, too. For one thing, it does not offer any rewards for each purchase you make. The PenFed Gold Card’s regular APR could also end up being anywhere from below to above-average for a credit card that requires
good credit for approval. It all depends on your overall creditworthiness, which largely means your credit history and ability to pay.
Below, you can find more information to help you decide whether or not it’s a good idea to apply for the PenFed Gold Visa Card. And if you’re not sure your credit is good enough to qualify,
you can check your latest credit score for free right here on WalletHub.
PenFed Gold Visa Card Review Highlights: - Annual Fee: $0
- Intro Balance Transfer APR: 0% for 15 months on balances transferred in the first 90 days after account opening. Followed by a 17.99% balance transfer APR
- Intro Purchase APR: 0% for 15 months after account opening
- Balance Transfer Fee: 3%
- Rewards Rate: No rewards
- Credit Score Requirement: Good (700+ credit score)
- Purchase APR: 17.99% (V)
- Penalty APR: 17.99%
- Cash Advance APR: 17.99%
- Cash Advance Fee: $0
The PenFed Gold Visa does have low interest rates compared to most credit card offers, but that doesn’t change the fact that it’s best not to pay any interest charges on your credit card if you can avoid it. For example, even though the PenFed Gold Card is one of the best credit cards for cash advances, it’s still in your wallet’s best interest not to do that type of transaction except in emergency situations.
Finally, it’s worth noting that if you don’t qualify for PenFed membership for free, as a result of working for the military or certain government agencies, there are other ways to become a member.
Note: This review is not provided, commissioned or endorsed by any issuer. Opinions and ratings are our own.