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PenFed Gold Visa® Card
Insider’s Rating
2.5/5
Perks
Doesn't earn rewards
Annual Fee
$0
Intro APR
0% intro APR for 15 months from account opening on purchases and balance transfers made in the first 90 days (3% fee applies to each transfer)
Regular APR
17.99% APR on balance transfers, 17.99% Variable APR on purchases
Recommended Credit
Good to Excellent
Pros
- Introductory APR on purchases and balance transfers
- Low APR after introductory period ends
- No annual fee or foreign transaction fees
Cons
- Must join PenFed credit union to apply for the card
- No welcome bonus offer or rewards earning
- Some other cards with similar intro APR offers earn rewards and have more benefits
Insider’s Take
With a long intro APR offer on purchases and balance transfers, this card is worth considering if you already bank with PenFed credit union (or are willing to join). This card doesn't earn rewards, however, so if that's important to you, there are other cards on the market with generous intro APR offers that do.
Product Details
- Nothing beats zero
- Benefits of this gold card include low APR and low promotional balance transfer APR. Go for the gold today!
- LOW APR on all purchases
- 0% Introductory APR on purchases made the first 15 months after account opening. After that, the APR for any unpaid purchase balance and any new purchases will be 17.99% based on your creditworthiness and will vary with the market based on the prime rate. 0% introductory APR for 15 months on balance transfers made in the first 90 days after account opening. After that, the APR for the unpaid balance and any new balance transfers will be a non-variable rate of 17.99%. A 3% balance transfer fee applies to each transfer. This transaction is subject to credit approval. If you take advantage of this balance transfer, you will immediately be charged interest on all purchases made with your credit card unless you pay the entire account balance, including balance transfers, in full each month by the payment due date.
- Annual Fee: $0
- Purchase Variable APR: 17.99%
- Refer to PenFed.org for Terms/Conditions
- Rates effective as of 9/1/2023.
PenFed Gold Visa Credit Card Overview
Although you can't earn cash-back rewards or points with the PenFed Gold Visa® Card, you can get one of the longest 0% introductory APR deals on the market. But if you're not in need of an extremely long intro APR, you should check out the best rewards credit cards, since this card doesn't offer rewards or a welcome bonus.
Keep in mind that since the PenFed Gold Visa® Card doesn't have reward rates or bonuses, there won't be any substantial benefits left after the intro APR deal expires. Still, the regular APR (17.99% APR on balance transfers, 17.99% Variable APR on purchases) is relatively low (though you should still avoid having to pay it if at all possible).
Luckily, there are other great choices on our list of the best 0% APR credit cards that also earn rewards and bonuses. The Citi®Double Cash Card earns up to 2% cash back on all purchases, with no cap and no annual fee. It has a 0% intro APR on balance transfers for 18 months (then a 19.24% - 29.24% Variable APR). But since it only applies to balance transfers, it's not ideal for folks looking for a deal on new purchases.
PenFed Gold Visa Credit Card Rewards
Unfortunately, the PenFed Gold Visa® Card doesn't earn rewards or offer a welcome bonus, but that's not what the PenFed Gold Visa® Cardis supposed to be used for anyway. The most notable feature of the PenFed Gold Visa® Card is its terrific intro APR. It has a 0% intro APR for 15 months from account opening on purchases and balance transfers made in the first 90 days (3% fee applies to each transfer) (then a 17.99% APR on balance transfers, 17.99% Variable APR on purchases). So if you need a breather from incurring interest, the PenFed Gold Visa® Card can be a great fit.
PenFed Gold Visa Benefits
The PenFed Gold Visa® Card doesn't offer many benefits and features, but you'll get a few decent perks.
Intro APR Offer
The no-annual-fee PenFed Gold Visa® Card has a great 0% introductory APR deal on purchases and balance transfers (then 17.99% APR on balance transfers, 17.99% Variable APR on purchases). Folks wanting to pay down debt, or who have a large expenses they can't pay off in one sitting, should consider adding the PenFed Gold Visa® Card to their wallet.
A 0% intro APR offer can save you a bunch of cash as long as you use the offer wisely. Debt can pile on quickly due to compound interest on your existing balance if you don't pay it off by the time the intro APR period is over.
Cardholders are still required to make the monthly minimum payment, or else you'll be charged the late payment fee. Not paying your monthly minimum might also disqualify you from receiving the 0% intro APR offer and can negatively impact your credit score.
24/7 Fraud Monitoring
PenFed will monitor your account 24/7 for any fraudulent activity, and you will be contacted immediately if it were to take place.
Balance Transfer Offer
You can use balance transfers to pay down higher interest-rate cards, reduce your monthly payments, cover unexpected expenses, consolidate debt, and lower your interest rates.
$0 Liability Policy
You won't be held responsible for any unauthorized transactions on lost or stolen cards, as long as your report them immediately.
Emergency Card Replacement and Emergency Cash Disbursem*nt
You can quickly receive a card replacement or cash disbursem*nt at a convenient location anywhere and at any time.
Roadside Dispatch
You'll receive 24/7 pay-per-use roadside assistance when you need towing, tire change, jump start, lockout service, or similar services in the event of an emergency.
Travel Accident Insurance
You'll get $100,000 coverage for common carrier accidental death or dismemberment on travel booked fully with your PenFed card.
Lost/Stolen Card Reporting
You can report a lost or stolen card anywhere and at any time to freeze transactions and get a new card.
PenFed Gold Visa Card Annual Fee and Other Costs
The PenFed Gold Visa® Card doesn't charge an annual fee or foreign transaction fees, which makes it a decent option for traveling overseas.It also doesn't have a cash advance fee or over the credit limit fee. But the PenFed Gold Visa® Carddoes have a balance transfer fee (3% per transaction), a late payment fee (up to $28), and a returned payment fee (up to $25).
Compare the PenFed Gold Visa Card
PenFed Gold Visa Card vs. the PenFed Platinum Rewards Visa Signature Card
If you're not in need of an extremely long 0% APR offer, you should consider other no-annual-fee rewards cards, like the PenFed Platinum Rewards Visa Signature® Card. It has strong rewards, a great welcome bonus, and flexible redemption options.
The PenFed Platinum Rewards Visa Signature® Card earns 5x points on gas paid at the pump and EV charging stations; 3x points at the supermarket, restaurants, and TV, radio, cable, streaming services; and 1 point per dollar on everything else. It also offers a 0% intro APR itself, but it's only for balance transfers, not purchases: 0% balance transfers promo APR for 12 months made in the first 90 days after account opening, 3% fee applies to each transaction (then a 17.99% APR on balance transfers, 17.99% Variable APR on purchases).
Read our PenFed Platinum Rewards Visa Signature Card review.
PenFed Gold Visa Card vs. the Citi Diamond Preferred Card
There are other no-annual-fee credit cards with even longer 0% intro APR offers than the PenFed Gold Visa® Card. For example, the Citi® Diamond Preferred® Card has a 0% intro APR on balance transfers for 21 months (transfers must be completed within four months of account opening) and on purchases for 12 months (then a 18.24% - 28.99% Variable APR).
Like the PenFed Gold Visa® Card, it doesn't earn rewards. It does offer slightly different benefits, such as purchase protection, access to the Citi Entertainment program for purchasing event tickets, and access to your FICO score.
Read our Citi Diamond Preferred Card review.
PenFed Gold Visa Credit Card Frequently Asked Questions
Is the PenFed Gold Visa worth it?
The PenFed Gold Visa® Card could be worth it for folks who need an extra long 0% intro APR on purchases and balance transfers. If you need to pay off larger purchases over multiple billing cycles or pay down credit card debt without incurring more interest, you should consider the PenFed Gold Visa® Card. However, you won't earn rewards on your spending, but that's not the point of the card anyway.
That said, there are plenty of other no-annual-fee rewards cards that offer longer 0% intro APR deals, or similar offers while also earning rewards on purchases. If you don't need a super long intro APR period, the PenFed Gold Visa® Card might not be a good card for you.
What credit score do you need to qualify for the PenFed Gold Visa Card?
You'll need good to excellent credit to qualify for the PenFed Gold Visa® Card. That means a FICO score of at least 670.
Does PenFed do a hard credit pull?
If you apply for a PenFed credit card or a higher credit limit on your card, your application will generate a hard inquiry which will temporarily lower your credit score. PenFed Credit Union suggests waiting three to six months between credit card applications. However, some banks offer a soft inquiry (or soft pull) which won't impact your credit score.
Will PenFed automatically increase your credit limit?
You may be eligible for an automatic increase on your PenFed card (a soft pull). PenFed will perform regular reviews of your account to see if you've been paying your credit on time and have maintained low debt. Since the automatic credit line increase is a soft pull, your credit score won't be affected.
Why You Should Trust Us: How We Reviewed the PenFed Gold Visa Card
To review the PenFed Gold Visa® Card, we followed our credit card rating methodology, which focuses on five main factors. We look at a card's rewards and welcome bonus (where applicable), as well as its benefits, annual fee, and its overall ease of use. We compare a credit card to other similar options, as we wouldn't expect a no-annual-fee card to have the same benefits as a premium credit card with an annual fee north of $500.
Junior Investing Reporter
Tessa Campbell is a Junior Investing Reporter for Personal Finance Insider. She reports on investing-related topics like cryptocurrency, the stock market, and retirement savings accounts. She originally joined the PFI team as a Personal Finance Reviews Fellow in 2022.Her love of books, research, crochet, and coffee enriches her day-to-day life.
Marketing Compliance Manager
Angela Fung is the Compliance Manager for Business Insider'sPersonal Financedivision, overseeing a team that ensures content accuracy and editorial independence so readers are always getting up-to-date and objective financial advice.The compliance team's mission is to maintain reader trust by confirming stories are fact-checked and current so that readers can make informed financial decisions. The team also works to minimize risk for partners by maintaining clear, precise language that is compliant with regulatory and partner marketing guidelines that align with the editorial team.
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