PenFed Promise Credit Card Review – Low APR & No Fees

PenFed Promise Credit Card Review – Low APR & No Fees

You can’t turn on your television or open your mailbox these days without seeing yet another credit card offer from a major bank. Some offers sound better than others, and they all have potential benefits and drawbacks. The sheer number can be mind-boggling, and if you’re in the market for a new card, the information can be overwhelming.

In light of this, I’d like to let you in on a little secret. One of the best offers out there is not from a bank at all; it’s the PenFed Promise Card from the Pentagon Federal Credit Union. If, like many people, you’re struggling to get a handle on your debt, this could be just the card for you.

But before I get into the details of the card, you’re probably wondering exactly what the Pentagon Federal Credit Union is.

The Pentagon Federal Credit Union, also known as PenFed, was federally chartered in 1935 for the purpose of providing low-cost financial services to members of the United States military and their families. Since then, the company has expanded it’s customer base and now provides financial services to anyone, regardless of military background.

Since the organization operates as a non-profit credit union, they do not make a serious effort to advertise, which is why you may not have heard of it. This institution has a vastly different mission than a regular bank, which exists solely to make money. As a result, a credit union’s credit card offerings tend to beat those of the major banks.

Among the portfolio of cards offered by PenFed, the Promise Card is aimed at those who are currently carrying a balance and want the lowest balance transfer rate, the lowest APR, and the fewest fees. The outstanding interest rates and the lack of fees are virtually unparalleled in the credit card industry.

Here are some of the features you can enjoy with this card:

Of course, no bank or credit card is perfect. There are a few things to be aware of before you decide to commit to a PenFed Promise Card.

It is easy to see how the vast majority of people in the United States are already eligible, but even if you are not one of them, you can still qualify. All you have to do is purchase a membership in a group such as the National Military Family Association or the Voices For Americas Troops for a one time fee of $20 or $15 respectively. These are very easy qualifications to obtain, but it is an extra step you would not have to take if you were dealing with a bank.

If you carry balances on your credit cards and are trying to get out of debt, the PenFed Promise Card is one of the best solutions available. The card boasts extremely low interest rates and doesn’t try to take advantage of customers by charging unnecessary fees. And since membership is now open to pretty much anyone, you are able to enjoy a card that was once only available to a select few.

Do you have any experience with PenFed’s Promise Card? Please share your thoughts and experiences in the comments below.

Editorial Note: The editorial content on this page is not provided by any bank, credit card issuer, airline, or hotel chain, and has not been reviewed, approved, or otherwise endorsed by any of these entities. Opinions expressed here are the author’s alone, not those of the bank, credit card issuer, airline, or hotel chain, and have not been reviewed, approved, or otherwise endorsed by any of these entities.

Categories: Credit and Debt, Credit Cards, Get Out of Debt, Reviews

Jason has been writing about personal finance, travel, and other topics on blogs across the Internet. When he is not writing, he has a career in information technology and is also a commercially rated pilot. Jason lives in Colorado with his wife and young daughter where he enjoys parenting, cycling, and other extreme sports.

Comments Disclosure: The below responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser’s responsibility to ensure all posts and/or questions are answered.

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PenFed Promise Credit Card Review – Low APR & No Fees

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