PenFed Promise Visa Card Review

This is a credit card issued by PenFed Credit Union. If you're wondering whether PenFed Promise Visa Card is the right card for you, read on. This review will provide you with with all the details you need to make a good choice.

• Signup bonus. Offers a signup bonus of $100 if you spend $1500 within 3 months.
• Competitive APRs. PenFed Promise Visa Card has a variable purchase APR that ranges from 12.49% up to 17.99%.
• No annual fee*. This is a great option for people looking for a low-maintenance card. It gives you the benefits of a credit card, but you don't have to pay an annual fee for the privilege.
• $0 Balance transfer fee. This card does not charge a fee on balance transfers.
• No foreign transaction fee. This card does not charge a fee when you make a purchase that passes through a foreign bank, or is in a currency other than the U.S. dollar (USD), which makes it a great credit card to carry when traveling abroad.
• Fair or better credit required. You will have good approval odds if your credit score is above 640.

The Good	The Bad
Lower than average purchase APRs. Has an introductory APR rate on balance transfers of 4.99%. No balance transfer fee. No annual fee. Identity Theft Protection. No foreign transaction fee. PenFed Promise Visa Card reports to multiple credit bureaus.	Does not offer rewards or cash back. Does not include many credit card benefits.

Does PenFed Promise Visa Card have a cash back or rewards program?

No, it does not offer a rewards program.

What are the PenFed Promise Visa Card benefits?

It provides the following benefits:

• Zero fraud liability
• Reports to major credit bureaus

What are the relevant APRs for PenFed Promise Visa Card?

According to the Federal Reserve Board, the average regular APR is 15% for all credit cards and 17% for accounts that carry a balance. It has lower than average regular APRs.

It has a variable purchase APR that ranges from 12.49% up to 17.99%. The card has a variable balance transfer APR that ranges from 12.49% up to 17.99%. It also has a variable cash advance APR that ranges from 12.49% up to 17.99%.

What are the fees for PenFed Promise Visa Card?

The following fees apply:

• There is no overlimit fee

PenFed Promise Visa Card Fees

Fees	Amount
Annual Fee	$0
Overlimit Fee	$0
Foreign Transaction Fee	0%
Returned Payment Fee	$0
Late Payment Fee	$0

This card does not charge an annual fee, which makes it a smart choice for consumers looking for a low-cost card.

Does PenFed Promise Visa Card report your account activity to credit bureaus?

Yes, PenFed Promise Visa Card reports your account activity to the following credit reporting agencies:

• Equifax
• Experian
• Transunion

Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and may help improve your credit.

How to apply for PenFed Promise Visa Card

• Visit the PenFed Promise Visa Card website.
• Fill in the application form. You will typically need to provide general financial information, such as your Social Security Number, address, and annual income.
• Check the information is accurate and submit your application.

If your credit score is preventing you from qualifying for this credit card, check out our guide for the best credit cards for bad credit.