PenFed Promise Visa Card is designed for people with good to excellent credit who want a no-frills credit card with no annual fee, low rates and no penalty fees. The PenFed Promise Visa Card also gives new cardholders a 12-month introductory rate of 4.99% APR on balance transfers, which will please people who carry a balance on their current credit card.
PenFed Promise Visa Card's rates for purchases, balance transfers and cash advances range from 10.24% APR to 17.99% APR depending on the credit history of cardholders. These are low rates, particularly in the case of cash advances, for a credit card with such lenient credit requirements. There is a 12-month 4.99% APR introductory rate on balance transfers made during the first three months. This is not as low as the 0% APR many credit cards offer, but take into consideration there is no balance transfer fee, which in most cards is 3% or 4%.
The PenFed Promise Visa Card doesn't have any fees. That's right. There is no balance transfer fee, no cash advance fee, no foreign transaction fees or penalty fees for late or returned payments.
PenFed Promise Visa Card doesn't have a rewards program. There are no reward points, cash back or miles to earn.
The PenFed Promise Visa Card doesn't have a signup bonus at this time.
The PenFed Promise Visa Card doesn't have much in the way of rewards and perks. It does include chip enabled security, card security tax alerts and Apple Pay capability.
The PenFed Promise Visa Card is a good no-frills credit card if you're looking for a card with no annual fee, low rates and no additional fees. It doesn't even charge a balance transfer fee, a cash advance fee, or even penalty fees for late and returned payments, which is extremely rare. Its standard rates can be as low as 7.99% APR and the same rate applies for balance transfers, purchases and cash advances. It's not for nothing the PenFed Promise Visa cards has received awards for its transparency and simplicity.
The trade-off is that there is no rewards program and the intro rate is 4.99% APR not the customary 0% APR. Although when you consider there is no balance transfer fee, which is usually 3% or 4%, the overall balance transfer cost is similar to most 0% APR offers.
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