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Free from Fees the PenFed Promise Visa Card

3 April 2011 by CreditCardsCo™

Saving money is easy with the PenFed Promise Visa Card. This card provides what might be the lowest APRs currently on the market as well as a complete lack of the most common fees. Saving money has never been easier.

Many people find that applying for a credit card is quite difficult simply because of the sheer number of cards available on the market. They all offer different benefits and features that make them attractive if you know what you are looking for, but also confusing if you do not know.

Instead of trudging through endless pages of discounts, rewards, benefits, and other tempting offers, you should know that if you want to save money, the PenFed Promise Visa Card could be the one for you.

The No-Fee Credit Card

The PenFed Promise Visa Credit Card, simply, saves you money. This is because it lacks all of the fees that most credit companies rely on to make their money:

  • No annual fee
  • No foreign transaction or exchange fee
  • No balance transfer fee
  • No cash advance fee
  • No late fees
  • No over credit limit fees
  • No penalty APR

Without any fees, you should find it easier to carry a credit card like this. You never have to worry about when your annual fee is due or whether or not you missed a payment. You will not have to worry about fees if you need emergency cash or if you want to consolidate other credit cards.

The Basics

Ok, so there are no fees, but you may then ask if the APR is low. Indeed, many companies recoup what they could lose with a no-fee structure by charging high interest rates. It might surprise you to know, then, that the PenFed Promise Visa Card comes with very low introductory APR that lasts for a full 36 months.

This means that for up to three years, you could enjoy an interest rate in the single digits, which will save you money over other cards that you might otherwise consider. At the end of the introductory period, though, you should know that the APR will likely adjust to the Prime Rate, which is the rate established by the market standard.

Aside from the interest rate, though, you should know that while there is no fee for balance transfers, the rate for their balance is significantly higher than that of the standard purchase rate.

The Company

The PenFed Promise Visa Card is part of the Pentagon Federal Credit Union, one of the strongest credit unions in the world. They have over seventy years of experience working with United States military personnel and their families including:

  • The Army
  • The Air Force
  • The Coast Guard
  • The Department of Homeland Security
  • The Department of Defense
  • And the Veterans of Foreign Wars

Having one of these credit cards could also, then, grant you access to some of the exclusive benefits that are available to Pentagon Federal Credit Union customers. This could include:

  • Nationally high dividend yields on money market accounts as well as IRA certificates
  • A handful of the lowest loan rates in the country
  • No processing or surcharge fees at 32,000 ATMs across the nation (if you have a checking account and free Check Card)
  • Full range of other financial services like real estate, first and second trusts, home equity loans, and personal lines of credit (like the PenFed Promise Visa Card)
  • Free and secure access to your account online so you can manage your money anywhere in the world, anytime you want

Exclusive Benefits

One thing that many people like about the PenFed Promise Visa Card is that is a " Green" financial product. Yes, it can save you some green, but really, it is environmentally friendly. For instance, the online access reduces the amount of paper waste produced during billing. However, in order to actually become a member of this bank, you have to agree to receive your monthly statements electronically.

Final Word

The military is one government agency that gets access to some of the benefits available in America and, apparently, the PenFed Promise Visa Card is one of them. Without fees of any kind you can rest easy knowing that you have very little to worry about.

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