PenFed Promise Card Review

You may have noticed that many credit card issuers have beefed up their rewards programs in order to gain new business.  When credit card legislation passed a few years ago, many though that the benefits of credit cards would begin to die-off.  Well that hasn't happened yet and there are still good bonuses and offers to take advantage of.  What has happened, is an increase in interest rates, even for excellent credit customers and one of the few cards remaining that offers a sub 10% interest rate is the PenFed Promise Card.

The benefits every member of the PenFed Promise Card are simple.  This is a no fee credit card with an excellent APR and PenFed goes as far as showing just what “no fee” means.

  • No Annual Fee
  • No Foreign Transaction Fee
  • No Balance Transfer Fee
  • No Cash Advance Fee
  • No Late Fees
  • No Over Credit Limit Fee
  • No Penalty APR

The purchase APR on the PenFed Promise Card is 7.49% for the first 36 months and 9.99% every month thereafter.  If you need to make a cash advance, the APR is 9.99%, which is as low as you'll ever find on a credit card.  Remember that cash advances are fee-free so even though a cash advance is never a good idea, this card is the best to do it with.

As an added bonus, all PenFed Promise Cardholders are provided the option of transferring a balance at the rate of 4.99% for life of balance on transfers made between October 1, 2012, and December 31, 2012.  If you happen to have a large balance due on another credit card a life of balance transfer could save you more money than a 0% balance transfer card, especially because there is NO balance transfer fee.  This particular part of the PenFed Promise Card will expire on September 30th so if you're interested in this aspect, now is the time to sign up.

There is no rewards program on the PenFed Promise Card but there doesn't have to be.  This card is designed for consumers who carry a balance month to month and want to pay as little interest as possible.  With the lowest APR we've seen offered and absolutely no fees to speak of, this card is in a class of it's own.  To sign up for the PenFed Promise Card, click through to their application page using any link you see in this post.

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About Michael Pruser

After spending a ton of money to go to the private University of Miami, Michael now enjoys spending time at home, writing personal finance articles for the world to read. His journey out of debt continues 500 words at a time.