If you’re looking for a simple credit card that offers no fees, the PenFed Gold Visa® Card might be a good fit for you! If you sign up, you can earn a $100 statement credit bonus after spending $1,500 in purchase transactions within 3 months of account opening.
The PenFed Gold card doesn’t give ongoing rewards, but it comes with less fees.
Editor’s Note: These PenFed Credit Union credit card promotions are available to members of the Air Force, Army, Coast Guard, Department of Homeland Security, Department of Defense, defense-related companies, Veterans of Foreign Wars, & more.
Members of the National Military Family Association, a non-profit advocacy organization for military families open to civilians, are too, eligible to join. If you’re eligible, become a member today as PenFed Credit Union members also have access to several credit cards with features that match their needs and wants.
Table of Contents
PenFed Gold Card Summary
|Bonus Feature||Get $100 statement credit when you spend $1,500 in the first 90 days of account opening.|
|APR||0% introductory APR on balance transfers for your first 12 months, with a 3% balance transfer fee.
Low APR on all purchases, including cash advances, with no cash advance fee.
|Foreign Transaction Fees||No|
Recommended Free Credit Score (Get Free Score)
720 – 850 (Excellent)
- Welcome Bonus
- No annual fee
- Relatively new fees
- No foreign transaction fees
- Membership required
- No rewards
- Excellent credit needed to apply
Editor’s Alternate Pick
The Chase Freedom Unlimited Card offers a $200 Bonus after you spend $500 on purchases in your first 3 months from account opening. Earn unlimited 1.5% cash back on all purchases.
In addition, you can earn:
• Earn 5% cash back on grocery store purchases (not including Target or Walmart purchases) on up to $12,000 spent in the first year.
• Earn unlimited 1.5% cash back on all other purchases.
• Earn 5% on Chase travel purchased through Ultimate Rewards, 3% on dining and drugstores, and 1.5% on all other purchases.
There is no minimum to redeem for cash back & your cash back rewards do not expire as long as your account is open.
This card comes with no annual fee and you'll get a free credit score that is updated weekly with Credit JourneySM.
PenFed Gold Visa Card $100 Bonus Cash Offer
Penfed Promise card is offering an introductory bonus offer of $100 as statement credit! To get this, you will need to spend $1,500 within the first 90 days of account opening.
Here are some ideas on how to meet the spending requirement:
|• Plastiq - Using Plastiq allows you to pay for your personal expenses such as rent, tuition, mortgage, auto lease etc. Although they charge a 2.5% processing fee for using your credit card, this will contribute to the card bonus that you will receive. There is also a referral program that allows you to earn "Free-Free Dollars" that goes towards processing fees as well.|
|• Funding Checking Accounts - When it comes to funding a checking account, opening your initial deposit with a credit card is the usual way to go about it. However, if you want to have more opportunities, you should open a checking account that offers a sign-up bonus. This allows you to work towards bonuses from not one but two different sources instead. Banks like Chase, Huntington Bank, TD Bank and BBVA offers credit card funding, and for your opening deposit, you can often fund anywhere from $50-$1000 with a credit card, depending on the bank.|
|• Gift Card Purchases With Using a Credit Card - Another way to acquire the bonus is using your credit card to purchase gift cards. Buying a a gift card or an individual merchant card typically do not require a purchase fee and are used towards leisure, so gift cards are ideal. However, gift cards such as a Visa or American Express do incur purchase fees because they can be spent anywhere, but gift cards that are specifically for a certain online shopping site such as Amazon or eBay don't.|
|As for a Citi Credit Card, you should call customer service and ask them to lower your Cash Advance limit to $0 before making any purchases because Citi tends to read gift card purchases as a Cash Advance.
Ideally, you should do this with any card just to be safe. Lastly, there is such thing as a discounted gift card which can be purchased on Raise or eBay. If you use a credit card often for everyday purchases, it can build your credit score that will contribute towards paying for things such as bills and taxes.
PenFed Gold Visa Card Eligibilty
To apply for a PenFed Gold Visa card, you will need to join PenFed credit union. You will meet one of the following requirements if you:
- are retired, honorably discharged or currently serving the U.S. military.
- are an employee of a qualifying organization.
- belong to a qualifying association or organization.
- are an employee of the U.S. government.
- live or work in an eligible location.
- are a family member or housemate of someone who is eligible.
If you don’t fit into any of the requirements, however, you can join either National Military Family Association or Voices for America’s Troops to qualify. Anyone can join, but minimal fees do apply.
To get the PenFed Gold Visa® Card, you must apply and also be a member of the PendFed credit union. Membership is open to members of the military and uniformed services, employees of many different defense related organizations, their family members, as well as members of the same household of an eligible person.
If you don’t qualify, you can still join a qualifying organization for a minimal cost by becoming a member of Voices for America’s Troops for a one time cost of $15.
While this is one of the better credit cards out there right now with no types of fees whatsoever, it falls short being that it does not offer any rewards. You will not be able to earn any points, miles, or cash back with this card because it does not offer any. Additionally, if you’re not already a member of PenFed, you will have to go through the hassle of getting approved and opening an account.
Overall, this is the most beneficial for those who are in the military and/or have members who are active/veterans. Also review our complete list of credit card bonus promotions.
What’s The Competition?
Here are some of the top competitors for the PenFed Gold Visa® credit card:
The Capital One Quicksilver Cash Rewards Card offers $200 Cash Back after spending $500 on purchases within 3 months from account opening.
You'll be able to earn 1.5% Cash Back on every purchase, every day with no rotating categories or sign-ups needed to earn cash rewards.
This card comes with no annual fee and no foreign transaction fees which makes this card a viable option for your go-to everyday card.
Many of the listings that appear on this website are from companies which we receive compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). The site does not review or include all companies or all available products.