If you’re looking for a simple credit card that offers no fees, the PenFed Promise 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.
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 have access to several credit cards with features that match their needs and wants.
|Chase Sapphire Preferred Card 60K Points*||Citi Premier® Card 80K Points*
|The Platinum Card® from American Express 100K Points*||Capital One Venture Rewards Credit Card 60K Points*|
|American Express® Gold Card 60K Points*||Citi CustomSM Cash Card $200 Bonus*|
|Chase Freedom Flex $200 Bonus*||Chase Freedom Unlimited Card $200 Bonus*|
|Blue Cash Preferred® Card from American Express $300 Welcome Offer*||Blue Cash Everyday® Card from American Express $200 Welcome Offer*|
|Chase Ink Business PreferredSM Card 100K Points*||Chase Ink Business UnlimitedSM Credit Card $750 Bonus*|
|U.S. Bank Altitude® Go Visa Signature® Card $200 Bonus*||Capital One Quicksilver Cash Rewards Card $200 Bonus*|
|Power Cash Rewards Visa Signature® $100 Bonus*||*Must make minimum spending requirement to earn bonus|
Table of Contents
PenFed Promise Visa Card Summary
|Bonus Available||Get $100 statement credit when you spend $1,500 in the first 90 days of account opening.|
|Promo APR||0% Promo APR on balance transfers for 12 months from now until September 30, 2021|
|Foreign Transaction Fees||No|
|Balance Transfer Fee||No|
(Learn more at PenFed)
PenFed Promise 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:
Penfed Promise Top Card Features
- No Annual Fee: Many cards carry an annual fee whereas the PenFed Promise Visa® Card does not.
- No Foreign Transaction Fee: Almost all major banks charge a foreign transaction fee for any charges processed outside the US. A few other cards aimed at travelers have just begun to waive their foreign transaction fees. This card is one of the few cards that does not charge this 3% credit card fee.
- No Balance Transfer Fee: This is a big thing because the fine print of almost every credit card includes a 3% balance transfer fee. That might not seem like much, but a large transfer can be costly. Depending on which card you’re transferring your balance to, that fee could be more than the interest you would save. No fee means that transferring your balance here should be an easy decision.
- No Cash Advance Fee: Although turning your line of credit into cash isn’t usually the best choice, if you’re in a pinch and need some quick cash, the PenFed Promise Visa® Card is a great card to use to do so. Most credit cards charge a fee of 3 – 5% of the amount advanced and impose a higher APR on cash advances. This card does neither, but keep in mind that you’ll still have to pay interest on the cash advance. Make sure you pay it off as soon as possible.
PenFed Promise cardholders enjoy a promotional 4.99% APR on balance transfers in the first 12 months. This, however, does not apply to new purchases.
Most credit cards will charge you with a penalty APR if you miss a payment. PenFed Promise members will not worry about it impacting their rate. They will, however, have to worry about their credit taking the hit, so it is still recommended to pay on time.
PenFed Promise Card Eligibility
To apply for a PenFed Promise 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.
- Absolutely No Fees: Unlike most credit cards that come loaded with back-end fees, such as cash advance and returned payment fees, the PenFed Promise Visa card sets itself apart by doing away with fees completely. The Promise card doesn’t even charge a late-payment fee or penalty APR, making it a much safer card if you occasionally forget a payment. It’s also a good card to take with you when you travel abroad, since it doesn’t charge a foreign transaction fee.
To get the PenFed Promise Visa® Card, you must apply and 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, and even 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 and can be seen as a big competition for Citi’s Double Cash Card. Review our complete list of credit card bonus promotions.