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.
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||4.99% on balance transfers for your first 12 months.|
|Foreign Transaction Fees||No|
|Balance Transfer Fee||No|
Recommended Free Credit Score (Get Free Score)
690 – 850 (Good-Excellent)
- Welcome Bonus
- Absolutely no fees
- 4.99% intro APR on balance transfers
- No penalty APR
- Good-Excellent credit needed to qualify
- Membership required
- No rewards
- No intro APR on new purchases
Editor's Alternate Pick
With the Chase Freedom Unlimited® Card:
• New Offer! Double Cash Back: Earn 3% cash back on all purchases in your first year up to $20,000 spent. After that earn unlimited 1.5% cash back on all purchases.
• 0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 17.24-25.99%. Balance transfer fee is 3% of the amount transferred, $5 minimum
• No minimum to redeem for cash back
• Cash Back rewards do not expire as long as your account is open
• Free credit score, updated weekly with Credit JourneySM
• No annual fee
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:
• 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 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 Eligibilty
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.
(Click here to apply for PenFed Promise)
What's The Competition?
With the Capital One® Quicksilver® Cash Rewards Card:
-One-time $150 cash bonus after you spend $500 on purchases within 3 months from account opening
-Earn unlimited 1.5% cash back on every purchase, every day
-No rotating categories or sign-ups needed to earn cash rewards; plus, cash back won't expire for the life of the account and there's no limit to how much you can earn
-0% intro APR on purchases for 15 months; 16.24%-26.24% variable APR after that
-0% intro APR on balance transfers for 15 months; 16.24%-26.24% variable APR after that; 3% fee on the amounts transferred within the first 15 months
-Pay no annual fee or foreign transaction fees
With the Blue Cash Everyday® Card from American Express:
• Earn a $150 statement credit after you spend $1,000 in purchases on your new Card within the first 3 months.
• 3% Cash Back at U.S. supermarkets (on up to $6,000 per year in purchases, then 1%).
• 2% Cash Back at U.S. gas stations and at select U.S. department stores, 1% back on other purchases.
• Low intro APR: 0% for 15 months on purchases and balance transfers, then a variable rate, currently 15.24% to 26.24%.
• You spoke, we listened. Over 1.6 million more places in the U.S. started accepting American Express® Cards in 2018.
• Cash back is received in the form of Reward Dollars that can be easily redeemed for statement credits, gift cards, and merchandise.
• No annual fee.
• Terms Apply.
• See Rates & Fees
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