NEW PenFed CC: the PenFed Promise Visa @7.24% APR

Anonymous · ‎03-09-2010

PenFed has a new CC offered, the PenFed Promise Visa

https://www.penfed.org/productsAndRates/creditCards/promiseCard.asp

It is a "no frills" card that offers a low APR and NO FEES!

The PenFed Promise Card

PenFed upholds an unyielding commitment to bring you quality products with outstanding features. In this spirit, we created the new PenFed Promise Card that dares to combine the freedom of absolutely no fees with one of the lowest rates for purchases in the country!

A unique, smart, no-frills card that offers you exceptional value and PenFed’s proven service. That’s our Promise to you.

Our Promise Card features:

Absolutely no fees!
7.49% APR introductory purchase APR for first 36 months ! After that, the APR will vary with the Prime Rate, and is currently 9.99% APR.
No-fee cash advances carry a 17.99% APR
No Foreign Transaction Fees
No Cash Advance Fees
No Late Fees
No Over Limit Fees
No Balance Transfer Fees

The APR is an intro rate for 36 months. It then is variable, but if calculated today would be 9.99%.

This is by far PenFed's lowest rate/fee card and would be a good idea for somebody who was concerned about foreign transaction fees.

Anonymous · ‎03-09-2010

If anyone applies for this card, I'd like to hear about it.

I'm curious if this card can be PC'd from one of the Platinum or Gold cards?

Anonymous · ‎03-09-2010

Yes I actually joined PenFed yesterday, and applied for that card today, and after I submitted it, it auto approved me for 14.5K. Looks like a great card!

Anonymous · ‎03-09-2010

Nice CL! Congrats!

If you don't mind, can you share what your EQ FICO is and some of your CR stats (oldest account age, AAoA, any derogs or past baddies, highest CL prior to PenFed app and your income "range") so that others might compare their circumstances when considering the card?

Anonymous · ‎03-09-2010

My EX is 728. It was in the low 600's last year but thanks to this forum and the work I have done to improve, it has gone up:-)

My olddest account is 3.8 years and that is a Macy's card. No baddies no derogs, again thank to this forum! Income is 65K. Also to be honest I have very small limits on CC's up until about a month ago when USAA approved me for their Amex at 15K. I was a limited member at the time. They originally declined me and said it was because of too many inquires. Then I opened a Checking and savings with them with a $25.00 deposit and applied the next day and they approved me for the 15K amex.

I am not sure about USAA but I think the more accounts you have with them they offer you more things. I dont own a home "YET" and when I logged into my account yesterday they had a pre approved offer for a Personal Loan for me and a HELOC. Again I dont have a home yet so I am not sure why that is there.

Like I said I am not used to these highest CL's but it seems to me that when one company gives you a high CL others want to as well. I am tempted to close out all of the small accounts I have and the store cards I have but I dont know what that will do to my score or rating.

To all that are struggling with Low Limts, listen to what people have to say on this forum. I did and although it took some time, my credit has never been better.

Anonymous · ‎03-09-2010

0% Foreign transaction fee is what I've been looking for for a while!! Sadly, I don't think I qualify to join PenFed...

aquatic1 · ‎03-09-2010

@Anonymous wrote:
0% Foreign transaction fee is what I've been looking for for a while!! Sadly, I don't think I qualify to join PenFed...

I am not military and I joined a organization and was able to join. Call their number and apply over the phone. Good luck.

Starting Score: EX:603
Current Score: EX:603 (10/16/19)
Goal Score: EX:740

Take the FICO Fitness Challenge

DI · ‎03-09-2010

@Anonymous wrote:
0% Foreign transaction fee is what I've been looking for for a while!! Sadly, I don't think I qualify to join PenFed...

Yes you can join PenFed. Pay the $25 to join the National Military Family Association.

Jazzzy · ‎03-09-2010

@Anonymous wrote:
My EX is 728. It was in the low 600's last year but thanks to this forum and the work I have done to improve, it has gone up:-)

My olddest account is 3.8 years and that is a Macy's card. No baddies no derogs, again thank to this forum! Income is 65K. Also to be honest I have very small limits on CC's up until about a month ago when USAA approved me for their Amex at 15K. I was a limited member at the time. They originally declined me and said it was because of too many inquires. Then I opened a Checking and savings with them with a $25.00 deposit and applied the next day and they approved me for the 15K amex.

I am not sure about USAA but I think the more accounts you have with them they offer you more things. I dont own a home "YET" and when I logged into my account yesterday they had a pre approved offer for a Personal Loan for me and a HELOC. Again I dont have a home yet so I am not sure why that is there.

Like I said I am not used to these highest CL's but it seems to me that when one company gives you a high CL others want to as well. I am tempted to close out all of the small accounts I have and the store cards I have but I dont know what that will do to my score or rating.

To all that are struggling with Low Limts, listen to what people have to say on this forum. I did and although it took some time, my credit has never been better.

There is a thread stickied here about closing credit cards. Yes...they can be closed without harm. They will help you in your history and your average age of accounts for the next 10 years. No one should keep a card they don't want to keep active any longer, or one with a fee (unless they are getting rewards to offset that fee).