Disclosure: This is a self-promotional post.

The PenFed Promise Visa is a rarity among credit cards. How so? Try its no-fee structure, to begin with. If you or a member of your household is a part of the United States armed forces or affiliated group, you are eligible to join Pentagon Federal Credit Union and make an application for the card.

How the PenFed Promise Visa works

A three-year opening APR of 7.49 percent is offered with the PenFed Promise Visa card. That is pretty good for most people, and it only goes up to 9.99 percent after three years. That is still a really low rate.

Underscoring the low interest is the truth that the PenFed Visa has no charges at all. Search through the terms and conditions; you won't find any. Whether it's an annual fee, foreign transaction fee, balance transfer fee, cash loan fee, late fee, or over the limit fee, it doesn't matter. There are no fees and there is no penalty Annual Percentage Rate, notes WiseBread.

PenFed Promise for military only

The requirement to get the PenFed Promise Visa is that you are a member the military or uniformed services and that you are a part of the PenFed Credit Union. Only one person in your household has to qualify. Joining a qualifying organization such as Voices for America’s Troops for $15 may also help you qualify for it.

Several things about the card

PenFed is a trusted credit union that has been in business since 1935. Also, there are no additional charges, though frequent offenders can get their accounts easily suspended. The introductory and standard interest rates are really low for the PenFed Visa, though that can increase with the Prime Rate. The Prime Rate has not increased for a few years, so you probably do not have to worry about it too much. These are all the good things about the card.

There are some things that are not ideal about the PenFed Promise Visa card, in the interests of full disclosure. No rewards points are offered and promotional financing options are limited. Apart from the membership needs, however, the only other real drawback is that the PenFed Promise Visa is a charge card, matter to all the potential dangers. Use it responsibly.

Sources:
www.penfed.org/Penfed-Promise/?cmpid=site-PenFedPromise-111f7ee62013bf0163041407360e38
www.voicesfortroops.org/
www.wisebread.com/the-penfed-promise-visa-card-offers-a-way-to-escape-your-big-bank