March 22nd, 2010
Review: Pentagon Federal Credit Union’s Promise Visa
Consumers have been in a love-hate relationship with their credit cards for quite some time now, and while some issuers are cutting attractive card products and intro offers, others win us over with a great new credit card like Pentagon Federal Credit Union’s Promise Visa. If you are a balance-carrying cardholder, this is the best card on the market for you. If you are tired of complaining of price-gouging credit card practices, the awesome terms and conditions of this card show us that at least one bank was listening.
Two Reasons To Love Promise Visa
Reason #1: The introductory interest rate of 7.49% lasts three years, which is a rarity in a time when attractive intro offers of 6 to 12 months are virtually nonexistent. The extended low interest period makes this is an excellent card for those trying to wipe out debt or carrying a balance month-to-month. After this 3 year intro period, the rate resets to the Prime Rate plus 6.74%, which is about 9.99% APR and is, relative to other cards, one of the lowest rates available on the market.
Reason #2: No fees. That’s the amazing, unprecedented promise that Promise Visa offers. There are no currency conversion fees, balance transfer fees, cash advance fees (though there is a 17.99% rate), over-the-limit fees, returned payment fees, and late fees. Have you ever seen a credit card’s terms and conditions have an entirely empty penalty and fee column, or without the overwhelming amount of fine print?
There are still consequences if you are irresponsible with your card. If you pay your bill late or consistently skip paying altogether, Pentagon Federal Credit Union will issue a warning and close your account. With a credit card this great, you don’t want to risk losing it or damaging your credit score, so pay on time!
Is Promise Visa the card for you?
If you are hunting for a card for everyday use, especially if you are prone to bad credit habits like not paying monthly in full, the Promise Visa is one of the best cards we’ve seen in a long time. While it does not have a rewards program, the low interest rate, minimum amount of fees, and no annual fee are rewarding enough. This outstanding, no-frills card is definitely one to bring back our faith in plastic.
To join the Pentagon Federal Credit Union, you either have to be a member of the U.S armed forces or otherwise qualify for free membership, or you can pay $20 to become part of the national Military Family Association which will make you eligible to join Pentagon Federal.
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Pen Fed requires $5 to open an account and apply. Countless posts reside on the internet about folks with 700+ FICOs and not being approved for the Promise VISA (as well as other loan types). Worse, getting your $5 is not worth the $5 time wise. I have spent 2 hours on the phone and online with no response.
This is a legal scam in my opinion. Make it super easy to open an account, take the $5 from million (okay maybe 100′s K), make it super difficult to close, then charge a $7.50 fee the first month. So long and thanks for all the fish.
tag: Penfed is a scam
I completely concur with Jim’s comment above and all he explained!
I recently applied for this card and was approved. I waited for several months as I was unsure if I would qualify. PenFed is known for strict lending criteria (not a bad thing!)
Well, I applied and was approved. I felt obligated to post this in contrast to the comments above. I do not have a credit score of 700+ and was approved. I am in the neighborhood of that range and have been working to improve my score.
Yes, they require $5 to join the credit union. Every credit union requires that you become a member..
Hope this helps.