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Save Article Icon A bookmarkAffiliate links for the products on this page are from partners that compensate us and terms apply to offers listed (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate credit cards to write unbiased product reviews.
The information for the following product(s) has been collected independently by Business Insider: Citi® Double Cash Card, Citi® Diamond Preferred® Card. The details for these products have not been reviewed or provided by the issuer.
If you're looking for a no-annual-fee credit card to pay off larger purchases over multiple billing cycles without incurring higher interest, or you need to consolidate credit card debt, the PenFed Gold Visa® Card is worth considering.
PenFed Gold Visa® Card Insider’s Rating A five pointed starA five pointed star
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Icon of check mark inside a promo stamp It indicates a confirmed selection. Perks Doesn't earn rewards Annual Fee Intro APR0% intro APR for 15 months from account opening on purchases and balance transfers made in the first 90 days (3% fee applies to each transfer)
Regular APR 17.99% APR on balance transfers, 17.99% Variable APR on purchases Recommended Credit Good to ExcellentWith a long intro APR offer on purchases and balance transfers, this card is worth considering if you already bank with PenFed credit union (or are willing to join). This card doesn't earn rewards, however, so if that's important to you, there are other cards on the market with generous intro APR offers that do.
Although you can't earn cash-back rewards or points with the PenFed Gold Visa® Card, you can get one of the longest 0% introductory APR deals on the market. But if you're not in need of an extremely long intro APR, you should check out the best rewards credit cards, since this card doesn't offer rewards or a welcome bonus.
To qualify for this card, you'll need to be a Pentagon Federal (PenFed) Credit Union member. Anyone can join by opening an account at a branch or online with a $5 minimum deposit.
Keep in mind that since the PenFed Gold Visa® Card doesn't have reward rates or bonuses, there won't be any substantial benefits left after the intro APR deal expires. Still, the regular APR (17.99% APR on balance transfers, 17.99% Variable APR on purchases) is relatively low (though you should still avoid having to pay it if at all possible).
Luckily, there are other great choices on our list of the best 0% APR credit cards that also earn rewards and bonuses. The Citi® Double Cash Card
earns up to 2% cash back on all purchases, with no cap and no annual fee. It has a 0% intro APR on balance transfers for 18 months (then a 19.24% - 29.24% Variable APR). But since it only applies to balance transfers, it's not ideal for folks looking for a deal on new purchases.
Unfortunately, the PenFed Gold Visa® Card doesn't earn rewards or offer a welcome bonus, but that's not what the PenFed Gold Visa® Card is supposed to be used for anyway. The most notable feature of the PenFed Gold Visa® Card is its terrific intro APR. It has a 0% intro APR for 15 months from account opening on purchases and balance transfers made in the first 90 days (3% fee applies to each transfer) (then a 17.99% APR on balance transfers, 17.99% Variable APR on purchases). So if you need a breather from incurring interest, the PenFed Gold Visa® Card can be a great fit.
The PenFed Gold Visa® Card doesn't offer many benefits and features, but you'll get a few decent perks.
The no-annual-fee PenFed Gold Visa® Card has a great 0% introductory APR deal on purchases and balance transfers (then 17.99% APR on balance transfers, 17.99% Variable APR on purchases). Folks wanting to pay down debt, or who have a large expenses they can't pay off in one sitting, should consider adding the PenFed Gold Visa® Card to their wallet.
A 0% intro APR offer can save you a bunch of cash as long as you use the offer wisely. Debt can pile on quickly due to compound interest on your existing balance if you don't pay it off by the time the intro APR period is over.
Taking advantage of a 0% introductory APR offer is great for saving money, but if you aren't diligently paying down your balance, you can wind up with even higher debt than you started with.
Cardholders are still required to make the monthly minimum payment, or else you'll be charged the late payment fee. Not paying your monthly minimum might also disqualify you from receiving the 0% intro APR offer and can negatively impact your credit score.
PenFed will monitor your account 24/7 for any fraudulent activity, and you will be contacted immediately if it were to take place.
You can use balance transfers to pay down higher interest-rate cards, reduce your monthly payments, cover unexpected expenses, consolidate debt, and lower your interest rates.
You won't be held responsible for any unauthorized transactions on lost or stolen cards, as long as your report them immediately.
You can quickly receive a card replacement or cash disbursement at a convenient location anywhere and at any time.
You'll receive 24/7 pay-per-use roadside assistance when you need towing, tire change, jump start, lockout service, or similar services in the event of an emergency.
You'll get $100,000 coverage for common carrier accidental death or dismemberment on travel booked fully with your PenFed card.
You can report a lost or stolen card anywhere and at any time to freeze transactions and get a new card.
The PenFed Gold Visa® Card doesn't charge an annual fee or foreign transaction fees, which makes it a decent option for traveling overseas. It also doesn't have a cash advance fee or over the credit limit fee. But the PenFed Gold Visa® Card does have a balance transfer fee (3% per transaction), a late payment fee (up to $28), and a returned payment fee (up to $25).
If you're not in need of an extremely long 0% APR offer, you should consider other no-annual-fee rewards cards, like the PenFed Platinum Rewards Visa Signature® Card . It has strong rewards, a great welcome bonus, and flexible redemption options.
The PenFed Platinum Rewards Visa Signature® Card earns 5x points on gas paid at the pump and EV charging stations; 3x points at the supermarket, restaurants, and TV, radio, cable, streaming services; and 1 point per dollar on everything else. It also offers a 0% intro APR itself, but it's only for balance transfers, not purchases: 0% balance transfers promo APR for 12 months made in the first 90 days after account opening, 3% fee applies to each transaction (then a 17.99% APR on balance transfers, 17.99% Variable APR on purchases).
There are other no-annual-fee credit cards with even longer 0% intro APR offers than the PenFed Gold Visa® Card. For example, the Citi® Diamond Preferred® Card
has a 0% intro APR on balance transfers for 21 months (transfers must be completed within four months of account opening) and on purchases for 12 months (then a 18.24% - 28.99% Variable APR).
Like the PenFed Gold Visa® Card, it doesn't earn rewards. It does offer slightly different benefits, such as purchase protection, access to the Citi Entertainment program for purchasing event tickets, and access to your FICO score.
Is the PenFed Gold Visa worth it? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
The PenFed Gold Visa® Card could be worth it for folks who need an extra long 0% intro APR on purchases and balance transfers. If you need to pay off larger purchases over multiple billing cycles or pay down credit card debt without incurring more interest, you should consider the PenFed Gold Visa® Card. However, you won't earn rewards on your spending, but that's not the point of the card anyway.
That said, there are plenty of other no-annual-fee rewards cards that offer longer 0% intro APR deals, or similar offers while also earning rewards on purchases. If you don't need a super long intro APR period, the PenFed Gold Visa® Card might not be a good card for you.
What credit score do you need to qualify for the PenFed Gold Visa Card? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
You'll need good to excellent credit to qualify for the PenFed Gold Visa® Card. That means a FICO score of at least 670.
Does PenFed do a hard credit pull? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
If you apply for a PenFed credit card or a higher credit limit on your card, your application will generate a hard inquiry which will temporarily lower your credit score. PenFed Credit Union suggests waiting three to six months between credit card applications. However, some banks offer a soft inquiry (or soft pull) which won't impact your credit score.
Will PenFed automatically increase your credit limit? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
You may be eligible for an automatic increase on your PenFed card (a soft pull). PenFed will perform regular reviews of your account to see if you've been paying your credit on time and have maintained low debt. Since the automatic credit line increase is a soft pull, your credit score won't be affected.
To review the PenFed Gold Visa® Card, we followed our credit card rating methodology, which focuses on five main factors. We look at a card's rewards and welcome bonus (where applicable), as well as its benefits, annual fee, and its overall ease of use. We compare a credit card to other similar options, as we wouldn't expect a no-annual-fee card to have the same benefits as a premium credit card with an annual fee north of $500.