Pentagon Credit Card

The Pentagon Federal Credit Union is a financial services industry that serves members and families of the military, the departments of Homeland Security and Defense, defense-related companies, and foreign war veterans.

Commonly known as PenFed, this credit union offers banking products and services including savings, checking, loans, mortgages, investments, and of course, credit cards. In fact, PenFed has two Visa Gold cards, three Visa Platinum cards, and one American Express card.

The PenFed Premium Travel Rewards American Express® Card is the ultimate rewards credit card for members and their families. This Pentagon credit card gives the holder 5 points for every dollar spent on airfare, 3 points for every dollar spent on hotel and dining, and 1 point for every dollar spent on everything else. Once accumulated, these points can be redeemed for merchandise, gift cards, and travel discounts and promos. The purchase and cash advance APR imposed on this Pentagon credit card is 13.24%. For balance transfers made online within the first 24 months, there is a promotional APR of 4.99%. However, a penalty APR of 17.99% may be imposed when deemed necessary. Penalty fees for this Pentagon credit card include a late payment fee of $10 (balances<$1,000), $20 (balances between $1,000 and $2,000), or $39 (balances>$2,000) and a returned payment fee of $30. Other fees are a $50 annual fee and a balance transfer fee of 2.5% per transaction. This Pentagon credit card, however, does not charge any foreign transaction, cash advance, and over-the-limit fee.

Another Pentagon credit card to consider is the PenFed Promise Visa Platinum Card. This card offers an introductory purchase APR of 7.49%, which will revert back to the current 9.99% APR after 36 months. For cash advances, an APR of 17.99% is imposed on this Pentagon credit card. The good news is, other than interest rates, there are no transaction fees required for cash advances, balance transfers, and foreign transactions. Plus, no penalty fees can be incurred for late payments, going over the credit limit, or having a payment returned to sender. This is the Pentagon credit card for members who do not wish to sink in unnecessary fees and charges.

The Visa Platinum Cashback Rewards is the Pentagon credit card for those who wish to receive cash rewards every month. This card gives a 2% cash back on supermarket purchases, 5% on gas/fuel, and 1% on monthly net purchases. A Visa Platinum Cashback Rewards cardholder can also reach a credit limit of $50,000 and enjoy a purchase and cash advance APR of 13.99%. Balances transfer APRs can be as low as 4.99% for the first 24 months. After this period, the APR will go back to 13.99%. The foreign transaction fee for this Pentagon credit card is a meager 2% of the amount in US dollars. Penalty fees are the same as those of the Travel Rewards AmEx card. This Pentagon credit card also has a student version which can have a credit limit of as low as $500.

The two PenFed Gold cards from Visa are the Low Rate Visa Gold card and the Visa Classic. The former offers a 12.49% APR on purchases and cash advances while the latter offers 13.99%. The former comes with travel and auto rental insurance and can reach a limit of up to $50,000. The latter, on the other hand, can start at a credit limit of $500. Penalty fees for both Pentagon credit cards are similar to those of the Travel Rewards AmEx card. Both, also, do not charge any annual fee.


Source: Credit Cards For People With Bad Credit Rating

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