The PenFed Promise Visa Card has an introductory offer of: $100 bonus cash when you $1,500 is spent within the first 90 days of having your account open. Even though it’s not the best welcome offer there is out there, it’s still a decent card to have since it doesn’t have any annual fees attached. See our list for more no-annual-fee credit card offers like the Chase Freedom Unlimited card offer.
Using this PenFed Promise card, it will come with no extra fees and it will help you balance your finances while you improve your credit score. However, this card will not give you any kind of rewards offers. If you would prefer owning a card that will allow you to gain cash back rewards, then you should consider the PenFed Power Cash Rewards credit card instead.
Signing up for the both of these cards will require you to have a Pentagon Federal Credit Union (PenFed) membership (more on that later). If you aren’t correlated to the military at all or want an easier application program, then using a PenFed credit card will not be the best option for you.
PenFed Promise Card Quick Facts
| Bonus Available | Receive $100 as statement credit when $1,500 is spent within the first 90 days of opening your account. |
| Bonus Value | $100 |
| Promo APR | 4.99% on balance transfers for your first 12 months. |
| Balance Transfer Fee? | No |
| Cash Advance Fee? | No |
| Late Payment Fee? | No |
| Returned Payment Fee? | No |
| Penalty APR? | No |
| Foreign Transaction Fee? | No |
| Annual Fee | $0 |
Recommended Free Credit Score (Get Free Score)
690 – 850 (Good – Excellent)
*If interested see our list of PenFed bonus promotions.*
Pros
- Welcome bonus
- Absolutely no fees
- 4.99% intro APR on balance transfers
- No penalty APR
Cons
- Good-Excellent credit needed to qualify
- Membership required
- No rewards
- No intro APR on new purchases
Editor’s Alternate Pick
 The Chase Freedom Unlimited® Card offers a $250 bonus after spending $500 on purchases in your first 3 months from account opening. Enjoy 0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR. In addition, you can earn: • 6.5% cash back on travel purchased through Chase TravelSM, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more • 4.5% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service • 3% on all other purchases (on up to $20,000 spent in the first year). After your first year or $20,000 spent, enjoy 5% cash back on travel purchased through Chase TravelSM, 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and unlimited 1.5% cash back on all other purchases. There is no minimum to redeem for cash back & your cash back rewards do not expire as long as your account is open. This card comes with no annual fee and you'll get a free credit score that is updated weekly with Credit JourneySM. Member FDIC |
PenFed Promise Card $100 Bonus Cash Offer
Make use of the PenFed Promise card’s introductory offer of: $100 as statement credit. You must charge your card with a minimum of $1,500 in the first 90 days of opening your account to be able to qualify for this credit card offer.
Here are some ideas on meeting the spending requirement:
PenFed Promise Card Top Features
Compared to other credit card offers that have hidden fees included, PenFed Promise is straightforwards and will not include any kind of extra charges. In other words, you will be able to benefit from perks such as:
No balance transfer fees: Like other credit cards, they will charge you at least a 3% balance fee for any balance transactions. However, PenFed Promise will have no extra charges placed on their card.
No cash advance fees: Turning your credit line to cash will not the the wisest idea. However, if you are in a tough spot and you require cash immediately, this PenFed Promise card will not charge you. Most cards in it’s competitive platform will typically charge you a fee about 3% to 5% if you do this.
No late fees. It’s a good idea to always pay your balance full and on time. Granted, that somethings were to happen that makes it a little complicated for you to pay for it. If you do end up forgetting to pay your balances or if you aren’t in the best spot to be able to pay it off, you won’t receive a penalization for this at all.
PenFed Promise also doesn’t charge any annual, returned payment or foreign transaction fees.
Other than this card not requiring you to pay a balance transfer fee, Promise card members can also benefit from a 4.99% APR balance transfer for the first 12 months.
However, this won’t be able to be applied for any new expenses made.
When you accidentally miss a payment or two, most credit cards will give you a penalty APR. Using this PenFed Promise card you will not have to stress about them increasing their rates. Unfortunately, your credit score will be affected so it would be better to pay your balances fully and on time.
PenFed Promise Card Eligibility
When applying for the PenFed Promise credit card, you would have to sign up for the PenFed Credit Union. If you want to be able to sign up for this card, you will have to meet at least one of the qualifications listed below:
- If you are retired, honorably discharged or currently serving the U.S. military.
- Are you an employee of a qualifying organization?
- Do you belong to a qualifying association or organization?
- You are an employee of the U.S. government.
- Living or working in a qualified location.
- Are you a family member or housemate of someone who is eligible?
However, if none of the qualifications above match you, then you can enter the National Military Family Association or Voices for America’s Troops to be able to sign up. Anybody can join, but there will be a small fee to pay for.
Visit penfed.org for more information
Bottom Line
The PenFed Promise Visa card is a great card to have if your balances have a higher interest credit card that you are trying to pay off. Using this card will not cost you any extra fees so you don’t have to worry about even more things to pay off. This card will also be beneficial to someone who doesn’t normally charge any expenses too frequently.
If you use a decent amount of money for shopping on your credit cards, a rewards card will be a better fit for you. This way you will be able to gain some rewards back for your purchases.
(Visit PenFed for more information)
What’s the Competition?
There are some of PenFed Promise Visa credit card’s top competitors listed below.
 The Chase Freedom FlexSM offers a $200 bonus after spending $500 on purchases in your first 3 months from account opening. 0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR. You'll earn: • Earn 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate. Enjoy new 5% categories each quarter! • 5% cash back on travel purchased through Chase Travel℠, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more • 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service • Unlimited 1% cash back on all other purchases You cash back rewards do not expire as long as your account is open and there is no minimum to redeem for cash back. This card has no annual fee. |
 The Capital One Quicksilver Cash Rewards Card offers $200 Cash Back after spending $500 on purchases within 3 months from account opening. 0% intro APR on purchases and balance transfers for 15 months; variable APR after that; balance transfer fee applies You'll earn: • 1.5% Cash Back on every purchase, every day with no rotating categories or sign-ups needed to earn cash rewards. • Unlimited 5% cash back on hotels and rental cars booked through Capital One Travel, where you'll get Capital One's best prices on thousands of trip options. Terms apply. This card comes with no annual fee and no foreign transaction fees which makes this card a viable option for your go-to everyday card. |
