PenFed Gold Visa® Credit Card Review 2023: Money Crashers


PenFed Credit Union offers many great credit cards, and anyone can become a member of the credit union. This PenFed Gold Visa® credit card review helps you determine if this basic credit card is right for you or if another option is better.

PenFed Gold Visa® Credit Card Highlights

Penfed Visa Gold Credit Card Image
  • No annual fee
  • 0% APR on purchases and balance transfers for 15 months
  • No rewards
  • 17.99% ongoing APR

PenFed Gold Visa® Credit Card: Main Benefits & Perks

The PenFed Gold Visa® credit card has many benefits to enjoy. Here are the main perks to consider when deciding if it’s right for you.

No Annual Fee

Many credit cards today have annual fees, but the PenFed Gold Visa® credit card doesn’t. You get to enjoy all the perks without paying an annual fee at any time.

0% APR on Purchases

New cardholders get a 0% purchase APR for the first 15 months. This is unlike PenFed’s other credit cards that only offer the promotional APR on balance transfers.

0% APR on Balance Transfers

New cardholders also get access to a 0% APR on balance transfers for 15 months; however, they charge 3% of each balance transferred.

PenFed Member Discounts

PenFed credit union members get access to discounts, including lower auto and home insurance rates and other financial products. Members also get exclusive promotional offers through retail partners.

Low Ongoing APR

While keeping a credit card balance is never a good idea, sometimes you have no choice. The ongoing APR after the introductory period is only 17.99%, which for most credit cards is a low APR.


PenFed Gold Visa® Credit Card: Main Drawbacks

It’s always a good idea to look at the downsides of credit cards to ensure they are a good fit.

No Rewards

Getting rewarded for using your credit card is always a nice perk, but the PenFed Gold Visa® credit card doesn’t offer rewards. You get the low ongoing APR, but that’s about the extent of the ‘rewards.’

Must Be a PenFed Credit Union Member

To get the PenFed Gold Visa®, you must be a PenFed credit union member. Fortunately, anyone can join. All it takes is providing your information and opening a PenFed savings account with at least $5.

Minimal Features

The PenFed Gold Visa® credit card doesn’t offer many other features, such as travel benefits or cell phone protection like some credit cards offer. Its main focus is the low introductory and ongoing APR.


Who Is PenFed Gold Visa® Credit Card Best For?

If you carry a balance often and don’t qualify for a lower APR credit card, the PenFed Gold Visa® credit card can be a good option. While 17.99% is nothing to celebrate, it’s lower than many other credit cards offer.


Best Alternatives To PenFed Gold Visa® Credit Card

The PenFed Gold Visa® credit card is just one option when looking for credit cards with attractive APRs. Here are some other choices.

U.S. Bank Visa® Platinum Credit Card

The U.S. Bank Visa® Platinum credit card offers a 0% promo APR for 21 months on purchases and balance transfers. That’s six months longer than the PenFed Gold Visa® credit card!

The card doesn’t charge an annual fee. It also includes up to $600 in cellphone protection if you pay your bill with your U.S. Bank Visa® Platinum card.

Citi Double Cash® Credit Card

The Citi Double Cash® credit card pays cash back twice, once when you purchase something and again when you pay your bill. You earn 1% with each, and it offers a 0% APR for 18 months on balance transfers.

However, its ongoing APR ranges from 19.24% to 29.24%. Like the PenFed Visa®, the card has no annual fee.

Capital One Quicksilver Cash Rewards Credit Card

The Capital One Quicksilver credit card also has no annual fee. New cardholders also get an introductory 0% APR for 15 months on purchases and balance transfers. The card pays 1.5% back on all purchases with no limit. However, its ongoing APR ranges from 19.99% to 29.99%.


Frequently Asked Questions

The PenFed Gold Visa® credit card offers many benefits. Here are some common questions people have about it.

Is the PenFed Gold Visa® Credit Card a Good First-Time Credit Card?

If you’re looking for a credit card to keep a balance on, you may do well with the PenFed Gold Visa® credit card with its lower APR. It’s best to take advantage of its 0% intro APR and not carry a balance, but if you must, it’s lower than most.

Does the PenFed Gold Visa® Credit Card Have a Cash Back or Rewards Program?

Unfortunately, the PenFed Gold Visa® credit card doesn’t offer any rewards, so you don’t get benefits for using it.

Does the PenFed Gold Visa® Credit Card Have an Intro APR Offer on Balance Transfers?

Yes, the PenFed Gold Visa® credit card offers an intro APR on purchases and balance transfers. Both APRs are 0%, but there is a 3% fee for balance transfers, so keep that in mind when transferring balances.

Does the PenFed Gold Visa® Credit Card Do a Hard Pull?

Yes, PenFed does a hard credit pull when determining if you qualify for the PenFed Gold Visa® credit card. This may slightly lower your credit score, but you can gain the points back with proper credit card use.

Does the PenFed Gold Visa® Credit Card Have Pre-Approval?

Yes, you can see if you pre-qualify for the PenFed Gold Visa® credit card. Just complete the application, and you’ll know if you’re pre-approved instantly.

Can I Use the PenFed Gold Visa® Credit Card Anywhere?

You can use the PenFed Gold Visa® credit card anywhere Visa® credit cards are accepted, which is just about everywhere.

Can I Withdraw Cash From the PenFed Gold Visa® Credit Card?

Yes, you can use your PenFed Gold Visa® credit card for cash advances, and you don’t have to worry about cash advance fees because they don’t charge one.


Is the PenFed Gold Visa® Credit Card Best for You?

If you’re looking for a basic credit card with a 0% intro APR and ongoing low APR, the PenFed Gold Visa® credit card is a good choice.

Our PenFed Gold Visa® credit card review determines that it’s a decent card for emergencies, but you shouldn’t use it for everyday purchases as it doesn’t pay any rewards.



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