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PenFed’s new Promise card offers 3 year introductory APR of 7.49% and no fees

March 4, 2010
Credit Cards
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PenFed has released the PenFed Promise credit card, a great no-frills low apr card with a fantastically low 7.49% introductory APR fixed for 3 years.

According to our new Balance Transfer calculator, which takes into account both introductory promotional balance transfer rates, as well as balance transfer fees, this card is one of the top 5 balance transfer cards available – if you plan to transfer a balance for 3 years. Most cards with low introductory balance transfer rates have a 3%+ transfer fee, PenFed Promise has no fees at all.

One other great feature of this card is the No Fee cash advance rate of 17.99%, which is unusual because most issuers charge a cash advances fee of 3% or more, and typically charge an average rate of 22.2%. You can see that the card ranks #22 out of 302 cards in terms of cash advance rate on our PenFed Promise home page.

Also, we recently wrote about foreign transaction fees, and how most issuers charge you 2-3% to use their cards when traveling abroad.  Well the PenFed Promise also charges no foreign transaction fees.

We appreciate the simple to understand, no gimmicks offering, and encourage other card issuers to keep things simple as well.