PenFed: The Best Credit Card For People Who Carry A Balance


I am not like most people.  I have never paid credit card interest.  I always pay my balances on time and in full.   I focus on cards that give me the best rewards per dollar spent, and then I devote as much spending to my credit cards as I can.  This tactic would be an insane one for anyone who ever carries a balance.   If you are one of those people, you should only be concerned with getting a card with the lowest interest rate and the fewest fees.

Go With The Pentagon Federal Credit Union

The Visa Platinum Promise Visa Card from PenFed offers an outstanding interest 7.49% APR for 36 months.  After that period it goes up modestly to a current rate of 9.99%.  At the moment they will even accept balance transfers with no fees and a 4.99% APR. Beyond its competitive interest rates, they offer no late fees, penalty fees or foreign transaction fees.  If I had a friend who was trying to retire his or her credit card debt, this would be card I would recommend.  There is no annual fee either, but you may have to pay $15 initially to join a group like America’s Voice For Troops if you or a someone in your household is not a member of a multitude of eligible organizations.

For people who have been carrying a balance on their credit cards, paying it off can be almost as difficult as it is for smokers to quit.  The long term benefits are lost by the short term gratification.  Here is a card offered not by a bank, but by a credit union.  This is not just any credit union, this is one that was federally chartered to serve the members of our armed forces, even as it is open to anyone who makes a small, one time, charitable donation.

President Obama has, in the past, spoken about the need for a plain vanilla card that is free from all sorts of gimmicks, tricks, and traps.   Such a card exists.   If you owe a balance on your credit cards, you need to seriously consider a balance transfer to one of their cards.  With low interest rates and no fees, this is your fastest way out of debt.

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