{"id":19412,"date":"2011-02-16T20:00:34","date_gmt":"2011-02-17T00:00:34","guid":{"rendered":"\/\/www.askmrcreditcard.com\/news\/?p=19412"},"modified":"2011-02-16T20:00:34","modified_gmt":"2011-02-17T00:00:34","slug":"penfed-the-best-credit-card-for-people-who-carry-a-balance","status":"publish","type":"post","link":"https:\/\/www.askmrcreditcard.com\/news\/penfed-the-best-credit-card-for-people-who-carry-a-balance\/","title":{"rendered":"PenFed: The Best Credit Card For People Who Carry A Balance"},"content":{"rendered":"<p>I am not like most people.\u00a0 I have never paid credit card interest.\u00a0 I always pay my balances on time and in full.\u00a0\u00a0 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.\u00a0 This tactic would be an insane one for anyone who ever carries a balance.\u00a0\u00a0 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.<\/p>\n<p><strong>Go With The Pentagon Federal Credit Union<\/strong><\/p>\n<p>The <a href=\"https:\/\/www.penfed.org\/productsAndRates\/creditCards\/promiseCard.asp\" target=\"_blank\">Visa Platinum Promise Visa Card from PenFed<\/a> offers an outstanding interest 7.49% APR for 36 months.\u00a0 After that  period it goes up modestly to a current rate of 9.99%.\u00a0 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.\u00a0 If I had a friend who was trying to  retire his or her credit card debt, this would be card I would  recommend.\u00a0 There is no annual fee either, but you may have to pay $15  initially to join a group like America&#8217;s Voice For Troops if you or a  someone in your household is not a member of <a href=\"https:\/\/www.penfed.org\/howToJoin\/overview.asp\" target=\"_blank\">a multitude of eligible organizations.<\/a><\/p>\n<p>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.\u00a0 The long term benefits are lost by the short term gratification.\u00a0 Here is a card offered not by a bank, but by a credit union.\u00a0 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.<\/p>\n<p>President Obama has, in the past, <a href=\"http:\/\/voices.washingtonpost.com\/economy-watch\/2009\/04\/obama_new_law_should_require_p.html\">spoken about the need for a plain vanilla card<\/a> that is free from all sorts of gimmicks, tricks, and traps.\u00a0\u00a0 Such a card exists.\u00a0\u00a0 If you owe a balance on your credit cards, you need to seriously consider a balance transfer to one of their cards.\u00a0 With low interest rates and no fees, this is your fastest way out of debt.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>I am not like most people.\u00a0 I have never paid credit card interest.\u00a0 I always pay my balances on time and in full.\u00a0\u00a0 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.\u00a0 This tactic would be an [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[10],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.10 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>PenFed: The Best Credit Card For People Who Carry A Balance<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.askmrcreditcard.com\/news\/penfed-the-best-credit-card-for-people-who-carry-a-balance\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"PenFed: The Best Credit Card For People Who Carry A Balance\" \/>\n<meta property=\"og:description\" content=\"I am not like most people.\u00a0 I have never paid credit card interest.\u00a0 I always pay my balances on time and in full.\u00a0\u00a0 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.\u00a0 This tactic would be an [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.askmrcreditcard.com\/news\/penfed-the-best-credit-card-for-people-who-carry-a-balance\/\" \/>\n<meta property=\"og:site_name\" content=\"Ask Mr Credit Card Blog\" \/>\n<meta property=\"article:published_time\" content=\"2011-02-17T00:00:34+00:00\" \/>\n<meta name=\"author\" content=\"Jason Steele\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Jason Steele\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" 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