Yes, the PenFed Gold Visa® Card is a credit card. The PenFed Gold Visa card has an annual fee of $0, works wherever Visa is accepted, reports to the credit bureaus, and allows you to pay off purchases over time. There are quite a few important things to know about the card before you apply, though.
Key Facts About the PenFed Gold Visa Card
Credit requirement: Excellent
Annual fee: $0
APR: 11.49% - 17.99% (V)
Foreign transaction fee: 0%
To sum things up, PenFed Gold Visa card is a credit card, but it may or may not be the best credit card for you depending on your needs, qualifications and spending habits.
No, the PenFed Gold Visa Card is not a metal credit card, as it is made of plastic like most other credit cards. There's no functional difference between a plastic card and a metal credit card, though. So, don't dismiss the PenFed Gold Visa Card just because it isn't metal. If you like the card's terms and benefits, you should still consider applying. It’s also worth noting that metal credit cards are usually expensive luxury cards.… read full answer
The PenFed credit card approval requirements include an excellent (750+) credit score and proof of a steady income. Applicants must also be at least 18 years old and either a U.S. citizen or permanent resident.
Those under 21 years old will need to offer evidence of independent income, too. PenFed credit union membership is also required in order to be approved for a credit card. The membership requirements and the application to join are available on the PenFed … read full answerwebsite.
Other PenFed Credit Card Approval Requirements
Application requirements also include personal information such as your name, address and birthdate. Your Social Security Number (SSN) or Individual Tax ID Number (ITIN) and U.S. citizenship status are also required. In addition, PenFed will review your credit history, your income and any debts you have. Your bank account information, monthly mortgage/rent payment, and employment status will also be taken into account.
You can get a PenFed credit card credit limit increase either online or by calling customer service at (800) 247-5626.
To raise your chances of being approved for a higher credit limit, pay your bill on time for at least six straight months, reduce your outstanding debt, and update the income PenFed has on file. They will be more likely to increase your credit limit if the revised income clearly shows that you can afford a higher limit.… read full answer
Impact of a PenFed Credit Card Credit Limit Increase on Your Credit Score
When you request a PenFed credit card credit limit increase, they will conduct a hard pull of your credit report, which will cause a short-term dip in your credit score. PenFed cannot do a hard pull without your permission, though.
On the other hand, there are times when you could be eligible for a credit limit increase without even requesting one. PenFed may offer an automatic credit limit increase if its regular reviews of your account show a history of on-time payments and low debt. An automatic credit limit increase involves a soft pull, which does not affect your credit score.
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