While surfing the net yesterday, I came across a unique balance transfer offer that I thought was worth passing along. For a limited time, PenFed is offering a 4.99% balance transfer for 24 months, with no balance transfer fee. Although it’s not a zero percent offer, the fact that the low rate is good for the life of the transfer coupled with no transfer fee makes it a deal worth serious consideration.
There are a lot of 0% BT offers available (we track a list of them which you can see here). But all of these offers come with a balance transfer fee of three to five percent. And the longest currently available offer is from Discover at 24 months. So after two years, the interest rate on any unpaid portion of the transfer reverts back to the card’s standard rate. If you know you’ll pay off the balance in full in 18 months, the Discover® More Card – Long Duration Balance Transfer 18-month deal may be the best option.
But if you think it may take you longer, the PenFed credit cards could very well be the better choice. Also, you’ll need to become a member of the Pentagon Federal Credit Union to qualify. You can find details about the lifetime balance transfer deal and becoming a member of the credit union at PenFed’s website.
If you’d like more info on PenFed’s cards, check out our reviews of the PenFed Premium Travel Rewards American Express® Card and the PenFed VISA Platinum Gas/Cash Rewards Card.