Credit score and financial education provider Credit.com recognized a PenFed credit card as the simplest credit card on the market in the U.S.
The PenFed Promise card has no annual fee, no foreign transaction fee, no balance transfer fee, no cash advance fee, no late fee and no penalty APR.
“It doesn't get much simpler than that,” Credit.com said in a Feb. 18 blog post. PenFed's Promise card topped a list that also included Chase Bank's Slate card and the Barclaycard Ring.
The Promise credit card from the 1.27 million member, $16.8 billion PenFed offers a 7.49% APR for 36 months, and a 4.99% APR promotional balance transfer rate that is good until the transferred balance is paid off.
Cardholders must also agree to receive all PenFed Promise statements electronically. The card will eventually cost 9.99% after the promotional period expires. The rate is also tied to the prime rate and so might rise in the future.
PenFed has a wide variety of military branches, agencies, organizations and associations in its field of membership.