3 Simple Credit Cards

If you are looking for a simple credit card with easy- to-understand terms and conditions, here are three that you may want to consider. Each of these offers little or no fees and applies as few penalties as possible.

1) PenFed Promise Visa

It doesn’t get much simpler than the PenFed Promise Visa. This card comes with literally no fees: no annual fee, no foreign transaction fee, no balance transfer fee, no cash advance fee, no late fee and no over-credit-limit fee.

Until December 31, 2015, new account holders can receive a $100 statement credit after spending $1,500 in eligible purchases within the first three months of account opening. (Cash advances, balance transfers and credit card checks do not qualify as purchases.) Members can also take advantage of a 4.99% promotional APR for 12 months on balance transfers made between November 1, 2015 and December 31, 2015. After this time, your variable APR will be 7.99% to 16.99% based on your creditworthiness at the time of approval.

Important: You must be a member of Pentagon Federal Credit Union to apply for this card. Membership is open to members of numerous government, military and defense organizations. If you are not affiliated with one of these groups, it is possible to join one of the military support organizations listed on the PFCU website for a small, one-time donation.

2) Barclay Ring MasterCard

The Barclay Ring MasterCard definitely has some unique features. This card uses social media to give customers a role in shaping its terms, conditions, and fees. For example, cardholders recently chose to do away with foreign transaction fees by raising the cash advance fee. Here’s a quick breakdown of the card’s terms:

  • 8% variable APR on purchases and balance transfers
  • No balance transfer fees
  • No foreign transaction fees
  • Cash advance fee of $3
  • No annual fee

There are no signup bonuses currently available with this card.

3) Citi Simplicity

Even though Citi Simplicity does not offer cash back or rewards, it does come with some nice features. These include: no late fees, no penalty rate and no annual fee.

New account holders currently receive a 0% introductory APR on both purchases and balance transfers for the first 21 months that your account is open. This makes the card a good choice for people wanting to purchase a big-ticket item or transfer an existing high-interest credit card balance – you have nearly two years to pay off the balances without incurring any finance charges. Once this promotional period ends, your variable APR will be 12.99% to 22.99% based on your credit score and financial history.

Members are charged a balance transfer fee of $5 or 3% of the total transfer amount for each completed balance transfer. Additionally, there is a 3% foreign transaction fee applied to all purchases made while traveling outside of the U.S.