SOURCE: MagnifyMoney

MagnifyMoney

October 23, 2014 10:29 ET

MagnifyMoney Awards First A+ Transparency Score to PenFed Promise Card

Balance Transfer Credit Card Is a Leader in Simplicity and Transparency

NEW YORK, NY--(Marketwired - Oct 23, 2014) - MagnifyMoney (magnifymoney.com) released today their first A+ Transparency Score to the PenFed Promise Card, a balance transfer card from the Alexandria, Virginia-headquartered credit union. Since launching in May, MagnifyMoney has evaluated and graded more than 800 balance transfer cards from A to F based on a card's simplicity and transparency. Today, MagnifyMoney introduced its highest grade, an A+. The PenFed Promise card is the first meet to meet all the required criteria, which includes:

1. Disclosure of the interest rate upfront, before the customer applies, rather than providing a wide range of possible interest rates that will be determined by a black box risk model, and only disclosed after approval.
2. No "gotcha" fees. To score A+, the credit card cannot charge an annual, late, over-the-limit, returned payment or foreign exchange fee.

"At MagnifyMoney, we believe financial products are overly complicated by design. Consumers are often seduced by simple marketing messages and suffer later with 'gotcha' interest rates and hidden fees buried in pages of fine print. In my 15 years of banking, I have never seen a card like the PenFed Promise card which rises above the fray by presenting uncomplicated, straightforward terms and conditions. We hope other financial institutions will take PenFed's lead and bring transparency and simplicity to their offers for the benefit of the consumer," said Nick Clements, former banker turned consumer advocate and co-founder of MagnifyMoney.

MAGNIFY TRANSPARENCY SCORE CREDIT CARD RANKINGS - See how PenFed compares to some of the leading balance transfer credit cards in the market:

                         
   

PenFed Promise
 

Chase Slate
 

Citi Simplicity
 

Discover it
 

Santander Sphere
  BofA Better Balance Rewards
Fees                        
Annual   $0   $0   $0   $0   $0   $0
                         
Late   $0   $15 - $35   $0   $0 first time; after up to $35   Up to $35   Up to $35
                         
Return Payment   $0   Up to $35   Up to $35   Up to $35   Up to $35   Up to $35
                         
Over-the-limit   $0   $0   $0   $0   $0   $0
                         
Foreign Transaction   0%   3%   3%   0%   3%   3%
                         
Go-To Interest Rate   9.99%   12.99% - 22.99%   12.99% - 22.99%   10.99% - 22.99%   12.99% - 24.99%   11.99% - 21.99%
                         
Intro Balance Transfer                        
Fee   0%   0%   3%   3%   4%   3%
                         
Promotional Rate   4.99%   0%   0%   0%   0%   0%
                         
Promotional Period (months)   48   15   18   18   24   12
                         

About MagnifyMoney.com
MagnifyMoney is the new, unbiased website that makes it easy for people to compare financial products and receive personalized recommendations. Former bankers turned consumer advocates Nick Clements and Brian Karimzad are on a mission to promote transparency and financial empowerment so every consumer can make well-informed financial decisions. MagnifyMoney.com offers consumers a powerful resource with its personalized, side-by-side comparisons of banking and credit union products in a free, unbiased and easy-to-navigate interface. With its proprietary Magnify Transparency Score, banking and credit card products are graded based on simplicity and fee structure, making it simple for consumers to quickly evaluate which products have the least amount of fine print and most consumer-friendly terms. MagnifyMoney launched in May 2014 and is headquartered in New York, NY.

About PenFed
Established in 1935 as the War Department Credit Union, PenFed is one of the largest credit unions in the country serving nearly 1.3 million members worldwide; with almost $19 billion in assets. Its longstanding mission has been to provide superior financial services in a cost-effective manner while responding to members' needs. Serving a diverse population, PenFed offers market-leading mortgages, automobile loans, credit cards, checking and a wide range of other financial services with its members' interest always in mind. There are many ways to become a PenFed member including numerous associations' member and employee groups. PenFed is federally insured by the NCUA and is an equal housing lender. PenFed does business in accordance with the Federal Fair Housing Law, the Equal Credit Opportunity Act and is a member of NAFCU.