Pentagon Federal Credit Union's Promise card received an A+, topping cards from big banks such as Bank of America and Citi, according to MagnifyMoney.com.
The card from the $18 billion credit union in Alexandria, Va., was praised for its simplicity and transparency.
Since launching in May, MagnifyMoney said it evaluated and graded more than 800 balance transfer cards from A to F based on a card's simplicity and transparency.
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Criteria included no annual, late, over-the-limit, returned payment or foreign exchange fees.
Additional benchmarks looked at disclosures of interest rates upfront before the customer applies versus providing a wide range of possible interest rates that were determined by a black box risk model and only disclosed after approval, according to MagnifyMoney.
The company said the PenFed Promise card was the first meet to meet all the required criteria,
"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," Nick Clements, MagnifyMoney co-founder, said.
"We hope other financial institutions will take PenFed's lead and bring transparency and simplicity to their offers for the benefit of the consumer," he added.
MagnifyMoney's website enables consumers to compare financial products and receive personalized recommendations, the company said.
The site was founded by Clements, a former managing director at Barclaycard UK Consumer and a former director of risk management at Citi, and Brian Karimzad, a former vice president at Goldman Sachs, according to their LinkedIn profiles.
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