PenFed Credit Union Credit Card Reviews, Rules & Opinions
Updated: July 29, 2024
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PenFed Credit Union currently has four credit cards on offer. All these cards are for individuals and not businesses. When it comes to rewards cards, you get to choose between cash back and points. PenFed Credit Union has a low APR card on offer, too. However, it does not have secured credit cards or cards for students.
If you plan to apply for a PenFed Credit Union credit card, bear in mind that you need good or excellent creditworthiness to qualify.
The different PenFed Credit Union cards on offer include a cash back card, two rewards cards with points and a low-APR card. One of its cards qualifies as a travel rewards card. Depending on the card you get, you may stand to earn a spend-based welcome bonus. PenFed does not provide cards for businesses or students. It does not have any co-branded cards.
Qualifying for a PenFed Credit Union credit card requires that you have good or excellent credit. What this basically means is you need a FICO score of 670 or higher.
| Credit Card | MoneyGeek Rating | About | Rewards Rate | Annual Fee | Recommended Credit |
|---|---|---|---|---|---|
| A great no annual fee gas rewards card | Earn 1X – 5X points | $0 | 670-850 (Good to Excellent) | ||
| A good low-APR balance transfer card with no annual fees | N/A | $0 | 670 – 850 (Good to Excellent) | ||
| A good no-annual-fee balance transfer card with cash back | Earn 1.5% – 2% cash back | $0 | 670–850 (Good to Excellent) | ||
| A good travel rewards card that comes with a possible annual fee waiver | Earn 1.5X – 4X points | $95 | 670-850 (Good to Excellent) |
Our experts arrive at a revised list of the best PenFed Credit Union credit cards each month after checking for changes in the list of existing cards and looking for any new cards that PenFed might have launched. When they compare PenFed Credit Union cards, they consider factors such as rewards, welcome bonuses, annual fees, APRs and added perks.
Moneygeek.com credit ranges are a variation of FICO® Score 8, one of many types of credit scores lenders may use when considering your credit card application.
The Platinum Rewards Visa Signature® Card offers exceptional value, especially for those who regularly spend on gas, dining and groceries. With a rewarding bonus just for starting and no annual fee, it provides an immediate kickstart to your rewards journey. Additionally, those looking to consolidate their debt will find the promotional balance transfer rate appealing. While it requires a higher credit standing and PenFed membership, the benefits are tailored for discerning cardholders who prioritize savings and rewards in their financial toolkit.
Moneygeek.com credit ranges are a variation of FICO® Score 8, one of many types of credit scores lenders may use when considering your credit card application.
The PenFed Gold Visa® Card is a solid choice for those looking for straightforward financial advantages. Imagine going on a shopping spree or traveling abroad without fretting about added costs — this card eliminates yearly fees and pesky foreign transaction charges. Plus, it gives you breathing space with its initial interest-free purchase period. However, be mindful that there's a fee involved when transferring balances. Also, while it doesn't overwhelm you with rewards, its simplicity and core benefits make it a reliable card for everyday use.
Moneygeek.com credit ranges are a variation of FICO® Score 8, one of many types of credit scores lenders may use when considering your credit card application.
The Power Cash Rewards Visa Signature® Card from PenFed offers impressive value for the savvy spender. With no annual fees and the opportunity for elevated cash back rewards on all purchases, this card brings the savings directly to your wallet. New members are greeted with a warm welcome bonus, amplifying its charm. Consumers looking to manage existing debt can capitalize on a year-long balance transfer offer. Remember that you'll need to be part of the PenFed community and have good to excellent credit to access this card.
If you wish to apply for a PenFed Credit Union credit card, start by determining if you might qualify based on your existing credit score. You might also benefit by knowing how many cards you can get and how its welcome bonuses work.
Web pages of all PenFed Credit Union credit cards state that you need good or excellent credit to qualify. This means you need a FICO score of at least 670. PenFed does not have any cards for people with average or poor credit.
PenFed does not have any published rules surrounding how many credit cards you may own. However, you might be subject to a maximum combined credit limit.
As long as you qualify for the PedFed Credit Union card you wish to get, you may expect to get approved.
PenFed Credit Union does not place any published limitations on how many times you may claim welcome bonuses. However, it states that each account is eligible for one welcome bonus at account opening. This applies to statement credits and bonus points alike
Looking beyond PenFed Credit Union card benefits and checking how PenFed rates as a credit card issuer might help you arrive at a more well-informed decision
Feature | Description |
|---|---|
Customer Service & Satisfaction | PenFed Credit Union scores 4.6 out of 5 on Trustpilot after having received over 650 reviews. Most credit cardholders have favorable things to say about the application process, interest rates and customer service. Its Better Business Bureau (BBB) rating stands at A+. You may contact a PenFed Credit Union representative over the phone, via email and through its social media accounts. It also provides international toll-free numbers for the UK, Belgium, Italy, Spain, Germany and Japan. |
Mobile Apps & Online Services | If you have a PenFed credit card, you may manage your account via its online banking system or app. PenFed provides apps for devices that run on iOS and Android. The PenFed app on the Apple App Store scores 4.2 out of 5. It scores 4.5 out of 5 on the Google Play store. |
Security & Credit Monitoring Services | All PenFed credit cards come with 24/7 fraud monitoring, a zero liability policy, emergency card replacement and lost/stolen card reporting. |
Loyalty Programs & Other Issuer Perks | The PenFed Honors Advantage program lets members earn points faster. For instance, PenFed Honors Advantage members who use the Pathfinder Rewards Visa Signature Card get to earn 4x points on all travel categories, as opposed to 3x points for non-members. In addition, members don’t have to pay the $95 annual fee. To become a PenFed Honors Advantage member, you must be on active military duty, on reserve, honorably discharged or retired. Alternatively, you might also qualify if you have an active PenFed checking account. PenFed members may also look forward to discounts on a variety of personal, retail, home, auto, and financial products/services through its partner merchants. |
Authorized Users | PenFed lets you add authorized users to your credit card account. It does not have any documented requirements surrounding the minimum age of authorized users. |
Purchase Protection | The Platinum Rewards Visa Signature® Card, the PedFed Power Cash Rewards Visa Signature Card and the PenFed Pathfinder® Rewards Visa Signature® Card come with purchase security. |
Co-Branding & Partnerships | PenFed does not have any co-branded credit cards on offer. Some of its existing partner merchants through which it offers member discounts include National Car Rentals, Alamo Car Rentals, CFS, H&R Block, Travelers, Tracfone, Math Mastery, Crutchfield Electronics and Alpha Industries. |
Other Products Offered | Besides the different PenFed Credit Union cards on offer, PenFed also offers checking accounts, savings accounts, a money market account, money market certificates, IRA savings accounts and certificates, auto loans, home loans, student loans, personal loans and personal lines of credit. |
Even though PenFed Credit Union does not have many credit cards on offer, there is a possibility of finding one that works well for you. This is because PenFed’s credit cards are designed to suit different needs. In some cases, you might benefit by having more than one type of PenFed Credit Union card.
You wish to pay a low APR on purchases.
If you plan to carry a balance and are looking for a low APR on purchases, the PenFed Credit Union Gold Visa Card might work well for you, especially if you qualify for its lowest published APR. This card also comes with an introductory 0% APR offer on balance transfers for 12 months.
You want a travel card.
While the PenFed Pathfinder® Rewards Visa Signature® Card comes with a $95 annual fee, this fee is waived for existing Honors Advantage members. This card comes with a sizable welcome bonus, high reward rates on travel purchases, $100 domestic air ancillary travel statement credit each year, Global Entry/TSA PreCheck statement credit, Priority Pass airport lounge membership and no foreign transaction fees.
You wish to transfer high-interest credit card debt.
If you’re looking to transfer debt from a high-interest credit card to a new card, you might benefit by getting any PenFed Credit Union card. All four cards come with an introductory 0% APR on balance transfers for the first 12 months. If approved for a balance transfer, you’ll need to pay a 3% fee
You want to earn high cash back or reward points.
The Power Cash Rewards Visa Signature® Card offers 2% cash back on all purchases for PenFed Honors Advantage members and 1.5% cash back for all other cardholders. This is fairly good for a no-annual-fee card. The Platinum Rewards Visa Signature Card comes with 5x points per dollar on gas purchases paid at pumps and EV charging stations; 3x points at supermarkets (including most Walmart and Target locations), at restaurants and for TV, cable, streaming and radio services; and 1x points on all other purchases. This card does not charge any annual fees either.
"Many people assume that they are not eligible to join a credit union. Unlike some other credit unions, membership in PenFed is open to everyone and you can become a member starting with just $5. Credit unions like PenFed tend to offer better benefits and lower fees than traditional banks, so you may benefit from expanding your relationship beyond applying for a credit card."
- Lee Huffman, credit card expert at BaldThoughts.com
If you’re unsure about selecting a PenFed Credit Union card, you may consider looking at what other top card issuers have to offer. You might also benefit by narrowing your search based on specific features/benefits such as welcome bonuses, 0% APR offers, no annual fees and no foreign transaction fees.
About Doug Milnes, CFA
Doug Milnes is a CFA charter holder with over 10 years of experience in corporate finance and the Head of Credit Cards at MoneyGeek. Formerly, he performed valuations for Duff and Phelps and financial planning and analysis for various companies. His analysis has been cited by U.S. News and World Report, The Hill, the Los Angeles Times, The New York Times and many other outlets.
Milnes holds a master’s degree in data science from Northwestern University. He geeks out on helping people feel on top of their credit card use, from managing debt to optimizing rewards.
