Yes, it is hard to get a PenFed credit card. As of July 2020, all of PenFed’s main credit card offers require excellent credit for approval, or a score of 750+. Those include the PenFed Platinum Rewards card, Gold Visa and Power Cash Rewards card. In addition, PenFed’s other credit cards that are co-branded with various organizations tend to require good credit, or a score of 700+. Therefore, PenFed credit cards are hard to get for the average person, since the average credit score is only in the fair credit range. Applicants who don’t have a steady income will also find it hard to get a PenFed credit card, although PenFed doesn’t disclose a specific income needed for approval.
Another factor that makes it hard to get a PenFed credit card is that you can’t apply for the card without first becoming a member of the credit union. While doing so is free, as well as open to any U.S. citizen or permanent resident, it does require the time to fill out an extra application and open a savings account with at least $5 in it. If you don’t want to go through that trouble just to apply, especially when approval isn’t guaranteed, you may want to look elsewhere.
ok I disagree with that. My credit score is not 750 nor has it been, it's been in the 600's and I have an open Chapter 13, and guess what they approved me for the gold card which I applied for and gave me 5000 limit. So I have no issues with them. I did a balance transfer which I will have paid off way before the 15 month time as I pay at least 100 a month to get this paid off faster. I've had it 3 months and so far they are great. I'm sure once I hit 6 months or so they probably give me an increase. I like them and again no issues.
The PenFed credit card approval requirements include an excellent (750+) credit score and proof of a steady income. Applicants must also be at least 18 years old and either a U.S. citizen or permanent resident.
Those under 21 years old will need to offer evidence of independent income, too. PenFed credit union membership is also required in order to be approved for a credit card. The membership requirements and the application to join are available on the PenFed … read full answerwebsite.
Other PenFed Credit Card Approval Requirements
Application requirements also include personal information such as your name, address and birthdate. Your Social Security Number (SSN) or Individual Tax ID Number (ITIN) and U.S. citizenship status are also required. In addition, PenFed will review your credit history, your income and any debts you have. Your bank account information, monthly mortgage/rent payment, and employment status will also be taken into account.
Yes, PenFed is a good credit card company that offers unsecured credit cards for people with excellent credit. PenFed credit cards come with $0 annual fees, 0% foreign transaction fees, rewards of up to 5 points / $1 spent on purchases, and introductory APRs.
Many credit card promotions and benefits: All PenFed credit cards come with a 0% foreign transaction fee, and almost all of them have no annual fees as well. PenFed also offers different types of credit cards: rewards, intro APRs, and low interest rates credit cards.
Good Better Business Bureau (BBB) rating: Although it is not BBB accredited, PenFed has a A+ rating from the Better Business Bureau.
Wallethub Rating: The company has a rating of 3.6 / 5 across more than 3,300 reviews on Wallethub for its credit cards.
Available for everyone: Even though PenFed is a credit union, its membership is available to everyone for free.
Mostly good reviews: Customer reviews give PenFed credit cards mostly high marks, particularly for their rewards and competitive interest rates. Commonly cited areas of need, however, include larger initial bonuses, and a lack of cards available for customers with below-average credit.
Ultimately, it is worth noting that on the customer service side, reviews run the gamut. Reviewers praise PenFed’s military-friendly personnel, quick posting of payments, and easy access to credit limit increases and interest rate reductions. Recurring complaints include long wait times, limited website customer service options and difficulty getting issues resolved.
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