Is the PenFed Platinum Rewards Card a good first time credit card? This question is about the PenFed Platinum Rewards Visa Signature® Card

No, the PenFed Platinum Rewards Visa Signature® Card is not a good first-time credit card because it is only available to people with good credit. People who’ve never owned a credit card are unlikely to get approved unless they’ve built good credit through other means. There are plenty of good first-time credit cards on the market, though. Best First-Time Credit Cards Overall: Capital One Platinum Credit CardCapital One Platinum Credit CardLearn MoreLearn Moreon issuer's websiteStudents: Bank of America® Unlimited Cash Rewards credit card for StudentsBank of America® Unlimited Cash Rewards credit card for StudentsLearn MoreLearn MoreCash Back: Petal® 2 Visa® Credit CardPetal® 2 Visa® Credit CardLearn MoreLearn Moreon issuer's websiteBest Rewards: Capital One QuicksilverOne Cash Rewards Credit CardCapital One QuicksilverOne Cash Rewards Credit CardLearn MoreLearn Moreon issuer's websiteNo Credit Check: OpenSky® Secured Visa® Credit CardOpenSky® Secured Visa® Credit CardLearn MoreLearn Moreon issuer's website You can learn more about the best first-time credit cards on WalletHub.

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Is the PenFed Platinum Rewards Card a good first time credit card?

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This question is about the PenFed Platinum Rewards Visa Signature® Card

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Chip Lupo, Credit Card Writer

@CLoop • 09/07/22 This answer was first published on 09/07/22. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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No, the PenFed Platinum Rewards Visa Signature® Card is not a good first-time credit card because it is only available to people with good credit. People who’ve never owned a credit card are unlikely to get approved unless they’ve built good credit through other means. There are plenty of good first-time credit cards on the market, though.

Best First-Time Credit Cards

Overall: Capital One Platinum Credit CardCapital One Platinum Credit CardLearn MoreLearn Moreon issuer's website
Students: Bank of America® Unlimited Cash Rewards credit card for StudentsBank of America® Unlimited Cash Rewards credit card for StudentsLearn MoreLearn More
Cash Back: Petal® 2 Visa® Credit CardPetal® 2 Visa® Credit CardLearn MoreLearn Moreon issuer's website
Best Rewards: Capital One QuicksilverOne Cash Rewards Credit CardCapital One QuicksilverOne Cash Rewards Credit CardLearn MoreLearn Moreon issuer's website
No Credit Check: OpenSky® Secured Visa® Credit CardOpenSky® Secured Visa® Credit CardLearn MoreLearn Moreon issuer's website

You can learn more about the best first-time credit cards on WalletHub.

Answer Question

What's the starting credit limit for the PenFed Platinum Rewards card?

The PenFed Platinum Rewards credit limit is usually around $7,500 to start, according to forum posts, and some cardholders report limits as high as $15,000. PenFed does not include any specific PenFed Platinum Rewards credit limit information in the card’s terms, though.

For the most part, PenFed Platinum Rewards credit limits depend on each applicant’s overall creditworthiness. Those with the highest income and best credit scores will generally be offered the highest starting credit limits.… read full answer

How to Increase Your PenFed Platinum Rewards Credit Limit

You can ask to get a credit limit increase by calling the PenFed customer service at (800) 581-7786 or the number you see on the back of your card, but it’s best not to ask more than once a year.

PenFed will also evaluate your account periodically to determine whether you are eligible for a credit limit increase. Paying on time and keeping your credit utilization low are key for getting unsolicited credit line increases with PenFed.

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What credit score is needed for the PenFed Platinum Rewards card?

A credit score of 700+ is needed for the PenFed Platinum Rewards. This means that you need good credit to get this card.

Please note that your credit score isn’t the only thing the issuer will take into account while considering your application. Various other factors like your credit history, income and any debts you might have will also determine the outcome.… read full answer

If you'd like to see where your credit stands, and thus get a rough sense for your odds of approval, you can check your credit score for free on WalletHub. You'll get daily updates to your score and full credit report as well as 24/7 credit monitoring.

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Is it hard to get a PenFed credit card?

Yes, it is hard to get a PenFed credit card. All of PenFed’s main credit card offers require good or excellent credit for approval, or a score of 700+. Those include the PenFed Platinum Rewards card, Gold Visa and Power Cash Rewards card. 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.… read full answer

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.

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WalletHub members have a wealth of knowledge to share, and we encourage everyone to do so while respecting our content guidelines. This question was posted by WalletHub. Please keep in mind that editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. In addition, it is not a financial institution’s responsibility to ensure all posts and questions are answered.

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