How much is the annual fee on a PenFed credit card?

Question

Yes, PenFed is a good credit card company that offers unsecured credit cards for people with good 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.

Here’s why PenFed is a good credit card company:

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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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Answer 1 · 2020-08-13 03:50:00

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Rodney Bennett, WalletHub Analyst

@rodneyben • 08/13/20 This answer was first published on 08/13/20. 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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The PenFed credit card annual fee is $0 for all credit cards, as of August 2020. While it’s common for a credit card issuer to offer at least one credit card without an annual fee, PenFed is among a small number of major issuers that extend that benefit to all credit cards.

Having a $0 annual fee is especially useful for people who want to get one of PenFed’s rewards credit cards. Since you don’t have to recoup the cost of the annual fee, you can start making money from your first purchase onward. There are multiple PenFed credit cards that offer attractive rewards, but only a few have initial bonuses, and those bonuses are small. That’s not unusual, though, since credit cards with $0 annual fees tend not to offer big bonuses.

It’s good to note that to get any PenFed credit card, you must first join Pentagon Federal Credit Union. Luckily, anyone can join and there’s no annual fee for that either, plus no one-time joining fee. You’ll just have to open PenFed savings account with at least $5 in it.

How much is the annual fee on a PenFed credit card?

Rodney Bennett, WalletHub Analyst

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