PenFed credit card approval requirements include good or excellent credit 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 an ability to independently make monthly payments, too. PenFed credit union membership is also required in order to be approved for a credit card. Membership requirements and an application to join are available on the PenFed website.
PenFed’s credit requirements for approval vary depending on which card you’re applying for. You’ll need a credit score of 750+ for PenFed’s three consumer cards: Gold Visa, Platinum Rewards and Power Cash Rewards. For PenFed co-branded cards like U.S. Army Warrant Officers Association Platinum Rewards and Coast Guard Auxiliary Cash Rewards, a minimum credit score of 700 is required.
Application requirements 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 annual income and the sources of that income, along with your bank account information, monthly mortgage or rent payment and employment status.
When you apply, you’re also required to give PenFed permission to review your full credit report. The credit report inquiry will generate a hard pull, which will result in a slight, but temporary, dip in your credit score.