A credit score of 750+ is needed for all PenFed credit cards. That means applicants need excellent credit for approval. If you receive a pre-approved mail or e-mail offer for a PenFed credit card, it means PenFed thinks your credit profile likely meets the card's requirements for approval. While such an offer doesn't guarantee approval, it indicates good odds, so make sure you apply by flagging your application through the PenFed pre-approval web page.
Here is the credit score needed for a PenFed credit card:
PenFed Gold Visa® Card: Requires a credit score of 750, at a minimum. That means you need excellent credit for approval.
Applying for credit cards can trigger hard inquiries on your credit report, which may temporarily damage your credit score. So if you don't know where you stand, you can check your score for free, right here on WalletHub. PenFed membership is open to everyone, but in the past, it was restricted to military servicemembers or family thereof. Bear in mind that simply having the credit score needed for a PenFed credit card does not guarantee approval. Your annual income, amount of debt, number of open credit accounts and other factors are all reviewed as part of your application.
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.
The only way to get pre-approved for a PenFed credit card is if you received a pre-approved offer via mail or e-mail. PenFed does not have an online tool to check for pre-approval.
Here’s what you should know about PenFed credit card pre-approval:
Unlike online pre-approvals that may return results for multiple cards with the highest odds of approval, PenFed’s mailed or e-mailed pre-approval offers will be for one specific credit card.… read full answer
You can respond to a PenFed credit card pre-approval offer online or over the phone at (800) 247 -5626. Be sure to provide the access code at the bottom of the offer letter so that PenFed can flag the application as pre-approved.
Non-members who are approved for the card must also qualify for PenFed membership, which includes opening a PenFed savings account with a minimum $5 deposit.
PenFed pre-approval doesn’t guarantee that you’ll be approved for a card, but it does indicate that your chances of getting approved are very high if you apply.
Pre-approvals do not affect your credit score, as they’re done using a soft inquiry. But if you decide to apply for the card, PenFed will conduct a hard inquiry, which will lead to a slight, but temporary decrease in your credit score.
Alternatively, you can use WalletHub’s CardAdvisor tool to find the right credit card for you. Just answer a few general questions, and based on your responses, CardAdvisor will provide you with some recommended credit card offers.
The best PenFed credit card is the PenFed Power Cash Rewards. It offers 1.5% cash back on all purchases and gives a $100 statement credit for spending $1,500 in the first 90 days of account opening. The card also comes with a $0 annual fee.
Plus, members who qualify for the PenFed Honors Advantage program will earn 2% cash back on all purchases instead of the standard 1.5%. To qualify, cardholders must meet certain military service and/or checking account requirements.… read full answer
For higher earnings on everyday purchases, the best PenFed card is the PenFed Platinum Rewards. You’ll earn 5 points per $1 spent on gas and electric vehicle charging stations, 3 points per $1 at supermarkets and restaurants, 3 points per $1 on cable, satellite and other pay television/radio/streaming services, as well as 1 point per $1 on all other purchases. Plus, the card offers 15,000 points for spending $1,500 in the first 3 months. The annual fee is a $0.
The PenFed Pathfinder is the best PenFed card for frequent travelers because it offers 3 points per $1 spent on travel (4 points per $1 for Honors Advantage Members), 1.5 points per $1 on all other purchases. Plus, you can earn an initial bonus of 50,000 points for spending $3,000 in the first 90 days. Other travel related perks include a $100 annual domestic air travel ancillary statement credit, a $100 Global Entry or $85 TSA Pre-check statement credit, and a complimentary Annual Priority Pass Select™ membership. The card comes with a $95 annual fee.
It is worth noting that all these PenFed credit cards require a credit score of 750. That means you need excellent credit for approval. If you’d like to know where you stand, you can check your credit score for free, right here on WalletHub.
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