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 usual 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 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 … read full answerwebsite.
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 or rent payment and employment status will also be taken into account.
PenFed is currently sending potential customers pre-approval offers for the Power Cash Rewards card. The card gives a $100 statement credit after spending $1,500 within 3 months of opening an account, 1.5% cash back on all purchases and a $0 annual fee. There’s also an introductory APR of 0% for 12 months on balance transfers and a low regular APR upon approval. The targeted mail or e-mail offer is geared toward new PenFed members and non-members who PenFed thinks would likely meet the card’s requirements for approval.… read full answer
To respond to a PenFed credit card pre-approval offer, visit the PenFed pre-approved page or call 1 (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. Membership requirements and an application are available on the PenFed membership website.
The best PenFed credit card is the PenFed Power Cash Rewards card. 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 and a promo balance transfer APR of 0% for 12 months. Plus, members who meet certain military service and/or checking account requirements qualify for PenFed Honors membership and will earn 2% cash back on all purchases instead of the standard 1.5%.… read full answer
For higher earnings on everyday purchases, the best PenFed card is the Platinum Rewards card. You’ll earn 5 points per $1 spent on gas purchases, 3 at grocery stores and 1 on all other purchases. Or, the Gold Visa is PenFed’s best low-interest card. The regular APR is 7.49% - 17.99% (V), and that’s after the card’s promotional interest rate of 0% for 15 months on balance transfers.
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