Does PenFed have a secured credit card?

This question is about PenFed Credit Card Reviews

Maria Adams, Credit Cards Moderator

@m_adams • 03/18/21 This answer was first published on 03/13/21 and it was last updated on 03/18/21.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, PenFed doesn’t have any secured credit cards. Pentagon Federal Credit Union has offered secured credit cards in the past, but they stopped taking new secured card applications in 2019.

PenFed only offers unsecured credit cards for members with above-average credit. There’s no security deposit required, but potential customers with credit scores below 700 may find it difficult to get approved.

Although PenFed does not have a secured credit card, there are plenty of good alternatives. Navy Federal Credit Union, for example, offers the Navy Federal Credit Union nRewards® Secured Credit Card for members with bad or no credit. It gives 1 point per $1 spent and comes with a $0 annual fee. A fully-refundable deposit of at least $200 is required. Other good secured credit cards include the Bank of America® Customized Cash Rewards Secured Credit Card and the Discover it® Secured Credit Card.

People also ask

What are the usual Penfed credit card approval requirements?

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 answer website.

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.

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What is the best PenFed credit card?

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 bonus statement credit for spending $1,500 within the first 3 months the account is open. The card also comes with a $0 annual fee and an intro 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 introductory interest rate of 7.49% - 17.99% (V) on balance transfers. Both the Platinum Rewards and Gold Visa cards have the same $100 statement bonus offer as the Power Cash Rewards card.

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