PenFed Credit Cards Reviews

Yes. Anyone can join PenFed. PenFed membership is free for everyone now, but PenFed was originally created to serve U.S. military members and veterans of all branches, as well as federal employees and retirees. PenFed formerly required non-government and non-military applicants to donate to a military charity to be eligible for membership, but they no longer require this. As long as you're a U.S. citizen or permanent resident of the United States, you can join Pentagon Federal Credit Union by simply funding a savings account with at least $5.

All you have to do to apply for PenFed membership is enter your personal information – including your name, address, Social Security number or ITIN, and other info – on the membership form. Before you submit your application for membership, you'll be asked to make a deposit of at least $5 to a new PenFed savings account using a debit card or a bank transfer.

PenFed Membership Eligibility Requirements:

• Must be able to fund a savings account with at least $5
• Must be a U.S. citizen or permanent U.S. resident
• Must have a government-issued photo I.D.
• Must be at least 18 years old

All in all, it's very easy to become a PenFed Credit Union member. To fill out a membership form, visit the PenFed Credit Union website. Alternately, you can apply for membership over the phone by calling 800-247-5626.

PenFed Credit Union scores fairly well among WalletHub users with an average rating of 3.6 (out of a possible 5). PenFed credit cards get solid ratings from WalletHub's editors, too, led by the Platinum Rewards Visa with an editors' rating of 4.5 / 5, followed by the Power Cash Rewards card at 4.4 / 5 and the Gold Visa at 3.3 / 5. Pentagon Federal Credit Union enjoys an A+ rating with the Better Business Bureau, as well.

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.

The PenFed Honors Advantage program works by enabling eligible PenFed Power Cash Rewards Visa Signature® Card and PenFed Pathfinder® Rewards Visa Signature® Card cardholders to supplement their spending-based rewards. More specifically, PenFed Power Cash Rewards cardholders get 2% cash back on all purchases and PenFed Pathfinder® Rewards Visa Signature® Card cardholders get 4 points / $1 spent on travel.

Here's how the PenFed Honors Advantage program works:

• Eligibility based either on having and maintaining a PenFed Access America Checking Account or being/having been in military service (active duty, reserve, honorably discharged, or retired).
• PenFed Power Cash Rewards cardholders have their rewards supplemented to 2% cash back on all purchases.
• PenFed Pathfinder® Rewards Visa Signature® Card cardholders have their rewards supplemented to 4 points / $1 spent on travel.

Most PenFed credit cards require an excellent credit score (750+) for approval. A few are also designed for people with good credit (700-749). Please find a full list of cards on our PenFed credit card page.