PenFed Credit Card Reviews

A credit score of 750+ is needed for the PenFed Platinum Rewards. This means that you need excellent credit to get this card.

Please note that your credit score isn't the only thing the issuer will take into account while considering your application. Various other factors like your credit history, income and any debts you might have will also determine the outcome.

If you'd like to see where your credit stands, and thus get a rough sense for your odds of approval, you can check your credit score for free on WalletHub. You'll get daily updates to your score and full credit report as well as 24/7 credit monitoring.

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%.

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.

You can get a PenFed Platinum Rewards cash advance at any ATM, provided that you've obtained a PIN from Pentagon Federal Credit Union. To get your PIN, you can call customer service at 800-581-7786.

Just remember that cash advances are very expensive, as interest will immediately begin accruing at a high rate.

You can learn more from our article on cash advances here.