PenFed Credit Card 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.

Yes, PenFed is a good credit card company that offers unsecured credit cards for people with good credit. PenFed credit cards come with $0 annual fees, 0% foreign transaction fees, rewards of up to 5 points / $1 spent on purchases, and introductory APRs.

Here's why PenFed is a good credit card company:

• Many credit card promotions and benefits: All PenFed credit cards come with a 0% foreign transaction fee, and almost all of them have no annual fees as well. PenFed also offers different types of credit cards: rewards, intro APRs, and low interest rates credit cards. 
• Good Better Business Bureau (BBB) rating: Although it is not BBB accredited, PenFed has a A+ rating from the Better Business Bureau.
• Wallethub Rating: The company has a rating of 3.6 / 5 across more than 3,300 reviews on Wallethub for its credit cards.
• Available for everyone: Even though PenFed is a credit union, its membership is available to everyone for free.
• Mostly good reviews: Customer reviews give PenFed credit cards mostly high marks, particularly for their rewards and competitive interest rates. Commonly cited areas of need, however, include larger initial bonuses, and a lack of cards available for customers with below-average credit. 

Ultimately, it is worth noting that on the customer service side, reviews run the gamut. Reviewers praise PenFed's military-friendly personnel, quick posting of payments, and easy access to credit limit increases and interest rate reductions. Recurring complaints include long wait times, limited website customer service options and difficulty getting issues resolved.

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 a while back.

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.

Some of the Best Secured Credit Cards in 2023

Ultimately, you can check our editors' latest picks for the best secured credit cards on the market to see which one best suits your needs.

The PenFed Honors Advantage program offers higher earning rates to eligible PenFed Power Cash Rewards Visa Signature® Card and PenFed Pathfinder® Rewards Visa Signature® Card cardholders. More specifically, PenFed Power Cash Rewards cardholders get 2% cash back on all purchases and PenFed Pathfinder cardholders get 4 points / $1 spent on travel if they are eligible for this program.

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 cardholders have their rewards supplemented to 4 points / $1 spent on travel.
• You do not need to apply for the PenFed Honors Advantage Program. If you are in military service, you will receive the PenFed Honors Advantage 2% cash back upon completion of the application.
• Once you open a PenFed checking account, your card will be automatically upgraded for the higher earning rate within one business day of opening that checking account.

Keep in mind that you must maintain your checking account in order to receive the higher earning rate through the PenFed Honors Advantage program. If you close your checking account, you will no longer be earning the supplemented rewards. 

It is also worth noting that you can only earn rewards on purchases (minus any credits or returns). Cash advances, balance transfers, and checks are not considered purchases and will not earn rewards.

The PenFed credit card approval requirements include an good (700+) 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 website.

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.