PenFed is one of the largest federal credit unions in the U.S. It offers checking accounts, credit cards, personal loans, mortgages, auto loans, student loans, and a wide range of other financial products and services. Here are some useful things to know about Pentagon Federal Credit Union:
Offers member discounts for partner businesses, such as Travelers, Chubb, TurboTax, and Crutchfield
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Eligibility
Find out if you are eligible to join PenFed Credit Union.
PenFed Credit Union Reviews
The WalletHub rating is comprised of reviews from both WalletHub users and ratings on other reputable websites. The rating was last updated on 06/03/2023.
4.0
10,436 reviews
from WalletHub and across the web
10,436 reviews from WalletHub and across the web
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PenFed Credit Union
WalletHub @WalletHub
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4 Star Rating
editor's review
2023 PenFed Personal Loan Review
PenFed personal loans have very low rates compared to most other personal loans, at 7.74% - 17.99%, with a $0 origination fee. Borrowers can also get $500 - $50,000 in funding, and will have 12 - 60 months to pay the loan back.
You can only get a PenFed personal loan if you join Pentagon Federal Credit Union. Anyone can join for free, though, as long as they open a PenFed savings or share account with at least a $5 initial deposit.
PenFed Personal Loan Review Highlights
APRs: 7.74% - 17.99%
Loan sizes: $500 - $50,000
Payoff periods: 12 - 60 months
Credit score requirement: 650
Other requirements: 18+ years old, U.S. citizen or permanent resident, SSN or ITIN
Origination fee: $0
Late fee: $20 - $25
Reputation: PenFed gets a score of A+ from the Better Business Bureau and has an average user rating of 4.0 on WalletHub.
PenFed personal loans are some of the best on the market, and anyone can join PenFed to apply. The loans aren’t completely flawless, though. Below, you can see how WalletHub rates PenFed personal loans in our three major categories: Terms, Requirements & Application, and Reviews & Transparency.
PenFed Personal Loan Ratings by Category
Category
Editor’s Rating
Terms
5/5
Requirements & Application
4.8/5
Reviews & Transparency
4/5
Overall Score
14.3/15
These scores reflect how close a loan offer is to WalletHub’s definition of a 5-star loan. For more information, please read WalletHub’s full methodology.
Product: PenFed Credit Union Personal Loans
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gary_1306 @gary_1306
I applied for a personal loan online with Pen Fed on a Monday. I was pre-approved online and provided three loan choices to pick.I chose the one that fit me best and on Thursday, I was approved for the loan, signed the loan docs, with the check being sent to me within 5 business days. . It was a flawless procedure. April 8, 2021. Thank you Pen -Fed.
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PenFed Credit Union @PenFed
@gary_1306 Glad to hear it, Gary! Thank you for choosing PenFed!
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PenFed Credit Union
wardaruga187 @wardaruga187
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1 Star Rating
Verified Customer
Don't try this people, i repeat don't try refinance your car with this people. They will completely destroy you, they will make you miserable. DON'T TRY THIS PENFED CREDIT UNION for your own good. They will not send you no documents, nothing! They will destroy you. Stay away! I had my car for 4 years now and because of the malcommunication, they put a delinquent for the first time in my life in my credit report after i have continually paying, yesterday i found out they changed my payment because they putted an insurance on me and changed my monthly payment. I hate this company. Not talking about the customer service lady who will not even let you speak.i trully regret that i refinanced my car with them. I am full of regrets since i started dealing with this people.
This card has been a great help. It will help me to increase my credit score, and even recommend it to some of my friends. looking for my scores to increase some
On April 19th, 2023, I applied for a credit card with PenFed and I was approved. I completed the additional paper work needed along with making a deposit to meet all the requirements. Today is May 22nd, 2023 and I have NOT received my credit card. After numerous calls on: April 28th May 3rd May 10th May 19th May 22nd PenFed can't seem to get me a credit card. This has been the WORST 1st time experience with a credit union. At this point, I can NOT recommend doing business with this credit union. This is not a good way to start a banking relationship. I think I will need to take my business elsewhere at this point. Again, I can NOT recommend doing business with PenFed.
A forever credit card with high CL depending on income and credit score plus relationship with the credit union. They pull from Equifax for all their products. My Car loan refinance is through them, and my future 2nd home mortgage will also be through them. Bravo Zulu PenFed.
Trash. They make the payments cheap but you will pay for it in time, idiocy, and lack of communication. I have never had to work so hard to give a company money. Every step, all communication, and the entire process has been kindergarten. If I ran my business this poorly I would not have one.
Very good card to have in your wallet. I applied, received a $15,000 credit limit! What’s good about this card is that you can take out You’re a full credit line in cash. I don’t recommend it but it is good to know that you have cash available if needed in an emergency. Probably one of the best cards I carry.
Were you a customer for a certain time frame first? And what did your score have to be to get approved
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PenFed Credit Union
johnboytyler905 @johnboytyler905
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5 Star Rating
Verified Customer
I love the PenFed Gold card. Amazing company, I was approved the same day I applied, and was given a generous credit line. I appreciate that the card is under 18 percent apr, they offer 15 months 0 apr on BTs as well as the 15 month 0 April on charges. Have been associated with PenFed several years now, but mostly appreciate the excellent customer service I am given, Every time. Thank you PenFed, keep up the great work. John T
Although the vehicle was totalled and the Gap Company has stalled giving me many different excuses to not pay the remaining balance. Penfed has never stopped calling wanting me to pay for a vehicle I don't have.
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.
Unfortunately, PenFed doesn't offer any business credit cards at the moment. PenFed credit cards are consumer cards that typically come with low annual fees, 0% foreign transaction fees and attractive rewards.
Having said that, there are several good business credit cards available on the market to choose from. The best among them offer big initial rewards bonuses, generous ongoing rewards, 0% introductory APRs, or $0 fees.
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.
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.
