Member Experience

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 PenFed Platinum Rewards Visa Signature® Card with an editors' rating of 4.5/5, followed by the Shell Federal Credit Union Platinum Credit Card at 4.4/5 and the PenFed Gold Visa® Card 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.

Some of the Best Secured Credit Cards

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

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 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 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.