PenFed Credit Union

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.

There is no PenFed secured credit card. 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 nRewards Secured 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 Wells Fargo Secured, Bank of America Cash Rewards Secured, and Discover it Secured.

The PenFed Honors Advantage program enables you to earn 2% cash back on all purchases.

In other words, you receive the 1.5% cash back the PenFed Power Cash Rewards Visa offers, plus an additional .50%.

To be eligible to participate in the Honors Advantage program, you must qualify through either one of the following:

• Have and maintain a PenFed Access America Checking Account.
• Be/have been in the military service (active duty, reserve, honorably discharged, or retired).
  

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.