- Choose from 4 credit cards
- Low APR for balance transfers
- Apply online and get a decision instantly
- Requires good to excellent credit score
- Must open a savings account to become a PenFed member
PenFed at a Glance
|Fees||Varies by card|
|Rewards||Yes, varies by card|
|Minimum Credit Score||660|
|APR||Varies by card, up to 17.99%|
|Suitable For||Rewards with no intro APR|
PenFed is a credit union established in 1935 to serve members of the military. Today, anyone can join PenFed by opening a savings account. The credit union has more than 2 million members and manages more than $25 billion in assets. It offers banking, loans, mortgages, and 4 Visa credit cards. PenFed is Insured by NCUA and is an Equal Housing Lender.
PenFed is suitable for a wide variety of people. The promotional APR for balance transfers on all credit cards is a major plus for anyone looking to transfer their balance from another card. In addition, 3 PenFed credit cards offer rewards programs. Three of the cards come with bonuses if you spend at least $1,500 in your first 90 days.
PenFed Power Cash®
The PenFed Power Cash Rewards Visa Signature® offers a $100 bonus statement credit when you spend at least $1,500 in the first 90 days. All cardholders receive 1.5% cash back on purchases, and PenFed Honors Advantage members receive 2% cash back. To become an Honors Advantage member, you must be an active member of the military or have an active PenFed checking account.
The PenFed Pathfinder® Rewards Visa Signature® is PenFed’s most generous rewards card and is most suitable for travelers. You get 50,000 bonus points when you spend $3,000 in your first 90 days, and the card offers 3 points on travel spending (4 points for Honors Advantage members). All other purchases earn 1.5 points. The card carries an annual fee of $95, but this is waived for Honors Advantage members.
The PenFed Platinum Rewards Visa Signature® offers extra points on gas purchases at the pump and supermarket purchases. You get 5 points for gas purchases at the pump and electric vehicle charging stations; 3 points for supermarket purchases, restaurants/dining, and cable, satellite and other television/radio/streaming services; and 1 point for all other purchases. The card also comes with a New Acquisition Bonus: 15,000 points after $1,500 spend during first 3 months of card open date.
The PenFed Gold Visa® is a simple credit card that doesn’t offer a rewards program. The main advantage is that the interest rate for purchases on your balance can be as low as 7.49%. You can qualify for a $100 statement credit when you spend $1,500 in your first 90 days.
Interest Rate (APR)
1.5% cash back
(2% for Honors Advantage members)
$100 when you spend $1,500 in your first 90 days
3x points on travel
(4x for Honors Advantage members)
1.5x points on all other purchases
50,000 points when you spend $3,000 in your first 90 days
5x points on gas purchases at the pump
3x points supermarket and other purchases*
1x points on all other purchases
$100 when you spend $1,500 in your first 3 months
Gas and groceries rewards
$100 when you spend $1,500 in your first 90 days
Low interest rate
*see full PenFed Platinum rewards details detailed in the paragraph above.
The Application Process
You can apply for a PenFed credit card online. To get your credit card, you will need to become a PenFed member by opening a savings account with a minimum deposit of $5, but you can apply and find out if you will be approved without becoming a member. Enter information about yourself, your employment, and your income. You can also add authorized users to your account, and they will receive their own credit cards. PenFed will verify your identity and run a soft credit check, which doesn’t impact your credit score.
Help & Support
PenFed offers customer support by phone, live chat, and through a secure online messaging system. The PenFed website also has detailed help pages that explain how to apply and manage your credit card account.
Your PenFed credit card is secured with an EMV chip, and you can report your credit card as lost or stolen at any time. PenFed credit cards are also backed by Visa’s Zero Liability Policy*: PenFed's guarantee that you won't be held responsible for unauthorized charges made with your account or account information. You're protected if your Visa credit or debit card is lost, stolen or fraudulently used, online or offline.
Do PenFed credit cards work with Apple Pay?
Yes, PenFed Visa cards are compatible with Apple Pay, Samsung Pay, and Google Pay.
How do I redeem points from my PenFed credit card?
You can redeem points earned with your PenFed credit card through Visa’s online points center.
How do I become a PenFed member?
Anyone can become a PenFed member by opening a savings account and depositing at least $5.
PenFed offers 4 Visa cards that suit a wide variety of needs. Three of the cards offer rewards for different spending categories, while the fourth comes with an interest rate as low as 7.49% APR. All 4 cards come with a low APR balance transfer promotional offer. You can apply for a PenFed credit card online and get a decision right away.
This review was completed using information from the PenFed website and support documentation.