PenFed Credit Card Review [2024] Pros and Cons

I’ve been receiving their love letters for years. 

But I had never really investigated PenFed’s offers that they’ve stuffed into my mailbox. Now, I’ll dig deep for this PenFed credit card review.

Actually, PenFed has many different credit cards. I really like that they’re a not-for-profit credit union, because it allows PenFed to offer lower credit card interest rates. 

PenFed has a terrific credit card for gas purchases called the PenFed Platinum®. PenFed has a solid cash-back card called PenFed Power Cash Rewards Visa Signature®. The PenFed Gold Visa®, currently has an introductory offer, which makes it a good choice for moving debt from high-interest credit cards to their card.

Here’s my in-depth PenFed Credit Card Review. 

PenFed Power Cash Rewards Visa Signature® Card Review 

Best For: Cash Back

Annual Fee: $0

APR: 0% introductory balance transfer APR for 12 months on balance transfers made in the first 90 days after account opening. After that, the APR for the unpaid balance and any new balance transfers will be a non-variable rate of 17.99%. A 3% balance transfer fee applies to each transfer. This transaction is subject to credit approval. If you take advantage of this balance transfer, you will immediately be charged interest on all purchases made with your credit card unless you pay the entire account balance, including balance transfers, in full each month by the payment due date.

Rewards: 1.5% Cash Back on all purchases made with your card

Or earn 2% Cash Back on all purchases for PenFed Honors Advantage Members. You can become a PenFed Honors Advantage Member by having a PenFed checking Account. Or you can qualify for the 2% cash back for your military service, such as being active duty, reserve, honorably discharged, or retired.

Introductory Offer: $100 statement credit after spending $1,500 in purchase transactions within the first 90 days of account opening.

Here are the pros and cons for this PenFed Credit Card Review of their Power Cash card.

Pros	Cons
No annual fee	You can’t go wrong with this card, but there are cards that offer a higher introductory offer than $100
No foreign transaction fees when you use this card in other countries (Many other cards charge around 3%!)
It’s a Visa card, so it’s accepted nearly everywhere
You can get your cash back as a statement credit or to a checking or savings account, and redeem for any dollar amount
0% introductory APR for 12 months on balance transfers made in the first 90 days after account opening – very helpful for consolidating debt

PenFed Platinum Rewards Visa Signature® Card Review 

Best For: Gas Purchases

Annual Fee: $0

APR: Purchase variable rate as low as 17.99% APR 

Rewards: 

• 5x points for gas purchases at the pump and electric vehicle charging stations

• 3x points for supermarket purchases, restaurants/dining, and cable, satellite, and other television/radio/streaming services

• 1x point on all other purchases

Introductory Offer: 15,000 points after you spend $1,500 during the first 3 months of the card open date.

You can trade in your points for travel, gift cards, and merchandise. This is not a cash back card.

Got gift cards you don’t want? Learn how to get instant cash for gift cards.

Here are the pluses and minuses for this PenFed Credit Card Review of their Platinum card.

Pros	Cons
No annual fee	Best for people who intend to use the points for travel. Otherwise, you might look for a cash-back card instead
No foreign transaction fees when you use this card in other countries (Many other cards charge around 3%!)
It’s a Visa card, so it’s accepted nearly everywhere
This card is especially terrific for folks who want 5X points on gas purchases to then turn into travel rewards
3X points on supermarket purchases, restaurants, plus TV, cable, radio, and streaming services, make this card very versatile
0% introductory APR for 12 months on balance transfers made in the first 90 days after account opening – very helpful for consolidating debt. After that, the APR for the unpaid balance and any new balance transfers will be a non-variable rate of 17.99%. A 3% balance transfer fee applies to each transfer. This transaction is subject to credit approval. If you take advantage of this balance transfer, you will immediately be charged interest on all purchases made with your credit card unless you pay the entire account balance, including balance transfers, in full each month by the payment due date.

PenFed Gold Visa® Card Review 

Best For: 0% APR Balance Transfers and Purchases

Annual Fee: $0

APR: 0% introductory balance transfer APR for 15 months on balance transfers made in the first 90 days after account opening.

Rewards: None.

Introductory Offer:
• 0% Introductory APR on purchases made within the first 15 months after account opening.

After that, the APR for the unpaid purchase balance and any new purchases will be 17.99% based on your creditworthiness which includes an evaluation of your credit history and length of PenFed membership and will vary with the market based on the Prime Rate.

 

• 0% introductory APR for 15 months on balance transfers made in the first 90 days after account opening. After that, the APR for the unpaid balance and any new balance transfers will be a non-variable rate of 17.99%. A 3% balance transfer fee applies to each transfer. This transaction is subject to credit approval. If you take advantage of this balance transfer, you will immediately be charged interest on all purchases made with your credit card unless you pay the entire account balance, including balance transfers, in full each month by the payment due date.

Here are the advantages and disadvantages of this PenFed Credit Card Review of their Gold card.

Pros	Cons
0% APR on purchases and balance transfers made in the first 15 months after opening your account.	The PenFed Gold Visa shines for people who want to consolidate debt from their existing high-interest cards But this card offers no rewards for ongoing spending
No annual fee	No sign-up bonus
No foreign transaction fees when you use this card in other countries (Many other cards charge around 3%!)
It’s a Visa card, so it’s accepted nearly everywhere

Are PenFed Credit Cards Legit? 

Yes, PenFed credit cards are legit. 

PenFed was founded in 1935. PenFed has over $35 billion in assets and is one of the nation’s largest federal credit unions. PenFed Credit Union has over 2.8 million members. 

PenFed Credit Union rates as “Excellent” on TrustPilot with over 1,300 reviews. 

PenFed partners with Visa to offer credit cards. 

PenFed is not a bank; it’s a credit union. This means PenFed is not for profit. This allows PenFed to offer lower interest rates than banks.

Are PenFed Credit Cards Worth It? 

Yes, PenFed credit cards are worth it. But as with any credit card, be careful to pay on-time each month to avoid going into debt. 

The PenFed Power Cash Rewards Visa is best for people who want cash back. 

The PenFed Platinum Rewards Visa is best for people who want travel rewards. 

PenFed Credit Card Reviews 

Trustpilot has compiled over 1,300 reviews for PenFed Credit Union. PenFed received an excellent overall rating. 

In my research, I’ve found the vast majority of PenFed credit card reviews on reputable websites to be positive. 

For instance, Nerdwallet says, “That’s among the very best rewards rates on gas you’ll find anywhere” about the PenFed Platinum credit card.

UpgradedPoints includes PenFed credit cards on their list of best credit cards for people in or retired from the military.

Investopedia calls the PenFed Power Cash Card’s benefits “Outstanding.” 

PenFed Credit Card Reviews Reddit 

Reddit users typically like PenFed credit cards. Here are a couple of example PenFed credit cards reviews on Reddit:

Commonly Asked Questions About PenFed Credit Cards 

What are Alternatives to PenFed Credit Cards? 

Alternatives to PenFed credit cards include PenFed personal loans as well as credit cards from other issuers such as American Express, Bank of America, Chase, Citi, Discover, US Bank, and others.

And to learn which budgeting app could best help you manage your finances and boost your savings, check out these comparisons of Rocket Money vs the competition:

• Rocket Money vs YNAB
• Rocket Money vs Simplifi
• Rocket Money vs Copilot

Then use a net worth tracker to see how your new financial strategies are paying off. 

PenFed Credit Card Pre Approval? 

People who get a PenFed credit card pre-approval in the mail or by email are likely to meet the credit card’s requirement to get approved. A pre-approval does not guarantee you’ll get the credit card. If you’re not a PenFed credit union member, PenFed will create a membership for you once you’re approved for the credit card. 

PenFed Credit Card Score Needed? 

You typically need a credit score of 700 or above to get approved for a PenFed credit card, such as the PenFed Platinum, PenFed Power, or PenFed Gold. You may get approved with a lower but “good” credit score, such as 670, but PenFed makes the final decision.

If you need help fixing your credit, check out our comparison of Credit Saint vs Lexington Law, or see if working with the best tradeline companies could be the right credit repair solution for you. 

PenFed Credit Card Requirements? 

PenFed credit card requirements are 

• Good credit (usually a credit score of 700 or higher), 
• Proof of a steady income, 
• Being a U.S. citizen or permanent resident, and
• Being at least 18 years old. 

What is the Easiest PenFed Card to Get? 

All PenFed credit cards require at least “good” credit. This means your credit score is at least 670, but 700 or higher is ideal. The easiest PenFed card to get is likely the PenFed Gold credit card because it’s for people who want to consolidate debt from high-interest credit cards to their PenFed credit card that has a 0% balance transfer APR introductory rate. 0% introductory APR for 12 months on balance transfers made in the first 90 days after account opening. After that, the APR for the unpaid balance and any new balance transfers will be a non-variable rate of 17.99%. A 3% balance transfer fee applies to each transfer. This transaction is subject to credit approval. If you take advantage of this balance transfer, you will immediately be charged interest on all purchases made with your credit card unless you pay the entire account balance, including balance transfers, in full each month by the payment due date.

What is the PenFed Credit Limit? 

The minimum credit limit on any particular PenFed credit card is $3,500, and the maximum is $25,000, according to reports online from customers. The PenFed credit limit across all your credit cards with them is usually $50,000, according to customer reports. PenFed makes the final decision on what credit limit to give you.

Is PenFed Credit Card a Soft Pull? 

No, a PenFed credit card is not a soft pull. A PenFed credit card requires a hard pull, just like all credit card applications. You may see a 5-point dip in your credit score, but this is only temporary. 

PenFed Business Credit Card? 

There is no PenFed business credit card at this time. However, you are allowed to use a personal credit card for business purposes. For instance, if your business requires you to purchase a lot of gas, it could make sense to use the PenFed Platinum Rewards Visa, which rewards you 5X points on gas purchases.

PenFed Credit Card Approval Odds? 

Applicants with a credit score of 700 or higher and a steady income have the best PenFed credit card approval odds. If your credit score is at least 670, you may also get approved. Applying with a credit score under 670 makes your approval odds much lower for PenFed credit cards.

What Credit Bureau Does PenFed Use?

PenFed Credit Union pulls Equifax credit data. 

What is the Best PenFed Credit Card? 

The best PenFed credit card depends on your goals. In my PenFed Credit Card Review, I’ve found that the best PenFed credit card for cash back is the PenFed Power Cash Rewards Visa. 

The best PenFed credit card for travel rewards and folks who spend a lot at gas stations is the PenFed Platinum Rewards Visa. 

The best PenFed credit card for people who want a balance transfer card is the PenFed Gold Visa.