Are PenFed credit cards right for you?
The Pentagon Federal Credit Union (PenFed) is one of the largest credit unions in the U.S.—serving over 2 million customers with a variety of financial products, including credit cards.
Depending on your spending habits and financial goals, you may be interested in one of the following PenFed credit cards:
PenFed Power Cash Rewards Visa Signature® Card
The PenFed Power Cash Rewards Visa Signature® Card is a straightforward money-saving option. It has no annual fee and offers up to 2% cashback on purchases for PenFed Honors Advantage members and 1.5% cashback for everyone else.
An attractive feature of this card is its flat-rate reward system which eliminates the need to monitor tiered reward rates. With the PenFed Power Cash Rewards Visa Signature® Card, you accumulate cashback rewards effortlessly every time you make a purchase - whatever that purchase is.
Your PenFed rewards can be deposited into your PenFed bank account, transferred to another financial institution, or be used toward your credit card bill.
- No foreign transaction fees
- Complimentary concierge service to assist with travel, dining, and entertainment requests
- 0% introductory APR on balance transfers for 12 months
- Spend $1,500 in the first 90 days and earn a $100 statement credit
- Earn a $100 statement credit when you spend $15,000
PenFed membership is a prerequisite to be eligible for this credit card. You will need to fill out an application and initiate a $5 deposit into a PenFed savings account to establish your membership.
PenFed Pathfinder® Rewards Visa Signature® Card
The PenFed Pathfinder® Rewards Visa Signature® Card is worthwhile if you travel frequently and want to earn rewards for airfare, car rentals, hotel stays, and more.
You’re awarded three points for every dollar spent on travel and one and a half points for each dollar spent on other purchases. And if you’re a PenFed Honors Advantage member, you’ll receive even more – four points for every dollar spent on travel.
Even though the card has a $95 annual fee, you can bypass it if you’re a military member or have a PenFed Access America checking account.
- No foreign transaction fees
- 50,000 bonus points when you spend $3000 in the first 90 days
- $100 annual domestic travel statement credit
- Global Entry / TSA precheck credit
- Priority pass airport lounge access for $32 per visit
- 0% APR for 12 months on balance transfers made in the first 90 days.
This card is not just for military members - anyone can apply if they have an Access America checking account with PenFed.
Platinum Rewards Visa Signature® Card
Do you want a credit card that rewards you for your gas and grocery spending? If so, the PenFed Platinum Rewards Visa Signature® Card is an excellent option.
Earn an impressive five points per dollar on gas, three points per dollar on groceries, and one point per dollar on all other purchases. Plus, enjoy an unlimited 1.5% cashback rate on all your purchases.
With this card, you can redeem your earned cash back as a statement credit or by depositing it into a qualifying PenFed bank account.
- No annual or foreign transaction fees
- 15,000 bonus points when you spend $1,500 in the first 90 days
- 2% cashback for PenFed Honors Advantage members
- 0% APR on balance transfers for 12 months after opening your account
- Automatic enrollment into the PenFed’s Premium Rewards Program
Military service is not a requirement. You just need an Access America account with PenFed.
PenFed Gold Visa® Card
If your priority is to reduce credit card expenses, look no further than the PenFed Gold Visa® Card. This card is PenFed’s most competitive APR without any annual fees.
Although it doesn’t offer rewards for spending, the PenFed Gold Visa® Card comes with a generous 15-month introductory APR period, extending the window for interest-free purchases.
Ease of use and affordability make it ideal for small spenders or first-time credit card users. It’s also a sound backup credit card, especially if you don’t have an emergency fund.
- No annual, cash advance, or foreign transaction fee
- Low 3% balance transfer fee
- $100 statement credit when you spend $1,500 within 90 days
- Lower APR than other creditors
Like the other PenFed credit cards, you must be a PenFed credit union member, which requires opening a minimum $5 savings account.
How to become a PenFed Advantage Honors member
Some of PenFed’s credit card options offer greater rewards, such as 2% cashback, for PenFed Advantage Honors Members.
There are two ways to access this premium membership:
Checking account: Open and maintain a PenFed checking account.
Military service: Be on active duty, a reserve, honorably discharged, or retired.
Additionally, you have to be the primary owner of both the credit card and checking account and maintain a minimum $500 daily balance or set up monthly direct deposits of $500 or more.
Alternative credit cards to PenFed
If you’re not a member of PenFed or looking for a different card with similar rewards, there are a few other alternatives available.
Titanium Rewards Visa® Signature Card
Issued by Andrews Federal Credit Union, this card offers those with less-than-ideal credit scores the opportunity to secure a credit card with a reduced fee structure that eliminates balance transfer and cash advance fees.
U.S. Bank Cash+® Visa Signature Card
Get 5% cash back on advance payments for air travel, accommodation, and rental vehicles. Other perks include 2% cash back on everyday purchases such as fuel, groceries, and dining.
Capital One Venture Rewards Credit Card
With the Capital One Venture Rewards Credit Card, you earn five miles per dollar spent on car rentals and hotels when booked through Capital One Travel, as well as unrestricted two miles per dollar on all other purchases.
How to choose the right credit card
PenFed and other institutions have various credit cards to suit different needs, but before deciding, think about your goals and everyday expenses.
Do you want to earn rewards for travel or build a credit history? Once you are clear about these things, you can select the right credit card designed to help you achieve them.