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Earn big rewards with some of the best rewards cards available.
PenFed Credit Union is a federal financial institution that has over 1.5 million members and roots in serving US military personnel. You’ll find the same bells and whistles you’ve come to expect from bigger providers, including rewards, promo APRs and no-annual-fee cards.
Best card for travel rewards: PenFed Pathfinder Rewards American Express® Card
PenFed Pathfinder Rewards American Express® Card
0% APR promo balance transfer rate for 12 months with 3% balance transfer fee now through March 31, 2019. After that, the APR for the unpaid balance and any new balance transfers will be 12.74% to 17.99% variable
Earn 25,000 bonus points by spending $2,500 in the first 90 days of account opening
Earn 4x Points on travel purchases through the PenFed Honors Advantage program.
Earn 3x points on travel purchases for all other card holders.
Earn 1.5x points on all other purchases unrelated to travel.
$100 annual air travel credit
$100 Global Entry or $85 TSA PreCheck benefit every 5 years
The PenFed Pathfinder Rewards American Express® Card holds up well against other travel cards. You’ll earn 4x points on travel as a PenFed Honors Advantage member and 1.5x points on all other spending. These are excellent rewards, especially considering the card comes with no annual fee.
Rewards: Best for travel. Earn 3x points on travel purchases and 1.5x points on all other purchases. If you’re a PenFed Honors Advantage member, you’re bumped up to 4x points on travel. You can qualify by opening a PenFed Access America checking account or by being a member of military services. Overall, these are stronger rewards than you’ll find with well-known products like the Bank of America® Travel Rewards Credit Card.
Signup bonus: 25,000 points. Spend $2,500 on purchases within the first three months your account is open to earn your signup bonus. Using the industry rate of 1 point for 1 cent, this bonus is worth $250. And it beats the bonuses you’ll find with the Bank of America® Travel Rewards Credit Card and VentureOne® from Capital One®.
Promo APR: 0% on balance transfers for 12 months. This is a solid promo APR on balance transfers. After the promo period expires, your balance transfer APR reverts to 11.24% to 17.99% variable. Transfers balances before December 31, 2018, to qualify.
$100 annual air travel credit. Use the credit toward incidental charges like baggage fees, lounge passes and in-flight refreshments.
$100 TSA application credit. Every five years, you’re eligible for a statement credit equal to your Global Entry or TSA PreCheck application fee.
Penalty APR. If your minimum payment is late for more than 60 days, PenFed may apply a 17.99% variable penalty APR.
Balance transfer fees. The promo APR on eligible balance transfers is great, but you’ll pay a 3% fee on each transaction.
Best for flat cash back: PenFed Power Cash Rewards Visa Signature® Card
PenFed Power Cash Rewards Visa Signature® Card
0% APR promo balance transfer rate for 12 months with 3% balance transfer fee now through March 31, 2019. After that, the APR for the unpaid balance and any new balance transfers will be 11.74% to 17.99%
$100 bonus after spending $1,500 in purchase transactions within the first 90 days of account opening
1.5% unlimited cash back on all purchases
Flexible cash redemption options
No caps, limits or category restrictions on rewards
Earn up to 2% cash back through the PenFed Honors Advantage program
The standout feature of the PenFed Power Cash Rewards Visa Signature® Card is its cashback potential. At a minimum, you’ll earn 1.5% cash back on all purchases. If you sign up for PenFed’s Access America checking account, or are a member of military services, you’re entitled to 2% cash back through the Honors Advantage program. That’s a superb rate for flat rewards.
Rewards: 1.5% cash back on all purchases. A simple — and solid — rewards rate that doesn’t require keeping track of categories. PenFed Honors Advantage members get 2% cash back on purchases. To qualify, just open a Access America Checking account. You can also qualify as a military services member.
Promo APR: 0% on balance transfers for 12 months. This is a solid promo APR on balance transfers. After the promo expires, your APR reverts to a variable 11.24% to 17.99%. You must transfer balances before December 31, 2018, to qualify.
Signup bonus: $100 statement credit after you spend $1,500 on purchases in the first 90 days. It’s not as strong as the bonuses you’ll find with other cards, but it’s a nice sweetener for a card with no annual fee.
Penalty APR. If your minimum payment is late for more than 60 days, PenFed may raise all of your APRs to 17.99% variable.
Balance transfer fees. You’ll receive a promo APR on eligible balance transfers, but you’ll pay a 3% fee on each transaction.
Best for gas and grocery rewards: PenFed Platinum Rewards Visa Signature® Card
PenFed Platinum Rewards Visa Signature® Card
0% APR promo balance transfer rate for 12 months now through March 31, 2019. After that, the APR for the unpaid balance and any new balance transfers will be 11.74% to 17.99%
$100 bonus after spending $1,500 in purchase transactions within the first 90 days of account opening
Look into the PenFed Platinum Rewards Visa Signature® Card if you spend big on gas and groceries. The stellar 5x points on gas makes this product a top choice for fuel rewards. Best of all, there’s no cap on the rewards you can earn.
Rewards: Best for gas and groceries. Earn an unlimited 5x points on gas and 3x on groceries — surprisingly good rewards that make the card a contender with some of the top players on the market. On all other purchases, you’ll earn 1x points.
Signup bonus: $100 statement credit after you spend $1,500 on purchases in the first 90 days. It’s not as high a bonuses as other cards offer, but it’s a nice sweetener for a card with no annual fee.
Promo APR: 0% on balance transfers for 12 months. This is a solid promo APR on balance transfers. After the promo period expires, your APR reverts to 11.24% to 17.99% variable. Transfer your balances before December 31, 2018, to qualify.
Penalty APR. If your minimum payment is late for more than 60 days, PenFed could apply a 17.99% variable penalty APR.
Balance transfer fees. You’ll receive a promo APR on eligible balance transfers, but you’ll pay fees equal to 3% of each transaction.
Best for low APR: PenFed Gold Visa® Card
PenFed Gold Visa® Card
0% APR promo balance transfer rate for 12 months now through March 31, 2019. After that, the APR for the unpaid balance and any new balance transfers will be 8.99% to 17.99%.
$100 bonus after spending $1,500 in purchase transactions within the first
If you have strong credit and tend to carry balances from month to month, the PenFed Gold Visa® Card might be for you. You may qualify for an APR as low as 8.99% variable — a good rate that’s significantly lower than the average credit card APR.
APR starting at 8.99% variable. Depending on your credit, you may qualify for a normal purchase, balance transfer and cash advance APR that’s as low as 8.99% variable. This is a relatively low rate, considering the average credit card APR is around 16%.
Signup bonus: $100 statement credit after you spend $1,500 on purchases in the first 90 days. It’s not as strong as the bonuses you’ll find with other cards, but it’s a nice sweetener for a card with no annual fee.
Promo APR: 0% on balance transfers for 12 months. This is a solid promo APR on balance transfers, reverting to 11.24% to 17.99% variable after the promo expires. You must transfer balances before December 31, 2018, to qualify.
Penalty APR. If your minimum payment is late for more than 60 days, PenFed may raise your APR to 17.99% variable.
Balance transfer fees. You’ll receive a promo APR on eligible balance transfers, but you’ll pay fees: 3% of each transaction.
Best for no fees: PenFed Promise Visa® Card
PenFed Promise Visa® Card
4.99% APR promo balance transfer rate for 12 months with no balance transfer fee now through March 31, 2019. After that, the APR for the unpaid balance and any new balance transfers will be 11.74% to 17.99%
$100 bonus after spending $1,500 in purchase transactions within the first 90 days of account opening
If you’re sick of fees, the PenFed Promise Visa® Card may be a breath of fresh air. You’ll pay no fees whatsoever — that includes charges for balance transfers, foreign transactions and late payments.
No fees. Pay zero fees for balance transfers, cash advances and foreign transactions. And you won’t be assessed penalty fees for late payments, returned payments or overlimit transactions.
Signup bonus: $100 statement credit after you spend $1,500 on purchases in the first 90 days. It’s not as high as bonuses you’ll find with other cards, but it’s a nice sweetener for a no-fee card.
Promo APR: 4.99% on balance transfers for 12 months. It’s not 0% APR, but it’s a low rate supported by no balance transfer fees. After the promo APR expires, you’ll receive an ongoing APR of 11.74% to 17.99%. Transfers must be made before December 31, 2018, to qualify.
No 0% intro APR. Your balance transfers accrue interest immediately.
PenFed rewards program
PenFed’s rewards cards offer either cash back or points, depending on the product you choose.
If your card offers cash back, you can redeem your rewards for a:
Statement credit to your account.
Deposit into your PenFed checking account.
Deposit into your PenFed share account.
Deposit via ACH into an account at another institution.
If your card offers points, redeem them for a variety of rewards that include:
Merchandise.
Gift cards and certificates.
Travel redemption toward hotels, car rentals, flights, vacation tours and vacation deals.
How can you redeem points?
To redeem points, log in to the PenFed Rewards Redemption Center with your account credentials. Follow the instructions specific to your card.
How much are points worth?
PenFed points are worth the industry standard, whereby 1 point generally equals 1 cent. That’s great news, especially since the credit union’s products offer strong rewards compared to the competition.
Typical card features and benefits of a PenFed card
PenFed Honors Advantage bonus. PenFed cards typically offer good rewards by default. But if you’re an Honors Advantage member, you’ll get a boost to your earnings. You can become a member if you’re part of military services, or by signing up for an Access America checking account.
Potentially low normal APR. PenFed may offer you a normal APR as low as 8.99% variable on all balances. For that rate, check out the PenFed Gold Visa® Card. Other cards give you the chance at a relatively low normal APR of around 11% or 12% variable on all balances.
Promo APR on balance transfers. Most PenFed cards come with a 0% promo APR on balance transfers for 12 months, reverting to an ongoing APR of around 11% to 17% variable.
No annual or foreign transaction fees. PenFed doesn’t charge annual or foreign transaction fees on any of its cards.
Signup bonus. Most PenFed cards offer a $100 statement credit if you spend $1,500 on purchases in the first 90 days your account is open.
How to apply for a PenFed card
Apply for a credit card through the PenFed Credit Union website. Before you apply, check that you meet the eligibility requirements and prepare the required information.
Eligibility criteria
You’re at least 18 years old.
You’re a US citizen or permanent resident.
You’re a member of the PenFed Credit Union.
Am I eligible for PenFed membership?
Pentagon Federal Credit Union welcomes as members:
Active or retired members of the United States military.
Employees or members of a PenFed-affiliated organization.
Employees of the United States government.
Relatives or housemates of someone who is eligible for membership.
Those living or working at an eligible location.
Another way to join is by becoming a member of the Voices for America’s Troops or National Military Family Association with a low one-time donation.
Information you’ll need
To complete PenFed’s application, you’ll provide information that includes:
Your name and residential address.
Your Social Security number and date of birth.
Your email address and phone number.
Financial information like your annual income and income source.
How does PenFed keep my credit card information secure?
PenFed offers many of the same security features that you’ll find with big banks. For example, it encrypts sensitive information you send online, and you’re logged out automatically if your web session idles.
The credit union offers 24/7 fraud monitoring, and you’re not liable for unauthorized charges to your account. For extra security, you can sign up for Card Security Text Alerts. If PenFed spots an unusual transaction on your card account, it texts you a message. At that time, you can validate or reject the transaction.
All PenFed cards come with EMV — Europay, Mastercard and Visa — chip technology. For the most part, this makes them more secure than magnetic-stripe cards.
Bottom line
For solid credit cards with no annual fee, consider PenFed Credit Union. If you have strong credit, you might qualify for a low interest rate on all of your balances. And if you’re hunting for rewards, you’ll find highly attractive options.
PenFed is not insured by the FDIC, but rather the National Credit Union Administration. According to PenFed’s website, NCUA is the credit-union equivalent of the FDIC.
Typically, your PenFed penalty APR applies until you make three consecutive monthly payments of at least your statement’s minimum on or before the due date.
Unfortunately, no. It’s not possible to know your APR until your application is approved. Of course, the higher your credit score, the better your chances of receiving a favorable interest rate.
A credit union is a nonprofit organization designed to serve its members, so it’s likely to offer personalized services beyond those of your typical bank. Credit unions also tend to offer competitive ongoing interest rates, lower annual fees and lower APRs.
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