Even though you’ve probably seen hundreds of commercials for Discover, Citibank, Chase, Capital One, Bank of America and American Express, the best credit card issuer continues to be Pentagon Federal Credit Union, and their line of six — only six — credit cards, three of which we list below. PenFed is a credit union designed to focus on members of the military, but anyone can apply and be approved. The only requirement is that you be a member of the credit union, which can be obtained in a variety of ways, explained below.
Here is a quick review of two of the credit cards currently offered by PenFed.
PenFed Premium Travel Rewards American Express® Card. A top-notch travel rewards credit card, the PenFed Premium Travel Rewards American Express® Card is worth a look. Like all other PenFed credit cards, the PenFed Premium Travel Rewards American Express® Card carries no annual fee.
• 0% APR promo balance transfer rate for 12 months. After that, the APR for the unpaid balance and any new balance transfers will be 10.24% to 17.99%. APR will vary with the market based on prime rate. (Subject to credit approval.)
• Rate and offers current as of February 1, 2016, and subject to change.
• Earn 5 points on airfare purchases.
• Earn 1 point on all other purchases.
• 20,000 bonus points when you spend $2,500 within the first 3 months of opening the Card account.
• No annual fee and no foreign transaction fees.
• Federally insured by NCUA.
PenFed Promise VISA Card. For those not interested in rewards and more concerned about finding a low interest rate, the PenFed Promise VISA Card carries one of the lowest interest rates available today for those with excellent credit.
• 4.99% APR promo balance transfer rate for 12 months. After that, the APR for the unpaid balance and any new balance transfers will be 10.24% to 17.99%. APR will vary with the market based on prime rate. (Subject to credit approval.) $100 bonus after spending $1,500 in purchase transactions within 3 months of account opening.
• Rate and offers are current as of February 1, 2016, and are subject to change.
• Absolutely no fees.
• No annual fee.
• No late fee.
• No cash advance fee.
• Federally insured by NCUA.
• Rates as low as 10.24% APR.
PenFed is a credit union and, in order to be considered for approval for these cards, you must be a member of the Pentagon Federal Credit Union (PenFed). It is important to note being a member of PenFed does not guarantee approval for a credit card, you must also meet the credit standards set forth by PenFed. Becoming a member is simple, and can be accomplished by meeting one of the following criteria:
- Members of the United States Military or Uniformed Services.
- Employed by the US government.
- Members of an eligible military association.
- Family members of someone in the United States military.
- Employees or volunteers of the American Red Cross.
- Employees of a qualifying organization.
- Residents of a military base.
- One-time donation of $15 to Voices for America’s Troops.
- One-time donation of $20 to the National Military Family Association.
Although the Pentagon Federal Credit Union is designed for military members and employees of the U.S. government, it’s quite simple for anyone to join. The one-time donations are likely the easiest gateway for most people who aren’t eligible through the other requirements.
Updated February 1, 2016 and originally published April 1, 2011. If you enjoyed this article, subscribe to the RSS feed or receive daily emails. Follow @ConsumerismComm on Twitter and visit our Facebook page for more updates.