PenFed, the Pentagon Federal Credit Union, was founded in 1935. It is today the second-largest federal credit union in the United States of America.
As of June 30, 2022, the Pentagon Federal Credit Union is a federal financial institution whose assets total $36.6 billion. There are about 2.8 million members worldwide. Their website is penfed.org.
If you apply for any of PenFed’s credit cards, or if you ask for a higher credit limit on your existing card from the credit union, a hard inquiry will be generated. And this will temporarily lower your score.
According to the credit union's webpage, members from the Pentagon Federal Credit Union are charged $1.50 for each out-of-network ATM withdrawal, and $1 for each out-of-network ATM account balance inquiry.
After applying, you become a member of PenFed by simply opening a savings account and making an initial deposit of just $5.
Still not sure about getting the PenFed Platinum Rewards Visa Signature® card? Well, you can check out another card option, such as the Bank of America® Unlimited Cash Rewards card!
With this option, you can also get incredible perks, such as 1.5% cash back on all purchases and more!
So, read our post below to learn all the application details to get this card!. Their Preferred Rewards program is amazing!