To join PenFed, you'll need to be eligible, which means you can join through one of the 50+ member organizations or by meeting the credit union's membership requirements.
Eligible groups include the US military, Department of Veterans Affairs, and certain government agencies.
You can also join by being a family member of someone who is already a PenFed member.
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Eligibility Criteria
To become a PenFed member, you'll need to meet their eligibility criteria. You can join PenFed if you're a U.S. citizen or a permanent U.S. resident with a valid government-issued photo ID.
You can be an active-duty member in the U.S. Army, Navy, Marine Corps, Air Force, Coast Guard, or National Guard, or a veteran. Alternatively, you can be a member or employee of an organization related to national defense.
Senior citizens can also benefit from joining PenFed, with competitive interest rates and low fees. Students can join to start their credit-building journeys or explore other banking solutions.
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To be eligible, you can also live or work at an eligible location, or be a member of one of over 50 different associations.
Here are the specific eligibility channels:
- Current or prior servicemembers
- Government employees (Department of Defense, Homeland Security, National Oceanic and Atmospheric Administration, and U.S. Public Health Service)
- Family members of both groups
- Members of over 50 different associations
If you're not affiliated with the military, you can still join PenFed by becoming a member of an eligible advocacy association, such as the Military Officers Association of America or the Veterans of Foreign Wars.
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Joining PenFed
You can join PenFed as a civilian by opening a regular savings account or a premium online savings account and funding it with just $5.
To become a member, you can also apply for any other PenFed product, such as a money market account, a loan, or a credit card, and you'll be prompted to open and fund a savings account to establish membership.
Children under 15 years of age can join PenFed, but they need to list an adult as a joint owner when they submit their membership application.
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Membership Process
To become a PenFed member, you can start by visiting your nearest PenFed Credit Union branch. You can also complete the Membership Application online.
The first step is to visit your local branch or complete the online application. Membership Eligibility extends to various groups, including military, government, and civilian personnel. You can also check if you're eligible by visiting a PenFed Credit Union Branch.
Once you've met the eligibility requirements, you can complete the Membership Application. This can be done online or in-person at a PenFed Credit Union Branch.
To complete the application process quickly, keep the required documents close at hand. You can select a financial product you need, such as a credit card, savings account, personal loan, or mortgage, to become a PenFed member.
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Credit Card and Membership
PenFed conducts a soft pull for membership, but a hard pull may be done if you apply for a loan or credit card at the same time.
You'll need good credit (a 700+ credit score) to be approved for a PenFed credit card.
Having a steady income and being at least 18 years old (21 if you're under 21) will also get you considered.
Hard Pull for Membership
PenFed only carries out a soft pull when people apply for membership, which is a relief for those who want to avoid a hard credit inquiry.
Some credit unions do hard credit pulls, but PenFed is not one of them - at least, not for membership applications.
If you apply for a loan or a credit card and membership at the same time, you can expect PenFed to carry out a hard pull, as it's a necessary part of the credit application process.
This means you'll need to be prepared for a potential impact on your credit score, but it's not a concern if you're only applying for membership.
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How to Get Pre-Approved for a Credit Card
To get pre-approved for a credit card, you can receive an offer via mail or email, or through your online account if you're an existing customer.
PenFed is a notable exception, as it only offers pre-approvals to customers through mail or email, not online.
If you're interested in a credit card from PenFed, be prepared for a specific offer, not multiple options like some online pre-approvals.
You won't find an online tool on PenFed's website to check your pre-approval status or compare multiple cards.
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Frequently Asked Questions
Is PenFed hard to get approved for?
Approval for a PenFed credit card is relatively high for those with good to excellent credit (700+ score) and a stable financial history. However, individual approval odds may vary based on income, debt, and other factors.
What credit score is needed for PenFed?
To be approved for a PenFed credit card, you'll need a credit score of 700+ and good credit history. If you've received a pre-approved offer, it's likely your credit profile meets the card's requirements.
Can anybody use PenFed?
Yes, PenFed membership is open to anyone who applies, and the application process is straightforward. Join now and we'll create your membership.
How does PenFed verify income?
To verify income, PenFed may request recent pay stubs, bank or retirement statements, and tax returns to confirm employment and financial stability. This helps prevent fraud and ensures you can repay the loan.
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