Newest PenFed Promotions: Best Offers, Coupons and Bonuses May 2020

See PenFed Bank promotions that offer members more money.

Pentagon Federal Credit Union, or PenFed for short, specializes in banking services for military members, veterans, federal government employees and their families, though you don’t have to belong to any of those groups to join. PenFed offers a range of products and services to its members — including deposit accounts, credit cards, auto loans and mortgages — and also runs promotions from time to time to reward current members and attract new ones.

Many Americans look for convenience and location when searching for a new financial institution rather than bonus offers. In fact, more than 75% of the participants in a recent GOBankingRates survey admitted they didn’t research banks before opening an account, and more than 50% were unsure if their banks even offered sign-up bonuses. They could be missing out on hundreds of free dollars in promotional perks.

There’s no reason to join that group. If you meet the membership requirements for PenFed, you can take advantage of promotional offers that might put extra cash in your pocket. This guide to PenFed Credit Union promotions covers the following:

PenFed Promotions at a Glance

If you meet membership requirements and want to open a new checking or credit card account, you can take advantage of the latest PenFed bonuses. None of them require PenFed coupon codes. Here’s a quick rundown:

Best PenFed Promotions: May 2020
AccountCash Value of BonusExpiration Date
Access America Checking$200June 14
Power Cash Rewards Visa Signature Card$100None
PenFed Platinum Rewards Visa Signature Card$100None

Compare: Best Credit Unions of 2020

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Current PenFed Promotions

PenFed offers for May 2020 include a cash bonus for new checking accounts as well as statement credits for select credit cards. Keep reading for a closer look at how you can earn free cash and more from PenFed Credit Union.

Access America Checking: $200 Bonus

PenFed’s Access America Checking account is an interest-bearing premium account that you can open for as little as $25. You can earn an annual percentage yield of up to 0.50%  — and waive the maintenance fee — when you receive direct deposits that total at least $500 per month. For a limited time, new Access America account holders can qualify for a $200 cash bonus. Here’s how:

  • Cash value: $200
  • Minimum deposit to qualify: $1,200
  • Expiration date: June 14, 2020
  • How to get it: Open a new Access America Checking account between May 4 and June 14, then deposit at least $1,200 within the first 90 days and make five purchases with the debit card.
  • When you’ll get it: The bonus will be credited to the account within 120 days from the day you opened the account.
  • Terms and conditions: This offer is only available to new members who don’t currently have a PenFed checking account.
  • Monthly fees: $10, but waived with direct deposits totaling at least $500 each month
  • Promotion page: Access America Checking bonus offer

Power Cash Rewards Visa Signature Card: $100 Bonus

PenFed’s Power Cash Rewards Visa Signature credit card lets you earn cash back on every purchase you make. There are no annual or foreign transaction fees, and you can earn a statement credit worth $100 when you open a new account and meet certain requirements. Here’s how to qualify for these rewards:

  • Cash value: $100
  • Minimum spend to qualify: $1,500
  • Expiration date: None
  • How to get it: Apply and get approved for a new Power Cash Rewards Visa Signature credit card account and then spend $1,500 in the first 90 days.
  • When you’ll get it: The statement credit will be applied within four weeks after you meet the requirements.
  • Terms and conditions: Cash advances, balance transfers and credit card checks do not count toward the minimum spending requirement. You’ll have to get approved for the card to qualify.
  • Annual fees: None
  • Promotion page: Power Cash Rewards Visa Signature Card bonus offer

PenFed Platinum Rewards Visa Signature Card: $100 Bonus

With a PenFed Platinum Rewards Visa Signature card you can earn up to five times the points on purchases you make at the gas pump and at supermarkets. For a limited time, you can take advantage of a 0% annual percentage rate for balance transfers for a year and earn a $100 statement credit to apply to your new account. Here’s more:

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  • Cash value: $100
  • Minimum spend to qualify: $1,500
  • Expiration date: None
  • How to get it: Apply and get approved for a new PenFed Platinum Rewards Visa Signature Card account and use it to spend $1,500 within the first 90 days.
  • When you’ll get it: You’ll receive the statement credit within four weeks after you meet the minimum spending requirement.
  • Terms and conditions: Cash advances, balances transfers and purchases made with checks do not count toward the minimum spending requirement. You’ll have to get approved for the card to qualify.
  • Annual fees: None
  • Promotion page: PenFed Platinum Rewards Visa Signature Card bonus offer

Discover: Best Rewards Credit Cards

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How To Open a PenFed Account

You can open a PenFed account at a local branch or online, but you’ll first need to sign up for membership. Once you’re a member, you’ll need to provide the following:

  • Name and home address
  • Email address
  • Phone number
  • Driver’s license or government-issued ID
  • Opening deposit

See: 10 Best Military Banks and Credit Unions of 2020

Are PenFed Promotions Worth the Switch?

Cash bonuses and rewards are a great incentive when looking for a new bank or credit union, but they’re not the only factor to consider. Your main focus should be on finding a financial institution that helps you meet your financial needs and goals. Being a member of a credit union like PenFed comes with certain advantages, like better rates and terms for bank products and a more personalized customer experience. If PenFed seems like a good fit — and you can meet the bonus requirements — you might want to take advantage of its current promotions and make the switch.

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This content is not provided by Pentagon Federal Credit Union. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by PenFed.

This article has been updated with additional reporting since its original publication.

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