Newest Penfed Promotions: Best Offers, Coupons and Bonuses June 2020

See PenFed Bank promotions that offer members more money.

Pentagon Federal Credit Union specializes in banking services for military members, veterans, federal government employees and their families. You don’t have to belong to any of those groups to join PenFed, though.

If you meet the membership requirements for PenFed, you can take advantage of not only its free membership but also 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 account, you can take advantage of the latest PenFed bonuses. None of them require PenFed coupons. Here’s a quick rundown:

Best PenFed Promotions: June 2020
AccountCash ValueExpiration Date
Auto Loan Refinance$250None
PenFed Gold Visa Card$100None
Power Cash Rewards Visa Signature Card $100None
PenFed Platinum Rewards Visa Signature Card $100None

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PenFed Pentagon Federal Credit Union

Current PenFed Promotions

PenFed’s offers for June include a cash bonus for auto refinancing as well as statement credits for select credit cards, though there are no savings or business account promotions.

Keep reading for a closer look at how you can earn free cash and more.

Auto Loan Refinance: $250 Bonus

PenFed is offering a cash bonus when you refinance your automobile loan. You’ll get a $250 bonus when you opt to refinance your loan valued at $10,000 or higher.

The credit union offers refinancing options for both new and used vehicles with loan amounts up to $100,000.

Here’s more:

  • Cash value: $250
  • Minimum to qualify: $10,000 loan or higher
  • Expiration date: May expire at any time
  • How to get it: Fill out an application on PenFed’s website and wait for approval. The loan you’re refinancing must have originated with another lender.
  • When you’ll get it: The bonus will be deposited to the membership share savings account within 90 days of the loan disbursal date.
  • Terms and conditions: Refinancing is not available for cars already financed with PenFed.
  • Monthly fees: None
  • Promotion page: Auto Loan Refinance bonus offer

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PenFed Gold Visa Card: $100 Bonus

PenFed’s Gold Visa card features a low annual percentage rate and a low promotional balance transfer APR. With this card, you can earn a statement credit of $100 when you open a new account and meet certain requirements.

Here’s more:

  • Cash value: $100
  • Minimum spend to qualify: $1,500
  • Expiration date: None
  • How to get it: Apply and get approved for a new PenFed Gold Visa card and then spend $1,500 in the first 90 days.
  • When you’ll get it: The statement credit will be applied within four weeks of meeting 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: PenFed Gold Visa Card bonus offer

Power Cash Rewards Visa Signature Card: $100 Bonus

PenFed’s Power Cash Rewards Visa Signature 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.

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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 card and then spend $1,500 in the first 90 days.
  • When you’ll get it: The statement credit will be applied within four weeks of meeting 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% APR for balance transfers for a year and earn a $100 statement credit to apply to your new account. Here’s more:

  • 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 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 of meeting 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

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FYI: Here’s Your PenFed Routing Number

Past PenFed Promotions

PenFed Credit Union offers promotions on a monthly basis. You can get an idea of future promotions by seeing what PenFed has run in the past. Keep reading to learn about a promotion that recently expired.

Access America Checking: $200 Bonus

One of PenFed’s May promotions offered $200 for opening a new Access America Checking account. This is an interest-bearing premium account that lets you 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. Here are more details on the May promotion:

  • Cash value: $200
  • Expiration date: Expired
  • How to get it: Customers were instructed to open a new Access America Checking account by June 14, then deposit at least $1,200 within the first 90 days and make five purchases with the debit card.

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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:

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

Learn MoreHow To Switch Banks in 6 Simple Steps

Are PenFed Promotions Worth a 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-than-average 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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