Penfed Secured

[Creditplz]

Does anyone know if Penfed offers a secured credit card? (It's not for me) but I'm curious since I've read about it??.

[Anonymous]

I don't think so, unless I missed something. Doesn't mean they don't have one in the works though! 

[Creditplz]

I know they offer secured loans but I was just reading up and read a lot about a "Penfed secured CC" I've never seen it... hmm this is odd 🤔😂

[ScottsdaleDad]

I don't know if they still offer one, but I applied for it in July 2016 and was denied due to my May 2016 bankruptcy. It wasn't on their website. I had to ask a CSR about it. Very difficult to get even though it's secured. I ended up getting aproved for a share secured loan (Again, not on the website, had to ask for it). Not sure why this is easier to get than the secured credit card, but it has worked out fine.

[Anonymous]

If you're eligible for PenFed then you should be eligible for USAA. They have two USAA branded secured cards, a Visa and American Express (the only secured Amex out there) with low $250 deposits.

[NRB525]

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@Creditplz wrote:
Does anyone know if Penfed offers a secured credit card? (It's not for me) but I'm curious since I've read about it??.

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I got one in late 2014, after being denied for a regular CC because of too high balances, no experience with them directly. I asked the CSR whether I could use the same HP to get a Secured card, with the $500 deposit. Yes, was the answer. I used the card lightly for just over a year, then applied for the Promise card and got a nice limit on that.

If you have issues getting a regular card with PenFed, might ask about using the HP to get the secured, start building up your profile with them.

[Revelate]

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@Anonymous wrote:
If you're eligible for PenFed then you should be eligible for USAA. They have two USAA branded secured cards, a Visa and American Express (the only secured Amex out there) with low $250 deposits.

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Actually Penfed is open to anyone, USAA has restricted membership.

Older thread but I can't figure out why a secured loan would have a different UW standard than a secured CC from Penfed, especially when discussing Penfed circa 2016... wasn't their mid 2015 and earlier entirely too conservative for the competitive market underwriting guidelines.

[sjt]

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@Anonymous wrote:
If you're eligible for PenFed then you should be eligible for USAA. They have two USAA branded secured cards, a Visa and American Express (the only secured Amex out there) with low $250 deposits.

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Not true.

If you live in an eligible location or join one of two associations, you would qualify for PenFed. Not the case with USAA.

[Anonymous]

I stand corrected :-( PenFed is.opem to anyone as it is s a credit union and membership is granted by association. I was under the assumption that he was a service member (as I was) or worked for the DoD (as I currently do)

USAA is closed to everyone outside the military and is a.Federal Savings Bank. It has great benefits and products, of eligible, including the two secured cards i mentioned earlier in this thread.

[kilj0y]

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@Anonymous wrote:
I stand corrected :-( PenFed is.opem to anyone as it is s a credit union and membership is granted by association. I was under the assumption that he was a service member (as I was) or worked for the DoD (as I currently do)

USAA is closed to everyone outside the military and is a.Federal Savings Bank. It has great benefits and products, of eligible, including the two secured cards i mentioned earlier in this thread.

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Also USAA secured cards do not graduate, so youll have to close them if you want your deposit back so its better to stick to cards that graduate.