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When it comes to the credit cards that are offered by banks and credit unions, you will notice that the cards are in fact, very similar. Both kinds of cards are commonly affiliated with major payment networks, which mean you can use them at a wide range of places. In addition to this, both kinds of cards commonly come with fair APRs. When it comes down to banks and credit unions, what they actually do is very different from one another. Banks are financial institutions where people can have their money held and have access to a wide variety of other financial services. Credit unions are nonprofit organizations which allow members to receive credit with low interest rates. The PenFed credit union offers a wide range of PenFed credit card options. If I were you, I would make sure I reviewed all of my options before settling, because you might end up with a PenFed card and then see a bank card with a better offer that’s a better fit for you.