Pentagon Federal Credit Union credit card is a SCAM!

For just about anything you want to get off your chest about credit cards.
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Just Joined PenFed... The Benefits are Amazing! This is the BEST Credit Union Ever!

Postby Epiphany » Sun Feb 10, 2013 3:19 pm

Opened up an account (deposited the token $5) and once membership was esablished, applied for the (original draw) auto loan product - offered at 2.49%.

The American Express Travel Rewards card offer was sent to me as a promotion, and since there was NO ANNUAL FEE, I applied just to see what the credit limit would be... was 11,500, I just took it at an even 10K.

Costco only takes American Express... I get 2% back from them on purchases... simultaneously I get points on American Express for using the card... these Costco (grocery and gas) expenditures are normally debit purchases - so I pay it off immediately, and the BONUS? If I spend $650 in the first 3 months of this card... I get 20K in travel points. That will help fund an international trip pending.

I want to marry Penfed. :D

One single caveat...
The Auto Loan funding was quick and fairly smooth, but there was a snafu with the titling process, due to an inexperienced CSR in the auto loan department... kind of aggravating - delayed my registration and title transfer by 3 weeks and counting)... due to the mailing back of an incorrect title.

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Postby SteelReign » Thu Feb 14, 2013 8:04 pm

Everything is awesome about PenFed. I've only had it for a few months and having a "negative balance" because the rewards comes every month automatically is a godsend. 5% CB on gas can't be beat!

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Postby naomibatac » Fri Feb 15, 2013 8:54 pm

The discussions on this thread are very informative and helpful. If credicardguru is saying that PenFed card offers are not a scam, then they are not a scam.
[size=60]I don't have any relationship to the credit cards or companies discussed here. I am solely a regular member of this forum with no direct financial rewards from this site. My opinions are solely mine.[/size]

A mom of 3 and currently living life, and working for credit card helpline, a company dedicated to helping people get out of credit card debt.

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Postby Socelli » Sat Feb 16, 2013 8:11 am

I just applied for membership with PenFed CU today but because I am not a current member of the military or a US government employee but just a honorably discharged veteran (Vietnam era) they requested a tax deductible $20 donation to a military families fund which I gladly made. This got me a full membership in the PenFedCU and eligible to apply for any of their financial products, to include personal and auto loans, CDs, credit cards, mortgages, etc. They have a flawless reputation in the banking/credit union community and any attempt to blemish their reputation is nothing less than shameful.
American Express: Business Platinum-NPSL, Delta SkyMiles Gold-$2K
Chase: Sapphire Preferred-$5K, Southwest Airlines Visa-$3.7K, Freedom-$400
USAA: Platinum MC-$4K, Advantage Rate MC-$4K, Amex-$4K
FBNO: BucksBack Visa-$1K, Amex-$1.7K
GECRB: Walmart Discover-$3,7K
Barclays: Financing Visa-$3.2K, Juniper MC-$1.1K
Capital One: Platinum MC-$1.5K, Platinum MC-$750
CFNA: Firestone-$1.6K
CitiBank: Office Depot Business Card-$1K

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Postby hematino » Mon Feb 18, 2013 2:58 am

Congrats Socelli, hope your relationship with PenFed is beneficial for both of you! I joined back in May and I love them, I only really joined for the Platinum Cash Rewards card for my gas expenses, but since then I have also put my main checking account with them too. The CSRs I've dealt with are all top notch, they were generous with my credit limit, their rates an products are second to none, and their website is very easy to use and convenient. I love PenFed and will go to them first when I need an auto loan or a mortgage. Their rates are way lower than my local credit unions, and even lower than DCU which is another great CU.
Now she's eyeless.
The snakes she held once
Eat up her hands.

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Postby its me » Mon Feb 18, 2013 5:12 pm

Although I do disagree with the notes that Pen Fed is a scam. As far as the donation requirement to join if you're not part of the eligible group who can just join with a minimum deposit, this I had no problem with. The non-profits serve the hard working members of the military and their families. And being a daughter of a Vietnam Vet, I had no problem in donating so I could join.

I did just refinance my mortgage with Pen Fed but they turned me down for a credit card, even though my credit score was in the mid-800s which to me is a bit baffling. I have to say dealing with them in getting my mortgage processed the customer service isn't the most responsive. So them turning me down is their loss considering I've never defaulted on any loan obligation.

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Postby WS6R6 » Tue Feb 19, 2013 7:34 pm

People must be doing a lot of PenFed research because this thread keeps getting brought back over time....But I joined PenFed with a limited credit history & low income and after the now $15 donation was able to get the Platinum Rewards card with my highest CL of any of my cards and I have nothing but positive to say about PenFed whatsoever, every CSR I talked to was helpful and very nice as well which I think is pretty common for CU's.
Travel 3x, Groceries + Gas 2x: [color=Orange"]AmEx PRG[/color] (Closed)
Restaurants + Travel 2x: [color=navy"]Chase Sapphire Preferred[/color]
Groceries 3%, Gas + Department Stores 2%: [color=blue"]AmEx BCE[/color]
Dining + Entertainment 2x: [color=navy"]Citi Thank You Preferred[/color]
Hotels 5x: [color=Black"]Chase Marriott Rewards Premier[/color]
Rotating 5%: [color=darkorange"]Discover It[/color], [color=blue"]Chase Freedom[/color]
Restaurants 5x: [color=lime"]Citi Forward[/color]
Gas 5%: [color=gray"]PenFed Platinum Rewards[/color]
Future: [color=red"]US Bank Cash +[/color]

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Postby JacobB » Mon Feb 10, 2014 1:25 am

PenFed Promise Visa's reduced rates and no charges is ideal. This credit card beats just about anything out there. All you have to have is a tie to the U.S. armed forces. A short term loan will help you pay your credit card bill.

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PenFed Credit Card

Postby Char » Tue Jan 20, 2015 4:09 pm

I have a Visa Signature card from PenFed. I got it because at the time it had the best combination of no fee, low interest rate, and cash back. We habitually pay off our balance monthly but rarely something happens and we're late. Unfortunately, right after I joined PenFed, there was some kind of data breach. Subsequently their cash back went from a straight dollar credit to a point-based system and the rewards that I realized decreased, I think by 20%. I imagine that's the price to pay when there's a data breach (credit monitoring, lawsuits, high-priced security consultations and remediation, etc.).

Since that time they seem to have have improved their security and are very conservative. I have had my card inconveniently frozen when on travel because their security algorithms think there might be fraudulent use of the card; they have asked me to notify them several days in advance of states where I will be using the card and when, which is sometimes difficult. Still, I think highly of PenFed and so far have not found a card that beats it, all things considered. I applaud PenFed for being careful in applicant approvals. I only get the credit card rewards I get because of PenFed's attention to and effective management of risk.

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