Thread: Pentagon Federal Credit Union credit card is a SCAM!

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.

BENEFITS
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.

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.

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!

The discussions on this thread are very informative and helpful. If credicardguru is saying that credit card forum is promoting two PenFed card offers, then it is not a scam.