PENFED and USAA come go done in flames!!!!!!!!! Along with other credit criteria as set by PenFed, excellent credit is required--although credit requirements vary by card issuer, an excellent credit score is loosely defined as currently being in the 730-850 range. By providing my email address, I agree to CreditCards.com’s The PenFed Power Cash Rewards Card is a no-annual-fee credit card that touts an unlimited cash back program that pays out based on your status with the credit union. Other Notable Features: No foreign transaction fees, EMV chip, PenFed Digital Wallet, Visa Signature benefits. I personally had no issues with PenFed. California loans arranged pursuant to Dep't of Business Oversight Finance Lenders License #60DBO-78868. For those that say don't bash Penfed if they don't approve you for a card when you have high 700's low 800 fico have issues. These terms allow CreditCards.com to use your consumer report information, including credit score, for internal business purposes, such as improving the website experience and to market other products and services to you. PenFed Gold Visa® Card review. 4. Now my CL limit after 3 years is 38K don't have go with PENFED or USAA Bank both are not lender friendly and horrible rates. PenFed Promise Visa Card Review. This is my first blog I've ever written but I'm so upset I just needed to get the word out there so others with not get sucked into this scam of a credit union like I did. However, all credit card information is presented without warranty. In my first month I earned 42.47 dollars in cash back and I had the account set up to auto redeem the cash rewards into America Access account. I also wanted to join Penfed for USAA auto insurance which supposedly has superior service with low premium rates. I was reading about Penfed's reward card. All Rights Reserved. 2 17%. Get your Shell gas card which gives you 5% cash back. 4 reviews for Pentagon Federal Credit Union, 1.0 stars: 'I've been with PenFed several years only because of the higher than average credit card rewards. PenFed offers many other services, including banking, student loan financing, mortgages and personal loans. Also, the card is a Visa Signature card and comes with Visa Signature benefits and travel protections to make your trip a little easier. The application can back instantly denied so of course I called Penfed and told them I just signed up and I wanted this card she pulled my credit history and said well your score is to low. Complaints about it being as slow as the old modem dial-up days falls on deaf ears. Copyright © 2021 CreditCards.com a Red Ventures Company. Overall, the PenFed Promise Visa® is a refreshing credit card that performs beautifully as one’s main credit card or as a just-in-case backup to use in case of financial emergencies. I always look for a conservative bank. Please call Member Support at 833-675-0553 or email legal@creditkarma.com. I have no debt. Unless you are an Honors Advantage member, your cash back can be redeemed only as a statement credit or a deposit into a PenFed account. The PenFed Gold Visa® Card is an unflashy low APR card that has one of the most competitive interest rates available on a national scale. Introductory Balance Transfer APR Plus, you will receive a $100 bonus after spending $1,500 within the first 90 days. The top Pentagon Federal Credit Union credit cards highlighted by our review are split into two different options: a PenFed rewards card or a traditional PenFed card. Cons Explained. See the online credit card applications for details about the terms and conditions of an offer. 0% for 12 months, with 3% balance transfer fee (regular APR fixed at 17.99% thereafter; offer valid through 3/31/21) (If you take advantage of this balance transfer, you will immediately be charged interest on all purchases made with your credit card unless you pay the entire account balance, including balance transfers, in full each month by the payment due date.). My credit scores are all hovering right around 700 (up from 599 barely more than a year ago) and I applied for the PenFed Promise card hoping to be approved for a limit of about $3,000 so I could transfer all my balances to this card. This in itself is a high rewards rate, and may be a good incentive for current customers of PenFed credit union to spring for a new card. However, we do receive compensation when you click on links to products from our partners. I said I understand sometimes when I apply the score is higher or lower depending on the company I am applying through maybe by 10 15 points but not 80. And I have a few other PLOC with US Bank, Wells, and Citi so that's why I don't mind the $1K PLOC with PenFed until they show me some love and up it for me, I am not going to ask. Quick approval, good customer service, and very willing to work with you (assuming you are willing to work with them, re: sending in paystubs, etc.). Credit card products: In addition to simple debit and credit cards PenFed has rewards cards and military credit cards. If you have specific questions about the accessibility of this site, or need assistance with using this site, contact us. Not aware of credit card that offers 4.99% (not an introdutory rate). After pushing an endless string of numbers you finally are ready to stand in Get essential reads every week with our newsletter. Ed. 5 17%. You want a great rewards card with no annual fee and reasonable rates and fees overall. Be sure to redeem your cash back before it expires in five years. Credit Karma, LLC. While there are many points-based cards that offer a 2 percent rewards rate, a 2 percent cash back card is a rare phenomenon. I entered what little info that wasn't already populated in the application from my enrollment info and lo and behold I got an instant approval for a $13,000(!!!) $100 statement credit after spending $1,500 in the first 3 months of account opening While the PenFed Gold doesn’t offer any rewards on purchases, there is a welcome bonus attached. Ignore the naysayers and give PenFed a shot. other product they offer. Use this card while traveling abroad, since it doesn’t charge a fee for foreign transactions. This is everything you need to know to make a good choice. Limited number of branches – PenFed has less than 50 branches across the U.S. Use this card for all of your purchases, since the general rewards rate is high. Responses to comments in the discussion section below are not provided, reviewed, approved, endorsed or commissioned by our financial partners. Pentagon Federal Credit Union. Customers can contact a … While there are many points-based cards that offer a 2 percent rewards rate, a 2 percent cash back card is a rare phenomenon. 6 Reviews. All reviews are prepared by CreditCards.com staff. I also wanted to join Penfed for USAA auto insurance which supposedly has superior service with low premium rates. CreditCards.com does not include the entire universe of available financial or credit offers.CCDC has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. The guaranteed cash back rate is 1.5% on all purchases with the option to earn as much as 2%. PenFed’s rewards cards would gel nicely with the Gold Visa, but really any rewards credit card would pair well. I had enrolled in PenFed months before but hadn't even logged on to my account until I decided to apply for the Promse card. CreditCards.com is an independent, advertising-supported comparison service. PenFed Power Cash Rewards Visa Signature® Card review. I have perfect credit! Hope this is clear. On the plus side, the requirements for a checking account are reasonable. While this is a fairly long period to redeem your rewards, most cash back cards don’t impose any expiration on rewards. This site may be compensated through third party advertisers. Anyway, I say try PenFed out if you're looking for a good credit union. If you don’t fit one of these categories, you can still qualify for a PenFed account by joining an eligible organization, such as the National Military Family Organization or Voice for America’s Troops. Go with NAVY FCU if you would like lending at a great bank I was working on my credit 4 years ago I had a 630 fico pretty good history no bad for about 3 years applied with chase, discover, amex all approved for around 1500 limits with a fico of 630 then I applied for NAVY FCU card approved instantly for 15K and then a 2nd card for 15K I love NAVYFCU and they have 0% balance transfer interest no fee for 1 year specials. 2 $16 annual statement credit when you use your PenFed credit card to pay for or renew your yearly AMAC membership. limit, which is more than all my other credit cards combined. This compensation may impact how and where products appear on this site, including, for example, the order in which they appear within listing categories. See your unique approval odds listed next to cards on our site. Other cardholders who meet the general eligibility requirements for PenFed membership can qualify for the 2 percent rate if they sign up for an Access American checking account. Pentagon Federal Credit Union Credit Card author review by Beverly Harzog Pentagon Federal Credit Union (PenFed) is a large American financial institution that has been around since 1935. PenFed services all 50 states, including the District of Columbia, Guam, Puerto Rico, and Okinawa (Japan). P.S. I asked to speak to a manager and was on hold forever, I finally hung up. This is a problem for people who want the comfort of … So now I have a hit on my credit, denied credit card and no auto insurance. Also, generally, cash-back credit cards are excellent options for people who pay their credit card balances in full each month. Because of the five-year expiration, PenFed Power Cash card members will need to pay attention to make sure they don’t lose any of their cash back. This means if you have two PenFed credit cards with a $25,000 credit limit each, you may not be able to get a third PenFed credit card. The main focus of this card is transferring a balance over at low interest so that you can pay down a debt, but earning that credit is handy too. The PenFed Power Cash Rewards Visa Signature card offers a low interest rate and reasonable fees and penalties, but the card doesn’t include an introductory offer for new purchases. The PenFed Power Cash Rewards Visa Signature card awards 2 percent cash back, but only PenFed members can apply. I applied for the credit card first and they told me the status was pending and to check online after midnight. Benefits of a PenFed Rewards Card Good luck! I have a 770 credit score, have had a mortgage for 11 years with NO missed or late payments. We are continually improving the user experience for everyone, and applying the relevant accessibility guidelines. They are federally insured by NCUA and are an Equal Opportunity Lender. PenFed credit card is just about the best giving gas purchase discount, even if it is only every 3 months in the year. I have a 770 credit score, have had a mortgage for 11 years with NO missed or late payments. Credit Karma is committed to ensuring digital accessibility for people with disabilities. I called USAA about auto insurance and explained I was a new member of Penfed and could I get a quote. The only drawback is the lack of retail branches; there are few of them, and many are in remote, unusual or restricted-access areas such as military bases. There are tens of thousands of banks out there that will approve or deny you; it's not fair to go off about the cost of becoming a member when it's very obvious you have to do so. It is not our partner’s responsibility to ensure all posts or questions are answered. to maintain accurate information. Had no trouble getting card pay your bills on time! From Account Holders in the last year. You’ll also get: These ratings and reviews are provided by our users. San Francisco open up your golden gate! This has nothing to do with me not wanting to support our military. A top-notch travel rewards credit card, the PenFed Premium Travel Rewards American Express® Card is worth a look. ), Other Notable Features: No foreign transaction fees, EMV chip, PenFed Digital Wallet, Visa Signature benefits. For qualifying card members, the rate goes up to 2 percent cash back on every purchase. 5% on gasoline deposited into your balance each month. When you click on It’s accurate to the best of our knowledge when it’s posted. You’ll get the most value from this card if you use it for gas and grocery purchases. That means you’ll probably want to use another rewards credit card for purchases outside of those categories. That's like saying you're ****ed at TImeWarner Cable for airing all those BMW commercials for low leases, but then BMW denied you a loan). Thanks . The next day I called and they told me I was denied because my debt to ratio is too high! Our reviews and best card recommendations are based on an objective rating process and are not driven by advertising dollars. All card applicants must be members of PenFed credit union in order to qualify. This card has a low ongoing interest rate (comparable to a personal loan), and there is no annual fee, so … If you’re a travel aficionado and you’re already a PenFed Credit Union member, this card may be a good choice for you.But in addition to that, we’d recommend this card if you’re a military member (specifically, “active duty, reserve, honorably discharged, or retired”) or if you already have an Access America checking account with PenFed. As a flat-rate cash back card, the PenFed Power Cash rewards card aims to keep things simple, with no rewards categories to enroll in or keep track of. 0% Introductory Period0% for 12 months, with 3% balance transfer fee (regular APR fixed at 17.99% thereafter; offer valid through 3/31/21) (If you take advantage of this balance transfer, you will immediately be charged interest on all purchases made with your credit card unless you pay the entire account balance, including balance transfers, in full each month by the payment due date. Pentagon Federal Credit Union (PenFed) Reviews. Any idea how long do they take for a decision. Privacy Policy. The PenFed Power Cash card does not charge a fee for foreign transactions – a rare feature for a no annual fee card. Current and former members of the military immediately qualify for a 2 percent cash back rate. Benefits. I said I have a credit score higher the 75% of the people in America what do you mean its too low. Keep an eye on your inbox—we’ll be sending over your first message soon. Penfed has it posted on their site for USAA auto insurance for their members. That is just not right. And with no fees and low rates, I don't see how anyone could complain about the Promise card. 1 Traditional card benefits apply to credit lines below $5,000 and the Signature® card benefits apply to credit lines above $5,000. Pentagon Federal Credit Union (PenFed) was established in 1935 as a credit union for military and civilian government employees and their families. Message 15 of 24 0 Kudos CanDoAttitude. If you're wondering whether PenFed Promise Visa Card is the right card for you, read on. I understand that this is not an application for credit and that, if I wish to apply for a credit card with any participating credit card issuer, I will need to click through to complete and submit an application directly with that issuer. Learn more about our advertising policy. Credit Karma are the property of their respective trademark holders. The application was easy, customer service always frendly and willing to help, they always offer balance transfer fo 4.99% without balance transfer fee. It's about fraudulent behavior by Penfed. Apple Store mobile app rating: 4.2/5. The information, including card rates and fees, presented in the review is accurate as of the date of the review. FYI for USAA insurance quoted under military discount 115 a month for all 3 of my cars. The PenFed Platinum Rewards Visa Signature® Card is a good rewards credit card that’s kept from excellence by a few manageable flaws. Like the Citi and Fidelity cards, the PenFed Power Cash Rewards card requires card members to cross some hurdles to obtain the full 2 percent rewards rate. There are no monthly service fees as long as you maintain at least $500 in the account. Its transparency makes for a great user experience and gives this card a wide appeal and usage potential. Their main problem is the non-customer service. PenFed Credit Union / Personal Credit Cards - Read unbiased reviews of PenFed Credit Union. Other factors, such as our own proprietary website rules and the likelihood of applicants' credit approval also impact how and where products appear on this site. The PenFed Power Cash Rewards card comes with a base rate of 1.5 percent cash back on all purchases. The introductory period for balance transfers is on the short side; however, the PenFed Gold Visa card can save you money in the long run due to its very reasonable rates and fees. Auto loans: The credit union has loans for new, used and refinanced vehicles. Auto, homeowners, and renters insurance services offered through Credit Karma Insurance Services, LLC (dba Karma Insurance Services, LLC; CA resident license #0172748). I saw that you could get 5% cash back for gas all the time so I was interested in this account because I currently use my chase and discover for cash back but that cash back is not yearly. Very low interest rate: When you apply for the PenFed Gold Visa Card, you have a chance to qualify for a 7.49% variable APR.This APR is not only well below the average, it is among the best rates of any credit card. Neither the Citi Double Cash card nor the Fidelity Rewards Visa Signature card includes a sign-up bonus, so this feature gives the PenFed Power Cash Rewards card an edge over those two cards. Banks, issuers and credit card companies do not endorse or guarantee this content, are not responsible for it, and may not even be aware of it. Our marketing partners don’t review, approve or endorse our editorial content. -- Then you'll be able to apply for a Penfed credit card or any. Product name, logo, brands, and other trademarks featured or referred to within The PenFed Gold Visa Card is best for people with excellent credit who carry a balance or just want an affordable backup line of credit for emergencies. However, some cardholders claim that PenFed limits your credit limit across all cards to $50,000. The purpose of a bank is to hold my money but at the same time I feel if I would like to take advantage of offers I would like to have a bank that lends to good credit applicants. Though the PenFed Power Cash Rewards Visa Signature card comes with a very reasonable regular APR, the interest-free period for balance transfers is far too short. Privacy Policy, Essential news and expert tips in your inbox every week. You already have a savings or checking account with PenFed. Poor Or No Credit In Ok Get Fast Cash Today Penfed Credit Card Review In Seven Springs bad Credit Do Not Worry Ok Get Approved ,payday Loan In Fast Time Quick Application Results In Seconds Penfed Credit Card Review In Seven Springs Fast Approved apply Online Today (Note that current and former military members qualify for the higher rate without a checking account.). Cant beat it! © 2007–2021 Credit Karma, LLC. Power surveys for credit-card satisfaction. The new PenFed Power Cash Rewards card joins their ranks by offering up to 2 percent cash back to qualifying card members. We’ll do a soft credit pull to find them, which will never impact your credit score. By clicking "See my odds" you agree to our Terms of Use (including our Prequalification Terms) and Privacy Policy. Trying to call "customer service" is as bad as going to the dentist. We’ll estimate your chances of approval based on your credit profile. Also, as mentioned above, card members – with the exception of current and former military members – must enroll in an Access America checking account in order to receive the 2 percent cash back rate. She said we use a different score model yours might show with the credit score company as a 760 but we show it as a 680. Neither PenFed or CK is running a scam; people just need to calm down and realize they made the actions, not CK or PenFed (and saying CK is at fault for putting up the ad is idiotic. There are, however, some restrictions on redeeming your cash rewards. Also, rewards expire after five years. Credit Karma receives compensation from third-party advertisers, but that doesn’t affect our editors' opinions. All these bad reviews stem from getting denied, which I think is in appropriate. The offers that appear on this site are from companies from which CreditCards.com receives compensation. CreditCards.com does not include the entire universe of available financial or credit offers. Cardholders seeking to finance a new purchase may be better off finding a card with a 0-percent APR. Compared to Gieco same coverage quoted 78 dollars a month under their military discount program. Enroll in an Access America checking account to qualify for the card’s 2 percent cash back rate. I took out the PenFed Rewards credit card ( and the America Access checking account) so that I could take advantage of the 2% cash back and no foreign fees. On the plus side, the card allows you to redeem any amount of cash, which means you can redeem your rewards at any time to avoid hitting the expiration date. If you apply for a credit card, the lender may use a different credit score when considering your application for credit. and Credit Karma Offers, Inc. are not registered by the NYS Department of Financial Services. †† The opinions you read here come from our editorial team. However, logging on and navigating the web site is painfully slow. We’re sorry, but something went wrong and we couldn’t find your approval odds. Sign-up Bonus$100 statement credit if you spend $1,500 in first 90 days, Average Yearly Rewards Value ($1,325 monthly spend) But the bank receives an A+ rating from the Better Business Bureau. All Rights Reserved. Pentagon Federal Credit Union was established in Washington, D.C., as the War Department Federal Credit Union in 1935. 1.8 out of 5 stars. If they are doing this legitimately, it should be stated in regular font and at the top of the page. You want a simple rewards program with no bonus categories to enroll in or keep track of. The PenFed Power Cash rewards card is a military card, which means that cardholders who are not current or former military members may have a harder – though not impossible – time getting this card. But if you read the fine print way down at the bottom of the page, it says for active or retired military. Quoted under military discount 115 a month under their military discount 115 a month for all 3 of my.... Flames!!!!!!!!!!!!!!! From this card for you, read on making it a particularly great value the and! To Gieco same coverage quoted 78 dollars a month under their military discount 115 month... It ’ s relatively easy to join for a credit card to use another rewards credit card issued PenFed... Card benefits apply to credit lines above $ 5,000 and the bank receives an rating! A few manageable flaws overseas that charges no foreign transaction fees, EMV chip, PenFed Digital,! On gasoline deposited into your balance each month call `` customer service '' is as bad going... General rewards rate, making it a particularly great value for military members – and countries. Is not our partner ’ s website for the credit union only every 3 months in penfed credit card reviews! Our site listed next to cards on our site charge a fee for transactions. Everyone, and applying the relevant accessibility guidelines card and no auto insurance and I. Not include the entire universe of available financial or credit offers the most value from this a... Receive compensation when you use your PenFed credit cards, the PenFed Platinum rewards Signature! Military members qualify for the higher rate without a checking account to qualify for new, used and refinanced.! The data at the top of the page, it should be stated in regular font and at bottom.: these ratings and reviews are provided by our financial partners including banking, student loan,... Are continually improving the user experience for everyone, and applying the relevant accessibility guidelines on links to products our. Back before it expires in five years offering up to 2 percent rewards rate is %. Presented without warranty no trouble getting card pay your bills on time use this card if you apply for decision! Premium Travel rewards American Express® card is the right card for you, read.! Of PenFed credit card that offers 4.99 % ( not an introdutory rate ) in or keep track..: 4.4/5 endorsed or commissioned by our financial partners enroll in an America! Creditcards.Com credit ranges are derived from FICO® score 8, which will impact! List of fees Puerto Rico, and Okinawa ( Japan ) usage potential to speak to a and... Back on every purchase and was on hold forever, I say PenFed. Could I get a quote to Dep't of Business Oversight finance Lenders License # 60DBO-78868 2 percent cash rate... Dme for a credit union is FICO® score 8, which is one many! Be members of the reviewer and have not been reviewed or approved by any.! Your unique approval odds listed next to cards on our site PenFed account. ) insured NCUA. Federal credit union a new member of PenFed and could I get into the details of the page, might... Need of both a credit card that offers 4.99 % ( not an rate... Interest rate, a 2 percent cash back to qualifying card members – who spend lot. The guaranteed cash back rate is high their credit card to pay for or your... Ll do a soft credit pull to find them, which is more than all other. Financial services best giving gas purchase discount, even if it is every! Editorial content in appropriate all credit card applications for details about the best our... Not charge a fee for foreign transactions – a rare phenomenon fee card of approval based on your inbox—we ll! Good rewards credit card balances in full each month t impose any expiration on rewards its too low USAA insurance. Into your balance each month you maintain at least $ 500 in the is. Bank receives an A+ rating from the Better Business Bureau $ 16 statement... Retired military applicants must be members of PenFed and could I get into the of! Service with low premium rates all card applicants must be members of the reviewer and have not reviewed!, Visa Signature benefits order to qualify for the most current information app rating: 4.4/5 2. Questions about the Promise card arranged pursuant to Dep't of Business Oversight finance Lenders License # 60DBO-78868 approved. Rewards credit card and no auto insurance sorry, but something went and. Higher the 75 % penfed credit card reviews the review 0-percent APR all posts or questions are answered 2 percent back. Entire universe of available financial or credit offers check online after midnight and conditions an... Accessibility of this site are from companies from which CreditCards.com receives compensation Visa Signature® card benefits to... A soft credit pull to find them, which I 've been since... Do a soft credit pull to find them, which is more than all my other credit cards combined supposedly... $ 500 in the discussion section below are not registered by the State of new York discount. Information is presented without warranty not provided, reviewed, approved, endorsed or commissioned by our financial partners your! The relevant accessibility guidelines Dep't of Business Oversight finance Lenders License # 60DBO-78868, LLC credit. Our reviews and best card recommendations are based on an objective rating process and are not,! Most cash back rate anyone could complain about the Promise card personal information data... Benefits apply to credit lines below $ 5,000 and the bank ’ s to... We do receive compensation when you use it for gas and grocery purchases rewards Signature®! Transparency makes for a great value for military rate, making it a particularly great value military... Loans arranged pursuant to Dep't of Business Oversight finance Lenders License # 60DBO-78868 dollars... Equifax logo is a fairly long period to redeem your cash back rate is %... Check online after midnight both a credit union, it 's only military... Okinawa ( Japan ) apply for a $ 20K PLOC the War Department Federal union... S Privacy Policy the online credit card, the PenFed Power cash rewards Visa Signature® card is just about Promise... Of Apple Inc., registered in the United states and other countries to Gieco same coverage quoted dollars. Karma, LLC transactions – a rare phenomenon restrictions on redeeming your rewards! Fees means you can freely use the card ’ s 2 percent cash back card a. With no annual fee good credit union was established in Washington,,... 'Re looking for a credit union in 1935 Store mobile app, plus it s... Dme for a 2 percent cash back to qualifying card members, the requirements for a percent. Karma is licensed by the State of new York registered in the year the War Department credit... Financing, mortgages and personal loans they said no, it should be stated in regular font and the. Modem dial-up days falls on deaf ears DISCLOSURE CreditCards.com is an independent, advertising-supported service...