PenFed is one of the largest federal credit unions in the U.S. It offers checking accounts, credit cards, personal loans, mortgages, auto loans, student loans, and a wide range of other financial products and services. Here are some useful things to know about Pentagon Federal Credit Union:
Great credit card. Lower interest if you carry a balance. No annual fees applied on line and was accepted the next day. Had my card in a week. This replaces a cap 1 card with an annual $39 fee with a higher rate. 5x points on gas. That's $0.25 @ gallon
PenFed suckered me into applying for their Platinum card that was referred to me via AMAC. Well, after opening an account with a deposit, I applied, was accepted, but then my application supposedly got "hung up in their system". I wasn't contacted by them until I noticed that my application had "expired". When confronted, they told me I had to apply again because they needed a new credit report. Regrettably, I was naïve enough to go through the 2nd application, which nocked down my credit score for the second time! Probably needless to say, but the 2nd application was also approved, but got hung up in the system again? After hours of phone support I gave up and closed my account. Fool me once shame on you, fool me twice, shame on me. They did continue to try to sucker me into converting my mortgage over to them and applying for a cash out scheme. BEWARE!!
If I could give it no stars I would. Beware of their conditions! They take forever to close an account. Its been over two weeks and I still cant get my money. I have two cds with them and I need the money so I have to close two of them. They dont tell you that if you have to break it before the term, that you lose all interest and if its over 365 days, you get charged not only all the dividends and interest you made but the amount that you would have made for the term of the cd so now its eating into your prinicipal! I had money transferred from another bank into their savings account and then opened a cd with it. Now I cant get my money back for 60 days until money has been transferred into an account with them for at least 60 days. I am fed up. Who does that. Beware!!! Everytime I call or send an email, I am told to wait another 10 business days. I am just warning all of you out there, do not put your money in Penfed!
Very good experience! Straightforward and quick. No hidden fees. Credit rate was fair. Everything was handle online. Closing was smooth.
Product: PenFed Credit Union Personal Loans
PenFed Credit Union
1 Star Rating
Don’t even try, this is the hardest and worst place to try and get a credit card. They are horrible and the reviews show it. I have over a 700 score, make over $75,000 a year and denied Go to Navy Federal where I received $15,000. I also have Capital one Quick Silver. You will never build anything with Penfed. They are a bottom feeder credit union. I’m done and going
Joined the credit union with 5 dollars, waited a year and had a 763 score, an email preapproval popped up in my email, they gave 17.5k with 44 inquiries and 3 percent utilization, 30 days later 9k on a platinum low interest card. 2 percent cash back also. on the rewards visa.
PenFed is currently sending potential customers pre-approval offers for the Power Cash Rewards card. The card gives a $100 statement credit after spending $1,500 within 3 months of opening an account, 1.5% cash back on all purchases and a $0 annual fee. There's also an introductory APR of 0% for 12 months on balance transfers and a low regular APR upon approval. The targeted mail or e-mail offer is geared toward new PenFed members and non-members who PenFed thinks would likely meet the card's requirements for approval.
To respond to a PenFed credit card pre-approval offer, visit the PenFed pre-approved page or call 1 (800) 247-5626. Be sure to provide the access code at the bottom of the offer letter so that PenFed can flag the application as pre-approved. Non-members who are approved for the card must also qualify for PenFed membership, which includes opening a PenFed savings account with a minimum $5 deposit. Membership requirements and an application are available on the PenFed membership website.
The PenFed balance transfer fee is 3% of each amount transferred. All PenFed credit cards have the same balance transfer fee.
Here's what you should know about the PenFed balance transfers:
Transfer Fee: The PenFed balance transfer fee is 3% for all credit cards.
Balance transfer offer: All PenFed credit cards are currently offering a promotional balance transfer APR of 0% for 12 months.
Regular APR: After the end of the promotional period, the unpaid balance and any new balance transfers will be subject to an APR of 17.99%.
Requesting a balance transfer: Log in to your online account and click on the “More account info and actions” button. Then, select the "balance transfer" option and follow the system prompts to make your transfer.
Other info: You must have an activated PenFed credit card to make a balance transfer. With PenFed Online, you can make one balance transfer per day and can transfer up to the available credit limit on your card.
PenFed membership is open to everyone, but PenFed credit cards have stringent approval requirements. They require a credit score of 750, at a minimum. That means you need excellent credit for approval.
A credit score of 750+ is needed for all PenFed credit cards. That means applicants need excellent credit for approval. If you receive a pre-approved mail or e-mail offer for a PenFed credit card, it means PenFed thinks your credit profile likely meets the card's requirements for approval. While such an offer doesn't guarantee approval, it indicates good odds, so make sure you apply by flagging your application through the PenFed pre-approval web page.
Here is the credit score needed for a PenFed credit card:
PenFed Gold Visa® Card: Requires a credit score of 750, at a minimum. That means you need excellent credit for approval.
Applying for credit cards can trigger hard inquiries on your credit report, which may temporarily damage your credit score. So if you don't know where you stand, you can check your score for free, right here on WalletHub. PenFed membership is open to everyone, but in the past, it was restricted to military servicemembers or family thereof. Bear in mind that simply having the credit score needed for a PenFed credit card does not guarantee approval. Your annual income, amount of debt, number of open credit accounts and other factors are all reviewed as part of your application.
Penfed personal loans have a $0 origination fee and a $20 - $25 late payment fee, but there is no prepayment fee or no origination fee. Penfed personal loans also have a minimum APR of 5.99%, which is lower compared to the typical minimum APR for a personal loan. For your convenience, you can see Penfed's personal loan fees and other key terms below.
Penfed Personal Loan Fees and Other Terms
Late Payment Fee:$20 - $25
Prepayment Fee: $0
APRs:5.99% - 17.99%
Loan Amounts:$500 - $50,000
Repayment Periods:12 - 60 months
Credit Score Requirement: 600+*
Funding Timeline: 1 - 3 business days
*According to multiple third-party sources.
Before applying for any personal loan, it's a good idea to see if you pre-qualify first. To check with multiple lenders at once, try WalletHub's free pre-qualification tool.
The PenFed foreign transaction fee is $0. All PenFed credit card offers have come with no foreign transaction fee since 2011. Their debit cards, on the other hand, come with an international transaction fee of up to 2% of the transaction amount.
That puts PenFed in a very small group of credit card issuers that never charge foreign transaction fees. Discover, Capital One and USAA are some of the other select few who don%t charge foreign transaction fees on any of their credit cards.
Also, all PenFed credit cards come with EMV chips, which makes them more secure and more compatible with foreign payment terminals. PenFed cards are also on the Visa network, so they%ll be accepted almost everywhere worldwide.
It%s crucial to bring a no foreign transaction fee card with you when you go abroad, as those fees can really add up. But you should also make sure to say no to Dynamic Currency Conversion. That%s when the merchant asks you to pay in U.S. dollars instead of the local currency. You don%t want that because merchant exchange rates can be up to 7% higher than the actual going rate