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:
Offers member discounts for partner businesses, such as Travelers, Chubb, TurboTax, and Crutchfield... show more
Eligibility
Find out if you are eligible to join PenFed Credit Union.
PenFed Credit Union Reviews
The WalletHub rating is comprised of reviews from both WalletHub users and ratings on other reputable websites. The rating was last updated on 07/31/2021.
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5,908 reviews
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PenFed Credit Union
Darryl White @Deewhite
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Citibank,Chase, Bankrate, Lending Tree, Lending Club, Marcus, OneMain ,Discovery,Prosper,Avant, Best Egg and Upstart just to name a few of the companies where I attempted to secure a personal loan to help me with my debt. I have a good monthly pension and would have little trouble with repayment. In fact, I intend on repayment within 2 years as a show of good faith. PenFed Credit Union was the only company that would help.The stress level and anxiety was epic. The Application process was easy and expeditious. The customer service representatives were polite, courteous and professional. I had one issue with signing the promissory note which the representative walked me through. I received my check within 3 days! I am eligible for social security next year and plan on having the payments directly deposited into my Penfed account. I am not debt free but I can see my head above water while I formulate a plan. On behalf of my family and I, thank you PenFed from the bottom of my heart. You have a loyal customer for life!
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Product: PenFed Credit Union Personal Loans
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PenFed Credit Union
Kent Davis @davis_kent
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I wish I could negative stars. I left a previous rating and things have continued to go badly in respect to closing my loan. I am into month number four and was told today that I would have to wait at least another month. Most of this due to their inability to communicate at even a low level. I have been communicating with them primarily via email and they have handled my emails in two ways:
1. Not reading my emails (Maybe they don't understand English) - responding with obtuse questions or comments that were clearly addressed in detail in my previous messages to them. Even the lawyer from the title company did this! 2. Apologizing without acknowledging anything specific that they needed to correct.
Yes, you get a great rate but you will pay for it with having to put up with extraordinary long processing times and people that apparently have no idea how to conduct their business in a timely professional manner.
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Product: PenFed Credit Union Mortgages
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tuttdc @tuttdc
Sounds like what I'm dealing with at the moment, going on month 3. Started off great with Michelle Ramirez from Penfed pre approved us and now on my 3rd mortgage processor requesting the same documents each time. I send everything in and then two weeks go by and then a new mortgage processor and requesting the same material, so frustrating. Feel like I'm being tossed around, just give me an answer already Penfed. The latest mortgage processor is now giving me a deadline in an email I received today, after not hearing from them for like two weeks, which is like in 8 days and requesting the same material. It would be nice to speak with someone at Penfed somewhere in the mortgage dept. who knows whats going on.
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PenFed Credit Union
Sonia @sonialaboy_1
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Verified Customer
The loan is 0 balance since may 2021. It’s mean this loan have been sold since may 2021. Please change to 0 balance in my report to improve my score.
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Product: PenFed Credit Union Personal Loans
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PenFed Credit Union @PenFed
Hi Sonia, updated account balances are reported to the credit bureaus on a monthly basis. It may take additional time for the reporting agencies to update the credit report.
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PenFed Credit Union
Ernest @ernestg_25
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Verified Customer
A great Credit Union to work with. Very user friendly. Staff are very knowledgeable, professional and friendly. I recommend them to all my friends and associates
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Product: PenFed Credit Union Credit Cards
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PenFed Credit Union @PenFed
We're glad that you've had a great experience, Ernest! Thank you for your membership!
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PenFed Credit Union
feitzc @feitzc
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The only good thing about our mortgage process with PenFed was the rate. They were significantly lower than other lenders, but we paid for that rate with poor systems and often no communication at all. Despite the HQ being located in Alexandria, VA our mortgage officer, if you can call her that was located in Texas. During the process emails to her went unresponded, her voicemail was full, and there were often other random people jumping in to respond for her without any context which only added to the confusion as to who to contact. In the end, it didn't matter who we tried to contact as none of them ever answered their phone or responded to emails/voicemails. Along with the lack of communication, they also sent incorrect documents for closing and delayed closing, but we did get a great rate, so 1 star for that.
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Product: PenFed Credit Union Mortgages
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PenFed Credit Union @PenFed
Hi, we're sorry to hear that you had a poor experience. We understand how important it is to have regular communication throughout the processing of a mortgage application. We appreciate your feedback and will use it for service improvements in the future. We hope the servicing of your loan is easy and meets your expectations. Thank you for choosing PenFed.
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Kent Davis @davis_kent
I concur with everything you said. I don't understand how these people get anything done. Yes, great rate. Very bad process of closing the loan. I am into month number four. This morning I was told it was going to be another four weeks. I could say some very accurate but insulting things about these people but I will restrain myself from doin so.
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PenFed Credit Union
John Bocelli @JBNY1
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I wish I could give negative stars.......PenFed used to be one of the best out there but in recent years they have really gone downhill. They no longer have any concern for the member/client, depending on who you speak to you will get a different answer for every issue, their communication and processes are very bad and their senior leaders hide behind their first-line support personnel instead of responding to requests for escalation. I can go on and on, I would recommend using a different lender.
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Product: PenFed Credit Union Home Equity
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PenFed Credit Union @PenFed
Hi John, we're sorry to hear that you've had a poor experience. Could you please email us at [email protected] with some more information about your issue? We'd like to look into it. Please mention your WalletHub review in your email.
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John Bocelli @JBNY1
@PenFed I have sent some details of this situation as requested, I would appreciate a follow up discussion with someone senior at PenFed.
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PenFed Credit Union
Mike Smith @paperdapaper
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Pre approved me for credit card than denied me waste of time & inquiry. Than gonna tell me I’m pre approved to apply. Bad business. I don’t apply unless I know I’m getting approved smh
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Product: PenFed Credit Union Credit Cards
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PenFed Credit Union @PenFed
Hi Mike, offers are subject to final credit approval. If you have questions about the decision of a specific application, please contact a Member Service Representative at 1-800-247-5626. We're sorry if we couldn't meet your needs at this time. Thank you for considering PenFed.
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PenFed Credit Union
Douglas @bigg_dougie
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Slow reporting to the credit bureaus. Last viewable report was over a month ago. Account was paid off over thirty days ago. Would appreciate a more rapid reporting on accounts.
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PenFed Credit Union @PenFed
Hi Douglas, PenFed reports to the credit bureaus monthly. It may take additional time for the credit reporting agencies to show your updated account information.
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PenFed Credit Union
Ted Raymond @ted925
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My HELOC application was turned down on my Primary Residence although, it was only to increase my current PENFED HELOC an additional $30k to make home improvements. I was turned down because I had a COVID Forbearance on another investment property because my tenant was evicted. The Forbearance was turned into a modification/refinance and had nothing to do with my Primary Residence or my current HELOC. My Primary, both HELOCs all paid on time, i have a 830+ credit score, $0 unsecured credit and high income and PENFED turned me down because they state they have a blanket policy. Any Forbearance regardless will disqualify you for 12 months. That's very discriminatory!!
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Product: PenFed Credit Union Home Equity
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PenFed Credit Union @PenFed
Hi Ted, we're sorry that we weren't able to meet your needs at this time. We see that you've been in contact with us about this issue and already received a response. Thank you for your continued membership.
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PenFed Credit Union
whik jik @whikjik
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Penfed promised lower interest rate if I used car buying service. That’s what they say online and what they said over the phone. Just sign the check they told me and give us the VIN later. Bought a car, Penfed sent paperwork to sign - nope, they didn’t reduce the interest rate. Fraud.
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Product: PenFed Credit Union Car Loans
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PenFed Credit Union @PenFed
Hi, there is a procedure we go through to verify that you used the car buying service. Can you please email us at [email protected] with your name and application number, if available? Please mention this WalletHub review in your email so our team can quickly get the context to help.
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+6382 users submitted a rating without writing a full review
Yes, it is hard to get a PenFed credit card. As of July 2020, all of PenFed's main credit card offers require excellent credit for approval, or a score of 750+. Those include the PenFed Platinum Rewards card, Gold Visa and Power Cash Rewards card. In addition, PenFed's other credit cards that are co-branded with various organizations tend to require good credit, or a score of 700+. Therefore, PenFed credit cards are hard to get for the average person, since the average credit score is only in the fair credit range. Applicants who don't have a steady income will also find it hard to get a PenFed credit card, although PenFed doesn't disclose a specific income needed for approval.
Another factor that makes it hard to get a PenFed credit card is that you can't apply for the card without first becoming a member of the credit union. While doing so is free, as well as open to any U.S. citizen or permanent resident, it does require the time to fill out an extra application and open a savings account with at least $5 in it. If you don't want to go through that trouble just to apply, especially when approval isn't guaranteed, you may want to look elsewhere.
The best PenFed credit card for travel is the PenFed Platinum Rewards card because it gives 5 points per $1 spent on gas purchases paid for at the pump and has no foreign transaction fee. PenFed does not have a more traditional travel credit card, one with extra rewards and benefits for airfare, hotels, etc. But gas is one type of travel expense, especially for people who enjoy road trips.
In the past, PenFed offered the Pathfinder Rewards American Express Card, which was a true travel credit card. It offered 3 points per $1 spent on all travel purchases, a $100 annual air travel credit and more. But PenFed stopped accepting new applications for it in 2019. There's no indication when, or if, the Pathfinder Rewards card will resume taking new applications.
While none of the PenFed credit cards that are currently available to new applicants are specifically meant for travel, each offers decent travel value because there's no foreign transaction fee. In addition, all PenFed cards offer an array of travel-related benefits such as travel accident insurance, rental car insurance, roadside assistance and more.
You need excellent credit (i.e. a score of at least 750) to get the PenFed Platinum Rewards card.
Please note that variables such as employment status and ability to pay will also be considered.
If you'd like to see where your credit stands, and thus get a rough sense for your odds of approval, you can check your credit score for free on WalletHub. You'll get daily updates to your score and full credit report as well as 24/7 credit monitoring.
The best PenFed credit card is the PenFed Power Cash Rewards card. It offers 1.5% cash back on all purchases and gives a $100 bonus statement credit for spending $1,500 within the first 3 months the account is open. The card also comes with a $0 annual fee and an intro balance transfer APR of 0% for 12 months. Plus, members who meet certain military service and/or checking account requirements qualify for PenFed Honors membership and will earn 2% cash back on all purchases instead of the standard 1.5%.
For higher earnings on everyday purchases, the best PenFed card is the Platinum Rewards card. You'll earn 5 points per $1 spent on gas purchases, 3 at grocery stores and 1 on all other purchases. Or, the Gold Visa is PenFed's best low-interest card. The regular APR is 7.49% - 17.99% (V), and that's after the card's introductory interest rate of 7.49% - 17.99% (V) on balance transfers. Both the Platinum Rewards and Gold Visa cards have the same $100 statement bonus offer as the Power Cash Rewards card.
