Frustrated with PenFed, what's your experience with its card security?

[Total80sKid]

So far they have treated me great.

Have had them for 2 weeks and they gave me my first card over $7k at $10.5k along with a PLOC of $1K.

I've already put $6k in BT's on it, which they knew I was going to do, as that's why I got the Promise card.

My only complaint is the constant busy signals, and yes, 20+ min waits sometimes.

[Anonymous]

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@csryang wrote:

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@Anonymous wrote:

PFCU's choice of security vendor still reflects poorly on PFCU though, outsourcing is never good when it comes to things like this. 

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Yeah it sucks and it does not seem like PenFed is doing anything to help with it. I was told someone from the manger level will call me from PenFed about my complaint but no one ever did. I can definitely relate to the long wait time and same here... every single time at least 20-30min wait... who has time for that...?!

You know I was suggested by the person at PSCU...  just dial 0 right after the main PenFed line to get to the lost and stolen line. From there, they can take care of some basic things and request for PenFed main customer service agent call you back. I never tried it though so we will see if this can solve the time issue. 

I like your USAA limitless card!! What card do you plan to get with PenFed? I think USAA limitless has overall better cash back rate. 

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I had planned on the Plat Rewards but the redemption rate is lower that 1:1  ratio apparently I will likely forego any cards they have after the poor service I have experienced. Will go with the Amex Plus from USAA for a true 5% back on gas purchases. 

[Anonymous]

I tend to agree. So far, pretty much underwhelmed. While I have had no fraud calls, I missed getting the 2 percent on a large transaction, and had to call to get them to fix it. Took days plus several phone calls. Finally, after a week And a half, they called to say "they would allow it." Huh? I did a double take, because the card clearly says 2 percent on "EVERYTHING. EVERYWHERE." And as you may have seen, their statements aren't very easy to verify that you received everything they agreed to.

And yes, the wait times are crazy bad.

On the upside, they paid the 100 dollar bonus quickly. 

But more downside. So I had a fairly large amount due that I don't want to post, and I also have automatic pay the balance set up. So I manually paid the card to zero. Then on the auto payment date, they processed another payment for the amount of the last statement, making a large credit on the card. So though the card balance was ZERO, they will still process an auto payment in the amount of your last statement balance. Just today, I may be getting back to zero or so. Their programming is very rudimentary at best.

Overall, I took the hit so I'll let it ride, hoping it improves in 6 months total time. The 50 dollar limit thing is absurd as well. I would rate them just ok,  but I don't think I would do it over again. Hope this helps someone.

[csryang]

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@Anonymous wrote:

I tend to agree. So far, pretty much underwhelmed. While I have had no fraud calls, I missed getting the 2 percent on a large transaction, and had to call to get them to fix it. Took days plus several phone calls. Finally, after a week And a half, they called to say "they would allow it." Huh? I did a double take, because the card clearly says 2 percent on "EVERYTHING. EVERYWHERE." And as you may have seen, their statements aren't very easy to verify that you received everything they agreed to.

And yes, the wait times are crazy bad.

On the upside, they paid the 100 dollar bonus quickly. 

But more downside. So I had a fairly large amount due that I don't want to post, and I also have automatic pay the balance set up. So I manually paid the card to zero. Then on the auto payment date, they processed another payment for the amount of the last statement, making a large credit on the card. So though the card balance was ZERO, they will still process an auto payment in the amount of your last statement balance. Just today, I may be getting back to zero or so. Their programming is very rudimentary at best.

Overall, I took the hit so I'll let it ride, hoping it improves in 6 months total time. The 50 dollar limit thing is absurd as well. I would rate them just ok,  but I don't think I would do it over again. Hope this helps someone.

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wow... I will definitely watch out and make sure I get 2% back when I receive the statement.

What's the 50 dollar limit thing? Is that the minimal redemption amount you need to reach for requesting statement credit?

[fltireguy]

My opinion? They are awesome
I'm not sure who I like better - PenFed or Navy..lol


The hold times can be annoying though

[UpperNwGuy]

What $50 limit?

[Anonymous]

They have a "new guy" restriction on their checking account that allows only 50.00 per day to be transferred in (as a pull), which is mandatory for 6 months regardless of your credit score. I have honestly never seen anything so draconian in 40 years plus of  banking. 

And it takes like 10 days for a payment to actually post to a credit card, or for an ach transaction to post. It's really stupid. On I believe September 15, or 17th, the Fed reserve is changing the ACH rules so that things get moved on the same day. IOW, the transaction can be initiated and post the same day, for both banks. Dollars to doughnuts PENFED still  refuses to grant access to your money for a week. Yes, maybe a first world problem, but still I regret dealing with a financial institution that treats me like this. I would not do it again, as mentioned.

And their loan rates are subpar. 

[Anonymous]

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The reward redemption it's automatic, as a statement credit.

[Anonymous]

Glad I went with Alliant CU after reading this. They've been great.

[csryang]

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@Anonymous wrote:

They have a "new guy" restriction on their checking account that allows only 50.00 per day to be transferred in (as a pull), which is mandatory for 6 months regardless of your credit score. I have honestly never seen anything so draconian in 40 years plus of  banking. 

And it takes like 10 days for a payment to actually post to a credit card, or for an ach transaction to post. It's really stupid. On I believe September 15, or 17th, the Fed reserve is changing the ACH rules so that things get moved on the same day. IOW, the transaction can be initiated and post the same day, for both banks. Dollars to doughnuts PENFED still  refuses to grant access to your money for a week. Yes, maybe a first world problem, but still I regret dealing with a financial institution that treats me like this. I would not do it again, as mentioned.

And their loan rates are subpar. 

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I really dont understand why they restrict $50 pull as a "new guy" policy. I thought most bank/credit union want our money... Can you bypass that limit with an ACH push or pull from an outside bank?

To clarify, you meant if I were to pay my PenFed credit card with an outside checking account, it would take 10 days for the credit transaction to apply to the balance? If true, this is probably the slowest one I know outside paying a Wells fargo credit card... I will definitely remember to pay my credit card balance earlier then.... This is not convenient at all.