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What is the overall opinion of Penfed on the forum?

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Anonymous
Not applicable

What is the overall opinion of Penfed on the forum?

Penfed almost seems like a dream to me in terms of credit cards, personal loans and all other services.

 

If you have a credit card, car loan, home loan or anything with them could you please share your overall experience with them for me.

 

Thanks!!!--TheTaxMan

Message 1 of 9
8 REPLIES 8
Anonymous
Not applicable

Re: What is the overall opinion of Penfed on the forum?

There are dozens and dozens of Penfed threads.  They seem to have well over a 95% approval rating around here.

 

The only negative I've ever heard about them involves that weird "pyramiding debt" excuse they use for denial sometimes.

 

Message 2 of 9
jaxstraw
Valued Contributor

Re: What is the overall opinion of Penfed on the forum?

My overall experience has been great. They gave me two CC's that I have since combined into one , a sig loan with good terms, and re-fied my truck with even better terms.

 

I am now 'pyramid' with them though and they will not grant a CLI or any other type of loan.I have been granted the maximum credit they will extend to me based on my salary and scores.

 

They are a conservative lender who can be quirky with approvals at times, but worth the effort if not approved of trying until you meet their criteria.

Jax

*************************************************************************************
Then you are a fool. Be thankful that when God gave you a face, he gave you a fool's face
Message 3 of 9
manyquestions
Established Contributor

Re: What is the overall opinion of Penfed on the forum?

They are great.
Message 4 of 9
haulingthescoreup
Moderator Emerita

Re: What is the overall opinion of Penfed on the forum?

Can't beat 'em. (I have their Platinum Plus card --the gas card --and an auto loan.)
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Message 5 of 9
Anonymous
Not applicable

Re: What is the overall opinion of Penfed on the forum?

PFCU is one of the better moves I've made.  Great products, great rates, and difficult to obtain.  I guess that's why I value them as much as I do.
Message 6 of 9
Anonymous
Not applicable

Re: What is the overall opinion of Penfed on the forum?

Love the credit card!  My first month I averaged about 2.7% cash back, which is applied to your account automatically every month. Also, I like the customer service.  It doesn't seem to be outsourced as others have.  I have one small complaint (what's new? heh) - the user interface on the website leaves something to be desired.  The interest rate isn't the best but not surprised for a it being a rewards card, and I don't carry balances anyway.

 

Oh, and I like to get my cash at Wal-mart with my transactions.  For some reason I can do this with my Discover but not my Penfed Visa.  Dunno if Wal-mart decided this or Penfed did.

 

The car loans looked comparable to what my local credit unions are offering. Haven't checked any other products out yet.

Message Edited by rmily on 11-09-2008 07:12 PM
Message 7 of 9
Anonymous
Not applicable

Re: What is the overall opinion of Penfed on the forum?


@Anonymous wrote:

 

Oh, and I like to get my cash at Wal-mart with my transactions.  For some reason I can do this with my Discover but not my Penfed Visa.  Dunno if Wal-mart decided this or Penfed did.


 

From what I've heard, it's actually that Discover is much more lenient about this than ANY other CC issuer.  

 

Most CC issuers consider "cash back" as a Cash Advance which will immediately start accruing interest (often at a higher rate than purchases).  Discover apparently lets you get a certain amount of cash back without it being counted as a Cash Advance, but it doesn't sound like any other CC issuer does...

Message 8 of 9
Anonymous
Not applicable

Re: What is the overall opinion of Penfed on the forum?


@Anonymous wrote:

@Anonymous wrote:

 

Oh, and I like to get my cash at Wal-mart with my transactions.  For some reason I can do this with my Discover but not my Penfed Visa.  Dunno if Wal-mart decided this or Penfed did.


 

From what I've heard, it's actually that Discover is much more lenient about this than ANY other CC issuer.  

 

Most CC issuers consider "cash back" as a Cash Advance which will immediately start accruing interest (often at a higher rate than purchases).  Discover apparently lets you get a certain amount of cash back without it being counted as a Cash Advance, but it doesn't sound like any other CC issuer does...


US Bank sent me some cash advance/BT checks (not quite the same as using your PIN, but no different really if you just write the checks to yourself - either way, the checks got ripped into tiny bits and thrown in the trash, along with the Discover ones, the AmEx ones, and the 20 or so my husband seems to receive from BofA each week) a few weeks ago, and the accompanying letter said that if I used those checks, it would be posted and treated as a purchase rather than a cash advance.
Still didn't tempt me. THEY would still know what I'd used the checks for, regardless of what it would say on my statement and the interest rate they'd apply to the balance!

  (ETA: oops, that dragged this thread all OT, didn't it? All I can say about PenFed is that I think they're totally out of my reach and will be for the foreseeable future, as despite the  fact that our mortgage is the only debt I have, it makes my personal DTI ratio much higher than I'm led to believe they like!)

Message Edited by fevmlo on 11-09-2008 09:15 PM
Message Edited by fevmlo on 11-09-2008 09:15 PM
Message 9 of 9
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