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Regular Contributor
Posts: 155
Registered: ‎08-19-2013
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USAA or PenFed?

Been a USAA Member for over 20 Years (Home & Auto).  I'm looking to start Banking with USAA (cutting ties with WF), but also a PenFed Member.  I'm leaning towards USAA.

 

Can I get some Pros & Cons from the Community.

 

Thanks

EQ 650 | TU 652 | EX 676 MyFICO SCORES 06/01/2014

Current Cards: NFCU nRewards Visa $25,000 | Citi AAdvantage Visa Sig $7000 | USAA VFW Amex $7,000 | Lowes $5,900 | Chase SWA RR Visa Sig: $5,000 | AMEX BCE $5000 | AMEX PRG NPSL
Valued Contributor
Posts: 1,322
Registered: ‎07-07-2013
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Re: USAA or PenFed?

USAA is wonderful! No cons, only pros to say about them!
Valued Contributor
Posts: 5,261
Registered: ‎06-05-2013
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Re: USAA or PenFed?

[ Edited ]

Pros and cons will always be a bit subjective and the two aren't mutually exclusive.  I'm a member of both and find both to be beneficial.  The details for their products are available on their website for you to compare.  I only have PenFed's Platinum Cash Rewards card and a MMA savings account.  Their cards probably aren't as great for new applicants though since they've changed their rewards structures on their cards.  However, they still seem to offer better rewards on their cards than USAA.  I do still have my USAA cards since they're some of my oldest cards.  They just don't get used much these days.

 

That said, USAA was very beneficial to me when rebuilding credit.  They offered me the best CL's and APR's at the time.  They haven't been as useful to me now that I have rebuilt but I do use their banking products (checking & savings).  They have a lot of handy tools.  Their IOS app is very useful.  Can't say that about PenFed's app.  USAA's check deposit by phone is something I find useful and, again, missing from PenFed.

Established Contributor
Posts: 866
Registered: ‎09-22-2011
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Re: USAA or PenFed?

Outstanding bank with excellent customer service!  I have been with USAA for many years and will stay until i don't need banking services anymore.  All pros no cons IMO!  They take care of current and former military people so try them out and you will find out what i am talking about.

Regular Contributor
Posts: 155
Registered: ‎08-19-2013
0

Re: USAA or PenFed?

Thanks everyone for the feedback...Opened Checking/Savings with USAA.

 

Chris

EQ 650 | TU 652 | EX 676 MyFICO SCORES 06/01/2014

Current Cards: NFCU nRewards Visa $25,000 | Citi AAdvantage Visa Sig $7000 | USAA VFW Amex $7,000 | Lowes $5,900 | Chase SWA RR Visa Sig: $5,000 | AMEX BCE $5000 | AMEX PRG NPSL
Regular Contributor
Posts: 150
Registered: ‎10-20-2013
0

Re: USAA or PenFed?

I have been using USAA for banking for a few years and I love it. I have a Penfed account which I never use.

Senior Contributor
Posts: 10,084
Registered: ‎09-24-2013
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Re: USAA or PenFed?


DigitalArk wrote:
USAA is wonderful! No cons, only pros to say about them!

+1

.
Frequent Contributor
Posts: 371
Registered: ‎09-17-2012
0

Re: USAA or PenFed?

PenFed customer service isn't that good. Often times the reps are uninformed.

 

I hear they have one of the lowest rates on loans though (I've never gotten a loan from them but have two CCs with them).

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Super Contributor
Posts: 7,382
Registered: ‎10-03-2008
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Re: USAA or PenFed?

Like USAA Federal Savings Bank for their ability to transfer money. Use the transfer function several times a month. Checking and Savings works well. Their credit card rewards are not very agressive in today's market but they were there for me as I rebuildt.

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