Does Penfed use the same HP within 30 days?

[Anonymous]

Sorry didn't mean to sound like an **bleep** or to imply that the platinum rewards wasn't the right one for you. I just wanted to make sure I didn't miss anything regarding the differences between these cards. 

By the way there is also this card that seems to be about halfway between the two PenFed cards ( http://fortknoxfcu.org/visa.html ) but it does not offer any bonus at grocery stores and may have a foreign transcation fee (website doesn't say). 

In any case, CONGRATS again! 

[texastrojan]

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@Anonymous wrote:

So why not go for the full 5% penfed cash rewards?

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Of course in order to get the 5% ("Plus" Card) rather then then standard 3% you have to have a qualifying product.  For me I just got the money market savings account, parked $25 in there and good to go.

The website says all accounts are "monitored on a monthly basis" and accounts that qualify will be upgraded to the Plus (i.e. 5%).  But Ive gotten different estimations depending on the CSR (i.e. it will apply very first billing cycle, it could take 45-60 days, it will take 30 days, etc). Opened up CC and Money Market Account 1st week of June and saw today that I only got the 3% cash back.  Called and was told "next billing cycle will be 5% for sure"  

The nice thing is the cash back is automatically applied at end of the statement period.  Just wish the whole "upgrade" process/timeline was more transparant.

[Anonymous]

Good data point texastrojan. That's exactly what I was/am planning to do. 

[BluePoodle]

I am thinking about applying for membership/savings. So that later on if I need an auto loan I can have my account set up to apply. What to they require for a savings account membership? HP, documents? Can you be denied? How long does it take to establish an account? What else should I know about PenFed?

[Ron1]

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@BluePoodle wrote:

I am thinking about applying for membership/savings. So that later on if I need an auto loan I can have my account set up to apply. What to they require for a savings account membership? HP, documents? Can you be denied? How long does it take to establish an account? What else should I know about PenFed?

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I think they pulled both Chexsystem and EQ for membership. You can use the same HP to apply other credit products within 30 days. They are conservative. Sometimes, they might require to send them pay check stub to proof of income.

Ron.

[Ron1]

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@Anonymous wrote:

Sorry didn't mean to sound like an **bleep** or to imply that the platinum rewards wasn't the right one for you. I just wanted to make sure I didn't miss anything regarding the differences between these cards. 

By the way there is also this card that seems to be about halfway between the two PenFed cards ( http://fortknoxfcu.org/visa.html ) but it does not offer any bonus at grocery stores and may have a foreign transcation fee (website doesn't say). 

In any case, CONGRATS again! 

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Thanks you. It depends on your lifestyle. That's why they offer different types of credit cards. I looked at Fort Knox Visa is pretty much the same as Penfed. Every card has its own purpose. 

Ron.

[Anonymous]

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@BluePoodle wrote:

I am thinking about applying for membership/savings. So that later on if I need an auto loan I can have my account set up to apply. What to they require for a savings account membership? HP, documents? Can you be denied? How long does it take to establish an account? What else should I know about PenFed?

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Also, the account is open and ready for business pretty much immediately - as "ready for business" as a savings account might be. You can put money in it. 

They shouldn't require proof of income for membership. I specifically called and asked this. They said only sometimes they require those for credit applications, not for membership. And no you cannot be denied, at least i don't see how. Maybe if you have baddies on Chex? 

[BluePoodle]

Thanks Ron and LearningFast,

Trying to decide between PenFed and Dcu to apply

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@Anonymous wrote:

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@BluePoodle wrote:

I am thinking about applying for membership/savings. So that later on if I need an auto loan I can have my account set up to apply. What to they require for a savings account membership? HP, documents? Can you be denied? How long does it take to establish an account? What else should I know about PenFed?

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Also, the account is open and ready for business pretty much immediately - as "ready for business" as a savings account might be. You can put money in it. 

They shouldn't require proof of income for membership. I specifically called and asked this. They said only sometimes they require those for credit applications, not for membership. And no you cannot be denied, at least i don't see how. Maybe if you have baddies on Chex? 

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[Ron1]

BluePoodle,

I have both DCU and Penfed membership. They both pulled HP EQ and Chexsystem. DCU offers Free EQ FICO. Penfed offers more variety of credit cards.


Ron.

[BluePoodle]

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@Ron1 wrote:
BluePoodle,

I have both DCU and Penfed membership. They both pulled HP EQ and Chexsystem. DCU offers Free EQ FICO. Penfed offers more variety of credit cards.


Ron.

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Thanks Ron,

I am not in any rush but I am trying to learn about online CU's. I am mostly interested in a low interest auto loan and maybe a CC if it is low interest and higher in CL.  

Having the free EQ would be nice. Do you have a preference of the two?