Downfall of PenFed, Need New CU!

[Horseshoez]

Sorry, I'm thinking your anti-PenFed rants are falling on deaf ears.

[CreditUp26]

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@Horseshoez wrote:

Sorry, I'm thinking your anti-PenFed rants are falling on deaf ears.

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Well it's clear I'm speaking with people who are not well versed in a variety of credit unions or their offerings. Perhaps when there is a more elite understanding by others they will be able to comprehend. It's factual though, I cannot name a current CU where rates on all cards are 17.99% and have found higher CD rates at other CUs. 

[Horseshoez]

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@CreditUp26 wrote:

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@Horseshoez wrote:

Sorry, I'm thinking your anti-PenFed rants are falling on deaf ears.

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Well it's clear I'm speaking with people who are not well versed in a variety of credit unions or their offerings. Perhaps when there is a more elite understanding by others they will be able to comprehend. It's factual though, I cannot name a current CU where rates on all cards are 17.99% and have found higher CD rates at other CUs. 

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Come on man, be real; if you were so versed on credit then you wouldn't be fussing about a 17.99% interest rate.  Why?  Because you wouldn't be paying interest at all, so even if the rate was 50%, it wouldn't impact you.

[CreditUp26]

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@Horseshoez wrote:

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@CreditUp26 wrote:

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@Horseshoez wrote:

Sorry, I'm thinking your anti-PenFed rants are falling on deaf ears.

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Well it's clear I'm speaking with people who are not well versed in a variety of credit unions or their offerings. Perhaps when there is a more elite understanding by others they will be able to comprehend. It's factual though, I cannot name a current CU where rates on all cards are 17.99% and have found higher CD rates at other CUs. 

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Come on man, be real; if you were so versed on credit then you wouldn't be fussing about a 17.99% interest rate.  Why?  Because you wouldn't be paying interest at all, so even if the rate was 50%, it wouldn't impact you.

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I don't pay interest and haven't had a balance in forever. However, jacking rates on *veterans* who are their main demographic, while claiming "credit union" status, combined with poor customer service is definitely a downfall. How are you going to tell me it's normal when even their similar peers like SDFCU are at 14% for a 2% card? It's a joke to defend higher interest on vulnerable populations.

[Horseshoez]

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@CreditUp26 wrote:

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@Horseshoez wrote:

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@CreditUp26 wrote:

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@Horseshoez wrote:

Sorry, I'm thinking your anti-PenFed rants are falling on deaf ears.

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Well it's clear I'm speaking with people who are not well versed in a variety of credit unions or their offerings. Perhaps when there is a more elite understanding by others they will be able to comprehend. It's factual though, I cannot name a current CU where rates on all cards are 17.99% and have found higher CD rates at other CUs. 

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Come on man, be real; if you were so versed on credit then you wouldn't be fussing about a 17.99% interest rate.  Why?  Because you wouldn't be paying interest at all, so even if the rate was 50%, it wouldn't impact you.

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I don't pay interest and haven't had a balance in forever. However, jacking rates on *veterans* who are their main demographic, while claiming "credit union" status, combined with poor customer service is definitely a downfall. How are you going to tell me it's normal when even their similar peers like SDFCU are at 14% for a 2% card? It's a joke to defend higher interest on vulnerable populations.

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According to the SDFCU web site, their interest rate on the Premium CashBack+ credit card ranges from 14.49% to 18%; it's an odds on bet anybody new, even with a perfect credit rating will only be able to get 18%; and my bet is longer term members are going to see their rates go up as well.  So, maybe you are getting 14%, but it won't be for long; it's just a sign of the times we live in.

For me, I have accounts at both PenFed and NFCU, I have a credit card and two savings accounts at PenFed, and no credit cards and a small savings account at NFCU.  They both serve their purpose.

[CreditUp26]

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@Horseshoez wrote:

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@CreditUp26 wrote:

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@Horseshoez wrote:

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@CreditUp26 wrote:

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@Horseshoez wrote:

Sorry, I'm thinking your anti-PenFed rants are falling on deaf ears.

---

Well it's clear I'm speaking with people who are not well versed in a variety of credit unions or their offerings. Perhaps when there is a more elite understanding by others they will be able to comprehend. It's factual though, I cannot name a current CU where rates on all cards are 17.99% and have found higher CD rates at other CUs. 

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Come on man, be real; if you were so versed on credit then you wouldn't be fussing about a 17.99% interest rate.  Why?  Because you wouldn't be paying interest at all, so even if the rate was 50%, it wouldn't impact you.

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I don't pay interest and haven't had a balance in forever. However, jacking rates on *veterans* who are their main demographic, while claiming "credit union" status, combined with poor customer service is definitely a downfall. How are you going to tell me it's normal when even their similar peers like SDFCU are at 14% for a 2% card? It's a joke to defend higher interest on vulnerable populations.

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According to the SDFCU web site, their interest rate on the Premium CashBack+ credit card ranges from 14.49% to 18%; it's an odds on bet anybody new, even with a perfect credit rating will only be able to get 18%; and my bet is longer term members are going to see their rates go up as well.  So, maybe you are getting 14%, but it won't be for long; it's just a sign of the times we live in.

For me, I have accounts at both PenFed and NFCU, I have a credit card and two savings accounts at PenFed, and no credit cards and a small savings account at NFCU.  They both serve their purpose.

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I have the lowest rate on SDFCU card so it's possible. I also have the lowest rate on their LOC. If you only have NFCU and PenFed I'm sorry but there is more to CUs to experience. 

[Horseshoez]

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@CreditUp26 wrote:

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I have the lowest rate on SDFCU card so it's possible. I also have the lowest rate on their LOC. If you only have NFCU and PenFed I'm sorry but there is more to CUs to experience. 

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Not sure exactly what experiences I'm missing; between the various financial institutions I do business with, it is highly unlikely I'm missing anything.

[pizzadude]

If you look around at other CUs as pointed out by others I think you'll find 18% to be pretty good compared to most.  

Whinging about interest rates on your PenFed cards when you always PIF seems like complaining about the price of gas when you don't own a car.   

Also I'm not a PenFed member, but if you are that heartbroken and feel like you're being exploited then close your accounts and move on but I suspect you'll be equally disappointed in the future. 

[Anonymous]

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@Horseshoez wrote:

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• And finally their interest rate on savings is 3.00%; they pay the highest of any FCU I've seen (granted I haven't looked at them all).

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3% is pretty low at present.   Take a look at

High Yield Savings Accounts – Daily Rates | DepositAccounts

So one of my local (but open to all) FCUs is paying 5% and banks are paying up to 5.5%

[CreditUp26]

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@Anonymous wrote:

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@Horseshoez wrote:

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• And finally their interest rate on savings is 3.00%; they pay the highest of any FCU I've seen (granted I haven't looked at them all).

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3% is pretty low at present.   Take a look at

High Yield Savings Accounts – Daily Rates | DepositAccounts

So one of my local (but open to all) FCUs is paying 5% and banks are paying up to 5.5%

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This is what I'm saying, there's so many better CU options. People just don't know because they don't look or assume they don't qualify.