Pen Fed Mail Offer

[8bitmachinegun]

I just got a mail offer for a Pen Fed PCR Visa. I've seen some people on here post about Pen Fed like it's a very desirable card, but I know next to nothing about Pen Fed. 

The offer is interesting but not compelling. The proposed interest rate is better than my Amex cards, but my NFCU Platinum beats the Pen Fed offer. The only other reasons I see are the usual 0% intro APR and the fact it's a Visa (by some twist of fate all my other cards are MC or Amex.)

Any particular reason I should take it other than padding my utilization?

[blindambition]

PenFed is a great CU. It's always in your best interest to have relationship with a couple. Better rates on loans and most cards.

With that said, I'd only take a card that compelled me. The PCR is essentially a 2% when you have checking account.

[AverageJoesCredit]

If a good 2% cb card doesnt do you any good, just pass

[M_Smart007]

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@AverageJoesCredit wrote:

If a good 2% cb card doesnt do you any good, just pass

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+1

[UpperNwGuy]

If you carry balances on your credit cards, you should seek the card with the lowest APR, and in this case it would be the NFCU Platinum.  But if you pay your cards in full each month (and this should be your goal), you should seek the card with the best rewards, and in this case it would be the PenFed Power Cash.  Once I got rid of my credit card debt, I stopped paying attention to APRs, because they don't affect me.

[atarvuzdar]

I got this offer this week, as well, and was surprised to see they're allowing non-CU members to qualify for the card. I shredded the offer but I believe for non-members it becomes a 1.5% CB card instead of 2%.

[coldfusion]

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@atarvuzdar wrote:

I got this offer this week, as well, and was surprised to see they're allowing non-CU members to qualify for the card. I shredded the offer but I believe for non-members it becomes a 1.5% CB card instead of 2%.

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You still have to qualify for membership, but in effect it's a streamlined process where one is applying for both membership and the card. Thanks to an acquisition they made criteria to qualify for membership has relaxed significantly now; you no longer need to be military/vet or use a quiet loophole to qualify.

The PCR is a 2% card if you are military/ex military or if you also have a PenFed checking account but the checking account has a $500 mininum balance or mininum $500 monthly deposit threshold to remain fee-free.