Penfed, good or bad?

[Anonymous]

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@KJinNC wrote:

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@Mero_mero wrote:

There are a lot of 2% cards out there.  What makes this one, one of the best, is no minimum redemption rate and you can redeem your cash back as a transfer to any external bank account you'd like.  It's true cash back and not statement credit card.  Find another 2% card that does the same regarding minimum redemption and to external banks for cash back.

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PPMC does the same, unless I'm missing a fine point. You do need to link your bank account to your PayPal account. There is a faster option they charge for and a free 1-3 day option, which is what I always use. The downside is they are Sync Bank, which means a de facto maximum CL of $10K for most people ... correct me if I'm wrong or if that has changed recently.

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It's 20K now.

[SouthJamaica]

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@Ladyofthelake wrote:

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@SUPERSQUID wrote:

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@Ladyofthelake wrote:

Hello. I am interested on Penfed power cash 2% back on everyting.  I want to get some feedback. (I love USAA and NFCU too, but I don't have any military tie. They won't let me in, but I can join penfed by opening a saving account). 

Also. I am curious about their free checking and general member service.  

What is your experience with Penfed? What is the good and the mew about them?

Thank you.   

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Just keep in mind to get 2 pct cb you need one of the following,

1 - have a minimum of 500 dollars in a checking account

or

2 - be an honorably disharged veteran.

otherwise its a 1.5 pct cb card.

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I saw another post saying as long as you have a free checking you can get the 2%, $500 DP is no more longer required, I chatted with CS yesterday. Confrimed. 

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I wouldn't rely on what the CSR told you.  Just pulled this down from the website:

For Free Checking account holders, to receive 2% cash back during the upcoming checking statement cycle, you need to have maintained the minimum balance or made qualifying direct deposits for at least one of the two previous checking statement cycles. Members with a qualifying Free Checking account must also 1) maintain a minimum $500 daily balance OR 2) set up monthly direct deposits of $500 or more to maintain Honors Advantage Eligibility. A minimum balance or direct deposit is not required to maintain a Free Checking account.

https://www.penfed.org/credit-cards/honors-advantage

[AverageJoesCredit]

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@Ladyofthelake wrote:

Which credit burearu they SP? I will need to unfreeze. 

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Penfed will hp if you apply for a product. Mainly EQ but on certain products like a personal loan, they have been pulling EX

[Ladyofthelake]

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@AverageJoesCredit wrote:

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@Ladyofthelake wrote:

Which credit burearu they SP? I will need to unfreeze. 

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Penfed will hp if you apply for a product. Mainly EQ but on certain products like a personal loan, they have been pulling EX

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Checking account is SP. 

[Ladyofthelake]

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@SouthJamaica wrote:

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@Ladyofthelake wrote:

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@SUPERSQUID wrote:

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@Ladyofthelake wrote:

Hello. I am interested on Penfed power cash 2% back on everyting.  I want to get some feedback. (I love USAA and NFCU too, but I don't have any military tie. They won't let me in, but I can join penfed by opening a saving account). 

Also. I am curious about their free checking and general member service.  

What is your experience with Penfed? What is the good and the mew about them?

Thank you.   

---

Just keep in mind to get 2 pct cb you need one of the following,

1 - have a minimum of 500 dollars in a checking account

or

2 - be an honorably disharged veteran.

otherwise its a 1.5 pct cb card.

---

I saw another post saying as long as you have a free checking you can get the 2%, $500 DP is no more longer required, I chatted with CS yesterday. Confrimed. 

---

I wouldn't rely on what the CSR told you.  Just pulled this down from the website:

For Free Checking account holders, to receive 2% cash back during the upcoming checking statement cycle, you need to have maintained the minimum balance or made qualifying direct deposits for at least one of the two previous checking statement cycles. Members with a qualifying Free Checking account must also 1) maintain a minimum $500 daily balance OR 2) set up monthly direct deposits of $500 or more to maintain Honors Advantage Eligibility. A minimum balance or direct deposit is not required to maintain a Free Checking account.

https://www.penfed.org/credit-cards/honors-advantage

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Check this post https://ficoforums.myfico.com/t5/Credit-Cards/PenFed-CR-Visa-2-with-their-new-Free-Checking-Account/...

people were saying getting 2% cash back without DD or daily balance .

[SouthJamaica]

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@Ladyofthelake wrote:

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@SouthJamaica wrote:

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@Ladyofthelake wrote:

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@SUPERSQUID wrote:

---

@Ladyofthelake wrote:

Hello. I am interested on Penfed power cash 2% back on everyting.  I want to get some feedback. (I love USAA and NFCU too, but I don't have any military tie. They won't let me in, but I can join penfed by opening a saving account). 

Also. I am curious about their free checking and general member service.  

What is your experience with Penfed? What is the good and the mew about them?

Thank you.   

---

Just keep in mind to get 2 pct cb you need one of the following,

1 - have a minimum of 500 dollars in a checking account

or

2 - be an honorably disharged veteran.

otherwise its a 1.5 pct cb card.

---

I saw another post saying as long as you have a free checking you can get the 2%, $500 DP is no more longer required, I chatted with CS yesterday. Confrimed. 

---

I wouldn't rely on what the CSR told you.  Just pulled this down from the website:

For Free Checking account holders, to receive 2% cash back during the upcoming checking statement cycle, you need to have maintained the minimum balance or made qualifying direct deposits for at least one of the two previous checking statement cycles. Members with a qualifying Free Checking account must also 1) maintain a minimum $500 daily balance OR 2) set up monthly direct deposits of $500 or more to maintain Honors Advantage Eligibility. A minimum balance or direct deposit is not required to maintain a Free Checking account.

https://www.penfed.org/credit-cards/honors-advantage

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Check this post https://ficoforums.myfico.com/t5/Credit-Cards/PenFed-CR-Visa-2-with-their-new-Free-Checking-Account/...

people were saying getting 2% cash back without DD or daily balance .

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I'm aware of that thread and of what "people were saying". There are conflicting statements even on the PenFed site.  Here's what I said in that thread:

https://ficoforums.myfico.com/t5/Credit-Cards/PenFed-CR-Visa-2-with-their-new-Free-Checking-Account/...

But the statement I have quoted from the PenFed site is unambiguous.