PenFed Credit Cards

PenFed Credit Cards

 3.8/5 (144 ratings)
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Page 1 Reviews 0 - 10
Rated with 1 star
Verified Reviewer
Original review: Aug. 24, 2022

I applied for a HELOC on my house I recently bought. Keep in mind, I had been a PenFed customer for 15 plus years already with a prior heloc I'd closed out already due to selling my prior home a few months ago. Despite my busy schedule, I spent a lot of time sending in all required docs. Then, Alex ** spoke with me and said he couldn't do the loan due to lack of enough income. I explained for the 5th time I have both employer W2 and retirement investment income - where he had the documents already. Then that same day he said he was mistaken and he could do the loan after asking his loan department person. He then said I would need to wait for an email from his underwriter or other loan person. I waited two weeks. No email. Not in spam either. Then I called back and he said, "Sorry the loan is closed." He claimed he never told me he could do the loan which was a total lie on his part. He got very snippy and rude towards me.

I called the main number and they put me with a different loan officer who looked at my file and said they could do it, no problem - but the interest rate would be over 2x the amount it was literally 2 weeks earlier! What a racket! Alex ** had such a condescending attitude, I will never deal with Penfed again due to his ideocracy. He needs to get off his high horse and lose the attitude. When I had a heloc for over 15 yrs before, they took many months to close it - but I kept it at the time due to the rate. Do not recommend. Unless, you want to be ripped off, jerked around, and treated poorly.

Be the first one to find this review helpful
Customer increased Rating by 1 stars!
Verified Reviewer
Resolution response: July 26, 2022

PenFed has corrected issue.

Original review: July 24, 2022

I applied for and received a credit card with a 0% 12 month interest rate on a balance transfer (3% fee). My enclosure states 12 month no interest and then 17% on UNPAID BALANCE. Any purchases would incur interest from date posted. When their site would not allow me to do the transfers, I called Penfed. To my surprise, I was told that if I did not pay the balance transfer within 12 months I would be charged interest from day 1. This is not a 0% interest rate for 12 months, this is a deferred interest for 12 months. I find it very disturbing the way Penfed does business by misleading consumers.

4 people found this review helpful

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    Rated with 1 star
    Verified Reviewer
    Original review: July 18, 2022

    My separated wife took out a personal loan using my social and though my social does not match, I never received any documents, never signed any paper work and never received a call from any agent; they will not talk to me nor turn over the loan disclosures. This is highly illegal and deserves as much attention by the attorney general as Wells Fargo received. It is my guess that I am not the only person affected by this same out right theft, and the fact that they now have blocked both myself and according to my separated wife, her as well, just shows how far they will go to cover up their lack of accountability. I have filed with the attorney general and would love any input as to where to go next. I am in DFW area, not sure which branch this was done at, but companies like this are likely to have this same policy at any branch, so buyer beware.

    4 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: June 15, 2022

    Don't know how these people are still in business. First, there is NO ONE to contact if you have a problem. Sorry. Talk to their computers all you like. They will just keep repeating the same ridiculous message. No phone number listed on website, nothing! Got a mortgage with these losers, and NEVER AGAIN. Could not access any of my records online, and they stopped sending me invoices. I had no tax records with which to file taxes. Their computer system is from the stone ages, their "customer service" sounds like a bunch of illiterate morons who have no knowledge of any of their businesses or processes. So angry, I can't even! I hope someone reads this and saves themselves the same misery. As other reviews have said, I would give them negative ratings if I could. What a joke of an organization!!!

    4 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: March 20, 2022

    Both I and my wife applied for a PenFed credit card in February with a perfect credit score of 750 each, we received an approval on Feb 16 and state a credit card is in the process of being mailed and will receive it within 7 to 10 business days. I called PenFed about 12 days later only to be told it's not been mailed out and will do so straight away, I waited a week and still no card card in the mail, I called back and was informed that a card cannot be issued until a account was opened in our names separately as there were two separate applications, so we complied and open an account each with a minimum deposit of $5 each but due to the nature of the transaction I was charge a further $10 by my bank so now I am $20 down in my bank.

    A week went by and there was still no card. I called PenFed again and was told that a card cannot be issued due to lack of information (Credit card security information) was needed to be filled before a credit card can be issued and I must add at this point no one has informed us that the whole process is time sensitive. We received the form via email and we printed the form, filled and signed the form and emailed to PenFed as requested, Three days go past and I received an email from PenFed stating that a card cannot be issued because I did not filled in the required information in a timely manner, the plot thickens, We were informed by the supervisor that my wife's credit card was issued on the 3/8/2022 and was definitely in the mail but not mine, so why were we told on the 14th of March that a card cannot be issued until the Credit Security Information was filled buy yet my wife's credit card was issued on the 8th and was in the mail (we still have not received it yet).

    This is a Micky Mouse company that does not know how to conduct business in a timely manner and value its customers. Walt Disney does a better job than this. The Supervisor advised me that due to federal laws a credit pull is only valid for a month and they will need to pull another credit If I wanted to apply again for a credit card and they would ask the credit company to withdraw my first inquiry and that would take anywhere up to 2 months to square up with the credit bureau.

    I started another application and While I was applying another credit pull was initiated by PenFed without my consent and that when I stopped my application and decided to write this review. I have applied for credit before and I have never experience an Incompetence company that does not have any structure in its process. I have lost points on my credit file, wasted my time and money on a company that does not value its customers' valued time, money or points they have worked hard to gain with the credit bureau, all they want is an account to be opened and try to claw more money from the customer. Join this company at your own peril, you have been warned.

    6 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Feb. 21, 2022

    If you are active military, a vet, the son, or the daughter of a veteran, please please do not support this credit union. They don't care about you!!!! Penfed should be ashamed of themselves. I was using a power cash visa for personal and business purposes for 6+ years. Out of nowhere they seized $17,368 in rewards points earned and claimed it was because I violated the terms and conditions of the card. My father served in the Vietnam war and recommended I support Penfed with our business spend. All these years of spending millions with this bank and then out of nowhere, they pulled the rug out without any warning and literally deleted my rewards account. Do you think this bank needs my $17,000? THEY SHOULD ABSOLUTELY BE ASHAMED OF THEMSELVES.

    I even told them, I wanted to donate a large percentage of the money and all the agents want to do is read from a script. Literally, every time I made a payment I had to speak with a supervisor to push the large payments. That means the hundreds of times I called, not a single supervisor told me I should not be using this card for business. NEVER! I subsequently learned that I was in fact not following the terms and conditions. There is no denying that.

    In their letter, they said I violated, "Section 7 - account abuse/misuse and fraud". The issue I have is why couldn't they notify me 6 years ago. Why couldn't they shut the account down after 1 month, 1 year, 2 years, 4 years, etc. Why couldn't they call me? Why couldn't they warn me? Talk about COWARDS! They waited and waited till I accumulated a large sum of rewards dollars and then basically said, ok it's game over. Your rewards are being seized. They called me a criminal basically. It's not like their credit card is any more beneficial than my capital one spark where I get 2% cash. If you are active military, a vet, the son, or the daughter of a veteran, please please do not support this credit union. They don't care about you!!!!

    6 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Feb. 21, 2022

    Used points to buy VISA gift cards as gifts. Website wouldn't print out the e cards. Rewards customer service was no help. Said it was problem for Pen Fed Visa. Asked them to cancel purchase and return points. That's up to Pen Fed Visa. Why do the cards expire after 6 months? That's up to Pen Fed Visa.

    2 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Dec. 15, 2021

    Logged into my account to find out Penfed froze my account due to my son's account being scammed. Now when we went to the bank last summer to open him an account and explained it needs because he was headed to college next year they never once told me I would be responsible for his account. I was told that I could transfer money via accounts for his books and such without it cost. Well fast forward to today my account has been frozen with no way for me to pay my bills because his be account was scammed. I have been a good and loyal consumer for years with no negatives on my account whatsoever. At the very least they should have informed me of all the pros and cons of opening an account for my son but they deliberately attached it to my own account and froze my account when something happened with his. I will be leaving this bank after years for bad practices and not fully informing their customers.

    3 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Sept. 27, 2021

    3 months in dealing with the most incompetent people I have ever dealt with. Trying to go VA refinance. Every day for 90 days it’s something new. They are making their own VA rules instead of using the handbook. I wish I read these and the bbb reviews before I applied. I see a class action lawsuit in their future. I have contacted the chairman, trying to find the underwriting manager is like trying to steal gold from Fort Knox.

    4 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: May 4, 2021

    This has been an ongoing issue with my Penfed account. It started out with some updates if I recall to the webpage which is a well organized webpage. I have had one issue or another with being able to access and pay my penfed visa. First I was not able to review transactions on any device nor the app on my iPhone. Well that appeared to resolve itself however, the other issue developed where I could not pay my visa online. Subsequent to the online issue I moved to paying my visa via the app. Well now neither method works. I have to call and spend upwards of 30+ minutes listening to how great penfed is and how much I matter to them.

    Don't get me wrong I have done well with penfed over the years and will continue to use their services if this gets fixed. Sadly we all have better options these days so hopefully penfed will resolve this issue soon. Given the amount of time this has persisted I do not think it will be soon. By then I will have switched to one of my other banking institutions so I can pay my bills without having to contend with these lengthy phone calls just to pay a bill. PLEASE FIX THIS ISSUE PENFED!!

    3 people found this review helpful
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    Pentagon Federal Credit Union Credit Card author review by Danni White

    Pentagon Federal Credit Union (PenFed) is a large American financial institution that has been around since 1935. It serves all fifty states and some international military bases. Along with other financial services, PenFed offers several Visa and American Express credit cards to members.

    • Power Cash Rewards Visa®: This rewards card earns you from 1.5 to 2 percent cash back on all your purchases, with no limit on how much you can earn. It also comes with a $100 bonus statement credit if you spend $1,500 in the first 90 days.

    • Platinum Rewards Visa Signature®: This card has no annual fee and allows you to earn five points per dollar spent on gas, three points per dollar on grocery and one point per dollar on everything else.

    • Travel Rewards American Express®: This card lets you earn five points per dollar spent on airfare and one point per dollar spent elsewhere. You can redeem for giftcards or a variety of products like luggage or toys.

    • Simple credit card options: If you prefer a card that is not a rewards card, you can choose from the PenFed Promise Visa® or the Gold VIsa®. The Promise card has no fees and was named the simplest card in America by credit.com. The Gold has no annual fees, foreign transaction or cash advance fees.

    • Digital wallet: You can connect your PenFed credit card with your smartphone and make quick, secure payments. Use Apple Pay, Samsung Pay or Android Pay to take the hassle out of carrying a physical credit card.

    by Danni White ConsumerAffairs Research Team

    As a member of the ConsumerAffairs research team, Danni White is committed to providing valuable resources designed to help consumers make informed purchase decisions. Danni specializes in content strategy and development, with over a decade of professional writing and research experience.

    PenFed Credit Cards Company Information

    Company Name:
    Pentagon Federal Credit Union Credit Card
    Website:
    www.penfed.org