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Old 08-30-2020, 09:52 AM   #21
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Also, several years ago, they devalued the points. A $50.00 debit card costs almost 6,000 points.

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The turning point for me came when they switched their % back credit card from cash back to "points." Obviously some slick salesman sold them on the convenience (to them) of not having to manage the rewards program, and how much "fun" it would be for members.

Not me. I have no interest in playing a game with "points" that have no defined value. I know what cash is worth. So I called to complain.

They said I could keep my % cash back on only ONE category. I chose 5% on gas (the highest option.) That's all I ever use the card for. Their loss.
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Old 08-30-2020, 09:59 AM   #22
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This issue is easily solved. Iíve been able to transfer much larger amounts no problem. The trick is to initiate the transfer from the other institution. The receiving institution in this case. That overrides any transfer limits.

Thanks, Audrey, I should have thought of that. By the way, the last time I tried to transfer $5000 from Penfed to my credit union, it wouldn't even let me do that.........got an error message saying "YOU HAVE EXCEEDED THE TRANSFER LIMIT OF $5000". So, they obviously have big problems. Once I get these funds moved, I'm basically done with PenFed, other than the gas-rebate VISA card.
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Old 08-30-2020, 11:01 AM   #23
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OP, sorry for your loss and added aggravation of dealing with poor customer service. Hopefully the suggestion to initiate the transfer from the outside will resolve your problem. Iíd like to cut and paste this whole thread into a feedback post to PenFed. Iím trying to hang on there but my peeve is that they closed the only convenient walk in location near me. The others are on military bases or VA centers. My other military affiliates CUs are making themselves more accessible.
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Old 08-30-2020, 03:28 PM   #24
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Thanks, Audrey, I should have thought of that. By the way, the last time I tried to transfer $5000 from Penfed to my credit union, it wouldn't even let me do that.........got an error message saying "YOU HAVE EXCEEDED THE TRANSFER LIMIT OF $5000". So, they obviously have big problems. Once I get these funds moved, I'm basically done with PenFed, other than the gas-rebate VISA card.
Ran into the $5,000 limit a couple of years back. As another said, it was going to take me forever to transfer the interest earned because if I am not mistaken you had to wait for the transfer to settle out before doing the next one! Wanted to leave the principle there to reinvest in other CD's but I want the interest amount transferred.

I must have gotten a good customer service rep who told me they could wire it overnight and they did. Of course there was a wire transfer fee.

My current CD's with them may be my last as I too, don't want my daughter to have to deal with them should something happen to me.
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Old 08-30-2020, 05:42 PM   #25
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The turning point for me came when they switched their % back credit card from cash back to "points."
FWIW, you didn't have to go along with that. I ignored all of their badgering to switch and I still have the old 5% cash back card. It's credited to my account the same month I get the bill, so effectively an instant rebate.
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Old 08-30-2020, 07:02 PM   #26
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Thanks, Audrey, I should have thought of that. By the way, the last time I tried to transfer $5000 from Penfed to my credit union, it wouldn't even let me do that.........got an error message saying "YOU HAVE EXCEEDED THE TRANSFER LIMIT OF $5000". So, they obviously have big problems. Once I get these funds moved, I'm basically done with PenFed, other than the gas-rebate VISA card.
Itís actually quite common with credit unions to have low transfer limits. PenFed is not alone. I just do the transfers from my brokerage account and have transferred up to $100K I think, no problem.
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Old 08-30-2020, 07:03 PM   #27
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FWIW, you didn't have to go along with that. I ignored all of their badgering to switch and I still have the old 5% cash back card. It's credited to my account the same month I get the bill, so effectively an instant rebate.
Me too. I donít even remember getting badgered to switch.
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Old 08-30-2020, 07:25 PM   #28
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Me too. I donít even remember getting badgered to switch.

Is that 5% cashback on everything? When was the switch? I have 5% cashback on gas but canít recall if they ever tried to switch me over.
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Old 08-31-2020, 03:04 AM   #29
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PenFed member for over 35 years and generally very well satisfied.

But I agree they seem to have lost their way recently. I got a mortgage from them about 5-6 years ago and without going into details it was the worst experience from a financial institution I've ever had. Just horrible and they never even responded to any of my complaints.

I still keep a tiny account with them solely for the 5% cash back credit card at gas stations, but everything else left their hands long ago.



Really? They told me about a year and a half ago that there is no longer a 5% cash back "bennie" for gas. I opened a card with them about 5 years ago because I also found the 5% cash back on gas appealing. I have almost a 50 mile one-way commute to work daily.


Everything was tracking along just fine, and about 2 years ago I noticed the math wasn't adding up on my monthly gas discount. I watched it for a couple more months and then finally contacted them (it took awhile until I spoke to someone that was able to answer my questions). I was told the 5% cash back went away and it was now 1.5% cash back for gas purchases. I told the individual that I never received any notice of this change and I was basically told, "oh well......it's dropped to 1.5% on gas". I paid off my card, and cancelled it. To this day, no one from Pen Fed has contacted me in any way to ask me why?


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Old 08-31-2020, 05:21 AM   #30
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Really? They told me about a year and a half ago that there is no longer a 5% cash back "bennie" for gas. I opened a card with them about 5 years ago because I also found the 5% cash back on gas appealing. I have almost a 50 mile one-way commute to work daily.


Everything was tracking along just fine, and about 2 years ago I noticed the math wasn't adding up on my monthly gas discount. I watched it for a couple more months and then finally contacted them (it took awhile until I spoke to someone that was able to answer my questions). I was told the 5% cash back went away and it was now 1.5% cash back for gas purchases. I told the individual that I never received any notice of this change and I was basically told, "oh well......it's dropped to 1.5% on gas". I paid off my card, and cancelled it. To this day, no one from Pen Fed has contacted me in any way to ask me why?


Mike
What happened was they seem to have convinced most people to switch their card to the "new and improved" points version. That was more than 2 years ago so they just weren't offering the cash rebate card when you applied.

And it's only 5% on gas. I think it's 1 or 2% on everything else, but I only use it for gas now. The FIDO 2% card is easier for most things. Since I'm a high mileage driver, the 5% gas rebate is still attractive for me.
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Old 08-31-2020, 05:23 AM   #31
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Is that 5% cashback on everything? When was the switch? I have 5% cashback on gas but can’t recall if they ever tried to switch me over.
They changed the 5% cash rewards on gas card years ago so that you earned points to redeem, instead of cash back. And the points had less cash value. But those of us with the original card still had the cash back benefit so it only affected new applicants.

The math is still the same for us - still getting 5% cash back on gas purchases as long as it’s a regular gas station and not associated with a store. Don’t get anything for non gas purchases.
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Old 08-31-2020, 05:55 AM   #32
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They changed the 5% cash rewards on gas card years ago so that you earned points to redeem, instead of cash back. And the points had less cash value. But those of us with the original card still had the cash back benefit so it only affected new applicants.

The math is still the same for us - still getting 5% cash back on gas purchases as long as itís a regular gas station and not associated with a store. Donít get anything for non gas purchases.

I was still only getting 1.5% on gas. I cancelled and went with the

Fidelity Visa @ 2% cash back for all purchases.


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Old 08-31-2020, 06:23 AM   #33
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I can't recall the exact changes PenFed made to their CCs but I do remember they reduced the point values on their Platinum Rewards Visa to the point I stopped using it. I also recall having to jump through a hoop or two a few years ago to retain the 5% pay-at-the-pump cash back on their Platinum Cash Rewards Visa. Glad I did as I'm still taking advantage of that benefit. A quick look shows since 2007 I've received more than $2,000 in cash back on that card - much of it due to travel in the RV.
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Old 08-31-2020, 06:43 AM   #34
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I can't recall the exact changes PenFed made to their CCs but I do remember they reduced the point values on their Platinum Rewards Visa to the point I stopped using it. I also recall having to jump through a hoop or two a few years ago to retain the 5% pay-at-the-pump cash back on their Platinum Cash Rewards Visa. Glad I did as I'm still taking advantage of that benefit. A quick look shows since 2007 I've received more than $2,000 in cash back on that card - much of it due to travel in the RV.
Interesting. I only ever had the gas card, and they never changed it on me.
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Old 08-31-2020, 07:04 AM   #35
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A quick look shows since 2007 I've received more than $2,000 in cash back on that card - much of it due to travel in the RV.
Around $1,500 for me just since 2011. No RV but two cars and we both drive quite a bit.
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Old 08-31-2020, 07:13 AM   #36
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Interesting. I only ever had the gas card, and they never changed it on me.
One of my PenFed cards (thought it was the 5% cash back for gas one) required me to open another account with them to prevent reducing my benefits. Could be I'm not recalling accurately and it was the other (points) card.
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Old 08-31-2020, 08:07 AM   #37
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I went in to ask about mortgages last Fall, and their rep that I talked to in person was incompetent. Took her numerous days to respond to any of my questions. By the time she sent me an e-mail, I had signed up with another lender. PenFed's mortgatge rates are no longer competitive either.

I work in the Pentagon, and the PenFed branch here is right down the hall from Navy Federal. NFCU is SOOO much more professional and efficient than PenFed, which has really gone downhill over the past 7 or 8 years.
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Old 08-31-2020, 03:47 PM   #38
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Typically I do all transactions online, so no problem. Last month I needed to do something different, so after 20 minutes on hold, I was told to write a letter and upload it. No problem, letter done and uploaded. Response email says they will get back to you by email.

Waiting for over a week....

Ten days later I sent a message asking for them to process the request, including the reference number of the uploaded document.

3 days later I checked the account. Request was handled. Never got a response from them.

So, my takeaway is the customer service is SLOW. I will not use them for any complex issues, and DH and I are making all accounts POD.
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Old 08-31-2020, 04:48 PM   #39
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I just checked my last statement. 5% cash back on gas, automatically applied as a credit. They even rounded up to the next penny.

I was badgered to change to the "points" system back when they first went to that. I resisted and was offered a choice of 5% back on any one category. I chose gas. I use the card for nothing else. They don't seem to care that my use of it was cut back by probably 90%.
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Old 08-31-2020, 06:00 PM   #40
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I am still getting 5% cash back on pay-at-the-pump gas with the PenFed VISA card.
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