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Old 08-31-2020, 06:50 PM   #41
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Originally Posted by RAE View Post
I am still getting 5% cash back on pay-at-the-pump gas with the PenFed VISA card.


Me too. Didn’t realize it’s a legacy card. Guess we’ll need to make sure we don’t give it up. I’m actually surprised it still pays 5%! I combine with grocery points, car wash discount and nickel off Thursday and pay 50 cents less than posted price.
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Old 09-01-2020, 11:31 AM   #42
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Join Date: Jul 2012
Location: Landing, NJ
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I have two Visa cards with Penfed. The Platinum Cash Rewards Visa still pays 5% on gas at the pump but all other rewards have been eliminated; use another card if you have to pay inside or you'll get NOTHING. Also, at some point, I had to add a $500 direct deposit to keep this card.


My other card is the Platinum Rewards Visa Signature. This was the one where they devalued the points. I use it only for grocery stores effectively getting back 2.55%.
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Old 09-04-2020, 09:11 PM   #43
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Originally Posted by braumeister View Post

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.
I keep a $1000 CD there to get that card also. One of the good things they have. I wanted to use their card when I went to Italy a few years ago and asked if they could increase my $5000 credit limit by a couple of thousand dollars. They turned me down!.... And I have an 830+ credit score.. WTF!
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Old 09-05-2020, 09:14 AM   #44
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Originally Posted by freedomatlast View Post
The people that bought out house in June used PenFed for a mortgage. If their realtor hadn’t called PenFed every day, the deal never would have closed on time.
I had to do a doubletake when I read this comment. My daughter bought a house in June financed by PenFed and this is EXACTLY what happened to her! PenFed has been less than impressive recently.
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Old 09-05-2020, 09:39 AM   #45
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I sure hope they fix these issues. I have a bunch of CDs that will probably go elsewhere in Jan. Besides the 5% gas card their Premium Online Savings is pretty decent. It’s 0.8% after dropping a bit like everybody else.
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Old 09-05-2020, 11:31 AM   #46
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Me too. My 10yr, 5%, CD's mature end of this year. Time to move on. Penfed use to be a leader in rates, service.

They just closed my Penfed credit card, for lack of use. So sad.....presume management changes....
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Old 09-05-2020, 11:53 AM   #47
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Me too. My 10yr, 5%, CD's mature end of this year. Time to move on. Penfed use to be a leader in rates, service.

They just closed my Penfed credit card, for lack of use. So sad.....presume management changes....


That is impressive.
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Old 09-05-2020, 12:43 PM   #48
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I've been slowly rolling some PenFed CDs into their Premium Savings. It's actually a better rate at the moment. When I took out the CDs they were the best rate available. I'll probably keep the Premium Savings account for now.
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Old 09-05-2020, 06:34 PM   #49
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Me too. My 10yr, 5%, CD's mature end of this year. Time to move on..


We’ll have a thread to toast them farewell. I remember how tough it was to make a ten year commitment at the time. I think they had limited availability and a countdown clock for reservations to get the 10 yr special. Looking back I wish I’d bought more! Maybe they’ll offer a good deal to reduce the flow of outgoing funds.
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Old 09-05-2020, 06:58 PM   #50
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No surprise. High rates and great service? In the era of negative rates and call India for help?

Must have been losing big bucks. Time to stop the bleeding.
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Old 09-06-2020, 12:22 PM   #51
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Their customer service has only been adequate. Using their car buying program, I did get a 4 year car loan in 2015 whose rate was 1% lower than the then average interest on savings. The car price was great and the loan got approved right away. I also have their CC and like others here, only use it for the gas 5% cashback rewards. I renewed various certificates in late 2018 when their rates were 3.5% which was actually a bit lower than some other CUs but more convenient. I wont be staying with them unless their rates will be more competitive.
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