BEST PenFed Credit Cards 2023 - Are Pentagon Federal Credit Cards Good?

Support our channel by choosing your next credit card using one of the card links at:
- BEST: www.proudmoney...
- CASH BACK: www.proudmoney...
- TRAVEL: www.proudmoney...
- BONUS: www.proudmoney...
- BALANCE TRANSFER: www.proudmoney...
- GAS: www.proudmoney...
- BUSINESS: www.proudmoney...
- FAIR CREDIT: www.proudmoney...
- BAD CREDIT: www.proudmoney...
(We'll get compensated if you're approved, and we thank you kindly.)
Other ways to support this channel:
- Get a $25 - $325 bonus when you open a SoFi Checking/Savings Account at: www.sofi.com/i...
- Use our Amazon.com link: amzn.to/2PpQWoB (As an Amazon Associate, we earn from qualifying purchases.)
.
NOTE: Credit card information in this video is not guaranteed; we have attempted to confirm all information to the best of our ability but we could simply be wrong or the information could be outdated by the time you watch this video. We are doing our best here, but check our work!
.
Our site: www.ProudMoney...
Contact: Adam Jusko [e-mail]
(for business/media inquiries only; unfortunately I do not have the time to offer thoughtful answers to the many individual credit & money questions I get by e-mail --- but I do read them and try to incorporate answers to common questions into future videos!)
#creditcards #penfed

[@ProudMoney]

Support our channel by choosing your next credit card using one of the card links at: - BEST: www.proudmoney.com/best-credit-cards-on-the-market/ - CASH BACK: www.proudmoney.com/best-cash-back-credit-cards/ - TRAVEL: www.proudmoney.com/best-travel-credit-cards/ - BONUS: www.proudmoney.com/best-credit-card-bonus-offers/ - BALANCE TRANSFER: www.proudmoney.com/best-balance-transfer-credit-cards/ - GAS: www.proudmoney.com/best-gas-credit-cards/ - BUSINESS: www.proudmoney.com/best-business-credit-cards/ - FAIR CREDIT: www.proudmoney.com/credit-cards-for-fair-credit/ - BAD CREDIT: www.proudmoney.com/best-credit-cards-for-bad-credit-unsecured-secured/ (We'll get compensated if you're approved, and we thank you kindly.) Other ways to support this channel: - Get a $25 - $325 bonus when you open a SoFi Checking/Savings Account at: www.sofi.com/invite/money?gcp=68388c1c-9593-48a6-8872-7052db78d937 - Use our Amazon.com link: amzn.to/2PpQWoB (As an Amazon Associate, we earn from qualifying purchases.) . NOTE: Credit card information in this video is not guaranteed; we have attempted to confirm all information to the best of our ability but we could simply be wrong or the information could be outdated by the time you watch this video. We are doing our best here, but check our work!

[@CaymanDiver]

Very positive results today. Extremely generous credit limit and was done the process in under ten minutes.

[@donellclemons2195]

😊😊😊😊😊😊😊😊😊😊😊😊😊😊😊😊😊😊😊😊😊😊😊😊😊😊

[@Katrina-Winter]

I kept coming to KZbin to find the answer to this question. So happy you are talking about it. Now to let my accounts age because penfed denied me twice so far for too many new accounts lol

[@thebeddoctor4273]

Why did they decline you?

[@cardojp]

Great content as always, thanks Adam!!!

[@tonytone98749]

Really enjoy watching your show...

[@docsays]

Great review. I just joined them last mth. Starting off with checking & savings, but later want that power cash card & a line of credit.

[@SledgeIncTeam]

I applied for the Power Cash Rewards card on my first day being a member and got approved for a pretty large CL. They're good with me

[@Jesus-kt5dc]

Was it in the 5 digit credit limit?

[@SledgeIncTeam]

@@Jesus-kt5dc yes sir. I think the highest starting limit they give now is 10k

[@Jesus-kt5dc]

@@SledgeIncTeam *Thanks for the response. I recieved a pre approval letter in the mail and wanted to pull the trigger, but I'm hesitant because I think I might have too many approvals in the last couple months. I'll wait 6 months and apply hopefully my checking and savings accounts help with that. One last question did they ask you for proof of income?*

[@357twilson]

@@SledgeIncTeamdid they have you verify income like tax returns and bank statements? And do I have to have an account with them first?

[@SledgeIncTeam]

@@357twilson you do have to become a member first but I didn't have to verify anything. I have a video up of the Penfed PowerCash Rewards Card

[@francineford-smith6264]

As always, Adam… You are bringing all the news that we can use and I love it!❤️

[@evy684]

I’m so glad I found your channel. It really helps me. Just subbed

[@ImStillStealingSteel]

I love Penfed. I have the Power Cash Rewards and Platinum Rewards cards. Both $10k limits :) Applying is simple and easy and customer service is gr8. I dont have any complaints. I also have a checking and savings with them, had a personal loan but that is already paid in full. I think Ima go for their PLOC soon :)

[@jeb4198]

I think the Pathfinder is one of the best no-annual fee travel cards out there. For a $500 deposit, you're essentially earning 20% interest with the $100 airline incidental fee credit. The points values are good, but I think the inability to do a direct statement credit (the closest is redeeming for a Visa gift card) hurts it somewhat. The Priority Pass membership would be a nice backup for someone that doesn't travel a lot or doesn't care much about lounge access, but wants something just in case they're stuck at an airport for hours or something of that nature - $32 is still cheaper than most day passes to a lounge. There's also some travel protections (trip delay, some sort of baggage protection, etc.) which are rarely found on a no-annual fee card. There's a lot of cards with annual fees that are better, but I think it does really well in its niche and I'm happy to have it in my wallet when I travel.

[@docsays]

- how is their redemption through their travel portal?

[@mitchell.9632]

I second Doc's question: How is their redemption thought the travel portal for them?

[@bigcoz6956]

I agree with everything you said except the redemption are not worth it. This would be an overall great free starter travel card for the once and awhile traveler if you join the Honors program like I have. I use this card strictly for the incidental travel credits. Lol the card is paying me 100.00 dollars a year. Plus I have other cards that meets other needs.

[@anthonytyler4338]

​@@bigcoz6956 I'm looking into this card and have read a review about the incidental credit, another person stated that the credit had to be used all at once, is that true? If that's true I couldn't use the credit for a checked bag on multiple occasions? Help me out here, hopefully that can't be true since I'm that once in a while traveler '

[@bigcoz6956]

@Anthony Tyler how are you. That is not true. I use the travel credit all the time sporadically. Not all at once. I got the Pathfinder card in March about 3 years ago. The credit refreshes on my card anniversary date. Not calender date. So I've used 30.00 here, 40.00 there for bag fees and seat upgrades. Literally in 2-3 business days I get an automatic credit back to my account. An easy 100.00 overall paid to me to have this card. When you get a chance check out the other travel benefits and insurances this card offers. Not bad for a no annual fee card with PenFed Honors.I hope this helped.

[@uplds]

Was looking for this 😀

[@mikegoodwin2386]

PenFed has been very good to me. I have the Gold, Platinum Rewards, and the Power Cash Rewards. Platinum and PCR were my first cards with 5-digit credit limits, and the PCR is still the highest limit of any of my cards. Yes, the Platinum Rewards points are usually only worth .85 cents per point. But that 5x means I get 4.25% on gas, year-round, uncapped. And with the 3x on groceries I get 2.55% back at Walmart. Only once did I redeem points at a 1 cent per point value. I got a $25 Domino's card for 2500 points. I don't count on that, I just consider it a bonus if I find it. The Gold is a sock-drawer card for me. It was my first PenFed card. When FNBO decided they no longer wanted to do business with the NRA, my FNBO NRA card became a PenFed Gold Visa. That was the first time I heard of PenFed.

[@Jay_CW]

Are all of the giftcards redeemed at 1 cent per point, or does the giftcard redemption vary?

[@mikegoodwin2386]

@@Jay_CW Most of the gift cards you get are .85 cent per point. Sometimes you find deals where the points are worth more with certain gift cards. That's what I meant by 5x = 4.25% or 3x = 2.55%. Because I just figure it being .85.

[@Jay_CW]

@@mikegoodwin2386 Gotcha, thanks

[@mikegoodwin2386]

@626 Experiment no idea. My PCR is cash back and my Platinum gets redeemed for gift cards. I think the Pathfinder is more travel focused, but that's the one that I don't have.

[@420terrence]

Do they do high limits

[@mlj_the_shield]

Part 2 - The customer service used to be much better 13 years ago - it was on par with Navy Federal. It's just a full notch below them - longer hold times, less friendly people answering the phone. I use data aggregators like Intuit's MINT and other products - Penfed either does not allow this for long periods or flat out blocks them. When you're tracking 18-22 active credit cards this gets pretty annoying.

[@rffinances8567]

I'm thinking about getting the Pathfinder before long. You can also quality for the Honors Advantage program by having $500 sitting in a checking account. Some opportunity cost here, but I wouldn't lose much putting some of my emergency fund here. It also looks like you can redeem through their travel portal which has dynamic pricing so possibly more than 1cpp value here. Though the gift card option is only 0.85. Even if I don't use the card for purchases, the credits make it worth holding long term. Though from reading the comments it seems like they may be risk adverse, and considering the amount of cards I've opened recently...well we'll see.

[@mlj_the_shield]

I have quite a few things to say about Penfed after being with them for 13+ years now. I joined in 2009 as a DOD contractor - back then you had to have a military or gov't affiliation, and the approval process was much tougher, or so I've heard. In 2009 I got the older version of the Platinum Cash Rewards card which is 5% at the pump; auto-credited to your account every month. They did away with this in 2014 but those of us who have it were grandfathered in. Penfed, or I'm told by them, has a hard limit of max $50 across credit lines. So my old school PCR card has a 28,200 limit and my Power Cash Rewards (got years later) has 21,800 - totaling $50k.

[@romangabriel007]

Penfed cards are great if you live abroad. It's nice to have 2% everyday card with no foreign transaction fees and good grocery and gas card.

[@sunkistlbc]

There cards are great at balance transfer because it’s a running promotion. Initial credit limits are high. Fair apr

[@bionicwoman9884]

I have the penfed powercash rewards visa signature card. I love redeeming the cash and moving it into my premium savings account. I get 2 percent cash back since I have their checking account. I keep 500 in there to get the 2 percent.

[@athencroft5139]

These cards are pretty good. I will say though, you don’t have to put money down at all, they take it out of your first payment. Overall, I was offered the gold but I really like this credit union. They are pretty great and above most credit unions. My opinion is, it’s worth looking into

[@SledgeIncTeam]

You don't need the Paid checking account or have $500 in the checking account. I have a regular checking and regular savings with them and I get 2% cash back with the Power Cash Rewards card and I don't have $500 in the accounts

[@mace422004]

I opened a 5 dollar savings and waited a year and got an offer for cash card online, applied got 17.5k, 30 days later got 9k platinum. I had 44 inquiries, 3 percent utilization, 763 score when given the card. ONE big plus, all limits for cash advances are 100 percent of your total limit.

[@PointsPrecision]

44 inquiries in the previous 2 years?

[@floridaproductions]

You ought to seek help

[@mace422004]

@@PointsPrecision yes, I was out of the country 2 decades, buying cars, renting a place to get 2 year work history for a mortgage, 3 cars, immigration, life happens but now I have 53 visa and mastercards from 28 credit unions. I try to avoid banks after the 2008 crash, although I have been loyal to USAA bank for 37 years.

[@alexc2265]

@@mace422004 you mean 44 total and not in the last 2 years? That’s the main set of inquiries companies tend to look at, and the hard ones at that.

[@mace422004]

@@alexc2265 unfortunately no, 44 in the last 2 years, only been back in America since august 2019, getting settled again, cars, apartments, bank accounts, starting over after an absence of 12 years.

[@TroubledLoner]

PenFed is AWFUL now. It had been a great credit card issuer, no more. They are the most backward, unorganized financial institution you will ever have the displeasure of dealing with. About 6 months ago, on the same day, Barclay's JetBlue Plus approval with a $16K limit, PenFed (using my highest FICO of 814 or so), $1,500 on their lowest-tier card (not the card I applied for). No explanation, nothing. And if I want to increase the limit, another HARD PULL. Morons.

[@Re3iRtH]

Tell us how you really feel!

[@ProudMoney]

Interesting. I usually hear generally positive opinions, even if the cards themselves aren't stellar.

[@floridaproductions]

Opened a PenFed last September, Equifax (825) . Put in $50G in the account. Applied one week later denied. Left the account with $5.00 in it.They can KMA. Since that denial I’m up about $175,000 in personal credit. A bunch of (dorks) run that institution. I’m doing business with a real credit union NFCU. And plus they give out (KA) credit lines on there cards….

[@TroubledLoner]

@@floridaproductions Exactly! ProudMoney is a good guy, very knowledgeable. But PenFed has CHANGED, as we both know. They are ridiculous now.

[@MilesandMoneyMatters]

I agree. Customer service is horrible. You will spend hours trying to resolve an issue and they keep sending you to another department that can "assist", but you will start over again, you enter your personal info and someone will come to the line and will tell you that you need to speak to another dept. You start over again as a new caller. Their mortgage and banking side do not communicate with each other. You cannot transfer funds to your mortgage/HELOC from your checking to make a payment. You click a link that will take you to the mortgage account and you make payment from your checking and wait a day or two for your account to be updated. I don't know about their credit card since I do not have one. I would think twice before joining.

[@artdogg50]

Interesting comments and video. I applied for The Penfed Gold Visa a few months ago not really expecting to get it. I did have to send them some additional information for some odd reason. Never had to do that before. Ended up getting the highest credit limit by far I've ever had, with one of the lowest APRs I typically get. Have only used it a few times so far with no issues. I have a few other newer cards with no APR for up to 18 months, so I won't be using it much. The limit gives me some leeway to work with that I've never had before, so I see no problems with it personally for me right now.

[@johnwilson6211]

Can you do a product change on their credit cards like Navy Federal?

[@SabreLeonheart]

So a data point about the $100 statement credit - I tried to use it this year but I couldn't because my incidental fees didn't total $100. From the CSR I spoke to (so I'm a bit skeptical about it) they said you would need to spend at least $100 in incidental transactions in order for the credit to even kick in. In other words, you can't use only half or part of it

[@SectionChief]

That's disappointing.

[@ProudMoney]

According to the terms, it is "up to" $100. Sounds like you should have got it. It is only for US airlines, though, so if u were on another country's airline it wouldn't be covered.

[@SabreLeonheart]

@@ProudMoney It was Alligent so it should have been covered. That's interesting. I'll keep that in mind. Thanks Adam!

[@BlueFan9635]

@@SabreLeonheart Did you even look up which airlines qualified for the $100 incidental credit? "To receive statement credits of up to $100 per calendar year toward incidental air travel fees, the fees must be charged on the eligible card account by select U.S. domestic airlines. Currently, such U.S. domestic airlines include: Alaskan Air, American Air, Delta Air, Frontier Air, Hawaiian Air, JetBlue, Southwest Air, United Air, and Virgin America."

[@BlueFan9635]

@@ProudMoney I have no problem receiving partial airline fee credit. That person was using the airline that isn't on Penfed list.

[@marksantucci4230]

My Favorite Hockey player just died and i'm behind on videos I will try to get this in on Friday.

[@chrisf4268]

I just got approved for a penfed credit card and I don’t have any type of preexisting account.

[@dc5duben96]

thanks for the info adam, iam curious tho what is the points per dollar on the platinum card when spending your points on the gift card

[@seanc9507]

I just received an offer to join PenFed in the mail. I'm doing some research to see if they're worth joining. While Adam did a fantastic job laying out the benefits and drawbacks, I also take personal recommendations into account. Honestly, those seem to be 50/50 in terms of positive and negative here! 😳😖 I just can't make up my mind......

[@blancoisaacsantiagoalonso2353]

I have 4 credit cards, 2 personal loans that they are very famous for anybody to apply and I have 1 used auto loan all with PenFed and very love the PenFed and for me they are the #1 in credit unions or in bank so they always pull with Equifax if not they will pull with Experian so take a shot to be a member and apply as many credit products as needed or what.

[@quintonbogle1753]

Do they pull from Equifax on they Personal Loans

[@357twilson]

@@quintonbogle1753Experian on their personal loans

[@dbest4755]

I had to join the Pentagon Credit Union because the Navy Federal Credit Union blocked my social security number, something the NFCU claims they never did to me. But recently, the Pentagon Credit Union requires KYC documents to open checking accounts. In most cases, the same applies if you want to apply for a credit card as you will need to become a member of pentagon credit union first.

[@sjsharksgirl86]

Do all the cards come with the checked baggage perk their site a bit unclear

[@shortyshorty1216]

I have a unique situation. I received a PenFed Pre-approved "Gold" & I don't even have an account with them.. 🤔?! So, does this mean I don't have to have an account?

[@ProudMoney]

Preapproved does not mean you have the account, it just means they want you to apply and that you are *likely* to be approved, but it's not guaranteed.

[@mace422004]

So a little update, I got the cash card 15k after a year membership with 5 dollars, prequalified offer on email, 90 days later email for platinum reward 8k, 40 inquiries at the time, so today 5/3/23, I applied for a prequalify personal loan from email, offer was 5k for 17.9 percent, called in to complain that my Usaa rate advantage was a better rate for 5k, while on the phone they offered and gave me 15 months no interest on a new gold card 12.5k.

[@albertcastro409]

Can you do for statement credit?

[@flashoflight8160]

PCR is the best. $500 in the checking or direct deposit is 2% on anything. No fee. Reward is in the form of cash.

[@romangabriel007]

No Foreign transaction fee is pretty awesome too. Most 2% cards have foreign transaction fees.

[@creditmagic506]

Their updated system is terrible it locks you out of your new account for weeks , i connected my external bank account and tried to pay my credit card and it was rejected for whatever reason, everything is a day or 2 behind, customer service was nice but they didn’t help me at all I would avoid them until they fix these issues

[@1newstart01start4]

How many cards will PenFed allow u to have9

[@Jesus-kt5dc]

*Don't quote me but was watching another channel that said up to 4.*

[@ElPeriodicodeayer1]

Navy Federal is the super !!!

[@ramonsuarez1051]

Good review. The redemption options are why I didn't apply, and I'm glad I made that decision. I like cards that at least let you get a penny per point. That's one of the reasons I think Amex is so overrated.

[@CalbyNg]

I keep getting PenFed mail offers, but like you said they never really looked that interesting.

[@marksantucci4230]

These look like 3 to 3.5 star credit cards better than amazon , than that titanium card the grey one , not as good as Discover, Capital one or American Express not as good as any of the 3 Chase Sapphire card even the Basic free one? good not great.

[@rovshennurmyrat2821]

PenFed ❤❤❤

[@BlueFan9635]

Points don't combine if you have more than 1 card that earning points. I have the visa signature and pathfinder card. The points earning from each card doesn't pool together.

[@ProudMoney]

That is annoying, huh?

[@DymaxionDon]

Be careful with this company, they sent a reapproval letter in the mail and I applied. Their response was to request two years of tex returns and two months bank statements. I told them where to go.

[@MLagarde0425]

You probably fraudulent

[@tbird2006]

I had an absolutely disgusting experience with Penfed while trying to become a member. Multiple requests for documents to verify identity that somehow did not get linked to the application. System generated demands for the same documents over and over. Calls to customer care dropping. Reps unable to see notes from previous calls, asking for application numbers that the system never provided. I just lost it during my fourth call and 20+ minutes of transfers. None of these cards are worth the trouble.

[@francineford-smith6264]

Wow… I had a similar experience… I had a pen said checking account over 30 years ago, and I let it become dormant. About a year or so ago I decided to open an account with them and once I gave my Social Security number, they pulled up my old account. I was asked a few questions requested to give a deposit which I did over the phone and then I was asked for a utility bill. I sent a copy of the front page which included my name, my address, and the utility company and account number, which is in full view as proof of address.. About four weeks later, I received a refund of my deposit -2 dollars stating I did not give proof of address! I spoke with customer service and was told that I sent the front page only and I was supposed to send each page of my utility bill🙃🙃 I became quite annoyed, and just gave up!

[@newbeginnings9457]

Meeeeh! Lol

[@Arabsummer]