Pentagon Federal Credit Union (PenFed) Reviews

3.0 out of 5 stars
12 Reviews

From Account Holders in the last year

ADDITIONAL RATINGS YOU MIGHT FIND HELPFUL

Application Process

3 out of 5 stars

Customer Service

2.5 out of 5 stars

3 5
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Most Helpful Positive Review

Jun 21, 2018
Two thumbs way up for Penfed!
Anonymous Account Holder

I've received a personal loan and two credit cards from Penfed.  Process with painless, polite and professional service, and received more funds/credit with Penfed than any of the others.  

The most highly regarded Corvette dealer in the US highly recommended them to me and he's been dealing ONLY with them for over 20 years.  That said, your next car loan should be with Penfed.  

I don't make anything on this and I'm not related or affiliated with Penfed.  I just read the reviews and had an entirely positive experience.  Two thumbs way up.  

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Most Helpful Negative Review

Jun 15, 2018
GREAT
RapidFire28 Account Holder

I applied online PenFed Power Cash Rewards Visa and was approved immediately with a $16,500 credit line. My equifax fico score is 712. The equifax score that credit karma offers is a vantage score, which is 65 points lower than my fico score.

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These reviews were written by current and former account holders in the last year.

Jul 04, 2018
Great rates, average service,
longtimeuser Account Holder

Apparently they organizations that handle the service portion of their products are not very good.  They are lacking in the knowledge of what they are servicing.

If you can get your loan, or mortgage, or credit card, etc., set up properly and don’t have any problems, then it’s a very good product.

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Jun 21, 2018
Two thumbs way up for Penfed!
Anonymous Account Holder

I've received a personal loan and two credit cards from Penfed.  Process with painless, polite and professional service, and received more funds/credit with Penfed than any of the others.  

The most highly regarded Corvette dealer in the US highly recommended them to me and he's been dealing ONLY with them for over 20 years.  That said, your next car loan should be with Penfed.  

I don't make anything on this and I'm not related or affiliated with Penfed.  I just read the reviews and had an entirely positive experience.  Two thumbs way up.  

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Jun 15, 2018
GREAT
RapidFire28 Account Holder

I applied online PenFed Power Cash Rewards Visa and was approved immediately with a $16,500 credit line. My equifax fico score is 712. The equifax score that credit karma offers is a vantage score, which is 65 points lower than my fico score.

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Jun 01, 2018
Rewards program is misleading
JohnSRoberts Account Holder

What they don't tell you is that you can't redeem rewards for a statement credit. Then, when you decide what to "buy" with your rewards, you are charged a service fee! The advertised cash back percentage is false and the card just isn't worth it.

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May 15, 2018
STAY AWAY FROM THIS BANK
jrule91 Account Holder

Wish I could rate them a 0, I wish I had read these comments before I applied for a loan using Penfed, I WOULD HAVE NEVER done any business with these guy. I have had the same problem that looks like many people have with Penfed. I set my loan up with a automatic payment, and even month the say they try to charge my account and it gets returned EVERY MONTH and I also get charged a rejected payment and late fee EVERY MONTH. When I call (and I have to EVERY MONTH and talk with multiple people to get it fixed) the say its my bank and tell me maybe there is a hold on my account, or insufficient fund, and there is not!!!!! this went on 3 months before I eventually took my account info off my loan. and paid a one time payment. Sure enough that month they took a payment out of my account only 4 days after I had just made a payment!!!! I called asked to speak to someone in charge, and some one who claimed to be a supervisor listen to me tell her about my experience with them over the last three months and all she said was I can remove you automatic payment off your account!!!! THE WORST most UNPROFESSIONAL bank I have ever worked with. Every time you call who ever answers the phone tells you completely different thing, with the exception that it is always the other bank you are using fault!!!!! Stay away, I am either going to just pay this loan off early, or get another loan from another bank to avoid anymore of this tom foolery!!!!

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Apr 13, 2018
Worst Banking and Loan Experience
sdkmella Account Holder

I applied for a home equity loan, it took almost 5 months to process everything. There was very little communication throughout the process, and I would have to call to find out what the issues were instead of them reaching out to me. They require you to open an account to have the money deposited, which is fine, except that they give you no access to the money as a debit card is not automatically provided and it was not communicated that you have to "apply" for a debit card, and that in itself has been a ridiculous process and I am still waiting. Transfers to outside bank accounts only has a $50 limit every 3 days which is absurd. I have had to put off work on my house which is what the money is for because I have not been able to access it. I regretted my decision about applying with PenFed almost immediately, but did not want to apply with another bank and have another inquiry on my credit report. 

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Mar 13, 2018
Amazing Credit Cards
RonBargarh Account Holder

Just got approved for the PENFED Pathfinder Rewards Credit Card. Up to 4x Points on Travel and Host of Other Offers with No Annual Fee. This is the best credit card that is out there in the Travel Category.

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Feb 22, 2018
They do not put the customer first
Anonymous Account Holder

I used to love PenFed but recently, wait times on the phone always exceed 10 minutes, customer service reps seem unhappy and short tempered, and trying to get anything done takes much longer than any other credit card company. They are taking over 30 days to process a charge back request. Compare that to Capital One which refunds my charge back within 1-2 business days, PenFed is way behind the rest of the pack when it comes to customer service. 

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Feb 05, 2018
Score was 670 transunion 700 equifax
bigguycredit Account Holder

ok so i gave this people a chance after seen all the negative feedback . so i had capital one for 2 years my limit is 10,000 well since interest so high . after owning penfed with 1,500 credit limit for 2 month i say let me give them  a call so i could borrow 1,000 to purchase something for my shop so after waiting for like 30 min they instantly aprove me 20,000 even tho right now i got trans 640 equifax 670 . so guys if your credit is been good for 2 years give them a try

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1 Reply
Nov 12, 2018

Just curious, which card did you get approved for?

 
Jan 31, 2018
Fantastic! The best banking experience!
Anonymous Account Holder

The best interest rates on the market for used cars (and new cars). These rates go lower if you use their buying service, which should be a nobrainer since its just regular TrueCar. Fantastic customer service, all based in the USA - no foreign customer service agents who you can't understand/can't understand you. Getting an autoloan was simple, straightforward, and friendly. I love PenFed- will be a customer for life if they keep up this combination of good products, and great service.

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