Join PenFed?

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bluto
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Join PenFed?

Post by bluto » Thu Jan 14, 2010 1:14 pm

I'll be house shopping in the near future and know PenFed offers very competitive mortgages. Their CDs are usually quite competitive also, so I'm considering joining (by joining NMFA).

Do you feel the one-time fee is worth it and why?

Scorpion
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Post by Scorpion » Thu Jan 14, 2010 1:18 pm

I paid the one time fee just to join to get their cash back credit card, which is very attractive. I never considered what other products they offer - maybe I should.

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Sheepdog
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Re: Join PenFed?

Post by Sheepdog » Thu Jan 14, 2010 2:26 pm

bluto wrote:I'll be house shopping in the near future and know PenFed offers very competitive mortgages. Their CDs are usually quite competitive also, so I'm considering joining (by joining NMFA).

Do you feel the one-time fee is worth it and why?
Yes, I do for the reasons already mentioned. I joined 3 years ago for CD rates and the Visa reward credit card. From the credit card alone, I receive about $700 a year in rebates. The $20 is cheap. If I were in the market for loans, auto or mortgage, I definitely would get their quotes. They look to have been more than competitive.

edit. Remember, the $20 is not a fee. It is a donation which is tax deductible.
Jim
Last edited by Sheepdog on Thu Jan 14, 2010 3:27 pm, edited 1 time in total.
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paulob
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Post by paulob » Thu Jan 14, 2010 2:32 pm

Scorpion wrote:I paid the one time fee just to join to get their cash back credit card, which is very attractive. I never considered what other products they offer - maybe I should.
ditto
Paul

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Tyrobi
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Post by Tyrobi » Thu Jan 14, 2010 2:46 pm

I, initially, joined PenFed for their 5% reward gas card. Coupled with always buying gas at Sam's Club, the card has saved me some good money. Late last year, I refinanced my mortgage with PenFed, and it saved me some big bucks with a competitive rate and a very low closing cost. To me, the one-time fee to join is well worth it.

MWCA
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Re: Join PenFed?

Post by MWCA » Thu Jan 14, 2010 2:47 pm

bluto wrote:I'll be house shopping in the near future and know PenFed offers very competitive mortgages. Their CDs are usually quite competitive also, so I'm considering joining (by joining NMFA).

Do you feel the one-time fee is worth it and why?
We did for the cash back CC card. Also, they do have great cd rates at times.
We are all worms. But I believe that I am a glow-worm.

northend
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Post by northend » Thu Jan 14, 2010 3:04 pm

Twenty bucks goes to a good cause and a cash back card that pays out monthly.

That's why I joined.

bluto
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Joined: Sun Sep 30, 2007 4:54 pm

Post by bluto » Thu Jan 14, 2010 3:11 pm

I guess it is worth $20 to have access to their CDs and loans, and in the future their CC.

They also seem to offer discounts and special offers with numerous businesses like Geico, etc.

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wbond
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Post by wbond » Thu Jan 14, 2010 4:57 pm

I assume you're not buing in Rio.

I took out a 30-yr fixed rate jumbo mortgatge on a new home this year through Pen Fed and am very pleased. You'll save the nominal membership fee many times over in closing costs alone.

bluto
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Post by bluto » Thu Jan 14, 2010 7:18 pm

wbond wrote:I assume you're not buing in Rio.
I can't even figure out how to wire money home! A mortgage is sounds like torture. Well, actually I have wondered...

fsrph
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Re: Join PenFed?

Post by fsrph » Thu Jan 14, 2010 9:18 pm

bluto wrote:I'll be house shopping in the near future and know PenFed offers very competitive mortgages. Their CDs are usually quite competitive also, so I'm considering joining (by joining NMFA).

Do you feel the one-time fee is worth it and why?
Oh yes very much worth joining PenFed. I have their CC and it's rebate is working out quite well. Also, I have a few CD's with them at good rates. If I were looking for a mortgage I would certainly consider them for that too.

Francis

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LadyGeek
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Post by LadyGeek » Thu Jan 14, 2010 9:58 pm

You can find the links in the wiki.

Please see Pentagon Federal Credit Union on the Bogleheads Wiki.
Wiki To some, the glass is half full. To others, the glass is half empty. To an engineer, it's twice the size it needs to be.

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Hexdump
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Yes, PenFed is worth it.

Post by Hexdump » Fri Jan 15, 2010 7:34 am

we have their Visa card.

However when we refinanced our mortgage, our local Credit Union offered us a better rate, though their CD rates are inferior to PenFed.

You might want to look around your neighborhood for a CU.

Good Luck.

hex

gordon t 2
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Post by gordon t 2 » Fri Jan 15, 2010 9:51 am

How is the customer service at penfed? gordon t 2

RustyShackleford
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Post by RustyShackleford » Fri Jan 15, 2010 1:56 pm

gordon t 2 wrote:How is the customer service at penfed? gordon t 2
Extremely good, IMHO. They do not seem like the quasi-robots
one so often gets these days, and they available a LOT (not sure
if it's actually 24/7) because I guess a lot of the members are overseas.
Twenty bucks goes to a good cause ...
Such a good cause that you might consider renewing even though it's
not required to retain your PFCU membership.

TheEternalVortex
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Post by TheEternalVortex » Fri Jan 15, 2010 2:08 pm

I joined for free when I was a student, but I haven't found it very useful. The cash back CC is alright, but there are better ones available without membership requirements. The CD rates are for longer term CDs which I am not really interested in. So I closed my account this week.

They do have good customer service.

bogglehead
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Post by bogglehead » Fri Jan 15, 2010 2:29 pm

TheEternalVortex wrote:I joined for free when I was a student, but I haven't found it very useful. The cash back CC is alright, but there are better ones available without membership requirements. The CD rates are for longer term CDs which I am not really interested in. So I closed my account this week.

They do have good customer service.

What was the harm in leaving it open? There is no dormant account fee and you can just leave your money in your regular share ($5) to keep it open.

PenFed's customer service is fantastic and their loan products are very good. As with many things, you sometimes might be able to find a better deal by doing extensive searching and dealing with unknown businesses, but I like to think of PenFed as a benchmark when I'm searching for saving/borrowing rates.

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