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Sunday, January 22, 2006

 

Introduction to Pentagon Federal Credit Union(penfed)

Pentagon Federal Credut Union(penfed) is one of the strongest and safest financial institutions with $8 billion in assets. Penfed offers mortgages, credit cards, automobile loans, personal loans, checking, money market savings, and other accounts(copied from www.penfed.org).

1. How to join? (Penfed official link)
If eiher you or your family members have some military background,then you are qualified to join.
Otherwise, you need to be a member of some organizations(click here for the full eligible organization list). You just need buy 1-year membership fee from an organization you prefer, because Penfed's policy is "once a member, always a member". Most 1-year membership fees cost you about $20-30 I believe.

Once you join in, you must at least keep $5.00 in your regular share saving account.

2.Why do you recommend Penfed?
Penfed is a credit union anyone can join in fact. They have very good rate on home loan and car loan.

The CD rate at Penfed is higher than most other banks and credit unions(check out my CD rate summary here).

Their Visa Platinum Rewards Credit Card offers you 1.25% cashback, which is way better than EmigrantDirect's 1.25% cashback card. EmigrantDirect requires you deposit $10k to get the 1.25% cashback rate.

I am not an insurance guy, so I don't really know how great Penfed insurance is. Any comments is welcome about Penfed insurance. I will update insurance info according to your comments.

3. Some useful links about Penfed
How to join
Fee schedule
CD rate (Penfed calls CD as Money Market Certificates, they are the same thing)

4. about the inactivity fee
On fee schedule, it says "Bad Address/Inactive Accounts (per quarter)
15.00". I am not sure if this inactive accounts fee apply to Regular Share Savings Account, since I only have $5.00 in this account without any activity for one year and Penfed charges me NOTHING.

Comments:
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Hey I agree 100% agree with the last few comments. This blog has great opinions and this is why I continue to visit, thanks! ##link#
 
Hey I agree 100% agree with the last few comments. This blog has great opinions and this is why I continue to visit, thanks! ##link#
 
Hey I agree 100% agree with the last few comments. This blog has great opinions and this is why I continue to visit, thanks! ##link#
 
How can this credit get so far out. I have dropped atleast 40 points during the purchase of my new house all based on secured credit card any one have any ideas to how this works?
 
I'm still looking for a credit card with the perfect Credit card applications.
 
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