PenFed for all

Credit Unions for All: Pentagon Federal


As I mentioned in the column, PenFed takes all comers as long as you are willing to pay a one-time fee of $20 to join the National Military Family Association.

Once you are a member of the credit union, you can apply for its Platinum Cashback Rewards Visa, one of the best cash rebate cards for people who want just one card that is hassle-free (as opposed to using different cards in different places depending on how much they kick back to you at each type of merchant).

With the PenFed card, you get 5 percent cash back on gas, 2 percent back on groceries and 1 percent on everything else. The credit union gives you the cash each month; you do not have to remember to ask for it or wait a year to get a rebate check, which is how some cash-back credit cards work.

PenFed is also currently advertising a 3.795 percent annual percentage rate on a mortgage called a 5/5 ARM. It adjusts once every five years, can only rise (or fall) by a maximum of two percentage points every five years and won’t ever rise beyond 8.795 percent. There are a few other mild restrictions, and PenFed pays many of the closing costs.

Comment: PedFed. On of my relatives banks almost exclusively with USAA (she is retired Army)

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