PenFed Benefits - Up to $2000 AUDI MB FCA JEEP (usually $500 towards leases)

Unless you are making some huge investment in which a hard pull would take you from approve to disapprove, why not?

1 Like

I think the hard pull is either way.

I have the simple savings account that you open with $5 and I had no hard pull on any of the credit bureaus.

1 Like

I will look into this… thanks

So just got off the phone with PenFed…

While they previously used to do hard pulls , for opening savings/checking account only a “soft pull” is done now.

With that said, I went ahead and signed up and opened a savings account with only $5.00. Used my credit card to apply the $5. I’m officially a member. :blush:

Note, if you end up requesting a loan, they will do a hard pull (obviously).

Def worth to open one up for the savings . They also have atms in every local CVS, 7/11 and Walgreens. Not that I’ll ever use them but good to know …

Good thing I looked into this further. Hope this helps others, as well.


So when the time comes, how does one apply the $500 towards a BMW lease? Do you give the dealer your membership number and they directly apply the rebate or do you have to go thru PenFed to generate some code or coupon?


After you have been a member for 60 days, you will be able generate a certificate (in your name) through your Penfed account. You can then take that certificate to a BMW dealer.

1 Like

seems there is no way around this, I tried to call but no go

1 Like

Just in case it helps anyone else…I applied after reading your post. I called PenFed first. They also told me too that it would only be a soft pull. So I applied for the savings online with the $5. Sure enough, they did a hard pull through Experian.

I also called to ask about waiting the 60 days. Got the same rep who told me you no longer had to wait that long. Again, she was wrong.

4 reps and 2 supervisors later, still no help. I now have an acct that cost me a hard pull for nothing. Said they’d try to fix it but won’t call back. Looking to sign a lease and can’t use the incentive either. Feel free to sign up, but keep that in mind. Horrible service, as others have said.

They also messed up a bunch of the info on my app and took 3 calls to fix. Their CS reps are all poorly trained and clueless.


Hard pull is a killer? Get over it, it’s like 5-10 points drop. Only matters if you are bordeline.


I agree, unless your about to apply for a mortgage in the next 60 days it really isn’t a big deal. Many people think it’s like the end of the earth w/o any good reason. Oh darn you went from 812 to 804, boo hoo!

Well, when I spoke to the rep over the phone , she was very polite and explained that for opening an account that they no longer do hard pulls. At that point I told her over the phone that I’d like to open up a savings account. She took all my information over the phone (including my SSN) and ask me a few generic questions that they usually do whenever you open a bank account etc . About 10 min later, she gave me my account number and I was open to register my account online and via the app. She took a credit card payment over the phone for $5 to make the initial deposit.

Look I get it, it’s annoying to have a hard pull especially when not asking for any type of credit but these guys are right , unless you’re applying for a mortgage it’s really not going to matter .

I’ve been anal too with my credit but there’s a reason guys like me and you have credit scores over 800 — we actively monitor our credit…

Like the other member said, wait 60 days and you should be able to generate a certificate/coupon to apply towards a new car.

Everything PenFed touches turns to garbage. They’re a horrendous credit union.

Inquiries don’t matter. My Experian FICO 8 is 847 at the moment, with 5 inquires.

1 Like

Still doesn’t matter.

The underwriter will want to know the reason for the inquiry, but that’s only to make sure you don’t have new accounts/debts that aren’t already reflected on your credit reports.

A two-sentence letter is all that’s needed to explain. Some mortgage companies I’ve used have had a form that’s pre-filled, and you just check a box next to one of a list of pre-defined reasons for the inquiry and sign your name at the bottom.

I could care less personally. I don’t plan on using them other than generating a coupon/certificate to apply towards a MB/BMW lease. Free money. Worth the $5 deposit. My account will most likely sit stale…

I believe you mean that you could NOT care less.

Also, I posted the same observation:

1 Like

Is any one having issues actually getting the PenFed lease incentive?

Here’s the history with my MBI policy. My mortgage experience was even worse than this:

MBI Purchase Chronology:

09/??/18: Inquired by phone about coverage, cost, etc… They only accept payment by debiting a PenFed account or a charging a PenFed credit card. Was told that the MBI policy arrived by email 24-48 hours after purchase.

09/??/18: Called back to make the purchase. Out of caution I asked if using my PenFed credit card (btw, the worst rewards credit card out of the ~25 I have) would be treated as a purchase or a cash advance. Answer = cash advance. With cash advance fees.

09/??/18: Transferred the money from another bank to my PenFed savings account. Called back and made the purchase.

09/26/18: Savings account was debited for $1,495.

10/8/18: Hadn’t received the email with the policy I’d purchased in the 24-48 hour timeframe promised. Called in and was told it would arrive by UPS. I stated that another rep told me it would arrive by email. Got put on hold and the agent came back and confirmed that delivery would be by email, and promised delivery in the next 24-48 hours.

10/11/18: No email delivery. Called and talked to a supervisor. She put me on hold and called the warranty company, who said they were behind in processing new policies, but if I had a claim I could call the warranty company directly. Promised email delivery of the policy by the end of October.

11/1/18: Called in again. Agent consulted notes and claimed that I was calling too early because the previous supervisor told me to wait until 11/3. Agent asked me to wait four more days. I said no. I told him I was going to stay on the phone until I got my warranty by email. He kept pushing back, but I didn’t give up. He put me on hold for a long time, and finally, within ~20 minutes, the email arrived with my policy attached.

Exactly. Thats all they did with me.

1 Like

It has been stated multiple times there is a 60 day wait period. Not sure why you expected a quicker turnaround.

1 Like

PenFed is great. 60 days after opening, I have my code. Didn’t have it yesterday. Met my expectations exactly.

No one said it’s a killer. Lose the attitude.

It was still unnecessary and now that I’m leasing it’ll be two in a row. You missed the whole point of PenFed being idiots