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00:00:00 – 00:13:44
The YouTube video discusses PenFed, a credit union catering to military and government workers but open to everyone. Various products are offered without fees for cash advances, and even individuals with bad credit or bankruptcies are accepted. The video highlights checking accounts, savings accounts, CDs, IRAs, credit cards, loans, and the PenFed Honors Advantage Program. Different credit card options like Platinum Rewards, Power Cash Rewards, Gold Visa, and Pathfinder Rewards are detailed, emphasizing bonus offers and cashback benefits. Information on cash advances, credit limits, and loan options, including auto and personal loans, is provided. The importance of building a relationship with PenFed is stressed for approval. PenFed's personal loans offer competitive terms, up to $50,000, with quick funds disbursement. Applicants with credit scores in the 600s are considered. However, it is mentioned that PenFed does not offer business loans.
00:00:00
In this part of the video, the speaker discusses PenFed, a credit union comparable to Navy Federal. PenFed caters to military and government workers, but anyone can join. To become a member, you need to provide basic information and open a savings account with a minimal deposit. PenFed offers products without fees for cash advances and accepts individuals with bad credit or previous bankruptcies. The credit union believes in relationship banking. PenFed provides various products like checking accounts, savings accounts, CDs, IRAs, credit cards, and loans. The two main checking account options are free checking and Access America account. The Access America account has a monthly fee that can be waived with a direct deposit or maintaining a certain balance. Members can also earn cash back with the PenFed Power Cash Rewards Visa card through the PenFed Honors Advantage Program.
00:03:00
In this segment of the video, the speaker discusses the benefits of PenFed credit union, highlighting features such as online banking, early pay with direct deposits, and access to fee-free ATMs. They compare PenFed to Navy Federal, emphasizing that PenFed does not reimburse ATM fees while Navy Fed does. The video mentions different savings account options offered by PenFed, advising viewers to consider the premium online savings for higher interest rates. The speaker also touches on credit cards from PenFed, mentioning the pre-qualification process without affecting credit scores and the credit score requirements for approval. They recommend building a relationship with the credit union for better chances of approval, even for applicants with Fair Credit or discharged bankruptcies.
00:06:00
In this segment of the video, the speaker discusses various credit cards offered by the financial institution PenFed. The Platinum Rewards Visa Card offers a 15,000 bonus points when spending $1500 in the first 90 days, with 5x points on gas purchases and 3x points at supermarkets, restaurants, and streaming services. The Power Cash Rewards Visa Card provides a $100 bonus statement credit and offers 2% cash back for members and 1.5% for non-members. The Gold Visa Credit Card features a 0% intro APR on purchases and balance transfers for 15 months. The Pathfinder Rewards Visa Card includes a 50,000 bonus points offer, 4x on travel, 1.5% cash back on other purchases, and additional perks like travel credits and lounge access. PenFed’s credit cards allow for a high percentage of credit limit cash withdrawals, without cash advance fees.
00:09:00
In this segment of the video, the speaker discusses cash advances, credit limits, and loans offered by PenFed. Cash advance fees are compared to credit card APRs, with the advice to be cautious about retrieving funds as it could impact credit scores. Credit limits are explained, with a maximum combined limit of $50,000 and $25,000 per card. Suggestions are provided for requesting credit limit increases and the impact on credit reports. The discussion then shifts to various loans PenFed offers, including auto loans, with details on pre-qualification, loan amounts, and financing options. The speaker emphasizes building a relationship with PenFed before applying for a loan to increase approval odds. Personal loans are also covered, with information on current interest rates and the likelihood of income verification for approval. The video offers insights on the loan process and credit inquiries specific to PenFed auto loans.
00:12:00
In this segment of the video, the speaker discusses the benefits of PenFed personal loans, highlighting features such as competitive terms up to 60 months, loans up to $50,000 without early payoff penalties or hidden fees. They emphasize the importance of using loans to build wealth. One can check rates and pre-qualify without being a PenFed member and receive funds within one to two days upon acceptance. PenFed considers applicants with credit scores in the 600s, though lower scores may result in higher interest rates. Building a good relationship with PenFed is recommended, and Experian credit reports are used for approval. While PenFed is praised as an excellent credit union, it is noted that they do not offer business loans.