You have to become a member of the Pentagon Federal Credit Union first, which apparently I can qualify for by giving a one-time donation to a military/vet organization. Does anyone have any experience with PenFed?
PenFed has some of the worst customer service I've ever experienced.
They have (or had) great CD rates and great mortgage rates, but then I had problems with redeeming the CDs and horrible problems with refinancing the mortgage. Another time when I tried to open a CD account as a conservator for my Dad, they insisted that they could only work with a guardian. Their branch (and his supervisor) had no idea what the difference was between guardians & conservators-- and they didn't care.
Without going into more of the details, I've had bad customer service in three different areas with three completely different groups of people. If you never need customer service then you'll have no problems. But if you ever need customer service (because their website isn't working, or an employee doesn't do their job correctly) then you're screwed.
After three strikes I've moved our CDs elsewhere and I'm looking for a different lender.
However the PenFed credit card may be managed by some other company. (Much like Fidelity's credit card used to be managed by a Bank of America subsidiary.) If you're pretty confident that you'll never need to do anything with PenFed about your credit card, other than apply for membership, then you should be all right.