Valor Credit Union (formerly Tobyhanna Credit Union) have announced that they will be merging/been acquired by Pentagon Federal Credit Union (“PenFed”). The reason that this might be interesting to some people is that PenFed has strict eligibility requirements. Valor is much easier to join, being a member of American Consumer Council makes you eligible for example (and you can join for free). Keep in mind you need to go into a physical Valor branch to join and we aren’t sure if it’s a hard/soft pull (most likely hard pull due to TobyHanna being a hard pull for opening checking)
PenFed have a number of products that people might be interested in. I imagine people should be able to sign up with Valor and then that membership will be converted to PenFed making people eligible for PenFed products. I know some people had issues with me posting a work around for Navy Federal, but in this case why would PenFed bother acquiring Valor if they wanted to keep membership so restricted?
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Navy League Of the United States works for PenFed
Would really love a work around for USAA. I don't have any mil affiliations save my now passed grandfather and I don't think thats enough.
I don't agree that it's difficult to join PenFed. They have two options for people who are neither military nor government employees:
Voices for America's Troops advocates for a strong national defense, including sustaining and improving quality of life programs for America's Troops, their families and survivors.
$17.00 (One time only, non-refundable dues.)
-Or-
National Military Family Association
National Military Family Association is the US's top-rated military charity. It helps support the needs of families and children, including those of the deployed, wounded and fallen.
$17.00 (One time only, non-refundable dues.)
Note that the non-refundable membership dues to join either association and thus become a PenFed member do not guarantee you will be approved for any requested account, loan, or service.
It was $10 when I joined in 2009 and have never been military related. Got 4 visa cards with them. Nice thing about them is once you get one loan they give you auto approvals doing a soft pull with 20k in points valued at about .7 cents to .8 cents each for min. spend. Of course their travel redemption search is terrible though.
Also, I highly value the cash advance aspect of these cards without fee overseas by their end. Only immediate interest of 10% which can be quickly paid off online with a few cents of interest. Been doing this in China, Japan, Vietnam for a few years now.
that's good to know. And when you say loan, do you mean personal and auto loans specifically or does this include credit cards? Thanks.
Didn't realize they were actually options to be honest. Are some PenFed cards restricted to military only? Can't remember if that is PenFed or not.
DepositAccounts.com has an updated (daily?) list of credit unions anyone can join, and explains how to join. PenFed is the largest, making it #1. (Teaching you to fish, Sir!) https://www.depositaccounts.com/credit-unions/anyone-can-join/
Thanks, appreciate it.
I joined maybe 4 yrs ago using the above options
got the cash rewards 5% cash back at gas stations year round. refinaced used car loan for 1.74% apr.
The Defender(s) are military only, however the rest are not restricted.
Called and you have to physically go in branch to join.
Called and you have to physically go in branch to join.
Can we still join Valor Credit Union though? When's the deadline to join and is it a hard pull to join? It would be nice if you could provider more information or review of Valor Credit Union.