I couldn't resist the temptation to apply for PenFed's new power cash Visa; it has 2% cashback if you maintain a checking account, which I do.
I had plenty of inquiries and plenty of new accounts, so I was actually expecting to be turned down, or to receive a very small starting limit, since PenFed seems to be conservative about recent credit addition.
Was surprised to see that I'd been approved for $38,500, my highest starting limit ever.
They pulled EQ. The score was 735, which doesn't correlate to any of my known scores, so I'm assuming it's their NG2 score, which was 770 as of November 29th.
DISCOVER WHO?? 
@AverageJoesCredit wrote:
DISCOVER WHO??
But there is one catch. In order to get the 2% -- as opposed to 1 1/2% -- cash back, you have to maintain a checking account with them, unless you're military, and their checking account comes with a $10 monthly service charge unless you either (a) maintain a $500 minimum balance or (b) make direct deposits of $500 a month.
@Anonymous wrote:
Congratulations for whopping SL and approval!!
Thanks maestro
Wow, SJ! Congrats to you on an amazing approval! What a nice card/limit to have hanging around in your wallet! Enjoy!
@Anonymous wrote:Wow, SJ! Congrats to you on an amazing approval! What a nice card/limit to have hanging around in your wallet! Enjoy!
Thanks weedeb.
To be honest, it's not really my kind of card, because (a) I'm not a big spender, (b) I can't use it for balance transfers (3% fee), and (c) I can't use it for cash advances (5%) fee. But I'm still glad I got it; I kinda like PenFed and I like 2% cash back. And I sure do like that starting limit, but that was totally unexpected.
Whoa, SJ! Doing my happy dance for you. (I had to get up off the floor first. ) Congratulations seems like such a lame comment, but Congratulations!!! You are the master, it seems!
@Anonymous wrote:
Congratulations on your new card. That's an awesome starting limit.
Thanks Rm, much appreciated.