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A PENFED TAIL of Cli and Apr

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AverageJoesCredit
Legendary Contributor

A PENFED TAIL of Cli and Apr

Hi everyone, just figured id share a fun story concerning my Penfed Promise Visa. After i finally got my cli on this card, after a recon no less Smiley Wink, i was originally told i had a lower apr. After getting my phone call about my experience i was told no my apr was the same i had been approved. In a recent post i mentioned i would find out, cant remember which post lol, so i fired off a secure message a couple days ago and right as rain, takes a couple days before hearing back from them. Heres what i got back in regards to what was my Apr and their policy on lowering it. See if you can find WaldoSmiley Wink

Thank you for contacting PenFed.

The Annual Percentage Rate (APR) for your PenFed Promise Visa is 17.99%

Quarterly credit scores are used to determine if we can lower your credit limit.
To have an immediate reconsideration, you would need to submit an application.

Please feel free to reply if you need further assistance.

Sincerely,


PenFed


Smiley Happy
10 REPLIES 10
K-in-Boston
Credit Mentor

Re: A PENFED TAIL of Cli and Apr

I assume that's a typo and you didn't really request that they "lower your credit limit." So is it now lowered to 17.99 or is that where it was before?
Message 2 of 11
AverageJoesCredit
Legendary Contributor

Re: A PENFED TAIL of Cli and Apr

Lol good eye KSmiley Happy

No , never mentioned my limit it was only in regards to the Apr. Thats my original Apr. I think when i got my cli they had said my spr was like 13% or something. However i think only way to lower it is through a new app or apparently if they deem you worthy on their review.

This is what happens when you're Average haha, my AR's are used to determine if i should get LOWER cli haha. I pray Navy doesnt get wind of this "policy" Smiley Wink
Message 3 of 11
K-in-Boston
Credit Mentor

Re: A PENFED TAIL of Cli and Apr

Maybe a miscommunication that it was prime PLUS 13-something? Obviously an AR could result in a CLD, but let's hope not.
Message 4 of 11
fltireguy
Valued Contributor

Re: A PENFED TAIL of Cli and Apr

AJC- in a CU's little world, 17.99% means if we could charge you a higher APR we would, but legally we can't so we won't...

K-in-Boston. Remember the CU's can't charge over 18%
NFCU $60.4k/PenFed $22.5k/Commerce $15K/53 $11K/Synovus $14K/BBT $11K/CapOne $12K/DCU $7.5K/BMO $7.5K/Chase $14.5k/Cabelas $10K/ and many many more!
Total CL $398600, plus car and RV loan.
Ooh. Ooh. Getting closer to that $500K mark!
Message 5 of 11
K-in-Boston
Credit Mentor

Re: A PENFED TAIL of Cli and Apr


@fltireguy wrote:
AJC- in a CU's little world, 17.99% means if we could charge you a higher APR we would, but legally we can't so we won't...

K-in-Boston. Remember the CU's can't charge over 18%

I knew this and somehow forgot it.  Great point!

Message 6 of 11
Anonymous
Not applicable

Re: A PENFED TAIL of Cli and Apr


@AverageJoesCredit wrote:
Hi everyone, just figured id share a fun story concerning my Penfed Promise Visa. After i finally got my cli on this card, after a recon no less Smiley Wink, i was originally told i had a lower apr. After getting my phone call about my experience i was told no my apr was the same i had been approved. In a recent post i mentioned i would find out, cant remember which post lol, so i fired off a secure message a couple days ago and right as rain, takes a couple days before hearing back from them. Heres what i got back in regards to what was my Apr and their policy on lowering it. See if you can find WaldoSmiley Wink

Thank you for contacting PenFed.

The Annual Percentage Rate (APR) for your PenFed Promise Visa is 17.99%

Quarterly credit scores are used to determine if we can lower your credit limit.
To have an immediate reconsideration, you would need to submit an application.

Please feel free to reply if you need further assistance.

Sincerely,


PenFed


Smiley Happy

What a pain, Joseph. Like K said, I believe they may have meant 13.24% + PRIME or something like that. My Promise reprices in October (is fixed 7.49% for 3 years) to 10.74%. I think we should ditch our Promise cards and get the new Power Cash. 

Message 7 of 11
DaveInAZ
Senior Contributor

Re: A PENFED TAIL of Cli and Apr


@Anonymous wrote:

@AverageJoesCredit wrote:
Hi everyone, just figured id share a fun story concerning my Penfed Promise Visa. After i finally got my cli on this card, after a recon no less Smiley Wink, i was originally told i had a lower apr. After getting my phone call about my experience i was told no my apr was the same i had been approved. In a recent post i mentioned i would find out, cant remember which post lol, so i fired off a secure message a couple days ago and right as rain, takes a couple days before hearing back from them. Heres what i got back in regards to what was my Apr and their policy on lowering it. See if you can find WaldoSmiley Wink

Thank you for contacting PenFed.

The Annual Percentage Rate (APR) for your PenFed Promise Visa is 17.99%

Quarterly credit scores are used to determine if we can lower your credit limit.
To have an immediate reconsideration, you would need to submit an application.

Please feel free to reply if you need further assistance.

Sincerely,


PenFed


Smiley Happy

What a pain, Joseph. Like K said, I believe they may have meant 13.24% + PRIME or something like that. My Promise reprices in October (is fixed 7.49% for 3 years) to 10.74%. I think we should ditch our Promise cards and get the new Power Cash. 


Absolutely! I got only 17.94% APR on my Power Cash! But at least I get 2% rewards with an Access Checking. And I'm not particularly concerned about the APR because I've been paying all charges as soon as they come out of pending because as a new member (joined in early May) my payments don't apply to Available Credit for 10 days, even from my Access account.

 

Good luck getting the Cl reduced, AverageJoe, er, I mean . . . .

Message 8 of 11
AverageJoesCredit
Legendary Contributor

Re: A PENFED TAIL of Cli and Apr

Lol, they can keep their apr at whatever level they want, i ll just make my own apr at 0% by always pif haha.
Message 9 of 11
Anonymous
Not applicable

Re: A PENFED TAIL of Cli and Apr

Congratulations on the CLI and nice to see you keeping a positive attitude about the whole situation- as you always do! Smiley Happy

Message 10 of 11
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