Help me with applying for PENFED CC

[Anonymous]

Hi,

My husband and I are considering a CC to replace our Discover card with a good cashback program. After surfing the net, we were told this board is a good place to check out. I've read a few posts regarding the PENFED CC and what criteria are considered for a good chance of getting it.

Our situation is as follows:

Our credit scores: my EQ is 814 and hubby's 779. He has 4 opened CCs in his name, 1 joint with me. I have 1 ind., 3 as AU under his. His oldest jt card is 19yrs, mine is 24 yrs. We both had opened 1 CC each last Dec. He has a hard pull when we bought a car last Sept. We did not take the loan, but decided to pay cash so we don't have any auto loan. We have 2 mortgages, one for main house and one for a rental. We refinanced in 09. I'm currently not working. 

My questions are:

1) What are our chances of getting a PENFED CC with 2% cashback with a reasonably high limit ~10K?

2) Should we apply under my name or his?

Thanks for your help.

[OnTheRebound]

Just for your information, as of 3/1/11, PenFed no longer offers 2% cash back on groceries. Only 5% cash back for gas paid at the pump and 1% on everything else.

Platinum Cashback Rewards	13.99% APR
	Limited Time - Low Balance Transfer Rates *** Cash Rewards paid each month Up to $50,000 limit	Earn 5.00% cash back on gas paid at the pump** Earn 1.00% cash back on net monthly purchases**

[Anonymous]

Thanks for the quick reply, OnTheRebound.

What a bummer! I heard Schwab 2% is closed for new accounts. I know there is the Fidelity CC. But it's an AMEX. We already own a Costco AMEX . We want a visa/mastercard. Are there any other choices? We don't want to churn. Just a good solid CC that returns decent cash back. 

[OnTheRebound]

We work two CC's in tandem. PenFed for gas (5%) and most everything else and Chase Freedom for the 5% catagories, currently groceries and drugstores.

[Anonymous]

I'll look into Chase Freedom then. Too bad, Citibank does not have any good intro. offer for cash back cards right now. My oldest card is a citi. Used to use it heavily until I got wised-up and realized I should get something better than their Thank You points. They were great with monitoring the card for identity thef. Caught it twice and called me before I even realize someone was using my card. No hassle whatsoever to replace the cards and I was not liable for any fraudulent charges either. I also like their virtual number program since we buy a lot of stuffs online. Thanks again for your input.

[Anonymous]

OnTheRebound, regarding the Chase Freedom, I tried to find out how to redeem for cash through their website but not quite sure how it works. Since you don't get cash, you get points (ultimate rewards points?). You redeem points for cash via their pay yourself back?  or do you get a check mailed to you? Could you just get cash sent to your bank via ACH? I could not find any info on bank transfer. Thanks.

[OnTheRebound]

Yes, you redeem points for cash by way of "Pay Yourself Back". If you bank with Chase, they will deposit, if you wish, into your checking or savings account. If you do not have a Chase deposit account they will mail you a check. No ACH for a external account.