PNC Bank "Pre-Selected Offer" - Advice Please

[Anonymous]

Pre selected and pre approved are different

[Anonymous]

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@Anonymous wrote:

I just received the same offer within the past couple of weeks.  I decided to take it because I have wanted an overdraft backup outside of my savings account through PNC.  I will say that I was surprised I received the offer being as though I have a lot of new credit and didn't think after all these years, I would ever qualify through them.

The BT and purchase offers were what pushed me over to apply, but now here's the downside.  All of my recent apps beginning with Venture have been 15K or better (in fact I now have five cards at or above the 15K mark)...i finally get notice that the PNC card was approved but the limit was $1,500...WOMP WOMP WOMP.  That doesn't really help me in the BT area as the balance I wanted to transfer was $800.

I spoke to a rep and she stated that any CLIs would be hard pulls and so would a recon.  So honestly, there is no point in me even trying to get the initial limit raised since my credit profile hasn't changed since the SP that garnered the offer.  So now I know I need to wait another year until I can afford another hard pull in order to make the card useful.

However, even with all that happening...I am glad to have this relationship established with PNC and hopefully I can make it grow in the future.  I personally like the points program and made great use of it before they moved it to the purchase payback program.  Got some great gift card redemptions for holiday shoppign a few years back.  I know I'm not leaving PNC anytime soon since I have banked with them since they took over the bank I was with since I was about 13.

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Ouch. Sorry about the low limit.

I'll think it over and make a decision before the end of the month. I want a CC with them because they're my main bank but I may just need to wait a while.

[Anonymous]

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@Anonymous wrote:
Pre selected and pre approved are different

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In PNC's case, I don't think there is a difference.  They only make offers when they have deemed you eligible.  Your limit may be in question, but PNC's pre-selected offers come with a firm APR offer and from what I've read (and experienced) are typically approved.  Since PNC has manual underwriting, I think their "offers" come few and far between.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:
Pre selected and pre approved are different

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In PNC's case, I don't think there is a difference.  They only make offers when they have deemed you eligible.  Your limit may be in question, but PNC's pre-selected offers come with a firm APR offer and from what I've read (and experienced) are typically approved.  Since PNC has manual underwriting, I think their "offers" come few and far between.

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+1

Agreed.

[Anonymous]

I am confused about this 5 and 10 percent deal. I just sat down with PNC last month. They didnt have ANY cards that did that. Most of them were like 1.25-1.75 depending on how much you spent.

[Anonymous]

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@Anonymous wrote:

I just received the same offer within the past couple of weeks.  I decided to take it because I have wanted an overdraft backup outside of my savings account through PNC.  I will say that I was surprised I received the offer being as though I have a lot of new credit and didn't think after all these years, I would ever qualify through them.

The BT and purchase offers were what pushed me over to apply, but now here's the downside.  All of my recent apps beginning with Venture have been 15K or better (in fact I now have five cards at or above the 15K mark)...i finally get notice that the PNC card was approved but the limit was $1,500...WOMP WOMP WOMP.  That doesn't really help me in the BT area as the balance I wanted to transfer was $800.

I spoke to a rep and she stated that any CLIs would be hard pulls and so would a recon.  So honestly, there is no point in me even trying to get the initial limit raised since my credit profile hasn't changed since the SP that garnered the offer.  So now I know I need to wait another year until I can afford another hard pull in order to make the card useful.

However, even with all that happening...I am glad to have this relationship established with PNC and hopefully I can make it grow in the future.  I personally like the points program and made great use of it before they moved it to the purchase payback program.  Got some great gift card redemptions for holiday shoppign a few years back.  I know I'm not leaving PNC anytime soon since I have banked with them since they took over the bank I was with since I was about 13.

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Just out of curiosity, what bank did they take over?

I started at the Miners and Mechanics Bank in Ohio, which was bought out by National City, then became PNC. They grandfathered me in so that I could keep my savings account interest rate, but I have to use my debit card 5 times each month in order to keep it.

[Anonymous]

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@Anonymous wrote:

I am confused about this 5 and 10 percent deal. I just sat down with PNC last month. They didnt have ANY cards that did that. Most of them were like 1.25-1.75 depending on how much you spent.

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It's the PNC Purchase Payback. You have to sign up for it on your debit card or credit card. And there's about 12-20 offers per month. Most are 5% but some are 10%. They are for places like Five Guys, Kmart, Dick's Sporting Goods, Advance Auto Parts, Chili's, Fandango, DirectTV, TigerDirect.com and countless others. I try to score the 10% ones as often as I can. And there's also random bonus deals. Like right now, in my offers, if I use any offer, I get a bonus of $3 cashback in my checking account. Check your PNC Rewards Center.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

I am confused about this 5 and 10 percent deal. I just sat down with PNC last month. They didnt have ANY cards that did that. Most of them were like 1.25-1.75 depending on how much you spent.

---

It's the PNC Purchase Payback. You have to sign up for it on your debit card or credit card. And there's about 12-20 offers per month. Most are 5% but some are 10%. They are for places like Five Guys, Kmart, Dick's Sporting Goods, Advance Auto Parts, Chili's, Fandango, DirectTV, TigerDirect.com and countless others. I try to score the 10% ones as often as I can. And there's also random bonus deals. Like right now, in my offers, if I use any offer, I get a bonus of $3 cashback in my checking account. Check your PNC Rewards Center.

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And actually, right now, the Sports Authority and Adagio Tea offers are 15% CB!!!

[Anonymous]

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@Anonymous wrote:

Just out of curiosity, what bank did they take over?

I started at the Miners and Mechanics Bank in Ohio, which was bought out by National City, then became PNC. They grandfathered me in so that I could keep my savings account interest rate, but I have to use my debit card 5 times each month in order to keep it.

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They took over Riggs Bank in our area....this was almost 12 years ago.

[barbaralee]

I have the Cashbuilder, I got one of those pre-selected things last year and applied. I was automatically declined, called in and reconned and was approved for $4500. They increased it by 1k this year, so now it's at $5500.

For the record, I think my credit has VERY little to do with my approval and credit limit. Obviously it is a factor, but I think with PNC they look more at what is the balance in your accounts, and what your relationship is with them. In my case I have  Performance Select account, and we keep a decent balance in our accounts. Never overdrafted, never accrued any fees, really, other than ATM (which are automatically reimbursed to us). 

I really like the Cashbuilder. It's a decent card if you utilize PNC banking products. If you use the card 5x a month then the interest on the growth is 0.80%, which considering today's measly interest rates is not that bad. Also the 1.75 % is pretty good, also. 2% is more, but it doesn't make that much of a difference unless you are running a lot of money through the card.

I have compared the interest on a few other brick and mortar banks, and PNC is the highest. Also, the Purchase Payback is usually a pretty sweet deal, too.