Went online and saw PenFed Platinum Rewards Visa Signature Card Here. The rewards look like their other rewards card. Its cool looking card and its a Visa Signature 
@chnceit wrote:Went online and saw PenFed Platinum Rewards Visa Signature Card Here. The rewards look like their other rewards card. Its cool looking card and its a Visa Signature
There has been a lot of discussion about this. In particular, the rewards do NOT look like some of their existing cards. Unless, each month, you have a "qualifying account" which is a checking account with direct deposit of some minimum, or a CD, or a loan, you get 3% on gas rather than 5%. This card seems to be a downgrade from the Platinum Rewards (no longer offered) and, for gas only users, the Cash Rewards card. Especially if you have other Visa Signature cards.
Here is a good thread on PenFed approvals and denials Here
I was approved in January for their Rewards Visa and LOC.
Here is my survey
- What did you App for (CC, Auto...)? PenFed Platinum Cash Rewards Visa with EMV
- Approved or Declined? Instantly Approved
- Date of app? 1/9/13
- EQ FICO at app? IDK
- # of Inquiries at app? 7
- Any Derogs at app: 0
- Oldest Account Age? 10.2 Years
- Newest Account Age? 2 months at time of app
- AAoA at app? 4.8 Years
- Highest CL at app? $10K
- EQ Utilization Percentage? 3%
- Requested CL? No
- Instant Approval? Yes
- Income Verification Required? No
- Any Counter Offer from PenFed? No
- If declined, reason given? N/A
- Any comments you think helpful? I was denied two years ago; gardening paid off
PenFed also approved me for a $15K LOC
@longtimelurker wrote:
@chnceit wrote:Went online and saw PenFed Platinum Rewards Visa Signature Card Here. The rewards look like their other rewards card. Its cool looking card and its a Visa Signature
There has been a lot of discussion about this. In particular, the rewards do NOT look like some of their existing cards. Unless, each month, you have a "qualifying account" which is a checking account with direct deposit of some minimum, or a CD, or a loan, you get 3% on gas rather than 5%. This card seems to be a downgrade from the Platinum Rewards (no longer offered) and, for gas only users, the Cash Rewards card. Especially if you have other Visa Signature cards.
I must of missed it since I been trying to be good and gardening The rewards card I have is a Visa Signature, but it doesnt say it on the card. I wish it did thou
@Slab wrote:Thanks a lot chnceit. Which credit bureau did they use? I just edited, I see they use EQ.
Anytime! Yes they are EQ puller for membership and credit products. They also pull ChexSystem for checking and savings.
@Slab wrote:I joined PenFed a couple of weeks ago but I don't see a credit pull on my FICO EQ. I didn't apply for a card so, might they have used a soft pull for membership?
Hmm... Yeah sorry I applied for my checking account and CC at the same time and this is what is said on the board.
Penfed won't touch me due to my student loans balance.
