PenFed preapprovals

[thrasher865]

I noticed PenFed has redone their website.  Does anybody know if they still do preapprovals the same way?  I think they used to show up at the beginning of each quarter... so that wouldn't be until July?

Also, they are doing 25,000 points offer on their platinum rewards card.  What is their points structure for cashback?  Is that equivalent to $25?

[Anonymous]

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@thrasher865 wrote:

I noticed PenFed has redone their website.  Does anybody know if they still do preapprovals the same way?  I think they used to show up at the beginning of each quarter... so that wouldn't be until July?

Also, they are doing 25,000 points offer on their platinum rewards card.  What is their points structure for cashback?  Is that equivalent to $25?

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I don't know the answer to your first question, but 25,000 bonus points is equivalent to $250. 

[pkosheta]

25000 points is $250 worth of giftcards, merchandise, etc... However, they do offer a few 25 dollar giftcards that are 'discounted' to 2400 points and these rotate every month or so. It's not much of a discount, but if you shop at one of those places it's worth it. Although the prepaid cash cards are usually the best choice. Overall, a great card and I would recommend it over BCP since it has no annual fee and you get 5% on gas and 3% on groceries, vs 6% groceries, 3% gas and dept stores. But if you are a big grocery spender, then get both and be king or queen of the rewards realm. The only thing to note is the penfed 3% on groceries includes the commissary, whereas BCP seems to only give the base 1% rate. So for military families, penfed plat is probably better.

[thrasher865]

BOOM! Consider me applied!  I couldn't find any link whatsoever to their rewards structure on their website.  Granted, I only looked for about 5 minutes, because I'm at work.

Whoa, whoa, whoa.  Gift cards only?  Are statement credits no longer available?

[Anonymous]

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@thrasher865 wrote:

BOOM! Consider me applied!  I couldn't find any link whatsoever to their rewards structure on their website.  Granted, I only looked for about 5 minutes, because I'm at work.

Whoa, whoa, whoa.  Gift cards only?  Are statement credits no longer available?

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Let me warn you they are very slow by sending the gift cards after redemption.  Also, you'd have to wait three months to receive the 20,000 bonus points.  Statement credits are not available.

[thrasher865]

Oh no!  I was filling out the application to save it for later.  Hit continue one too many times, thinking there was several more pages before the actual application, but it was submitted...

It's under review for $2,500.  Pffft, I thought PenFed was generous with CLs.  I must be thinking of another CU.  That would be my lowest non-store card CL.

[pkosheta]

I got a giftcard within a week, so I don't know about that. But everyones experience is different. The bonus 20000 does take 3 months, but the first bonus of 5000 is when u make the 1st purchase and was credited the next day or 2 for me. Also when you earn points with spending you get crdit for them fast, no waiting months to get your points...it's a day after it posts usually and the points are broken down on the website individually, although not by store but rather by day...but it is still easy to match them up. Also the rewards website is a different site than the main site it's penfedplatinumrewards.com. They can be stingy with initial limits, but I went from 500 to 7000 with one cli request. The lady said 7000 and i was unable to speak... so they can be generous once they get to know you.

[Anonymous]

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@pkosheta wrote:
I got a giftcard within a week, so I don't know about that. But everyones experience is different. The bonus 20000 does take 3 months, but the first bonus of 5000 is when u make the 1st purchase and was credited the next day or 2 for me. Also when you earn points with spending you get crdit for them fast, no waiting months to get your points...it's a day after it posts usually and the points are broken down on the website individually, although not by store but rather by day...but it is still easy to match them up. Also the rewards website is a different site than the main site it's penfedplatinumrewards.com. They can be stingy with initial limits, but I went from 500 to 7000 with one cli request. The lady said 7000 and i was unable to speak... so they can be generous once they get to know you.

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I ordered the Visa gift cards and it took  5 days just to process the order before actually mailing it.  YMMV I guess.

[thrasher865]

If I'm approved, do you know if they are willing to do CLIs upon approval?  $2.5k is kinda weak.  I don't care how long it takes to get to me, $250 is $250.  And 5% CB on gas is pretty good.  This will be my gas and grocery card after the initial $1k spend to get the extra 20,000 bonus points.

Curse my lapse in discipline!  2 years without an INQ on EQ, and in one day I just willy nilly app for this card.  I've had a $5 balance in my share account for almost 4 years now, waiting for the moment to apply for this card.    Hope I'm approved!

[Anonymous]

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@thrasher865 wrote:

If I'm approved, do you know if they are willing to do CLIs upon approval?  $2.5k is kinda weak.  I don't care how long it takes to get to me, $250 is $250.  And 5% CB on gas is pretty good.  This will be my gas and grocery card after the initial $1k spend to get the extra 20,000 bonus points.

Curse my lapse in discipline!  2 years without an INQ on EQ, and in one day I just willy nilly app for this card.  I've had a $5 balance in my share account for almost 4 years now, waiting for the moment to apply for this card.    Hope I'm approved!

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Normally, PenFed let one knows if they're approved instantly.   Don't expect a big credit line from them.