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Penfed Question

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prabs99
Regular Contributor

Penfed Question

I have their Amex travel rewards card. Is it possible to switch to their Visa platinum or signature cards?

FICO (Discover) 805
Message 1 of 28
27 REPLIES 27
chnceit
Valued Contributor

Re: Penfed Question

After reading another post of PCing AMEX to Visa they will close your AMEX account and reissue another account under the Visa card. This is what's posted on here. But I would give a call to them to verify since there is not much info about PCing on here. 


Last Pulled EQ: 809
Last Credit Card App: 02/05/2016
Last CLI: 02/06/2016
Find Me: Gardening
Message 2 of 28
prabs99
Regular Contributor

Re: Penfed Question

They said they cannot change it, but I could apply for the Visa card. Something about not able to close the account because it was new.
FICO (Discover) 805
Message 3 of 28
ilovelisa
Established Contributor

Re: Penfed Question


@prabs99 wrote:
They said they cannot change it, but I could apply for the Visa card. Something about not able to close the account because it was new.

You can do what I did,

Apply for the Visa card, get the referred to loan officer message, call in and ask them to open the visa card, but in return you will let them close the Amex, and move that CL to the Visa.

Amex BCE $10,000 | BofA Power Rewards WMC $10,000 | Discover It $10,000 | ICBC Preferred Gold UnionPay $8,000 | Local CU Visa $3,500
Message 4 of 28
chnceit
Valued Contributor

Re: Penfed Question

That makes sense now because they are able to move credit lines around easily. Thanks for the info


Last Pulled EQ: 809
Last Credit Card App: 02/05/2016
Last CLI: 02/06/2016
Find Me: Gardening
Message 5 of 28
prabs99
Regular Contributor

Re: Penfed Question

Thanks. I will give them a call tomorrow. How many cards can you have from them?
FICO (Discover) 805
Message 6 of 28
ilovelisa
Established Contributor

Re: Penfed Question

I don't know if there is a limit to the number of cards, but I believe they do have a maximum amount of credit they will extend to someone.

Amex BCE $10,000 | BofA Power Rewards WMC $10,000 | Discover It $10,000 | ICBC Preferred Gold UnionPay $8,000 | Local CU Visa $3,500
Message 7 of 28
prabs99
Regular Contributor

Re: Penfed Question

Went ahead and applied for the Visa signature. It said a limit of 7k, but referered to the loan officer. I have their Amex @ 12k. Do I just ask for them to close the Amex and transfer it to the visa with a cl of 19k?
FICO (Discover) 805
Message 8 of 28
chnceit
Valued Contributor

Re: Penfed Question

Sweet congrats on your approval! Yeah I would call them to move the CL's over. 


Last Pulled EQ: 809
Last Credit Card App: 02/05/2016
Last CLI: 02/06/2016
Find Me: Gardening
Message 9 of 28
ilovelisa
Established Contributor

Re: Penfed Question


@prabs99 wrote:
@Went ahead and applied for the Visa signature. It said a limit of 7k, but referered to the loan officer. I have their Amex @ 12k. Do I just ask for them to close the Amex and transfer it to the visa with a cl of 19k?

It sounds like you got approved for the visa with a 7k limit, and it was referred to the LO possibly for verification of income. When I apped for the Visa, it did not give me a number, it just said referred to LO. I would definitely call in and ask can they combine them into one. You could say something like "I have too many cards, and I am just trying to condense the number of cards I have down, but I would also like to keep the CL I have on the Amex. Would it be possible just to move that to the Visa?"  or "I'm not finding that I use the Amex as much as I would like, would it be possible just to move that CL to my new Visa card?" With me they just said, we are closing your Amex, and it will be reported as closed by consumer and paid as agreed, and we will open a platinum rewards visa with a $5000 limit.  Good luck!

Amex BCE $10,000 | BofA Power Rewards WMC $10,000 | Discover It $10,000 | ICBC Preferred Gold UnionPay $8,000 | Local CU Visa $3,500
Message 10 of 28
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