Penfed no longer offering variable rate PLOC

[Anonymous]

Just got off the phone with Penfed. I requested a CLI on my PLOC. 

They said the can't give increases anymore on my variable rate PLOC which is at 10.50%.

They said effective on some date I don't remember, their PLOC's are now at a fixed rate of 14.65%.

No more increases if you have a variable rate PLOC with Penfed.

They also Said they will not turn your current variable rate PLOC into the new fixed rate PLOC. 

Then I applied for their cash rewards and was denied for pyramiding. I laughed at the loan office and said I will be eagerly waiting for the survey. I have put thousands of dollars through my two Penfed accounts and never carry a balance.

[Anonymous]

Weird. That 10.5% rate was very competitive. I have not been happy with their increasing rates of late...I guess that is the cost of being less conservative and approving more members with lower scores (risk based pricing). I see they have already changed it on their website.

My Promise card's promotional 7.49% APR increases this October (will reprice to a current 10.74%). I will probably be closing the account at that time as I have heard they are very inflexible about lowering APRs. I know some people would give their right nut for 10.74% but for a credit union card-with no rewards-I think it is too high; especially when BofA offers me lower rates.