topic Re: PenFed Power Cash Visa - Highest SL in Credit Card Approvals

PenFed Power Cash Visa - Highest SL

SouthJamaica — Mon, 13 Feb 2017 14:10:36 GMT

I couldn't resist the temptation to apply for PenFed's new power cash Visa; it has 2% cashback if you maintain a checking account, which I do.

I had plenty of inquiries and plenty of new accounts, so I was actually expecting to be turned down, or to receive a very small starting limit, since PenFed seems to be conservative about recent credit addition.

Was surprised to see that I'd been approved for $38,500, my highest starting limit ever.

They pulled EQ. The score was 735, which doesn't correlate to any of my known scores, so I'm assuming it's their NG2 score, which was 770 as of November 29th.

Re: PenFed Power Cash Visa - Highest SL

AverageJoesCredit — Mon, 13 Feb 2017 14:12:53 GMT

DISCOVER WHO??

Re: PenFed Power Cash Visa - Highest SL

SouthJamaica — Mon, 13 Feb 2017 14:22:07 GMT

@AverageJoesCredit wrote:
DISCOVER WHO??

But there is one catch. In order to get the 2% -- as opposed to 1 1/2% -- cash back, you have to maintain a checking account with them, unless you're military, and their checking account comes with a $10 monthly service charge unless you either (a) maintain a $500 minimum balance or (b) make direct deposits of $500 a month.

Re: PenFed Power Cash Visa - Highest SL

Anonymous — Mon, 13 Feb 2017 14:42:56 GMT

Congratulations for whopping SL and approval!!

Re: PenFed Power Cash Visa - Highest SL

SouthJamaica — Mon, 13 Feb 2017 15:58:12 GMT

@Anonymous wrote:
Congratulations for whopping SL and approval!!

Thanks maestro

Re: PenFed Power Cash Visa - Highest SL

Anonymous — Mon, 13 Feb 2017 17:18:04 GMT

Wow, SJ! Congrats to you on an amazing approval! What a nice card/limit to have hanging around in your wallet! Enjoy!

Re: PenFed Power Cash Visa - Highest SL

SouthJamaica — Mon, 13 Feb 2017 17:26:32 GMT

@Anonymous wrote:
Wow, SJ! Congrats to you on an amazing approval! What a nice card/limit to have hanging around in your wallet! Enjoy!

Thanks weedeb.

To be honest, it's not really my kind of card, because (a) I'm not a big spender, (b) I can't use it for balance transfers (3% fee), and (c) I can't use it for cash advances (5%) fee. But I'm still glad I got it; I kinda like PenFed and I like 2% cash back. And I sure do like that starting limit, but that was totally unexpected.

Re: PenFed Power Cash Visa - Highest SL

Anonymous — Mon, 13 Feb 2017 17:37:30 GMT

Congratulations on your new card. That's an awesome starting limit.

Re: PenFed Power Cash Visa - Highest SL

Anonymous — Mon, 13 Feb 2017 17:50:00 GMT

Whoa, SJ! Doing my happy dance for you. (I had to get up off the floor first. ) Congratulations seems like such a lame comment, but Congratulations!!! You are the master, it seems!

Re: PenFed Power Cash Visa - Highest SL

SouthJamaica — Mon, 13 Feb 2017 17:57:21 GMT

@Anonymous wrote:
Congratulations on your new card. That's an awesome starting limit.

Thanks Rm, much appreciated.

Re: PenFed Power Cash Visa - Highest SL

SouthJamaica — Mon, 13 Feb 2017 18:02:55 GMT

@Anonymous wrote:
Whoa, SJ! Doing my happy dance for you. (I had to get up off the floor first. ) Congratulations seems like such a lame comment, but Congratulations!!! You are the master, it seems!

Well if you got off the floor can you help me up, I still haven't gotten off the floor

Master shmaster... they probably just believed me when I said my income was a million dollars a day.

I just hope Barclays doesn't punish me for this. They can get pretty jealous.

Re: PenFed Power Cash Visa - Highest SL

SouthJamaica — Mon, 13 Feb 2017 22:29:10 GMT

I was wondering how they came up with such an odd number for the starting limit .... 38,500.

I have a theory.

I think they came up with an overall round figure number as to how much exposure they're willing to have, then subtracted the credit lines I already have, and inserted the difference as my new limit.

Re: PenFed Power Cash Visa - Highest SL

Ysettle4 — Mon, 13 Feb 2017 22:39:36 GMT

Re: PenFed Power Cash Visa - Highest SL

SouthJamaica — Mon, 13 Feb 2017 22:41:34 GMT

@Ysettle4 wrote:

ROFLMAO

Re: PenFed Power Cash Visa - Highest SL

SouthJamaica — Mon, 13 Feb 2017 22:42:46 GMT

What's wrong with me? I keep expecting PenFed to call me up & say it was a mistake, they meant $385, not $38,500.

Re: PenFed Power Cash Visa - Highest SL

Anonymous — Mon, 13 Feb 2017 23:10:14 GMT

Great SL SJ !! I'll send you a private message with my address for the AU card. 🤑 Congrats 🎉🎊🍾🎈

Re: PenFed Power Cash Visa - Highest SL

SouthJamaica — Mon, 13 Feb 2017 23:31:10 GMT

@Anonymous wrote:
Great SL SJ !! I'll send you a private message with my address for the AU card. 🤑 Congrats 🎉🎊🍾🎈

Thanks

Re: PenFed Power Cash Visa - Highest SL

Anonymous — Tue, 14 Feb 2017 18:54:39 GMT

@SouthJamaica wrote:
@Anonymous wrote:
Whoa, SJ! Doing my happy dance for you. (I had to get up off the floor first. ) Congratulations seems like such a lame comment, but Congratulations!!! You are the master, it seems!
Well if you got off the floor can you help me up, I still haven't gotten off the floor

Master shmaster... they probably just believed me when I said my income was a million dollars a day.

I just hope Barclays doesn't punish me for this. They can get pretty jealous.

Well, keep us posted, please. I am still stunned. (In a good way. )

Re: PenFed Power Cash Visa - Highest SL

Anonymous — Tue, 14 Feb 2017 18:55:30 GMT

@SouthJamaica wrote:
I was wondering how they came up with such an odd number for the starting limit .... 38,500.

I have a theory.

I think they came up with an overall round figure number as to how much exposure they're willing to have, then subtracted the credit lines I already have, and inserted the difference as my new limit.

Makes total sense.

Re: PenFed Power Cash Visa - Highest SL

Anonymous — Tue, 14 Feb 2017 18:55:54 GMT

@Ysettle4 wrote:

How appropriate. lol