topic Re: PenFed Gold Visa Pre-Approval in Credit Card Applications

PenFed Gold Visa Pre-Approval

Rebuild2019 — Thu, 21 Jan 2021 17:34:32 GMT

Hello, Today I received a pre-approval for a PenFed Gold Visa. I am not a member. The pre-approval has 12-months balance transfer for 0.00 APR and after that a solid 17.99% APR. Are PenFed offers reliable if the offer has a solid 17.99% APR. What’s the PenFed process like? I have no baddies. Thank you

Re: PenFed Gold Visa Pre-Approval

gingerflower — Thu, 21 Jan 2021 17:44:05 GMT

I would go ahead apply for offer and at the same time join Penfed membership. Your offer already have a Apr offer of 17.99 and a 12 month 0% transfer offer. Good luck if you decide to apply and pls keep us posted!

Re: PenFed Gold Visa Pre-Approval

AllZero — Thu, 21 Jan 2021 18:54:19 GMT

Congratulations on your offer! Data points suggest offer is pretty solid with approvals if you check the approvals and application sub forum.

Good luck!

Re: PenFed Gold Visa Pre-Approval

CreditCuriosity — Thu, 21 Jan 2021 18:56:47 GMT

I personally would not go for it unless you need it.. That is the highest APR for that card and that card has no rewards. Ideally one would get the lowest APR with that card. If you aren't in need of that card for credit or 0% whatever I would hold off for better terms or until your CR is in better shape for better terms. Just my 2 cents.

Re: PenFed Gold Visa Pre-Approval

Rebuild2019 — Thu, 21 Jan 2021 19:07:46 GMT

Thanks @gingerflower. I will let you know. I really know nothing about PenFed. All info is a big help.

Re: PenFed Gold Visa Pre-Approval

Rebuild2019 — Thu, 21 Jan 2021 19:10:36 GMT

Thanks @AllZero. I am surprised to get the offer. Not sure about what to do. Have to think about it. It still feels good and you know how far I have come. A few years ago I would not have a pre-approval from them.

Re: PenFed Gold Visa Pre-Approval

Rebuild2019 — Thu, 21 Jan 2021 19:13:46 GMT

Thanks @CreditCuriosity. Appreciate the info about the APR. If I did get approval I would used the 0.00%!balance transfer. Just don’t know if it would be a low s/l approval. Something to think about. Thanks for weighing in.

Re: PenFed Gold Visa Pre-Approval

CreditMagic7 — Thu, 21 Jan 2021 19:24:53 GMT

Congratulations on your offer!

I would go forward with it as it's a solid forward step for your credit profile at this stage and opens up other PenFed opportunties.

The fact they offered you a preapproval with set terms is nothing to sneeze at. It CAN lead to better term PenFed Cards and attainable products from them.

Best Of Luck!

Re: PenFed Gold Visa Pre-Approval

AllZero — Thu, 21 Jan 2021 20:47:23 GMT

@Rebuild2019 wrote:
Thanks @CreditCuriosity. Appreciate the info about the APR. If I did get approval I would used the 0.00%!balance transfer. Just don’t know if it would be a low s/l approval. Something to think about. Thanks for weighing in.

CC did make an excellent point. You could also just join for membership to at least start ageing your membership.

Hopefully, it'll be SP to join.

Re: PenFed Gold Visa Pre-Approval

SifiUSa — Thu, 21 Jan 2021 20:57:34 GMT

It's always an HP to join Penfed.

Re: PenFed Gold Visa Pre-Approval

FinStar — Thu, 21 Jan 2021 21:08:32 GMT

@SifiUSa wrote:
It's always an HP to join Penfed.

@SifiUSa, this is not accurate. There's a variety of DPs that lots of individuals have reported in the Personal Finance subforum. In the majority of cases, at least recently (depending how one joins) it's SP. That said there's been occurrences where it turns out as HP - but it's not always.

Re: PenFed Gold Visa Pre-Approval

SifiUSa — Thu, 21 Jan 2021 21:12:34 GMT

Ok. When I joined I ask the CSR and he told me that.

Re: PenFed Gold Visa Pre-Approval

FinStar — Thu, 21 Jan 2021 21:12:36 GMT

@CreditCuriosity wrote:
I personally would not go for it unless you need it.. That is the highest APR for that card and that card has no rewards. Ideally one would get the lowest APR with that card. If you aren't in need of that card for credit or 0% whatever I would hold off for better terms or until your CR is in better shape for better terms. Just my 2 cents.

Agree with this. PenFed pre-approval offers aren't 100% reliable, IMO, even if APR is solid. Granted, if profile is strong and meets PenFed criteria, sure. But, we've seen a variety's of PenFed members and non-members who nibbled on similar offers and were not approved. So, it's YEMV.

Re: PenFed Gold Visa Pre-Approval

FinStar — Thu, 21 Jan 2021 21:16:02 GMT

@SifiUSa wrote:
Ok. When I joined I ask the CSR and he told me that.

Understandable, but most forum members have learned collectively that in a variety of cases CSRs are not very well-informed.

Re: PenFed Gold Visa Pre-Approval

gingerflower — Thu, 21 Jan 2021 22:03:04 GMT

@SifiUSa

I am a member of Penfed for 9 yrs and when I first joined it was a SP. I just called Penfed and was told it was a SP for membership...So, go figure!

Re: PenFed Gold Visa Pre-Approval

1GaDawg85 — Thu, 21 Jan 2021 22:10:41 GMT

I would join now and sit on it. You may get something better after throwing them some money and then see what they do for you during the SP quarterly offer.

Re: PenFed Gold Visa Pre-Approval

Rebuild2019 — Thu, 21 Jan 2021 22:49:58 GMT

@CreditMagic7 I was thinking that it is a big deal for me to get a pre-approval from them. I have never done business with them or applied for anything. I was really shocked to see the envelope. Thanks for responding. I am thinking about it.

Re: PenFed Gold Visa Pre-Approval

Rebuild2019 — Thu, 21 Jan 2021 22:52:01 GMT

Thanks @AllZero. You always give good info.

Re: PenFed Gold Visa Pre-Approval

Rebuild2019 — Thu, 21 Jan 2021 22:54:08 GMT

I am always nervous about hard pulls @SifiUSa

Re: PenFed Gold Visa Pre-Approval

Rebuild2019 — Thu, 21 Jan 2021 22:56:05 GMT

Ok. So I need to read in Personal Finance. Thanks @FinStar