topic Re: Strange PenFed Pre Approval in Credit Card Applications

Strange PenFed Pre Approval

user979797 — Sat, 12 Mar 2022 00:26:58 GMT

I recently joined PenFed back in Jan and got their Gold Card then as well. Today i got a offer from them in the mail saying I am pre approved for a Gold card. It lists the APR and a code to accept and says I have until May 15 to accept the offer. However it also says that I must become a member to accept the offer; but I am a member already. Also the offer is not listed on my account under offers so I am unsure what to think about this.

Has anyone else experienced this with PenFed? Can you have two seperate gold cards with PenFed? Could this be a soft pull CLI for my current gold card using the acceptance code?

Re: Strange PenFed Pre Approval

FinStar — Sat, 12 Mar 2022 04:59:54 GMT

@user979797 wrote:
I recently joined PenFed back in Jan and got their Gold Card then as well. Today i got a offer from them in the mail saying I am pre approved for a Gold card. It lists the APR and a code to accept and says I have until May 15 to accept the offer. However it also says that I must become a member to accept the offer; but I am a member already. Also the offer is not listed on my account under offers so I am unsure what to think about this.

Has anyone else experienced this with PenFed? Can you have two seperate gold cards with PenFed? Yes Could this be a soft pull CLI for my current gold card using the acceptance code? No

If you are already a member, this is simply just another pre-approved invitation. Keep in mind that in a variety of cases these are sent from a third party vendor which in most cases does not perform a cross-check with your existing relationship.

As an FYI, the Gold Card caps out at $15K.

Re: Strange PenFed Pre Approval

ZeroAPR — Tue, 15 Mar 2022 19:37:47 GMT

@FinStar wrote:
@user979797 wrote:
I recently joined PenFed back in Jan and got their Gold Card then as well. Today i got a offer from them in the mail saying I am pre approved for a Gold card. It lists the APR and a code to accept and says I have until May 15 to accept the offer. However it also says that I must become a member to accept the offer; but I am a member already. Also the offer is not listed on my account under offers so I am unsure what to think about this.

Has anyone else experienced this with PenFed? Can you have two seperate gold cards with PenFed? Yes Could this be a soft pull CLI for my current gold card using the acceptance code? No
If you are already a member, this is simply just another pre-approved invitation. Keep in mind that in a variety of cases these are sent from a third party vendor which in most cases does not perform a cross-check with your existing relationship.

As an FYI, the Gold Card caps out at $15K.

$15K? I have a $17,500 limit on my PenFed Gold Visa.

Re: Strange PenFed Pre Approval

brk1971 — Tue, 15 Mar 2022 19:53:27 GMT

I get this mailer periodically, and I'm well established with PenFed.

Incidentally, I get the same type of offers from NFCU - and I've got 3 of their cards and am at their max exposure limit.

Definitely no cross check.

Re: Strange PenFed Pre Approval

Anonymous — Tue, 15 Mar 2022 20:28:11 GMT

@ZeroAPR wrote:
@FinStar wrote:
@user979797 wrote:
I recently joined PenFed back in Jan and got their Gold Card then as well. Today i got a offer from them in the mail saying I am pre approved for a Gold card. It lists the APR and a code to accept and says I have until May 15 to accept the offer. However it also says that I must become a member to accept the offer; but I am a member already. Also the offer is not listed on my account under offers so I am unsure what to think about this.

Has anyone else experienced this with PenFed? Can you have two seperate gold cards with PenFed? Yes Could this be a soft pull CLI for my current gold card using the acceptance code? No
If you are already a member, this is simply just another pre-approved invitation. Keep in mind that in a variety of cases these are sent from a third party vendor which in most cases does not perform a cross-check with your existing relationship.

As an FYI, the Gold Card caps out at $15K.
$15K? I have a $17,500 limit on my PenFed Gold Visa.

I was recently told the same thing. I generally take what CSRs say with two grains of salt, but this one sounded informed and emphatic. Btw, my card is at $20,000. I was asking about bumping it to $25,000.

Re: Strange PenFed Pre Approval

FinStar — Tue, 15 Mar 2022 21:43:59 GMT

@ZeroAPR wrote:
@FinStar wrote:
@user979797 wrote:
I recently joined PenFed back in Jan and got their Gold Card then as well. Today i got a offer from them in the mail saying I am pre approved for a Gold card. It lists the APR and a code to accept and says I have until May 15 to accept the offer. However it also says that I must become a member to accept the offer; but I am a member already. Also the offer is not listed on my account under offers so I am unsure what to think about this.

Has anyone else experienced this with PenFed? Can you have two seperate gold cards with PenFed? Yes Could this be a soft pull CLI for my current gold card using the acceptance code? No
If you are already a member, this is simply just another pre-approved invitation. Keep in mind that in a variety of cases these are sent from a third party vendor which in most cases does not perform a cross-check with your existing relationship.

As an FYI, the Gold Card caps out at $15K.
$15K? I have a $17,500 limit on my PenFed Gold Visa.

They changed the caps not long ago. When did you get approved for your Gold Visa @ZeroAPR?

Re: Strange PenFed Pre Approval

ZeroAPR — Thu, 17 Mar 2022 21:07:04 GMT

@FinStar wrote:
@ZeroAPR wrote:
@FinStar wrote:
@user979797 wrote:
I recently joined PenFed back in Jan and got their Gold Card then as well. Today i got a offer from them in the mail saying I am pre approved for a Gold card. It lists the APR and a code to accept and says I have until May 15 to accept the offer. However it also says that I must become a member to accept the offer; but I am a member already. Also the offer is not listed on my account under offers so I am unsure what to think about this.

Has anyone else experienced this with PenFed? Can you have two seperate gold cards with PenFed? Yes Could this be a soft pull CLI for my current gold card using the acceptance code? No
If you are already a member, this is simply just another pre-approved invitation. Keep in mind that in a variety of cases these are sent from a third party vendor which in most cases does not perform a cross-check with your existing relationship.

As an FYI, the Gold Card caps out at $15K.
$15K? I have a $17,500 limit on my PenFed Gold Visa.
They changed the caps not long ago. When did you get approved for your Gold Visa @ZeroAPR?

July of 2020

Re: Strange PenFed Pre Approval

FinStar — Thu, 17 Mar 2022 22:03:25 GMT

@ZeroAPR wrote:
@FinStar wrote:
@ZeroAPR wrote:
@FinStar wrote:
@user979797 wrote:
I recently joined PenFed back in Jan and got their Gold Card then as well. Today i got a offer from them in the mail saying I am pre approved for a Gold card. It lists the APR and a code to accept and says I have until May 15 to accept the offer. However it also says that I must become a member to accept the offer; but I am a member already. Also the offer is not listed on my account under offers so I am unsure what to think about this.

Has anyone else experienced this with PenFed? Can you have two seperate gold cards with PenFed? Yes Could this be a soft pull CLI for my current gold card using the acceptance code? No
If you are already a member, this is simply just another pre-approved invitation. Keep in mind that in a variety of cases these are sent from a third party vendor which in most cases does not perform a cross-check with your existing relationship.

As an FYI, the Gold Card caps out at $15K.
$15K? I have a $17,500 limit on my PenFed Gold Visa.
They changed the caps not long ago. When did you get approved for your Gold Visa @ZeroAPR?
July of 2020

Yes, it has changed since 2020. The changes were adopted with additional system upgrades during 2021 where some products no longer became available, account combinations or limit reallocations ceased, and limits were placed on the caps for Gold Visa and PLOC, for example. It was also echoed by one of our members, @cashorcharge, IIRC. So, any newer PenFed Gold cardholders are subject to the cap. Though, some products, policies and features were grandfathered for a variety of other PenFed members.

Re: Strange PenFed Pre Approval

cashorcharge — Thu, 17 Mar 2022 22:08:24 GMT

@FinStar wrote:
July of 2020
Yes, it has changed since 2020. The changes were adopted with additional system upgrades during 2021 where some products no longer became available, account combinations or limit reallocations ceased, and limits were placed on the caps for Gold Visa and PLOC, for example. It was also echoed by one of our members, @cashorcharge, IIRC. So, any newer PenFed Gold cardholders are subject to the cap. Though, some products, policies and features were grandfathered for a variety of other PenFed members.

You are exactly right @FinStar

The new caps put in place if you were not grandfathered in at the time of the conversion (I was not) is $15,000 for Gold and $25,000 for Power Cash Rewards. Not sure about the Pathfinder though. This was directly from their lending team as they very easily gave me the CLI on the Power Cash and said my Gold was ineligible due to this newly applied rule