topic Re: Penfed Question in Credit Cards

Penfed Question

Mellon — Sat, 16 May 2020 11:00:26 GMT

I have been with Penfed since 2014. In 2015 I applied and received 2 cards (the Platinum Cash Rewards at 1k and the Platinum Rewards at $14K). I don't think they offer the cash rewards one which I believe at the time was giving 5% cashback into your checking account (card is no longer on the website and I can't remember the exact terms/benefits). I have tried for a CLI on that card several times over the years and was denied every time.

I'm thinking of applying for the POWER cash card which if approved will have me at 3 Penfed cards and a LOC. Does anyone have 3 Penfed cards? Does anyone still have that green cash reward card that gave the 5% gas cashback? If so are you still using it?

Re: Penfed Question

Shooting-For-800 — Sat, 16 May 2020 13:31:15 GMT

I have three cards with TCL of $49,500.

GL!

Re: Penfed Question

credit_is_crack — Sat, 16 May 2020 14:09:02 GMT

I think the approach for PenFed is similar to USAA. The number of cards is not the issue, but rather that the total limits of those cards does not exceed $50k. I have their platinum rewards at $5k, pathfinder at $43.9k, personal loan at $20k and auto loan at $40k. With those open I still have the open offer to get another card for the remaining $1.1k available before I hit the $50k mark. I don't think a 3rd card + LOC will stop you, unless they've changed their rules recently. You could always give them a ring, they're fairly kind and helpful with questions.

If the 5% card is working for you still, keep it. I had that one at one point, but once I got my 5% USAA gas card (pump and stations) I put the PenFed one to rest. 5% is still 5%!

Re: Penfed Question

Mellon — Sat, 16 May 2020 14:20:39 GMT

Thank you for that feedback!!! @credit_is_crack

Re: Penfed Question

Hex — Sat, 16 May 2020 14:36:06 GMT

I have 3 PenFed cards:

#1 Power Cash Rewards $2K CL

#2 Gold card $2K CL

#3 Power Cash Rewards $39K CL

About a year ago I got a preapproval for another card with a $7K CL but I didn't take it. This was after I already had 3 cards. So it looks like I could have had 4. I'm annoyed with myself for not accepting the preapproval because I haven't gotten one since.

Re: Penfed Question

Anonymous — Sat, 16 May 2020 14:42:39 GMT

@Mellon wrote:
I have been with Penfed since 2014. In 2015 I applied and received 2 cards (the Platinum Cash Rewards at 1k and the Platinum Rewards at $14K). I don't think they offer the cash rewards one which I believe at the time was giving 5% cashback into your checking account (card is no longer on the website and I can't remember the exact terms/benefits). I have tried for a CLI on that card several times over the years and was denied every time.

I'm thinking of applying for the POWER cash card which if approved will have me at 3 Penfed cards and a LOC. Does anyone have 3 Penfed cards? Does anyone still have that green cash reward card that gave the 5% gas cashback? If so are you still using it?

You could always try calling them up and reallocating some of your limit from the other card. Know they typically have no problem doing it. $15K on your cards is still $15K in their eyes, regardless how it's spread out on your cards.