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PENFED CC Application Question

Wavester64
Valued Contributor

PENFED CC Application Question

So if Penfed ever offers me a preapproval for a CC (yes, I am laughing Smiley LOL) I have a few questions:

 

I see that the Power Cash Rewards CC offers 2% on all purchases if I am a "PenFed Honors Advantage Member"

(I am a member with 2 savings accounts, just not a PenFed Honors Advantage Member)

 

I know that one of the ways to be a PenFed Honors Advantage Member is to have an Access America Checking account with $500 dead in there to avoid fees.

 

So my question is this: Say I got a pre-approval email/mailer from PenFed for their PCR card. During the app process, does it ask you to apply for the Access America Checking account to get the 2% on that card? Or is applying for the AA checking account something you need to do prior to apping for their card?

 

Also - does PenFed use ChexSystems for their checking account?

 







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2 REPLIES 2
cashorcharge
Valued Contributor

Re: PENFED CC Application Question

Hmmmm...

Well I can add that I started with just Savings and the PCR.  Then app'd and got the Gold Card.  I opened my checking account as you mentioned after I was already a member to lock in the 2% and it look all of 60 seconds.  I don't recall anything extraneous to add the account but to your point, I did not ask nor do I have a Chexsystems issue so they could have checked and I wouldn't have known it.  

 

If they offer you the card, you can get the card and the process will not include the "hey, wanna get a checking account too" verbiage.  They are seperate and the prescreened offer will stand alone.  If they do and you accept, you can easily add the checking at that time....as a seperate transaction, or after the fact.  I had my PCR about 3 months then added checking and the 2% transition was the next day.

 

Their offers come out quarterly and the next wave should start APR 1.  I was told that most prescreened offers for new cards/additional credit come after your accounts have aged 6 months.  

Message 2 of 3
Wavester64
Valued Contributor

Re: PENFED CC Application Question


@cashorcharge wrote:

Hmmmm...

Well I can add that I started with just Savings and the PCR.  Then app'd and got the Gold Card.  I opened my checking account as you mentioned after I was already a member to lock in the 2% and it look all of 60 seconds.  I don't recall anything extraneous to add the account but to your point, I did not ask nor do I have a Chexsystems issue so they could have checked and I wouldn't have known it.  

 

If they offer you the card, you can get the card and the process will not include the "hey, wanna get a checking account too" verbiage.  They are seperate and the prescreened offer will stand alone.  If they do and you accept, you can easily add the checking at that time....as a seperate transaction, or after the fact.  I had my PCR about 3 months then added checking and the 2% transition was the next day.

 

Their offers come out quarterly and the next wave should start APR 1.  I was told that most prescreened offers for new cards/additional credit come after your accounts have aged 6 months.  


Thanks @cashorcharge ! Smiley Happy







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Message 3 of 3
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