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PENFED credit card options limited

yzerman
Contributor

PENFED credit card options limited

I just joined penfed and after establishing savings and checking accounts I wanted to apply for a CC. To my surprise my only options were the PCR, Platinum Rewards and Gold Visa. I have seen many other Penfed cards mentioned in the forums. I'm wondering if they only offer you the cards they think you qualify for based on the soft pull when you join? I ended up applying for the PCR and am conditionally approved pending review of tax returns since I'm self employed. Hope they hurry up! DP EQ 9  695. 5 inq, no baddies in last 4 years. 

Message 1 of 20
19 REPLIES 19
CreditSweeper
Established Contributor

Re: PENFED credit card options limited

All they offer at the moment are the three cards you mention. 

The other cards you hear referenced occasionally are cards that have been discontinued from accepting new applications. 

Personal Credit -
AMEX: Platinum, Gold, Green, Blue Cash Preferred
PNC: Cash Rewards, Points
BOA: Cash Rewards
NFCU: Flagship Rewards, Cash Rewards, CLOC
PSECU: Founders
BB&T: Spectrum Cash Rewards
CapOne: Quicksilver
Discover: IT Chrome, IT
Synchrony: PayPal 2%, PayPal Credit
Barclays: Uber
PenFed: Power Cash Rewards, Platinum Rewards
Alliant: Visa Signature
Goldman Sachs: Apple Card
BBVA: Clear Points
FNBO: Rewards
Store Cards: Target, Macy’s



Business Credit-
AMEX: Delta Gold, Amazon Prime, Simply Cash Plus
PNC: Visa Business
Synchrony: Lowes
Message 2 of 20
yzerman
Contributor

Re: PENFED credit card options limited


@CreditSweeper wrote:

All they offer at the moment are the three cards you mention. 

The other cards you hear referenced occasionally are cards that have been discontinued from accepting new applications. 


Okay thanks!

Message 3 of 20
Loquat
Moderator

Re: PENFED credit card options limited

Good luck to you OP and here's to hoping that you can an approval soon.
Message 4 of 20
SouthJamaica
Super Contributor

Re: PENFED credit card options limited


@yzerman wrote:

I just joined penfed and after establishing savings and checking accounts I wanted to apply for a CC. To my surprise my only options were the PCR, Platinum Rewards and Gold Visa. I have seen many other Penfed cards mentioned in the forums. I'm wondering if they only offer you the cards they think you qualify for based on the soft pull when you join? I ended up applying for the PCR and am conditionally approved pending review of tax returns since I'm self employed. Hope they hurry up! DP EQ 9  695. 5 inq, no baddies in last 4 years. 


It's not that. It's just that for some reason they've decimated their credit card lineup.


Total revolving limits 677500 (584500 reporting) FICO 8: EQ 758 TU 777 EX 749

Message 5 of 20
yzerman
Contributor

Re: PENFED credit card options limited


@Loquat wrote:
Good luck to you OP and here's to hoping that you can an approval soon.

Thanks! It says on the Penfed site that I am approved pending POI. On my app I put down 83,100 and on my tax return it was 82,300. I can't see a problem there! I'll let you know what I end up with as far as SL and DPs.

Message 6 of 20
mmmagique
Regular Contributor

Re: PENFED credit card options limited

POI with Penfed was the biggest PITA I have had with any credit issuer ever. 

They sent me a pre-approval, and I wanted to get the zero percent interest on transfers so I applied. They asked for POI for two years. They wanted my tax returns for the previous two years. Each of my (and my husband's joint) tax returns are over 30 pages long (for each year). They did not have a way for me to send them all together. I had to send each individual page separately through their very archaic upload page, trying to keep all these pages straight (and each page has to have a reason and a name of the page listed) 
They said I could send it through email but for some reason that didn't work. 

They insisted on every single page of each document being sent. 

This took hours. 

If I ever decide to get any sort of credit with them again, I will double-check that I will not have to do that again. 

It really wasn't worth the time and the aggravation. 






In the garden until May 2022!!
Message 7 of 20
yzerman
Contributor

Re: PENFED credit card options limited


@mmmagique wrote:

POI with Penfed was the biggest PITA I have had with any credit issuer ever. 

They sent me a pre-approval, and I wanted to get the zero percent interest on transfers so I applied. They asked for POI for two years. They wanted my tax returns for the previous two years. Each of my (and my husband's joint) tax returns are over 30 pages long (for each year). They did not have a way for me to send them all together. I had to send each individual page separately through their very archaic upload page, trying to keep all these pages straight (and each page has to have a reason and a name of the page listed) 
They said I could send it through email but for some reason that didn't work. 

They insisted on every single page of each document being sent. 

This took hours. 

If I ever decide to get any sort of credit with them again, I will double-check that I will not have to do that again. 

It really wasn't worth the time and the aggravation. 


Sounds terrible! Thanks for the heads up. I sent mine via their upload page after minimizing the size of the pdf files since it could only handle a ridiculously small file size. I also attached the files to an email to make sure they had it. I guess it's not time to celebrate yet! BTW were you approved?

Message 8 of 20
K-in-Boston
Moderator

Re: PENFED credit card options limited

As a counterpoint, for POI they simply asked me for check stubs and I was able to upload them as a multi-page PDF quickly and easily.

Message 9 of 20
yzerman
Contributor

Re: PENFED credit card options limited


@K-in-Boston wrote:

As a counterpoint, for POI they simply asked me for check stubs and I was able to upload them as a multi-page PDF quickly and easily.


For self employed they require tax returns which is pretty intrusive but no choice if you want the card. As I'm still rebuilding this could be a breakthrough card for me. My highest CLI card right now is 4,500. 

Message 10 of 20
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