OP in case you don’t know there is a $100 bonus statement credit for the PCR Card if you spend 1.5K in first 90 days.
Also I should mention they can be slow to free up your available credit after you make a payment on the card. You get credited for the payment right away but it takes awhile for your available credit to be restored. It’s a pain in the neck but I’m pretty sure it only happens when you are new to PenFed. It didn’t happen with my 2nd or 3rd cards. Just be aware they have some odd limitations for all new members. I think it takes at least 30 days before you can use mobile deposit. After 3 or 6 months (I can’t remember which) I was able to deposit $5K a day into my checking with instant fund availability. Good things come to those who wait at PenFed but there is a lot of waiting.....
Also I should mention they can be slow to free up your available credit after you make a payment on the card. You get credited for the payment right away but it takes awhile for your available credit to be restored. It’s a pain in the neck but I’m pretty sure it only happens when you are new to PenFed. It didn’t happen with my 2nd or 3rd cards. Just be aware they have some odd limitations for all new members. I think it takes at least 30 days before you can use mobile deposit. After 3 or 6 months (I can’t remember which) I was able to deposit $5K a day into my checking with instant fund availability. Good things come to those who wait at PenFed but there is a lot of waiting.....
@Hex thanks for the additional commentary about PenFed. I also opened a checking acct with them as I don’t have any issue with keeping $500 balance or setting up direct deposit, still debating which as I did ask how long I had to setup DD before getting charged a monthly fee. I was told I have 90 days so I’m good there. Thinking more about this, it may be possible why they decided to offer a PCR card as a consolation prize to getting rejected for the Pathfinder Amex.
Good to know about the waiting for new customers, I will not plan move everything there so quickly!
Good to know about the waiting for new customers, I will not plan move everything there so quickly!
Starting Score: 536So 6 months later to the date I called PenFed for a CLI and was approved right away for a $25k limit and they also dropped my interest rate to the lowest level- 11.74%. Also asked about signature card status and was told by two different reps that is automatic for anyone with a limit above $5k. Ordered a new card so I could take advantage of the tap to pay feature.
Congratulations on your massive CLI!
Congrats on that increase! Thanks for the update!
