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PenFed Gold Visa Pre-Approval

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Rebuild2019
Valued Contributor

PenFed Gold Visa Pre-Approval

Hello, Today I received a pre-approval for a PenFed Gold Visa. I am not a member. The pre-approval has 12-months balance transfer for 0.00 APR and after that a solid 17.99% APR. Are PenFed offers reliable if the offer has a solid 17.99% APR. What’s the PenFed process like? I have no baddies. Thank you

CARDS: Discover It | Kohl’s | Truist Spectrum Cash Rewards | Truist Bright | CITI Custom Cash | Chase Freedom Flex | Chase Amazon Prime Visa | VACU Cash Rewards Mastercard | Sam’s Club Mastercard | PenFed Gold Visa | NFCU CashRewards | NFCU More Rewards | NFCU Platinum Visa | AMEX BCE | Verizon Visa | Wells Fargo Active Cash | Amazon Prime | NFCU Auto Loan
Starting Scores 05/2019: EQ:519, EX:525, TU:574

CLOSED : Capital One Quicksilver One | OpenSky |
Message 1 of 30
29 REPLIES 29
gingerflower
Valued Contributor

Re: PenFed Gold Visa Pre-Approval

I would go ahead apply for offer and at the same time join Penfed membership.  Your offer already have a Apr offer of 17.99 and a 12 month 0% transfer offer. Good luck if you decide to apply and pls keep us posted!

Message 2 of 30
AllZero
Mega Contributor

Re: PenFed Gold Visa Pre-Approval

Congratulations on your offer! Data points suggest offer is pretty solid with approvals if you check the approvals and application sub forum.

Good luck!
Message 3 of 30
CreditCuriosity
Moderator Emeritus

Re: PenFed Gold Visa Pre-Approval

I personally would not go for it unless you need it.. That is the highest APR for that card and that card has no rewards.  Ideally one would get the lowest APR with that card.  If you aren't in need of that card for credit or 0% whatever I would hold off for better terms or until your CR is in better shape for better terms.  Just my 2 cents.

Message 4 of 30
Rebuild2019
Valued Contributor

Re: PenFed Gold Visa Pre-Approval

Thanks @gingerflower. I will let you know. I really know nothing about PenFed. All info is a big help.

CARDS: Discover It | Kohl’s | Truist Spectrum Cash Rewards | Truist Bright | CITI Custom Cash | Chase Freedom Flex | Chase Amazon Prime Visa | VACU Cash Rewards Mastercard | Sam’s Club Mastercard | PenFed Gold Visa | NFCU CashRewards | NFCU More Rewards | NFCU Platinum Visa | AMEX BCE | Verizon Visa | Wells Fargo Active Cash | Amazon Prime | NFCU Auto Loan
Starting Scores 05/2019: EQ:519, EX:525, TU:574

CLOSED : Capital One Quicksilver One | OpenSky |
Message 5 of 30
Rebuild2019
Valued Contributor

Re: PenFed Gold Visa Pre-Approval

Thanks @AllZero. I am surprised to get the offer. Not sure about what to do. Have to think about it. It still feels good and you know how far I have come. A few years ago I would not have a pre-approval from them.

CARDS: Discover It | Kohl’s | Truist Spectrum Cash Rewards | Truist Bright | CITI Custom Cash | Chase Freedom Flex | Chase Amazon Prime Visa | VACU Cash Rewards Mastercard | Sam’s Club Mastercard | PenFed Gold Visa | NFCU CashRewards | NFCU More Rewards | NFCU Platinum Visa | AMEX BCE | Verizon Visa | Wells Fargo Active Cash | Amazon Prime | NFCU Auto Loan
Starting Scores 05/2019: EQ:519, EX:525, TU:574

CLOSED : Capital One Quicksilver One | OpenSky |
Message 6 of 30
Rebuild2019
Valued Contributor

Re: PenFed Gold Visa Pre-Approval

Thanks @CreditCuriosity. Appreciate the info about the APR. If I did get approval I would used the 0.00%!balance transfer. Just don’t know if it would be a low s/l approval. Something to think about. Thanks for weighing in.

CARDS: Discover It | Kohl’s | Truist Spectrum Cash Rewards | Truist Bright | CITI Custom Cash | Chase Freedom Flex | Chase Amazon Prime Visa | VACU Cash Rewards Mastercard | Sam’s Club Mastercard | PenFed Gold Visa | NFCU CashRewards | NFCU More Rewards | NFCU Platinum Visa | AMEX BCE | Verizon Visa | Wells Fargo Active Cash | Amazon Prime | NFCU Auto Loan
Starting Scores 05/2019: EQ:519, EX:525, TU:574

CLOSED : Capital One Quicksilver One | OpenSky |
Message 7 of 30
CreditMagic7
Mega Contributor

Re: PenFed Gold Visa Pre-Approval

Congratulations on your offer!

 

I would go forward with it as it's a solid forward step for your credit profile at this stage and opens up other PenFed opportunties.

 

The fact they offered you a preapproval with set terms is nothing to sneeze at. It CAN lead to better term PenFed Cards and attainable products from them.

 

Best Of Luck! Smiley Happy

 

 

Message 8 of 30
AllZero
Mega Contributor

Re: PenFed Gold Visa Pre-Approval


@Rebuild2019 wrote:
Thanks @CreditCuriosity. Appreciate the info about the APR. If I did get approval I would used the 0.00%!balance transfer. Just don’t know if it would be a low s/l approval. Something to think about. Thanks for weighing in.

CC did make an excellent point. You could also just join for membership to at least start ageing your membership.

 

Hopefully, it'll be SP to join.

Message 9 of 30
SifiUSa
Valued Member

Re: PenFed Gold Visa Pre-Approval

It's always an HP to join Penfed.

Message 10 of 30
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