PenFed Special Offers In Mail

[audio-disabled]

I got a letter in mail recently - a special offer, to apply for Power Cash Rewards Visa Signature card. It doesn't say anywhere that I was invited to apply, nor is it a pre-approval. If denied for Signature, I will be automatically considered for PowerCash Rewards Visa Card - the non-signature one. The fine print on the bottom says offer as of October 1, 2018.

I opened PenFed account at the end of August of this year, also attempted for a card - I believe it was Power Cash also and I was denied. Around the same time, I also successfully opened three cards. Barclay's Apple Visa, CapOne Platinum, and Merrick Bank.

Recently over the weekend, I incurred Equifax hardpull for iPhone Upgrade - denied straight up due to BK7. I did a little research and finally found a thread here that says they're not BK-friendly. Had I knew that, I wouldn't go for it, but I did. Oh well.

Now I am questioning about whether if I should go ahead and apply for this one? I was going to garden for 6-12 months from opening three new cards. PowerCash card is something I think I wouldn't want to resist.....

[Anonymous]

My opinion based on your recent apps would mean denial due to "pyramiding debt."

[Anonymous]

Agreed, I would let those 3 new accounts age a bit before attempting PenFed again.

[AverageJoesCredit]

Penfed marketing at its best. Wait...

[FinStar]

OP, as mentioned upthread, the letter is simply another marketing method or solicitation to apply. If you were recently not approved, and given the recently acquired new accounts, it's likely that the same outcome will yield.