Penfed join and CC app in same day?

core · ‎11-09-2014

I signed up for Penfed today and applied for the money market savings since I see it's required to get the 5% uncapped bonus on gas purchases. It seemed easier than the checking account with direct deposit.

So then I went to apply for the Platinum Cash Rewards card. At the top of the page it says I will earn 3% on gas purchases, not 5%. It didn't even mention 5% on that particular page. So I got spooked by that canceled out of the app.

How does the "Plus" thing work for this card? Is it a month-to-month thing where your tier is evaluated each month and you get 5% as long as you meet the requirements? Or are there actually two different cards, and once you receive one you are stuck with the lower 3% forever? I'm wondering if I should wait until my qualifying money market savings account is fully up and running before applying for the card. This snail mail process sounds like it could take quite a while.

BigBS · ‎11-09-2014

How to qualify for the Plus card

**You can earn 5.00% on gas purchases paid at the pump and avoid an annual fee by obtaining a qualifying PenFed product:

Active checking account with direct deposit ($250 min.)
Money Market Certificate or IRA Certificate
Mortgage
Installment loan
Equity Loan or Equity Line of Credit
Thrifty Credit Service
Personal Line of Credit
Money Market Savings Accounts

Score: EQ(809) EX(819) TU(800)
INQs: EQ(7) EX(16) TU(8)
Last INQ: 13 Jul 23

Total Credit Limit - $2.0M

core · ‎11-09-2014

Yes I read that part, but that section still doesn't answer my question because I do have a qualifying product but it's still saying I will only get 3%. Since my original post I found a snippet on another page of the site that says 3% accounts are evaluated monthly and you will get 5% if you qualify. I don't know about the annual fee though. I wanted the Plus card, not a Standard card which also happens to also pay 5% if you qualify that month. It is not clear.

At any rate, I got an inchy trigger finger and went for it. Approved with EQ 08 of 745 and several new (5-month old) accounts but they are asking for tax returns including all the schedules. Ugh what a hassle. Where am I going to find a fax machine... there isn't a museum in my town. I don't know of any free online fax services that will send a gazillion page pdf for free.

Anonymous · ‎11-09-2014

Staples has a fax machine, but will charge you an arm and a leg.

Anonymous · ‎11-09-2014

@core wrote:
Yes I read that part, but that section still doesn't answer my question because I do have a qualifying product but it's still saying I will only get 3%. Since my original post I found a snippet on another page of the site that says 3% accounts are evaluated monthly and you will get 5% if you qualify. I don't know about the annual fee though. I wanted the Plus card, not a Standard card which also happens to also pay 5% if you qualify that month. It is not clear.

At any rate, I got an inchy trigger finger and went for it. Approved with EQ 08 of 745 and several new (5-month old) accounts but they are asking for tax returns including all the schedules. Ugh what a hassle. Where am I going to find a fax machine... there isn't a museum in my town. I don't know of any free online fax services that will send a gazillion page pdf for free.

I faxed them using Adobe echosign, they allow 5 free faxes. I also used http://www.myfax.com/free/ they allow you to fax 2 PDF's a day.

Penfed received my faxes from both of those services.

core · ‎11-09-2014

Rolex- myfax has limit of 10 pages. Like I mentioned above, PenFed has requested tax returns with all schedules. We are talking about a lot of paper. 10 pages doesn't even come CLOSE to covering ONE year, let alone 2. Try closer to 75.

What I ended up doing was actually paying for it to be sent. And more importantly I took a very strict interpretation of PenFeds instructions. They asked for all schedules, not schedules and forms. So I was able to whittle it down by following their instructions if not the spirit of them. It only cost me $1.99 to send, thank God.

So far my experience with Penfed has been an absolute nightmare. All I wanted was a 5% card for maybe $300 in gas per month. I didn't expect the Spanish inquisition. This is worse than Amex FRs. And I doubt I'm even halfway through this ordeal, based on older posts I'm now reading. The story will no doubt continue tomorrow when they look over the faxes and ask me for even more junk. Notarized copies of my birth certificate and baby footprints. Or decide that I'm "pyramiding" and deny me even though they already approved me. Jeez all I wanted was a $500 limit, I'm not looking to buy a 737. This is so ridiculous it's comical.

Anonymous · ‎11-09-2014

Adobe echosign doesn't have a limit, but anyway, I had the same ordeal. Faxed them numerous times, always something wrong lol. I just asked them to withdraw the application, I don't think they were going to approve me for that card anyway.

looking for another gas card lol