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Strange PenFed Pre Approval

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user979797
Established Contributor

Strange PenFed Pre Approval

I recently joined PenFed back in Jan and got their Gold Card then as well. Today i got a offer from them in the mail saying I am pre approved for a Gold card. It lists the APR and a code to accept and says I have until May 15 to accept the offer. However it also says that I must become a member to accept the offer; but I am a member already. Also the offer is not listed on my account under offers so I am unsure what to think about this.

 

Has anyone else experienced this with PenFed? Can you have two seperate gold cards with PenFed? Could this be a soft pull CLI for my current gold card using the acceptance code?

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Message 1 of 9
8 REPLIES 8
FinStar
Moderator Emeritus

Re: Strange PenFed Pre Approval


@user979797 wrote:

I recently joined PenFed back in Jan and got their Gold Card then as well. Today i got a offer from them in the mail saying I am pre approved for a Gold card. It lists the APR and a code to accept and says I have until May 15 to accept the offer. However it also says that I must become a member to accept the offer; but I am a member already. Also the offer is not listed on my account under offers so I am unsure what to think about this.

 

Has anyone else experienced this with PenFed? Can you have two seperate gold cards with PenFed? Yes Could this be a soft pull CLI for my current gold card using the acceptance code? No


If you are already a member, this is simply just another pre-approved invitation. Keep in mind that in a variety of cases these are sent from a third party vendor which in most cases does not perform a cross-check with your existing relationship.

 

As an FYI, the Gold Card caps out at $15K.

Message 2 of 9
ZeroAPR
Established Member

Re: Strange PenFed Pre Approval


@FinStar wrote:

@user979797 wrote:

I recently joined PenFed back in Jan and got their Gold Card then as well. Today i got a offer from them in the mail saying I am pre approved for a Gold card. It lists the APR and a code to accept and says I have until May 15 to accept the offer. However it also says that I must become a member to accept the offer; but I am a member already. Also the offer is not listed on my account under offers so I am unsure what to think about this.

 

Has anyone else experienced this with PenFed? Can you have two seperate gold cards with PenFed? Yes Could this be a soft pull CLI for my current gold card using the acceptance code? No


If you are already a member, this is simply just another pre-approved invitation. Keep in mind that in a variety of cases these are sent from a third party vendor which in most cases does not perform a cross-check with your existing relationship.

 

As an FYI, the Gold Card caps out at $15K.


$15K? I have a $17,500 limit on my PenFed Gold Visa.

Message 3 of 9
brk1971
Frequent Contributor

Re: Strange PenFed Pre Approval

I get this mailer periodically, and I'm well established with PenFed. 

Incidentally, I get the same type of offers from NFCU - and I've got 3 of their cards and am at their max exposure limit.

Definitely no cross check.

Fico8 = EQ 779, TU 802, EX 771 (6/22/2022), util = 6.5% ish
INQ in 12 mo: EQ 4, TU 4, EX 7
Cards: NFCU: Flagship VS $45k, Plat $24.3k, Plat $10.7k | Amex: Delta Reserve $50k | Citi: DC WE MC $28.8k | Discover: It $22.5k | Barclays: Juniper $15.25k | USAA: PCR VS $15k, RA $5k | UMB: SR VS $15k | PenFed: Path VS $20k, Plat Rew VS $15k | Synchrony: Lowes’s store $25k | Truist: Bright $10.5k, Bright $6.5k | Cap1: Venture1 Plat MC $10.3k, Kohls store $3k | Comenity: MyCash MC $17.5k | Wells Fargo: AC $10.3k | TD Bank: Target MC $6k (Reports as retail card despite now being MC) | BoA: CCR VS $30k | Affinity FCU: Premium VS $25k
Message 4 of 9
Anonymous
Not applicable

Re: Strange PenFed Pre Approval


@ZeroAPR wrote:

@FinStar wrote:

@user979797 wrote:

I recently joined PenFed back in Jan and got their Gold Card then as well. Today i got a offer from them in the mail saying I am pre approved for a Gold card. It lists the APR and a code to accept and says I have until May 15 to accept the offer. However it also says that I must become a member to accept the offer; but I am a member already. Also the offer is not listed on my account under offers so I am unsure what to think about this.

 

Has anyone else experienced this with PenFed? Can you have two seperate gold cards with PenFed? Yes Could this be a soft pull CLI for my current gold card using the acceptance code? No


If you are already a member, this is simply just another pre-approved invitation. Keep in mind that in a variety of cases these are sent from a third party vendor which in most cases does not perform a cross-check with your existing relationship.

 

As an FYI, the Gold Card caps out at $15K.


$15K? I have a $17,500 limit on my PenFed Gold Visa.


I was recently told the same thing. I generally take what CSRs say with two grains of salt, but this one sounded informed and emphatic. Btw, my card is at $20,000. I was asking about bumping it to $25,000.

Message 5 of 9
FinStar
Moderator Emeritus

Re: Strange PenFed Pre Approval


@ZeroAPR wrote:

@FinStar wrote:

@user979797 wrote:

I recently joined PenFed back in Jan and got their Gold Card then as well. Today i got a offer from them in the mail saying I am pre approved for a Gold card. It lists the APR and a code to accept and says I have until May 15 to accept the offer. However it also says that I must become a member to accept the offer; but I am a member already. Also the offer is not listed on my account under offers so I am unsure what to think about this.

 

Has anyone else experienced this with PenFed? Can you have two seperate gold cards with PenFed? Yes Could this be a soft pull CLI for my current gold card using the acceptance code? No


If you are already a member, this is simply just another pre-approved invitation. Keep in mind that in a variety of cases these are sent from a third party vendor which in most cases does not perform a cross-check with your existing relationship.

 

As an FYI, the Gold Card caps out at $15K.


$15K? I have a $17,500 limit on my PenFed Gold Visa.


They changed the caps not long ago. When did you get approved for your Gold Visa @ZeroAPR?

Message 6 of 9
ZeroAPR
Established Member

Re: Strange PenFed Pre Approval


@FinStar wrote:

@ZeroAPR wrote:

@FinStar wrote:

@user979797 wrote:

I recently joined PenFed back in Jan and got their Gold Card then as well. Today i got a offer from them in the mail saying I am pre approved for a Gold card. It lists the APR and a code to accept and says I have until May 15 to accept the offer. However it also says that I must become a member to accept the offer; but I am a member already. Also the offer is not listed on my account under offers so I am unsure what to think about this.

 

Has anyone else experienced this with PenFed? Can you have two seperate gold cards with PenFed? Yes Could this be a soft pull CLI for my current gold card using the acceptance code? No


If you are already a member, this is simply just another pre-approved invitation. Keep in mind that in a variety of cases these are sent from a third party vendor which in most cases does not perform a cross-check with your existing relationship.

 

As an FYI, the Gold Card caps out at $15K.


$15K? I have a $17,500 limit on my PenFed Gold Visa.


They changed the caps not long ago. When did you get approved for your Gold Visa @ZeroAPR?



July of 2020

Message 7 of 9
FinStar
Moderator Emeritus

Re: Strange PenFed Pre Approval


@ZeroAPR wrote:

@FinStar wrote:

@ZeroAPR wrote:

@FinStar wrote:

@user979797 wrote:

I recently joined PenFed back in Jan and got their Gold Card then as well. Today i got a offer from them in the mail saying I am pre approved for a Gold card. It lists the APR and a code to accept and says I have until May 15 to accept the offer. However it also says that I must become a member to accept the offer; but I am a member already. Also the offer is not listed on my account under offers so I am unsure what to think about this.

 

Has anyone else experienced this with PenFed? Can you have two seperate gold cards with PenFed? Yes Could this be a soft pull CLI for my current gold card using the acceptance code? No


If you are already a member, this is simply just another pre-approved invitation. Keep in mind that in a variety of cases these are sent from a third party vendor which in most cases does not perform a cross-check with your existing relationship.

 

As an FYI, the Gold Card caps out at $15K.


$15K? I have a $17,500 limit on my PenFed Gold Visa.


They changed the caps not long ago. When did you get approved for your Gold Visa @ZeroAPR?


July of 2020


Yes, it has changed since 2020. The changes were adopted with additional system upgrades during 2021 where some products no longer became available, account combinations or limit reallocations ceased, and limits were placed on the caps for Gold Visa and PLOC, for example. It was also echoed by one of our members, @cashorcharge, IIRC. So, any newer PenFed Gold cardholders are subject to the cap. Though, some products, policies and features were grandfathered for a variety of other PenFed members.

Message 8 of 9
cashorcharge
Community Leader
Senior Contributor

Re: Strange PenFed Pre Approval


@FinStar wrote:


July of 2020


Yes, it has changed since 2020. The changes were adopted with additional system upgrades during 2021 where some products no longer became available, account combinations or limit reallocations ceased, and limits were placed on the caps for Gold Visa and PLOC, for example. It was also echoed by one of our members, @cashorcharge, IIRC. So, any newer PenFed Gold cardholders are subject to the cap. Though, some products, policies and features were grandfathered for a variety of other PenFed members.


You are exactly right @FinStar 

The new caps put in place if you were not grandfathered in at the time of the conversion (I was not) is $15,000 for Gold and $25,000 for Power Cash Rewards.  Not sure about the Pathfinder though. This was directly from their lending team as they very easily gave me the CLI on the Power Cash and said my Gold was ineligible due to this newly applied rule

Message 9 of 9
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