Approved 5K Visa Gold - Penfed Interest Rates?

[heirophant]

Got approved yesterday for 5K Visa Gold from Penfed, but I was hoping for a lower interest card.  Instead, as it is a gamble, they gave me the high end of their range, 17.99%, not the low end, 7.49%.  Anyone ever had their interest rate lowered from PenFed in the future after some history with them?  If not, I am kind of bummed I didn't apply for one of their rewards cards.  Does Penfed do product changes?

I guess that brings me to a another question.  I see a lot of people have more than one Penfed card.  Did you guys apply for them all at once because of the same inquiry thing?  Should I put in another app today so I just have both and try to get the interest lowered on the Gold at a later date?

[Anonymous]

Not likely to get it lowered you are fresh out of BK. Getting the card and that amount is great. Just PIF and you won't have to worry about the interest.

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@heirophant wrote:

Got approved yesterday for 5K Visa Gold from Penfed, but I was hoping for a lower interest card.  Instead, as it is a gamble, they gave me the high end of their range, 17.99%, not the low end, 7.49%.  Anyone ever had their interest rate lowered from PenFed in the future after some history with them?  If not, I am kind of bummed I didn't apply for one of their rewards cards.  Does Penfed do product changes?

I guess that brings me to a another question.  I see a lot of people have more than one Penfed card.  Did you guys apply for them all at once because of the same inquiry thing?  Should I put in another app today so I just have both and try to get the interest lowered on the Gold at a later date?

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[Remedios]

Congrats on your approval.

Giving the circumstances,  I would consider that card and APR associated with it as  a gift. 

[K-in-Boston]

PenFed isn't known to hand out the lowest APRs even to those without serious credit blemishes.  I've never had as much as a late fee much less any lates, charge offs, or BKs and still didn't get the lowest APR on my first PenFed card.

From data points given on the forums, they do not reconsider APRs.

[heirophant]

Guys, I'm not talking about an immediate APR reduction recon right now.  I am talking about the future.  A couple of years down the line.  Anyone been successful at any point getting an APR reduction from Penfed?

Totally happy.  Better than what I have from Credit One for sure, but the point was to have a higher-limit/lower apr card.  If I knew from the jump I was going to get the highest rate, I would have got a rewards card.  If this is something that I can get lowered sometime in the future, great.  The other questions was has anyone been able to get a product change or should I apply for a second card considering these goals and the rate and ask for an APR reduction on the Gold in the future.  I know some people have said they got 2 cards right away with Penfed.  Is this something I should persue?  Sorry if I wasn't clear.

[cashorcharge]

That's terrific!  Congratulations on your approval!! 🎉🥂

[AllZero]

Congratulations on your approval!

[heirophant]

Mods, I posted this on the wrong board.  Can you please move to Credit Cards, not approvals? 

[CreditCuriosity]

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@heirophant wrote:

Mods, I posted this on the wrong board.  Can you please move to Credit Cards, not approvals? 

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It is an approval that is why it was moved here, but crossed two different subjects saying approved yesterday then talking about interest rates.  Feel free to open a topic in the CC section about penfed APRs if you would like.  Penfed will only lower your APR based on two things in the future.  If requesting a CLI and you get one you might get a lower APR(although can't ask PenFed might just lower it with CLI) or if FED lowers the rates and it will be lowered that way.  I wouldn't count on fed lowering the rate any more though.

[CreditAggie]

Congratulations on your PenFed approval!