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Approved - PenFed Power Cash 2% $15K @ 11.74%

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Bizambish
Regular Contributor

Re: Approved - PenFed Power Cash 2% $15K @ 11.74%

Congrats! Great work


Start: Low 500’s
Most Recent: 738-745
Over 180K CL Club
Focusing on Delta, Hilton, Amex MR, Alaska miles, Citi TYP, and Chase UR
Message 11 of 18
randomguy1
Valued Contributor

Re: Approved - PenFed Power Cash 2% $15K @ 11.74%

Congrats on the approval at a great rate and sl.
Message 12 of 18
Aim_High
Super Contributor

Re: Approved - PenFed Power Cash 2% $15K @ 11.74%

@AllZero

Congratulations on your approval!

$10k used to be the ceiling for new members. I think PenFed is loosening up a bit based on your approval as well as some others.
The PCR is a great 2% card. Hopefully, you'll get one of the coveted soft pull offers in the future.

 

@AverageJoesCredit

Awesome job @Aim_High Glad your service is being rewarde🇺🇸

 

@simplynoir

Congrats

Thanks, @AllZero, @AverageJoesCredit, @simplynoir

 

@AllZero – Yes, I seem to remember PenFed (when they even approve new members) is known for lower limits for new members although I was hoping for even a bit more than $15K.  (I think I saw one recent approval at $25K but that was with active banking membership for awhile before applying.)  So $15K is a decent starting place with new membership and a little room to grow.  How often have you heard about the SP CLIs?  Were those automatic or requested only and at what age-of-account?


Business Cards


Length of Credit > 42 years; Total Credit Limits > $947K
Top Lender TCL - Chase 156.4 - BofA 99.9 - CITI 97.5 - AMEX 95.1 - NFCU 80.0 - SYCH - 65.0
AoOA > 32 years (Jun 1993); AoYA (Oct 2024)
* Hover cursor over cards to see name & CL, or press & hold on mobile app.
Message 13 of 18
Aim_High
Super Contributor

Re: Approved - PenFed Power Cash 2% $15K @ 11.74%

@Jnbmom

Congrats :
Thank you for your service

 

@M_Smart007

Congrats on beating the apple

 

@JAG73

Nice approval, congrats!

 

Thanks guys, and you’re welcome for my service @Jnbmom!  It was my pleasure and I’m proud I was able to contribute. 

 

@M_Smart007, yes I beat the Apple!  Lol. Smiley Tongue  I like having a physical card that is more widely-accepted and this card is just all-around good for cash-back, redemption, fees, and APR.  I think it could be a key card for me.  About the only thing I didn't like was the monthly fee for paper statements and the customer service rep got management override on fees!  She even called me back this morning to follow-up.  (There is normally a $1 monthly fee for paper credit card statements, not usually waived.  And there is a $2 monthly fee for paper bank statements unless you either maintain $500 DD or $500 Avg Daily Balance.)  Yes, I'm "old-school" and still like my paper statements for many reasons. 


Business Cards


Length of Credit > 42 years; Total Credit Limits > $947K
Top Lender TCL - Chase 156.4 - BofA 99.9 - CITI 97.5 - AMEX 95.1 - NFCU 80.0 - SYCH - 65.0
AoOA > 32 years (Jun 1993); AoYA (Oct 2024)
* Hover cursor over cards to see name & CL, or press & hold on mobile app.
Message 14 of 18
Aim_High
Super Contributor

Re: Approved - PenFed Power Cash 2% $15K @ 11.74%


@GApeachy wrote:

You got a twin?  Could have sworn I just congratulated you on a new card with "their lowest rate".....Oh, I did just congratulate you on a new card with "their lowest rate". Smiley Very Happy

Are there anymore killer approvals I've missed?  ( Awesome JOB!  Smiley Wink   )


Yes, I've not got a twin ...

but I got twinsies ... lol  Smiley Wink

15Penfed_Power_Cash_01.jpg  16Navy_FCU_Platinum.jpg

Two great cards with two great APRs. Smiley Very Happy

7.74% without rewards or 11.74% with rewards!

Great choices and options!!

NFCU and PenFed both rock! 

They both have great cards and banking products!

Their interest rates and low fees blow the big banks away!

 


Business Cards


Length of Credit > 42 years; Total Credit Limits > $947K
Top Lender TCL - Chase 156.4 - BofA 99.9 - CITI 97.5 - AMEX 95.1 - NFCU 80.0 - SYCH - 65.0
AoOA > 32 years (Jun 1993); AoYA (Oct 2024)
* Hover cursor over cards to see name & CL, or press & hold on mobile app.
Message 15 of 18
Aim_High
Super Contributor

Re: Approved - PenFed Power Cash 2% $15K @ 11.74%

@19eighty5

Congratulations on your approval!

 

@Bizambish

Congrats! Great work

 

@randomguy1

Congrats on the approval at a great rate and sl.

 

Thanks, guys!

This forum has helped me to explore these options

better and to find the really great cards and lenders! 

Thanks to all for your help!  Smiley Happy


Business Cards


Length of Credit > 42 years; Total Credit Limits > $947K
Top Lender TCL - Chase 156.4 - BofA 99.9 - CITI 97.5 - AMEX 95.1 - NFCU 80.0 - SYCH - 65.0
AoOA > 32 years (Jun 1993); AoYA (Oct 2024)
* Hover cursor over cards to see name & CL, or press & hold on mobile app.
Message 16 of 18
AllZero
Mega Contributor

Re: Approved - PenFed Power Cash 2% $15K @ 11.74%


@Aim_High wrote:

 Yes, I seem to remember PenFed (when they even approve new members) is known for lower limits for new members although I was hoping for even a bit more than $15K.  (I think I saw one recent approval at $25K but that was with active banking membership for awhile before applying.)  So $15K is a decent starting place with new membership and a little room to grow.  How often have you heard about the SP CLIs?  Were those automatic or requested only and at what age-of-account?


Yes, $15K is a good start. I read a CLI approval from . Member used the Navy method and waited 91 days, 3 statements.

https://ficoforums.myfico.com/t5/Credit-Card-Approvals/NFCU-2nd-card-application-got-quot-24-48-hour...

 

As far as soft pull offers, I don't know the frequency. Data points are all over the place. It's usually automatic. I don't know how PenFed determines who's eligible or not. I received mine at the 8-9 month mark from time of membership and CC approval.

 

 

Message 17 of 18
Aim_High
Super Contributor

Re: Approved - PenFed Power Cash 2% $15K @ 11.74%


@AllZero wrote:

How often have you heard about the SP CLIs?  Were those automatic or requested only and at what age-of-account?

Yes, $15K is a good start.

I read a CLI approval from .... used the Navy method ... waited 91 days, 3 statements.

As far as soft pull offers, I don't know the frequency. Data points are all over the place. It's usually automatic. I don't know how PenFed determines who's eligible or not. I received mine at the 8-9 month mark from time of membership and CC approval.


Thanks, good to know!  I've been planning to re-read the PenFed and Navy FCU threads to glean this kind of info about what to expect, although I'm not like some members who are in heavy rebuilding stage and looking to hit every increase as quickly as they can by the calendar.  But definitely want to see growth on both my new PenFed and Navy cards.


Business Cards


Length of Credit > 42 years; Total Credit Limits > $947K
Top Lender TCL - Chase 156.4 - BofA 99.9 - CITI 97.5 - AMEX 95.1 - NFCU 80.0 - SYCH - 65.0
AoOA > 32 years (Jun 1993); AoYA (Oct 2024)
* Hover cursor over cards to see name & CL, or press & hold on mobile app.
Message 18 of 18
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