PenFed!! CLI & surprise 6% interest rate decrease!

[Anonymous]

WOW! I  requested a CLI on my PenFed Platinum Rewards card, current CLI at $5k.  I am within the 1st  90 days since approval so I just figured I'd give it a shot.  I never saw a place for an amount so I just submitted the request yesterday and hoped for the best.

I got an email today telling me that my increase had been approved for $6,500 - kinda disappointed but I'll take it.

But the shocker was the interest rate, which  did not even request a change on. It went from 16.49% to 10.49%!!  Yay!! I love PenFed!!!!

[Anonymous]

Thats so weird as I called them and they told me if I wanted a lower rate on my platinum rewards card I would have to apply for a whole new card. :-(

[CreditCuriosity]

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@Anonymous wrote:

Thats so weird as I called them and they told me if I wanted a lower rate on my platinum rewards card I would have to apply for a whole new card. :-(

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Gotta get a supervisor or UW on the phone...  APR reductions are real, but gotta talk to the right person, not just a regular CSR.

@OP congrats!

[irunfromcredit]

Nice job on the CLI and apr reduction!!

Would asking for an apr reduction require a credit pull?

[Anonymous]

Nice! 6% decrease is HUGE!...and $1500 CLI to boot? Congratulations!

[Anonymous]

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@Anonymous wrote:

WOW! I  requested a CLI on my PenFed Platinum Rewards card, current CLI at $5k.  I am within the 1st  90 days since approval so I just figured I'd give it a shot.  I never saw a place for an amount so I just submitted the request yesterday and hoped for the best.

I got an email today telling me that my increase had been approved for $6,500 - kinda disappointed but I'll take it.

But the shocker was the interest rate, which  did not even request a change on. It went from 16.49% to 10.49%!!  Yay!! I love PenFed!!!!

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Now THAT is fantastic! That is their best interest rate on that card. Congratulations!

[Spotsy]

PenFed is a great CU...right up there with NFCU....but...I have experienced this exact situation with them on a CLI request and what appears to be a interest rate decrease.  Even when talking with a CSR at PenFed, it appears to be a rate reduction to their lowest rate, but when u get your statement, the rate will be the same when the account was opened. :-(.  Hopefullly not...but just my experience.

congrats on the nice CLI though...great bank!

-Rob

[Anonymous]

That APR though, wow! I would love to see that kind of reduction on my Discover. Congratulations Cam, take special care of that card!