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Are these new policies? I have a Penfed card I got about 2 years ago. The limit was 33,000 and thats the current limit also. If I apply for a new card, would they reduce my current 33k limit to 25k?
Congrats !
@CoSprings99 wrote:Are these new policies? I have a Penfed card I got about 2 years ago. The limit was 33,000 and thats the current limit also. If I apply for a new card, would they reduce my current 33k limit to 25k?
Yeah it's a new policy that launched in 2019. I'm in the same boat as you - I have one at $43k and we're grandfathered in. If you applied for a new card they would not require you to reduce your legacy limit. Now if you closed it and reapplied, then you'd be bound to the new $25k max per card limit.
@kjonesjr00 wrote:Received a pre-approval offer in the mail from Pen Fed for their Power Cash Rewards. Wasn't planning on applying for any cards for a while since my feelings were still hurt from Navy FCU not increasing my $20k limit. I figured what the hell, I'd apply and see what I'd get approved for. I was pleasantly surprised and it was instant. My Equifax score was 786 at the time. I had to call in because of identity verification. They just wanted my DL, copy of social, and a utility bill. When I called and spoke to
the rep, I asked about applying for another credit card using the same pull. I was told that I would get declined because $25k was their limit on credit cards. She did tell me if opened a checking account and kept $500 as my balance, I'd get 2% cash back instead of 1.5%. She also told me about a promotion for new members. I had to deposit stimulus money of $1,200 and use my debit card 5 times, and I earn $200. No brainer. Just use my debit card 5 times for $10, and bam 💥 $200. I did also apply for a separate personal line of credit too. Waiting to hear back. Stay tuned.
First off CONGRATS!
Secondly, (stupid) question: With the $200 checking offer, does it have to be depositing the actual $1200 stimulus check? I am guessing no, as long as $1200 is ACH to the account, but I haven't gotten a stimulus check yet, so I am just checking.
EDIT: Just saw this, answers my own question: "Deposit a minimum of $1200 within 90 days of account opening"
EDIT #2: Per DoC, this offer is no longer valid as of 5/19, i.e. they pulled it
Congrats! My wife just got approved on the same offer for 25k nice $100 SUB for the card and addl SUB of $200 for the access America. If you refi a car loan right now they will give you an addl $250 SUB
@Wavester64 The $200 sub for checking account is valid from 5/4 - 6/14/20 for new accounts according to their website.
@kjonesjr00 wrote:@Wavester64 The $200 sub for checking account is valid from 5/4 - 6/14/20 for new accounts according to their website.
DoC this morning mentioned the offer was pulled. Maybe it's back?
Wavester64,
I see you already edited with the answer to that question, but as a data point, when I was on the phone with them (to confirm debit card issuance) after opening mine online, the rep told me incorrectly that it had to be the stimulus. I told her I and many others are outside the range to get one and pointed her to the page with the T&C. (Seemed like just a training issue and not a program one.)