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PenFed FCU Pre-Approval offer

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Established Member

Re: PenFed FCU Pre-Approval offer

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? 

Message 21 of 30
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Super Contributor

Re: PenFed FCU Pre-Approval offer

Congrats !



3/2016 EX 644 CK-TU 642 CK-EQ 660 WalMart- 671.
>05/2020 CCT EX 834 TU 848 EQ 844

I'd get it one piece at a time
And it wouldn't cost me a dime
You'll know it's me when I come through your town
I'm gonna ride around in style
I'm gonna drive everybody wild
'Cause I'll have the only one there is around.

- Johnny Cash One Piece At A Time
Message 22 of 30
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Valued Contributor

Re: PenFed FCU Pre-Approval offer

Congrats on awesome approval! 🤑







       
Message 23 of 30
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Valued Contributor

Re: PenFed FCU Pre-Approval offer


@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.

Message 24 of 30
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Established Contributor

Re: PenFed FCU Pre-Approval offer


@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. 

8338E767-19FB-433C-9DC0-D86AC366FE3A.jpeg

 


First off CONGRATS!  Smiley Happy

 

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.

 

@coldfusion @M_Smart007 

 

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  Smiley Sad




Potential Future Cards


Message 25 of 30
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Moderator

Re: PenFed FCU Pre-Approval offer

Very nice approval, congrats Smiley Happy
"If there's a lack of money in your life, understand that feeling worried, envious, jealous, disappointed, discouraged, doubtful or fearful about money can never bring more money to you, because those feelings come from a lack of gratitude for the money you have."

"Reactions are powerful creators because they contain every element needed to manifest—they're a combination of thought, belief, and feeling in action. Positive reactions create more positive things, and negative reactions create more negative things. If you can respond to negative situations calmly and lightly, instead of with emotional turbulence, what happens next in your life will be so much better."

- Rhonda Byrne

Message 26 of 30
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Valued Contributor

Re: PenFed FCU Pre-Approval offer

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


AX Hilton Aspire 20k, AX Bonvoy Brilliant 15k, AX BCP 2k, AX Blue Bus Cash 15k, AX Delta Air Platinum 49k, (AU) AX Delta Gold 15k, AX Amazon Prime Bus 25k, BC Uber 29k, AKUSA FCU -10k , CITI AAdvantage Exec World Elite MC 16.5k, Discover (2) 16k, Kohls-4k, VS Comenity $3k, BofA AK Air Siggy 9.8k, WF Propel AX 5k, JCP $10k PFCU Plat Rewards Siggy 39.5k, PFCU Power Cash Rewards AX 10.5k, NFCU Flagship 50k, CLOC 15k, CITI Costco 9.5k, GAP VISA Synchrony $9k,Target MC 9k, Ulta MC Comenity 9k, Pay Pal 1k, CO Venture One 23k, US Bank Radisson Rewards Signature 10k, US Bank Fred Meyers World MC, 11k, US Bank Plat VISA 15.7k, VS Comenity 2k, 240k total available credit. Utiliz-2%, Current FICO EQ-724, EX 763,TU 802 ,Chapt 7 BK D/C 11-2012. Starting scores 520-550
Message 27 of 30
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Valued Member

Re: PenFed FCU Pre-Approval offer

@Wavester64 The $200 sub for checking account is valid from 5/4 - 6/14/20 for new accounts according to their website. 

Message 28 of 30
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Established Contributor

Re: PenFed FCU Pre-Approval offer


@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? 




Potential Future Cards


Message 29 of 30
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Established Member

Re: PenFed FCU Pre-Approval offer

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.)

Message 30 of 30
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