PenFed Power Cash Mailer - Applied & Approved!

[Hut1]

First time I've ever received a mailer from PenFed inviting me to apply for any card. It was ONLY a mailer - no invite code or preapproved language. I recently signed up to start a business and wanted a card specifically for those expenses, so I decided to apply. $5K is more than enough for the time being. 😊 

I have no idea what my EQ9 is right now, but it was 684 in May '20. PenFed reported a 721. 
9 INQ's in a 12 mo period and I've had a savings acct with $10 with them for about 6 mos. 

I have some questions-

1. If I sign up for a checking acct, is there a minimum daily balance needed to receive the  2% cash back?
2. What's the details on requesting CLI's? When am I eligible, is it a SP/HP, etc.. 

[AllZero]

Congratulations on your approval!

[cashorcharge]

Congratulations on your approval!!!

[coreyb80]

Congrats on the approval!

[randomguy1]

Congrats on the approval! I got the mailer too (didn't app).

[Hut1]

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@randomguy1 wrote:

Congrats on the approval! I got the mailer too (didn't app).

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Maybe now is the time to try? I've been denied by them in the past year, but it seems they may be easing up a bit.

[gdale6]

Congrats on the power cash rewards approval!!

[M_Smart007]

Congratulations on your Approval..

[M_Smart007]

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@Hut1 wrote:

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@randomguy1 wrote:

Congrats on the approval! I got the mailer too (didn't app).

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Maybe now is the time to try? I've been denied by them in the past year, but it seems they may be easing up a bit.

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The Mailer's seem to be pretty solid.

[BmoreBull]

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@Hut1 wrote:

First time I've ever received a mailer from PenFed inviting me to apply for any card. It was ONLY a mailer - no invite code or preapproved language. I recently signed up to start a business and wanted a card specifically for those expenses, so I decided to apply. $5K is more than enough for the time being. 😊 

I have no idea what my EQ9 is right now, but it was 684 in May '20. 9 INQ's in a 12 mo period and I've had a savings acct with $10 with them for about 6 mos. 

I have some questions-

1. If I sign up for a checking acct, is there a minimum daily balance needed to receive the  2% cash back?
2. What's the details on requesting CLI's? When am I eligible, is it a SP/HP, etc.. 

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$500 minimum daily deposit or $500 worth of direct deposits a month. This gets rid of the charge for the checking account. Having the checking account by itself should qualify you for the 2% back. I'm not 100% sure on this as I don't have any credit products with them. Just the checking and savings account. I switched $250 per pay to be dd there, to avoid paying fees or having to park $500 in there. Edited because I forgot to say congrats on the approval.