PenFed Power Cash Rewards w/ Data Points

[Anonymous]

I applied for this card this morning over the phone. Mainly because I wanted to close my unused Promise Card and try to transfer my 9K limit to the new card.

Data Points: FAKO scores: CK Equifax – 830, PenFed Equifax NexGen – 867.  Cards open in last year: 2. Hardpulls Equifax 1. Income is 53K. Open CC credit 72K. They ran Equifax and I got an initial 3K limit and the 9.24% APR on the new Power card, the customer service rep then transferred me to the loan department where they transferred my 9K CL from Promise to the new card for a total CL of 12K. The Promise was then closed.  I also opened an Access America checking in order to get the 2%.

I have been a PenFed customer for several years, the ordeal was painless. I cannot wait to get my new card in the mail. FTW!

[Aduke1122]

Congrats on your new cc OP

[Anonymous]

Congrats on the approval!! And thank you for all of the info you provided as well. 

[Anonymous]

Very well played!!! Major Congrats on your new Card and the 2% Cashback!!!  

[williamachamberlain]

Congrats on the PPC.....I applied and was approved for 5K@11.49%  However I closed my platinum rewards and moved the credit available to my TR Amex and Promise.  8k to each..........I'll ask for a CLI in a few months, PF has been showing me all kinds of love recently.  I love the fact that if you close an account with them, you can reallocate the credit!!

[Anonymous]

Thanks, everyone. I was exploring the new card on my Penfed dashboard and I found the Cash Rewards redemption area. Apparently, the minimum redemptions is $5.Cash back can be used as a statement credit, transferred to Penfed accounts or transferred to outside banks. Not too shabby!

[Anonymous]

Congratulations plaidington, that's a nice CL & a sweet NexGen score of 867 WOW!

[Anonymous]

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@Anonymous wrote:

Thanks, everyone. I was exploring the new card on my Penfed dashboard and I found the Cash Rewards redemption area. Apparently, the minimum redemptions is $5.Cash back can be used as a statement credit, transferred to Penfed accounts or transferred to outside banks. Not too shabby!

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Congrats on the approval!!! I've been eyeing this card myself. That is good information to know regarding the redemption minimum. Enjoy the new card!

[SouthJamaica]

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@Anonymous wrote:

I applied for this card this morning over the phone. Mainly because I wanted to close my unused Promise Card and try to transfer my 9K limit to the new card.

Data Points: FAKO scores: CK Equifax – 830, PenFed Equifax NexGen – 867.  Cards open in last year: 2. Hardpulls Equifax 1. Income is 53K. Open CC credit 72K. They ran Equifax and I got an initial 3K limit and the 9.24% APR on the new Power card, the customer service rep then transferred me to the loan department where they transferred my 9K CL from Promise to the new card for a total CL of 12K. The Promise was then closed.  I also opened an Access America checking in order to get the 2%.

I have been a PenFed customer for several years, the ordeal was painless. I cannot wait to get my new card in the mail. FTW!

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Remember that for the checking account, to avoid the $10 monthly service charge, you need to either maintain a $500 minimum balance of make $500 per month in direct deposits.

[Anonymous]

I requested a CLI on my Platinum Rewards card and was turned down but then a day or two later approved for the Power Cash for $2k.  Go figure. 

For anyone who cares, I will say that the card is very nice looking on the website and a little underwhelming in person - which seems to be standard practice for PenFed.