PENFED Power Cash Rewards

[Anonymous]

Greetings all.

Received a "You have been pre-approved* to earn unlimited cash back on every purchase! The PenFed Power Cash Rewards Visa Signature Card has no limits or restrictions........"

I'm not a member.  I've searched the forums and it appears as if some of these are hit or miss, one even stating that the pre-approval was for MEMBERSHIP of all things.

Offer of 14.99% on the back and the standard "PRESCREEN & OPT-OUT NOTICE" on the back.

0% for BTs for 12 months

17.99% for cash advances

Curious if there is a change in how the board is evaluating these offers. 

Appreciate any insight.

[MoneyBurns]

I don't know about new members, are you concerned about a HP? Two months ago, a rep asked me (I'm a member) if I wanted their Power Cash, and I told them no.

The rep then stated "Well you're preapproval for $2,000 with an APR of *can't remember* are you sure?

So then I ask him if it's a SP and he yes, but no guarantees for a SP. 

So I took a chance and was approved there on the spot and said they'd send a card in 7 business days.

I say they're pretty good IME.

[Anonymous]

I got a similar offer. I am not a member.

[M_Smart007]

Usually PenFed Mailers are pretty solid, It is how I was approved last year.

https://ficoforums.myfico.com/t5/Credit-Card-Approvals/WEIRD-Penfed-Power-Cash-Approval-33-500-00/m-...

[M_Smart007]

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@Anonymous wrote:

I got a similar offer. I am not a member.

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This was the same mailer I received, I was not a member either.

[JNA1]

I recently received a similar mailer for the Power Cash Signature VISA @ 16.99%. I am not a member either.

[Anonymous]

They send me air. I am a member. 

I think they're telling you they want to give you credit & not me. No reason not to listen.