PenFed CCs - CL Reallocations or Account Combos Still Possible?

[FinStar]

So, given some of the upcoming changes/conversions (based on the thread further below) to all of PenFed's existing AmEx CCs (Defender, Premium Travel, Pathfinder), I wanted to gather some recent experiences for those who have gone through (or attempted) any CC reallocations and/or account combinations.

In the past, these requests seemed to be straightforward, but since they've tightened things up and placed certain 'caps' on maximum thresholds for single accounts, I was exploring some options, especially since my current Premium Travel AmEx will be converted to Pathfinder, but I already have that as well 🥴.  For DPs, I currently have 5 cards with PenFed and the max exposure of $50K.

I haven't reached out to them yet since I'm fairly aware I'll probably get all kinds of different answers 😁

https://ficoforums.myfico.com/t5/Credit-Cards/Changes-to-PenFed-Amex/td-p/5794967

[K-in-Boston]

Thanks for starting this thread! I was curious too as I was thinking about combining my Defender and Power Cash Rewards cards this year. 2 cards at $49,000.

[FinStar]

Well, since you only have 2, that makes me a PenFed ho ho 😜 Heck, if you could combine them, might as well squeeze the extra $1K!

Well, for me, no point in having 2 Pathfinder CCs. Unless, I can hafs the $100 travel credit 2x (one per card) 🤔

Is your current Defender an AmEx or Visa?

[K-in-Boston]

It’s a Visa. (The sideways card in my signature.)

They were at $20k and $10k, and I took a HP at the end of 2017 to get CLIs and they gave me $9500 each. 😂 I have not wanted to take a HP for a pair of $500 CLIs since then.

[FinStar]

Ah gotcha, that makes perfect sense. Yeah, I agree... no point in a HP for $500 a piece.

[AverageJoesCredit]

Easiest solution is for the Finstar and KIBer to just send some over to AJC and we be Sunny in Ficodelphia

[CreditCuriosity]

@FinStar  and @K-in-Boston 

YMMV although caps exists there are exceptions to every rule as my PCR was at 27k higher than the cap, but wanted to do a BT a few months back to it and asked them to take 8k from Amex to feel confortable with util and they went to UW and UW was willing to do it, so credit reallocation is certainly still around, but might be on a case by case basis and how long a member etc?  Also might of helped for them to get a BT or possibly since they are my primary FI as well or a multiple of factors, but a few minute call solved my issue.  Hope this helps!

[FinStar]

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@CreditCuriosity wrote:

@FinStar  and @K-in-Boston 

YMMV although caps exists there are exceptions to every rule as my PCR was at 27k higher than the cap, but wanted to do a BT a few months back to it and asked them to take 8k from Amex to feel confortable with util and they went to UW and UW was willing to do it, so credit reallocation is certainly still around, but might be on a case by case basis and how long a member etc?  Also might of helped for them to get a BT or possibly since they are my primary FI as well or a multiple of factors, but a few minute call solved my issue.  Hope this helps!

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Just circling back on this @CreditCuriosity, how long ago did you do this?  And, was there a HP involved? 

The HP is no issue for me, but just to be aware of the process. 

[imaximous]

Did I read correctly that Penfed now has a cap of $25k per card? It used to be $50k combined, so you could have 1 at $50k if you wanted to or if you qualify. Now it's still $50k but $25k max per card?

[FinStar]

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@imaximous wrote:
Did I read correctly that Penfed now has a cap of $25k per card? It used to be $50k combined, so you could have 1 at $50k if you wanted to or if you qualify. Now it's still $50k but $25k max per card?

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My understanding is that those who are grandfathered under the old rules or UW policy still have their 'uncapped' CLs (however they are distributed). 

After caps were introduced/implemented, $25K was the max per CC.  Overall unsecured CC exposure is still $50K.