Penfed Question

[Mellon]

I have been with Penfed since 2014. In 2015 I applied and received 2 cards (the Platinum Cash Rewards at 1k and the Platinum Rewards at $14K). I don't think they offer the cash rewards one which I believe at the time was giving 5% cashback into your checking account (card is no longer on the website and I can't remember the exact terms/benefits). I have tried for a CLI on that card several times over the years and was denied every time. 

I'm thinking of applying for the POWER cash card which if approved will have me at 3 Penfed cards and a LOC. Does anyone have 3 Penfed cards? Does anyone still have that green cash reward card that gave the 5% gas cashback? If so are you still using it?

[Shooting-For-800]

I have three cards with TCL of $49,500.

GL!

[credit_is_crack]

I think the approach for PenFed is similar to USAA. The number of cards is not the issue, but rather that the total limits of those cards does not exceed $50k. I have their platinum rewards at $5k, pathfinder at $43.9k, personal loan at $20k and auto loan at $40k. With those open I still have the open offer to get another card for the remaining $1.1k available before I hit the $50k mark. I don't think a 3rd card + LOC will stop you, unless they've changed their rules recently. You could always give them a ring, they're fairly kind and helpful with questions. 

If the 5% card is working for you still, keep it. I had that one at one point, but once I got my 5% USAA gas card (pump and stations) I put the PenFed one to rest. 5% is still 5%! 

[Mellon]

Thank you for that feedback!!! @credit_is_crack 

[Hex]

I have 3 PenFed cards:

#1 Power Cash Rewards $2K CL

#2 Gold card $2K CL 

#3 Power Cash Rewards $39K CL

About a year ago I got a preapproval for another card with a $7K CL but I didn't take it. This was after I already had 3 cards. So it looks like I could have had 4. I'm annoyed with myself for not accepting the preapproval because I haven't gotten one since. 

[Anonymous]

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@Mellon wrote:

I have been with Penfed since 2014. In 2015 I applied and received 2 cards (the Platinum Cash Rewards at 1k and the Platinum Rewards at $14K). I don't think they offer the cash rewards one which I believe at the time was giving 5% cashback into your checking account (card is no longer on the website and I can't remember the exact terms/benefits). I have tried for a CLI on that card several times over the years and was denied every time. 

I'm thinking of applying for the POWER cash card which if approved will have me at 3 Penfed cards and a LOC. Does anyone have 3 Penfed cards? Does anyone still have that green cash reward card that gave the 5% gas cashback? If so are you still using it?

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You could always try calling them up and reallocating some of your limit from the other card.  Know they typically have no problem doing it.  $15K on your cards is still $15K in their eyes, regardless how it's spread out on your cards.