Penfed preapproved mailer?

[Doodlebug30]

I am not a member of penfed but i just received a mailer for the Gold visa with an APR of 17.99%....Says i just have to open a $5 savings account to get it. Is this just marketing? I see alot of threads about penfed but never really gave it much thought. Anyone want to shed some light on this for me? Which bureaus do they usually pull? Are they known for decent starting limits? I said i wasnt going to apply for anything until december 1 and prob still wont but my interest is peaked for sure.....

[gdale6]

Penfed uses EQ for everything. SL is dependent on your over all profile. If you have opened a lot of accounts in last year I would wait for them to age as you could be denied for "pyramiding debt" and you can get this decline even if you are nearly no debt at all.

[FinStar]

The pre-approved mailers are not 100% guaranteed - just FYI.  A variety of reports (if you search around) have had mixed results.  That said, if your profile can support an approval, then it's a decent CU to join.  SLs will depend on your overall profile, DTI, income, etc.  They pull EQ and it will be a HP if you decide to pursue the offer.

[Doodlebug30]

Thanks @gdale6 , I do have 4/12. That's why I planned on staying away from new apps until 12/1/21. In August I'll be 3/12 but by December all my accts will be 1 year old. I'm sticking to my plan lol. I'd like to go even longer than December since I really don't NEED ne lw credit but... Baby steps 🤣 well see how I feel on 12/1 lol

[Doodlebug30]

Thanks @FinStar 

[AverageJoesCredit]

A 17.99% apr from Penfed.....sounds about right

[Anonymous]

I use them and I like them, but overall on the internet I believe they are a love or hate with no middle ground. Their app or website isn't all that great, especially compared to big banks, but I suppose there's worse out there. 

Personally as far as credit cards go, I feel the Power Cash Rewards and Pathfinder are the only cards worth getting, and only if you meet their requirements for Honors. 

[donotpassgo]

Received a 'pre-approved' offer from Penfed for its vainglorious Gold Visa card; but I'm not exactly going to be pulling up to the bumper on this one.

What they call a low rate, I can beat with my existing credit union, by a large margin. And the bonus is rather low.

Is this about as good as it gets with Penfed? Definitely not enough to creep from the garden.

0% APR for 12 months on balance transfers made between now and September 30, 2021

$0 annual fee

$100 bonus statement credit when you spend $1,500 in the first 90 days of account opening.

Also got an offer from Citizens, which in comparison would actually be better.

Earn 5% cash back on everything from paint and hardware, to furniture and décor, to landscaping and contractors Contactless - Tap and Go, it's fast, simple and secure

• No Annual Fee

• Zero liability protection against unauthorized purchases Easily manage your account and redeem your rewards online

5% lasts until 9/21 (up to $1000/month)

I guess Penfed does at times give somewhat large limits, but I'd much rather have easy rewards, and that Visa Gold is definitely not the product for that.

Currently 0/24

FICO 8 785-805 for the major three bureaus. Experian is the lowest.

[805orbust]

That interest rate seems a bit high. I got that same card last December with a much lower rate.

[red259]

I forget the interest rate but I got a preapproved mailing from penfed within the last couple of days. I don't see the need for a card with them. I have enough cards as is.