Possible (or not?) to upgrade Penfed Power Cash Rewards to Signature version?

[Anonymous]

I got my Penfed Power Cash Rewards Visa at the beginning of last July on a preapproved offer with a $3K SL. This, of course, is well below the minimum for a Visa Signature, so even though most of the advertising shows cards with the Signature logo, I got a "vanilla" Rewards Visa card. I got a CLI to $7K in early November, which puts me well above the $5K needed for a Signature, but didn't think about it at the time.

However, last week I got a Quicksilver Rewards Visa from Capital One with a $10K SL. When the card arrived in the mail Saturday, I discovered that it's, in fact, a Visa Signature, which made me very happy and also jogged my memory about my PCR. Since this card's CL is now high enough for a Signature-level card, I wanted to find out if I could get it upgraded. This thread from last year, http://ficoforums.myfico.com/t5/Credit-Cards/Upgrade-to-Visa-Signature/td-p/4606344 , indicates that at least several banks will do this though there are certain conditions (such as needing to have your card for a year before you can apply for an upgrade), but I don't know if Penfed can/will do this. Anyone with experience one way or the other able to enlighten on this point?

[Anonymous]

Don’t have the answer for you, but curious as to the benefits of Signature vs Vanilla. I’ve never looked into it. Did you try calling?

[Anonymous]

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@Anonymous wrote:
Don’t have the answer for you, but curious as to the benefits of Signature vs Vanilla. I’ve never looked into it. Did you try calling?

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I actually emailed Penfed a few minutes ago, so we'll see. Visa Signature has a bunch of bennies like concierge service for tickets and the like, roadside service, extended warranty protection and so on and so forth.

EDIT: Just heard back from Penfed. I'll have to make a new app for a Platinum Rewards Visa Signature, then have my old card combined with the new one (unlike Cap One, Penfed apparently does allow balances to be transferred from the old card to the new one in these circumstances. Message follows:

"You would need to apply for the Platinum Rewards Visa Signature card.  Whatever

credit limit you are approved for could be included in the total aggregate

credit limit for both cards, then if you wish, you can close the Power Cash

Rewards Visa card and have all the credit limit applied to the one card."

I probably should wait until at least the next quarterly EQ FICO 9 pull to see if that score improves and if there are any preapproved offers for the Platinum Rewards - what do you all think?

[AverageJoesCredit]

Absolute ridiculous to have to app an entire new card just to get visa siggy bennies that you now will have with the qs. Just my ho

[Anonymous]

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@AverageJoesCredit wrote:
Absolute ridiculous to have to app an entire new card just to get visa siggy bennies that you now will have with the qs. Just my ho

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Agreed - too much work for a second Signature card, really. If I get a preapproved offer in the next quarterly review or two I'll think about it but for now I think I'm better off just working on building the CL on my current PCR; I should be able to try for a new CLI through late February without requiring a HP.

[UpperNwGuy]

I am confused.  You got a regular Power Cash Rewards Visa, but you wish you had the Visa Signature version of Power Cash Rewards.  However, the response you got from PenFed talks about applying for a Platinum Rewards Visa Signature card.  Platinum Rewards is a completely different card from Power Cash Rewards.  I think PenFed got confused by your request.  By the way, in my opinion, Platinum Rewards is an inferior card to Power Cash Rewards.

[Anonymous]

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@UpperNwGuy wrote:

I am confused.  You got a regular Power Cash Rewards Visa, but you wish you had the Visa Signature version of Power Cash Rewards.  However, the response you got from PenFed talks about applying for a Platinum Rewards Visa Signature card.  Platinum Rewards is a completely different card from Power Cash Rewards.  I think PenFed got confused by your request.  By the way, in my opinion, Platinum Rewards is an inferior card to Power Cash Rewards.

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I checked the message I originally sent them, and I did specify that I was asking about upgrading to the Visa Signature version of PCR. However, for whatever reason, it appears an upgrade isn't possible, at least for me. On going back and looking at the Platinum Rewards' feature, I think this probably isn't what I want after all since its rewards are in the form of points rather than cash. I guess I'll just go back to working on building up the credit line (bearing in mind that Penfed is getting stricter now about how much credit one will be granted on their cards).

[Anonymous]

Is the PenFed Power Cash "vanilla" card inferior to a signature version?  I applied and was approved for over the $5000 limit and I combined my Cash Rewards card to it for a larger limit.  I, personally, could care less if it's "vanilla" or a signature card as long as I get my 2% per purchase.

[Anonymous]

Give this a try.  (My Visa Signature cards report as Traditional while my WEMC or WMC reflect their status).

https://binlist.net/

[Anonymous]

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@Anonymous wrote:

I got my Penfed Power Cash Rewards Visa at the beginning of last July on a preapproved offer with a $3K SL. This, of course, is well below the minimum for a Visa Signature, so even though most of the advertising shows cards with the Signature logo, I got a "vanilla" Rewards Visa card. I got a CLI to $7K in early November, which puts me well above the $5K needed for a Signature, but didn't think about it at the time.

However, last week I got a Quicksilver Rewards Visa from Capital One with a $10K SL. When the card arrived in the mail Saturday, I discovered that it's, in fact, a Visa Signature, which made me very happy and also jogged my memory about my PCR. Since this card's CL is now high enough for a Signature-level card, I wanted to find out if I could get it upgraded. This thread from last year, http://ficoforums.myfico.com/t5/Credit-Cards/Upgrade-to-Visa-Signature/td-p/4606344 , indicates that at least several banks will do this though there are certain conditions (such as needing to have your card for a year before you can apply for an upgrade), but I don't know if Penfed can/will do this. Anyone with experience one way or the other able to enlighten on this point?

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Not sure of this was answered or not yet, but from what I know...  Penfed does not do PC's.  They close one and open another.  You can move limits around between open cards, so that an option, but you would have to get the platinum as a second card, or close the PCR to get the platinum, and that would affect your aaoa