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Pre-Approved offer from Penfed?

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Regular Contributor

Re: Pre-Approved offer from Penfed?

I've been a member for just over 3 years and haven't received any offers either by mail or the website. From what I understand the mailings are legit 





Message 11 of 17
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Valued Contributor

Re: Pre-Approved offer from Penfed?

@Janus

  I would go for it and if you do decide Good luck! 👍

Message 12 of 17
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Mega Contributor

Re: Pre-Approved offer from Penfed?


@Wavester64 wrote:

@M_Smart007 wrote:

@Janus, PenFed Mailers have been very solid ..

I have read quite a few approvals from those.

 

I was approved through one last year.

 

Not trying to be a bad influence ... just DP's.


(PenFed Mailers pre-approved mailer) <-- There's something I KNOW I will never get Smiley LOL


@Wavester64, Smiley Very Happy .. I never expected one either ..

also got a BBVA Clearpoints around the same time last year.

 

Both were approved.

 

#NeverSayNever

"It's true hard work never killed anybody, but I figure, why take the chance?"
Message 13 of 17
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Regular Contributor

Re: Pre-Approved offer from Penfed?

I received the PenFed offer today.  No request for a donation but have to have a $5 account as membership in the credit union.

Maximum 2% rewards (if I open another account, possibly a charge for it?, otherwise 1.5%) and 0% interest on a balance transfer which has an associated fee.

Not interesting to me.

Message 14 of 17
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Frequent Contributor

Re: Pre-Approved offer from Penfed?


@Janus wrote:

LIke the title suggests I'm curious if they send out these types of offers, because i received one in the mail Saturday for the Penfed Power Cash, and it says "You have been Pre-Approved* to earn unlimited cash back on every purchase!  I wasn't sure because of the way it's worded and I could be mistaken, and it might just be an invitation to apply. The APR is 14.99% 

 

While I'vehad several mail offers from regular banks, I don't recall ever getting one from a CU. I also always assumed that i was out of their footprint, though via google search they do have a branch about 240 miles away in Eugene.

 

I'm honestly conflicted on whether I should go for it or not


Credit card offers through USPS mail have been decreased drastically recently:

"Some 74 million credit-card solicitations were mailed out in May, down from 316 million in February, according to Mintel Comperemedia."

https://www.foxbusiness.com/money/widespread-deferrals-banks-creditworthy .

 

It's your decision, of course, but I thought the recent USPS mail angle was interesting.

Credit Scores: (FICO 8) 845 Experian June 2020, 850 TransUnion June 2020 | (FICO 9) 850 Equifax July 2020
Credit Cards (newest to oldest): NFCU VISA Platinum $25,000 | BECU Cash Back VISA $10,000 | American Express BCE $3000 | Simmons Bank VISA Platinum $7500 | Capital One No Hassle Rewards VISA Platinum $500
Message 15 of 17
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Valued Contributor

Re: Pre-Approved offer from Penfed?


@Rogue46 wrote:

I've been a member for just over 3 years and haven't received any offers either by mail or the website. From what I understand the mailings are legit 


Ha ha!  I've been a member since 1993 and have never received any offers from PenFed.

PenFed Power Cash • Promise • NFCU Flagship • More Rewards • cashRewards
Chase Sapphire Reserve • Freedom • United Explorer • UNFCU Azure
Message 16 of 17
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Senior Contributor

Re: Pre-Approved offer from Penfed?

Thanks all for the DP's, definitely going to think on this one a while. The 2% doesn't kick in unless you also have their checking acct, and i already have plenty of those. As well as 1.5% CB cards. And if it's true that they stop offering Credit products once you join, I'm not too sure. lol

 

I still haven't decided on whether I'll follow through on a Mortgage this year, or wait till next year. Either way I need to remain app free for a little longer, as I'm not sure I want to wait a full 12 months to start the process. Interest rates being a factor and all. So these pre-approved offers aren't helping any!

 

 






Message 17 of 17
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