PenFed Credit Union

**hjm331** · December 7th, 2008, 08:26 PM

I have heard a lot of good things about PenFed so I finally decided to join them on Friday. I opened up a savings account with them in order to become a member with them and I have my eye on this card of theirs.

https://www.penfed.org/productsAndRa...ewardCards.asp

It's called the Visa Platinum Cash Rewards card and it gives you 5% cashback on gas purchases when you pay at the pump, 2% on supermarket purchases, and 1.25% on all other purchases. I don't think it has a cap on cashback. I applied for it yesterday knowing that I was going to get denied because they pull EQ and I just finished paying off my most of my debt. I also have a lot of inquiries on EX but not EQ and have a lot of new accounts. I checked the status of my application yesterday and was denied. I am waiting for the letter to see what the reasons were so I'll know what to expect next time I apply.

**wmarat** · December 8th, 2008, 06:59 PM

The reason is going to be "Pyramiding Debt"

**relidtm** · December 8th, 2008, 07:16 PM

I have had a money market with them for YEARS
but still Ill wait for a while before I apply...

**ColoNative** · December 8th, 2008, 09:20 PM

I love PenFed. I have a savings account with them so that I can apply for car loans and such. They offer great rates on new and used cars.

I also really like their Visa Gold but I don't need any new cards.

**hjm331** · December 9th, 2008, 12:47 AM

I typed a recon letter and will fax it to them and see what happens. I will update as soon as I receive information from them.

**Meya** · December 9th, 2008, 12:15 PM

Keep your fingers off of the cc applications until we can get some type of assurance from creditors. Now when your fingers get popped by cld's, you know you are going to go off. STOP!!!!!!