Penfed PRV came today :)

Discuss the Visa & MasterCard payment networks as well as cards that operate through them.
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Sevenfeet
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Penfed PRV came today :)

Postby Sevenfeet » Thu Feb 21, 2013 4:54 pm

OK, after two weeks of waiting after I was initially approved, my Penfed Platinum Rewards Visa came in the mail. Almost immediately I activated it and then balance transferred nearly all of my "toxic" debt to it (nearly $28K).

Of course, this was all part of the plan. With their 0% balance transfer deal for 18 months going on, my wife and I plan to spend every month between March 2013 and September 2014 burning that puppy down. But there's more apps to do before I'm back to the garden.

Next stop is monitoring my credit reports for the Penfed to show up (it hasn't reported yet). When it does, I'll apply for the Fidelity Amex (2% sweetness). Since it's a FIA card, I'm concerned about the fact that I already have a $20K CL with my BofA Cash Reward MC, but we'll see what can be done. I figure I need at least $15K CL on it to swallow my daughter's tuition payment this summer and not get close to the limit (it will be paid off immediately).

Then the magic starts. The Penfed is in my name with my wife not on the card (even as an authorized user) for now. The idea is to reduce her utilization sharply (I estimate down to 25%). Once that happens and it reflects in her scores, then she will app for the following cards in this order:

US Bank Cash +
Discover IT
Amex BCP

After hopefully being successful, we'll do authorized user additions to all the new cards (except the BCP) and then we can stand pat for a while so we can get used to how we intend to use these cards and for what purpose going forward. Six months from now I may apply for a BCP of my own so we can get around the $6K a year grocery cap. (they wouldn't turn down a guy who already holds a Amex Plat, ya think?)

Right now, my EQ is 756, with a EX FICO of 732. EX and TU are 755 & 760 respectively. My wife's EQ is right now about 680 due to a strange baddie we didn't realize was there but I don't expect it to get in the way of an app spree once her utilization plummets (I'm hoping for at least a 40 point bump).

This is fun. :)
Cards:
American Express Platinum (NPSL)
Penfed Platinum Reward Visa ($28K)
Chase Freedom Visa ($25K)
Fidelity American Express ($20K)
American Express Blue Cash Preferred ($20K)
Bank of America Cash Rewards MasterCard ($20K)
Citi Thank You Preferred Visa ($9.5K)
Chase Sapphire Preferred ($7.5K)
US Bank Cash + Visa Signature ($7K)
Discover IT ($4K)


CC Deville
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Postby CC Deville » Thu Feb 21, 2013 4:55 pm

Congrats. PenFed can be a difficult card to get. Did you get the EMV chip on yours?

FutureBillionaire
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Postby FutureBillionaire » Thu Feb 21, 2013 4:58 pm

Congrats. You'll earn some great rewards and boost your credit.
Gas: Discover It, Penfed Platinum Rewards x2, Chase freedom, Citi TYP
Plane tickets: CSP
Groceries: AMEX BCP, Penfed Platinum Rewards,Citi TYP
Clothes: Express, Amex BCP, Discover IT
Amazon: Citi Forward, Cash +
Restaurants: Citi Forward, Chase Freedom, Discover IT, CSP
Hotels and other travel: Discover Escape, CSP
Movies: BofA travel rewards visa signature(fandango), Discover IT, Citi Forward, Freedom
Bars, clubs, tomfoolery: CSP, Citi Forward, Discover IT, Freedom
Balance transfers: Kroger 123 rewards
Bill Pay: Chase Ink Plus, Citi Forward
Everyday spending: Bofa Accelerated cash rewards amex, Discover Escape

Sevenfeet
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Postby Sevenfeet » Thu Feb 21, 2013 5:34 pm

CC Deville wrote:Congrats. PenFed can be a difficult card to get. Did you get the EMV chip on yours?


Indeed. Penfed solved two problems for me..gas/groceries + 0% card. They even gave me the CL I wanted. I feel I won some sort of mini-lottery!

If I had known that they had EMV available, I would have asked for it during the application process. I'll allow them a few months to streamline their EMV request process and if it's not done by early summer, I'll ask them to do it the hard way (opening a new account and closing the old one).
Cards:

American Express Platinum (NPSL)

Penfed Platinum Reward Visa ($28K)

Chase Freedom Visa ($25K)

Fidelity American Express ($20K)

American Express Blue Cash Preferred ($20K)

Bank of America Cash Rewards MasterCard ($20K)

Citi Thank You Preferred Visa ($9.5K)

Chase Sapphire Preferred ($7.5K)

US Bank Cash + Visa Signature ($7K)

Discover IT ($4K)

CC Deville
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Postby CC Deville » Thu Feb 21, 2013 7:27 pm

Sevenfeet wrote:Indeed. Penfed solved two problems for me..gas/groceries + 0% card. They even gave me the CL I wanted. I feel I won some sort of mini-lottery!

If I had known that they had EMV available, I would have asked for it during the application process. I'll allow them a few months to streamline their EMV request process and if it's not done by early summer, I'll ask them to do it the hard way (opening a new account and closing the old one).


Yeah for sure wait for them to work out the kinks! congrats again!

Sevenfeet
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Postby Sevenfeet » Thu Feb 21, 2013 9:00 pm

One odd thing about the card itself: under the Visa logo is the word "Platinum". True, the word Platinum is thrown around a lot in the credit card business but in terms of Visa as a network, "Visa Platinum" doesn't mean anything (unlike "Visa Signature"). Why is it there?
Cards:

American Express Platinum (NPSL)

Penfed Platinum Reward Visa ($28K)

Chase Freedom Visa ($25K)

Fidelity American Express ($20K)

American Express Blue Cash Preferred ($20K)

Bank of America Cash Rewards MasterCard ($20K)

Citi Thank You Preferred Visa ($9.5K)

Chase Sapphire Preferred ($7.5K)

US Bank Cash + Visa Signature ($7K)

Discover IT ($4K)

CC Deville
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Postby CC Deville » Fri Feb 22, 2013 3:51 pm

Sevenfeet wrote:One odd thing about the card itself: under the Visa logo is the word "Platinum". True, the word Platinum is thrown around a lot in the credit card business but in terms of Visa as a network, "Visa Platinum" doesn't mean anything (unlike "Visa Signature"). Why is it there?


It is something that Visa offers. Visa Signatures used to have a silver "band" that went from left to right towards the bottom saying "Visa Signature." I thought that was kind of classy but they have since redesigned it to say "Signature" under the Visa logo. So Visa also offers that for Gold and Platinum. The PenFed Visa Gold has the "Gold" under the Visa logo. Barclay's also has "Platinum" under the Visa logo. Most banks do not use this of course.

I am rather surprised that PenFed doesn't offer a Visa Signature...they would get a higher swipe fee from the merchants if it were.

Sevenfeet
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Postby Sevenfeet » Fri Feb 22, 2013 7:53 pm

It's just that I didn't see any reference to a "Platinum" program on Visa's website. All they discuss is basic cards, reward cards and the Signature program. But I guess that the website doesn't have to get into details about everything.

And while I'm sure Penfed could offer a Signature card, it may not fit into their mission of serving the broader military as a whole. A Signature card would probably only appeal to the 4000 generals and other top officers. Not the image you may want for the Pentagon's credit union.
Cards:

American Express Platinum (NPSL)

Penfed Platinum Reward Visa ($28K)

Chase Freedom Visa ($25K)

Fidelity American Express ($20K)

American Express Blue Cash Preferred ($20K)

Bank of America Cash Rewards MasterCard ($20K)

Citi Thank You Preferred Visa ($9.5K)

Chase Sapphire Preferred ($7.5K)

US Bank Cash + Visa Signature ($7K)

Discover IT ($4K)

CC Deville
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Postby CC Deville » Sat Feb 23, 2013 10:33 am

Sevenfeet wrote:It's just that I didn't see any reference to a "Platinum" program on Visa's website. All they discuss is basic cards, reward cards and the Signature program. But I guess that the website doesn't have to get into details about everything.

And while I'm sure Penfed could offer a Signature card, it may not fit into their mission of serving the broader military as a whole. A Signature card would probably only appeal to the 4000 generals and other top officers. Not the image you may want for the Pentagon's credit union.


You are correct....they used to list Visa Classic, Visa Gold, Visa Platinum and Visa Signature and all the benefits for each one. Now they just list Traditional, Traditional Rewards and Premium. http://usa.visa.com/personal/cards/credit/index.html

To both of your points, the different levels of cards have become very watered down in recent years. Back in the 1980's Gold cards were top of the line and by the 2000's First Premier and Applied Bank were issuing Gold cards and even Platinum. Even Visa Signature and World MasterCard are not the top teir cards they once were, especially when banks like Citibank will give someone a World MasterCard or Visa Signature with a $2,000 limit. You may have also noticed that within the last 5 years or so, almost all cards now have some sort of reward. Some are more valuable than others, but it is almost hard these days to find a basic, no reward card. The way Visa and MasterCard are set up is that the higher teir the card, the higher swipe fee they get from the merchants that we use our cards at. So, to help pay for the rewards, most banks have begun to issue World MasterCards and Visa Signatures whenever possible for their rewards cards. So where PenFed is concerned, it is interesting that they would be happy with a Platinum level card when they could be getting more by changing the cards into Signature. Navy FCU and USAA both other higher level cards and are aimed at military clientel: Navy FCU has a Visa Signature and USAA has a World MasterCard. Our military personnel deserve the benefits of conceirge etc just like anybody else. I wonder when Visa and MasterCard will come up with a new level...MasterCard has World Elite and overseas Visa has Visa Infinite.....

Sevenfeet
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Postby Sevenfeet » Sat Feb 23, 2013 5:40 pm

Thanks for sharing that and the history lesson.
Cards:

American Express Platinum (NPSL)

Penfed Platinum Reward Visa ($28K)

Chase Freedom Visa ($25K)

Fidelity American Express ($20K)

American Express Blue Cash Preferred ($20K)

Bank of America Cash Rewards MasterCard ($20K)

Citi Thank You Preferred Visa ($9.5K)

Chase Sapphire Preferred ($7.5K)

US Bank Cash + Visa Signature ($7K)

Discover IT ($4K)



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