Thread: Questions about Capital One and their new Cash

I got approved for the PenFed one with 8k CL, and got approved with Sapphire Preferred and they said I will receive additional info in the mail. Thanks everyone for your help!

Congratulations. I know the feeling and hope you will share your experience with us.

Originally Posted by JohnB222

I got approved for the PenFed one with 8k CL, and got approved with Sapphire Preferred and they said I will receive additional info in the mail. Thanks everyone for your help!

Congratulations on the PenFed!

Just got my Sapphire Preferred card in the mail today, boy is it a cool card...it's like made of metal reminds me of black card. It has a 8k CL on it as well, which card do you think I should try for a CLI first? And after how long should I wait???

THANKS EVERYONE!!!!!

Originally Posted by JohnB222

Just got my Sapphire Preferred card in the mail today, boy is it a cool card...it's like made of metal reminds me of black card. It has a 8k CL on it as well, which card do you think I should try for a CLI first? And after how long should I wait???

THANKS EVERYONE!!!!!

I really suggest taking it easy for the time being.

You should be seeing a yellow box on PenFed when you log into your account soon. This is known as the Pre-Approved, or rather Approved box. It will offer you additional products and eventually a credit line increase option on your current card. PenFed gives very generous credit lines as they want to be your main card.

Chase will ALWAYS pull a new Experian if you request a CLI. Now, I opened a Freedom Visa Signature in 11/2010 with an initial credit line of $7,000 and in 8/2011 they gave me an automatic $3,000 CLI for a current limit of $10K. No inquiry and I didn't request it. So, use your card a lot, pay it in full and Chase will likley give you an automatic CLI even before the card hits a year. Of course, your mileage may vary from my own.

You have kept your nose clean all these years, so don't get caught up in all these approvals.

You continue to be a huge help!

I just logged in and see the pre-approved box already (however this is for an auto loan and 1.99% promo), but that info really helps. I believe the Sapphire Preferred is a no pre-set spending limit card so even though my CL is 8k it isn't reported and I can go over if need be. The PenFed one is reported and I cannot go over it, so that one is more important to keep high. Plus I do not want any hard pulls, but will keep on lookout for automatic increases.

Thanks, again.

Originally Posted by JohnB222

You continue to be a huge help!

I just logged in and see the pre-approved box already (however this is for an auto loan and 1.99% promo), but that info really helps. I believe the Sapphire Preferred is a no pre-set spending limit card so even though my CL is 8k it isn't reported and I can go over if need be. The PenFed one is reported and I cannot go over it, so that one is more important to keep high. Plus I do not want any hard pulls, but will keep on lookout for automatic increases.

Thanks, again.

Sounds good. Give it a few months and your PenFed Pre Approved box should fill up with additional offers. And you are right about Chase. The limit doesn't report so for sure no reason to waste an inquiry for a CLI. They will likley increase the credit line on their own within the year as long as the card is used.

It gives you an annual bonus of .50% on your total annual reward, so it does seem like 1.5%. From what I have read about it, it seems to get pretty decent reviews.

I like the commercial with the kid who doesn't want the extra cash. It really depends on what you spend your money on most. If you are a big grocery store and gasoline guy, the BofA Bank Americard Cash Reward card would be better as you would get 3% on gas and 2% on groceries and 1% on everything else. Also, Amex's Blue Cash Preferred has great cash back (with an annual fee of course). If you don't have any one catagory that you spend more on and if you are a frequent international traveler (Cap 1 does not have a foreign trans fee) then this could be the card for you.

I will say that Capital One has some of the ugliest credit card designs of any bank out there. I don't think that is important to most people, but good lord. They need to hire a new marketing department.