What's the starting credit limit for the PenFed Platinum Rewards card? This question is about the PenFed Platinum Rewards Visa Signature® Card

What's the starting credit limit for the PenFed Platinum Rewards card?

Answer Question Report Abuse

This question is about the PenFed Platinum Rewards Visa Signature® Card

Maria Adams, Credit Cards Moderator

@m_adams • 06/29/22 This answer was first published on 06/29/22. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

Permalink Report Abuse

The PenFed Platinum Rewards credit limit is usually around $7,500 to start, according to forum posts, and some cardholders report limits as high as $15,000. PenFed does not include any specific PenFed Platinum Rewards credit limit information in the card’s terms, though.

For the most part, PenFed Platinum Rewards credit limits depend on each applicant’s overall creditworthiness. Those with the highest income and best credit scores will generally be offered the highest starting credit limits.

How to Increase Your PenFed Platinum Rewards Credit Limit

You can ask to get a credit limit increase by calling the PenFed customer service at (800) 581-7786 or the number you see on the back of your card, but it’s best not to ask more than once a year.

PenFed will also evaluate your account periodically to determine whether you are eligible for a credit limit increase. Paying on time and keeping your credit utilization low are key for getting unsolicited credit line increases with PenFed.

Answer Question

How do I get a PenFed Platinum Rewards card credit limit increase?

You can get a PenFed Platinum Rewards card credit limit increase by requesting it online or by calling (800) 247-5626.

Your best chances of getting approved for an increase are if you’ve been paying your bills on time and in full for the last 6 months, or if your credit score and income have improved since getting the card.... read full answer

You should know that requesting a credit limit increase will result in a hard inquiry, which may hurt your credit score for a short period of time.

show less

What credit score is needed for the PenFed Platinum Rewards card?

A credit score of 700+ is needed for the PenFed Platinum Rewards. This means that you need good credit to get this card.

Please note that your credit score isn’t the only thing the issuer will take into account while considering your application. Various other factors like your credit history, income and any debts you might have will also determine the outcome.... read full answer

If you'd like to see where your credit stands, and thus get a rough sense for your odds of approval, you can check your credit score for free on WalletHub. You'll get daily updates to your score and full credit report as well as 24/7 credit monitoring.

show less

WalletHub Answers is a free service that helps consumers access financial information. Information on WalletHub Answers is provided “as is” and should not be considered financial, legal or investment advice. WalletHub is not a financial advisor, law firm, “lawyer referral service,” or a substitute for a financial advisor, attorney, or law firm. You may want to hire a professional before making any decision. WalletHub does not endorse any particular contributors and cannot guarantee the quality or reliability of any information posted. The helpfulness of a financial advisor's answer is not indicative of future advisor performance.

WalletHub members have a wealth of knowledge to share, and we encourage everyone to do so while respecting our content guidelines. This question was posted by a WalletHub user. Please keep in mind that editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. In addition, it is not a financial institution’s responsibility to ensure all posts and questions are answered.

Ad Disclosure: Certain offers that appear on this site originate from paying advertisers, and this will be noted on an offer’s details page using the designation "Sponsored", where applicable. Advertising may impact how and where products appear on this site (including, for example, the order in which they appear). At WalletHub we try to present a wide array of offers, but our offers do not represent all financial services companies or products.

Ask a Question

140

Ask Question

Ask Your Question

WalletHub Transparency

We are committed to being fully transparent with our readers. Opinions expressed here are the author’s and/or WalletHub editors'. WalletHub editorial content on this page is not provided, commissioned, reviewed, approved or otherwise endorsed by any company. In addition, it is not any company’s responsibility to ensure all questions are answered.