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

You can request a PenFed Power Cash Rewards Visa Signature® Card credit limit increase online, through the PenFed mobile app, or by calling customer service at (800) 247-5626. To raise your chances of being approved for a higher credit limit, pay your bill on time for at least six straight months, reduce your outstanding debt, and update the income PenFed has on file. PenFed will be more likely to increase your credit limit if the revised income clearly shows that you can afford a higher limit.... read full answer

How To Get a PenFed Power Cash Rewards Credit Limit Increase Online

1. Log in to your online account or the PenFed mobile app.
2. Choose the PenFed Power Cash Rewards card from the list of account options (if you have more than one PenFed card).
3. Click “More account info and actions,” and then “Request a Credit Line Increase.”
4. Enter the required information.
5. Confirm the information entered and submit your request.

You should receive a decision in just a few seconds. If you’re approved for a PenFed Power Cash Rewards credit limit increase, the new limit is effective immediately.

Impact of a PenFed Power Cash Rewards Credit Limit Increase on Your Credit Score

When you request a PenFed Power Cash Rewards credit limit increase, PenFed will conduct a hard pull of your credit report, which will cause a short-term dip in your credit score. PenFed cannot do a hard pull without your permission, though.

Alternatively, you could be eligible for a PenFed Power Cash Rewards credit limit increase without even requesting one. The PenFed Power Cash Rewards card may offer an automatic credit limit increase if PenFed’s regular review of your account shows a history of on-time payments and low debt. An automatic credit limit increase involves a soft pull, which does not affect your credit score.

Yes, the PenFed Power Cash Rewards Card has a grace period of at least 25 days, lasting from the end of each billing cycle until the payment due date. If cardholders pay their PenFed Power Cash Rewards Card statement balance in full every month, PenFed will not charge any interest.

Keep in mind that you are not required to pay the entire balance by the due date. But if you decide to pay less than the full amount due, you will lose the grace period. The remaining PenFed Power Cash Rewards Card balance and any new purchases will then start to accrue interest that compounds daily. To get a credit card grace period back, you will need to pay the statement balance in full for two consecutive months. ... read full answer

It’s also important to note that grace periods do not apply to cash advances or balance transfers.

You can get a PenFed credit card credit limit increase either online or by calling customer service at (800) 247-5626.

To raise your chances of being approved for a higher credit limit, pay your bill on time for at least six straight months, reduce your outstanding debt, and update the income PenFed has on file. They will be more likely to increase your credit limit if the revised income clearly shows that you can afford a higher limit.... read full answer

Impact of a PenFed Credit Card Credit Limit Increase on Your Credit Score

When you request a PenFed credit card credit limit increase, they will conduct a hard pull of your credit report, which will cause a short-term dip in your credit score. PenFed cannot do a hard pull without your permission, though.

On the other hand, there are times when you could be eligible for a credit limit increase without even requesting one. PenFed may offer an automatic credit limit increase if its regular reviews of your account show a history of on-time payments and low debt. An automatic credit limit increase involves a soft pull, which does not affect your credit score.