Last edit by: MDtR-Chicago
This thread is for discussion of the PenFed Platinum Cash Rewards Visa Card, described here: https://www.penfed.org/Platinum-Cash-Rewards/
Plus Version:
5% Cashback for Gas Purchases at the Pump
No cashback on other purchases
No annual fee
There is also a Standard Version:
3% Cashback for Gas Purchases at the Pump
No cashback on other purchases
$25 annual fee
To qualify for the Plus Card, you must hold one of these types of accounts:
Reports in this thread indicate the easiest method is to hold $25 in a Money Market Certificate.
Note: Much of the discussion at the beginning of the thread is about the introduction of a points-based card similar to this card, along with special offers to "upgrade" to that card. Additionally, there is a lengthy discussion about the introduction of the Standard vs. Plus tiering.
There are several similarly named PenFed cards. Please see the chart at the top of the
Master Thread: PenFed Family of Cards + Chip & PIN Questions to make sure you post in the correct thread!
Plus Version:
5% Cashback for Gas Purchases at the Pump
No cashback on other purchases
No annual fee
There is also a Standard Version:
3% Cashback for Gas Purchases at the Pump
No cashback on other purchases
$25 annual fee
To qualify for the Plus Card, you must hold one of these types of accounts:
- Active checking account with direct deposit ($250 min.)
- Money Market Certificate or IRA Certificate
- Mortgage
- Installment loan
- Equity Loan or Equity Line of Credit
- Thrifty Credit Service
- Personal Line of Credit
- Money Market Savings Accounts
Reports in this thread indicate the easiest method is to hold $25 in a Money Market Certificate.
Note: Much of the discussion at the beginning of the thread is about the introduction of a points-based card similar to this card, along with special offers to "upgrade" to that card. Additionally, there is a lengthy discussion about the introduction of the Standard vs. Plus tiering.
There are several similarly named PenFed cards. Please see the chart at the top of the
Master Thread: PenFed Family of Cards + Chip & PIN Questions to make sure you post in the correct thread!
PenFed Platinum Cash Rewards Visa Card [5% on gas, no annual fee]
#46
Join Date: Feb 2013
Posts: 170
Alternatives to PenFed cards
I use Chase Freedom for gas for 6 months in a year. Discover gas cash back overlaps with Freedom. Discover is not competitive enough compared to Freedom which gives 5% cash back plus 10% yearly bonus plus additional 25% bonus when you transfer to Chase Spphire Preferred which makes it 6.9% overall benefit.
PenFed option was for remaining 6 months for gas and grocery. I did not find monthly cashback useful due to small amounts getting lost in monthly spending and cannot be accumulated to large amount for yearly spending. Hence I switched to Platinum rewards.
Now with point degradation to 4.2%, 2.5% and 0.85% (For $100 gift cards, for $25 cards rate is still lower), I have decided to use optional cards in my wallet.
US bank Flex travel rewards (Black card and not white- which has no annual fee) gives equivalent of 4% on gas or grocery depending on whichever is higher. My plan is to use US bank my card for gas only and my wife's card only for grocery. This will help in getting 4% on each category rather than losing one category to 2%.
PenFed option was for remaining 6 months for gas and grocery. I did not find monthly cashback useful due to small amounts getting lost in monthly spending and cannot be accumulated to large amount for yearly spending. Hence I switched to Platinum rewards.
Now with point degradation to 4.2%, 2.5% and 0.85% (For $100 gift cards, for $25 cards rate is still lower), I have decided to use optional cards in my wallet.
US bank Flex travel rewards (Black card and not white- which has no annual fee) gives equivalent of 4% on gas or grocery depending on whichever is higher. My plan is to use US bank my card for gas only and my wife's card only for grocery. This will help in getting 4% on each category rather than losing one category to 2%.
#47
Join Date: Sep 2010
Location: Atlanta, GA
Posts: 4
I called PenFed customer service this morning to cancel my cash rewards card, because I had also received the letter about the $25 fee. I was told that I could avoid the fee and keep the 5% on gas by opening a $50 money market account. Tying up $50 isn't that big a sacrifice (compared to the $1k cd that the letter said I needed to maintain to keep the 5% with no fee). I am going to reconfirm with their online cs to be certain.
#48
Join Date: Apr 2005
Location: RIC,JFK,HND,HKG,BKK,CGK
Programs: AA-EXP,MAR-LTP;WoH-E;HH-G
Posts: 58
... I was told that I could avoid the fee and keep the 5% on gas by opening a $50 money market account. Tying up $50 isn't that big a sacrifice (compared to the $1k cd that the letter said I needed to maintain to keep the 5% with no fee). I am going to reconfirm with their online cs to be certain.
https://www.penfed.org/money-market-certificate/
#49
Join Date: Jul 2013
Posts: 384
"Keep in Mind: Minimum opening deposit is $1,000. "
https://www.penfed.org/money-market-certificate/
https://www.penfed.org/money-market-certificate/
#50
Join Date: Sep 2010
Location: Atlanta, GA
Posts: 4
"Keep in Mind: Minimum opening deposit is $1,000. "
https://www.penfed.org/money-market-certificate/
https://www.penfed.org/money-market-certificate/
Yes, opening a Money Market Savings Account (An initial deposit of $25 is required to open the account. Once the account is opened, there is no minimum balance requirement) will automatically upgrade your account to a Plus PenFed Platinum Cash Rewards Credit Card and you will not only avoid the $25 annual fee, but also maintain 5% cash back on gas purchases made at the pump.
You now qualify for the Plus tier (5% cash back and no annual fee), since you
have completed your request for one of our qualifying PenFed products. However, effective on your November statement, you will no longer earn 0.25% on all other purchases on your PenFed Platinum Cash Visa card. You will continue earning cash back on gas purchases paid for at the pump at the 5%.
You now qualify for the Plus tier (5% cash back and no annual fee), since you
have completed your request for one of our qualifying PenFed products. However, effective on your November statement, you will no longer earn 0.25% on all other purchases on your PenFed Platinum Cash Visa card. You will continue earning cash back on gas purchases paid for at the pump at the 5%.
#52
Join Date: Feb 2013
Location: NYC
Programs: AA Gold, US Silver, Starwood Gold, Starbucks Gold
Posts: 330
#55
Suspended
Join Date: Jan 2013
Location: LAX/SNA
Programs: AA, Hilton Gold
Posts: 3,887
#56
Join Date: Jan 2010
Posts: 103
I know the changes are effective today, but maybe you can call in and see what they can do for you.
#58
Join Date: Feb 2014
Posts: 349
any use for penfed platinum cash rewards (5% on gas)
I have this card but there doesnt seem to be much use for it anymore, it's 5% cashback on pay at pump but that's about it.
Is there something else i can use it for? with it being pay at pump i can't do anything else besides gas.
Is there something else i can use it for? with it being pay at pump i can't do anything else besides gas.
#59
Join Date: Aug 2011
Location: The Phoenix Desert
Programs: Hilton Cubic Zirconia, Marriott Fools Gold
Posts: 1,692
I haven't figured out anything else to do with it.... but having a relationship with Penfed is definitely a good thing to have if you are ever in the market for a loan. They have excellent rates on on cars and homes.... I'm currently doing a refi on my home eq loan at 2.49%! Add in that they pull EQ so its like a double win for me