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PenFed Platinum Cash Rewards Visa Card [5% on gas, no annual fee]

Old Jun 14, 2014, 11:38 am
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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:
  • 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!
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PenFed Platinum Cash Rewards Visa Card [5% on gas, no annual fee]

Old Sep 14, 2013, 8:51 am
  #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%.
Nishant1 is offline  
Old Sep 23, 2013, 12:16 pm
  #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.
Geekguy75 is offline  
Old Sep 23, 2013, 8:26 pm
  #48  
 
Join Date: Apr 2005
Location: RIC,JFK,HND,HKG,BKK,CGK
Programs: AA-EXP,MAR-LTP;WoH-E;HH-G
Posts: 58
Originally Posted by Geekguy75
... 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.
"Keep in Mind: Minimum opening deposit is $1,000. "
https://www.penfed.org/money-market-certificate/
klrsmith is offline  
Old Sep 24, 2013, 12:11 pm
  #49  
 
Join Date: Jul 2013
Posts: 384
Originally Posted by klrsmith
"Keep in Mind: Minimum opening deposit is $1,000. "
https://www.penfed.org/money-market-certificate/
Money market account != money market certificate. Minimum to open money market savings is $25 (not sure why the CSR stated $50 minimum). Minimum for a money market certificate (CD) is $1,000.
takeshi74 is offline  
Old Sep 24, 2013, 6:44 pm
  #50  
 
Join Date: Sep 2010
Location: Atlanta, GA
Posts: 4
Originally Posted by klrsmith
"Keep in Mind: Minimum opening deposit is $1,000. "
https://www.penfed.org/money-market-certificate/
It was actually just a $25 money market. I logged into the Penfed website, and it's showing up in my list of accounts now. I wrote them, and here is what the customer service rep wrote:
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%.
Geekguy75 is offline  
Old Oct 6, 2013, 3:22 pm
  #51  
 
Join Date: Apr 2000
Location: Los Angeles
Programs: AA Lifetime Gold / Million miler
Posts: 297
We can avoid the annual fee and reduction in rebate by simply opening a Money Market Savings Account with only $25? Really?!
mileage junkie is offline  
Old Oct 6, 2013, 6:17 pm
  #52  
 
Join Date: Feb 2013
Location: NYC
Programs: AA Gold, US Silver, Starwood Gold, Starbucks Gold
Posts: 330
Originally Posted by mileage junkie
We can avoid the annual fee and reduction in rebate by simply opening a Money Market Savings Account with only $25? Really?!
Yup, I called and confirmed.
midnightinharlem is offline  
Old Oct 25, 2013, 6:24 pm
  #53  
Suspended
 
Join Date: Jan 2013
Location: LAX/SNA
Programs: AA, Hilton Gold
Posts: 3,887
So since this card now has a $50 AF, with a drop in cash back, where has everyone switched their gas spending?
PainCorp is offline  
Old Oct 25, 2013, 8:27 pm
  #54  
 
Join Date: May 2013
Posts: 54
Originally Posted by PainCorp
So since this card now has a $50 AF, with a drop in cash back, where has everyone switched their gas spending?
I was not aware this card has an annual fee... Where are you seeing this?
Dave4086 is offline  
Old Oct 25, 2013, 9:22 pm
  #55  
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Join Date: Jan 2013
Location: LAX/SNA
Programs: AA, Hilton Gold
Posts: 3,887
Originally Posted by Dave4086
I was not aware this card has an annual fee... Where are you seeing this?
Whoops, the Cash Rewards has it, not Platinum rewards....

Drop the gas cash back to 3% and add an AF, I'm out!
PainCorp is offline  
Old Oct 26, 2013, 9:37 am
  #56  
 
Join Date: Jan 2010
Posts: 103
Originally Posted by PainCorp
So since this card now has a $50 AF, with a drop in cash back, where has everyone switched their gas spending?
Originally Posted by PainCorp
Whoops, the Cash Rewards has it, not Platinum rewards....

Drop the gas cash back to 3% and add an AF, I'm out!
Look around Post #53 and on. User had a retention offer that let him/her keep the card and benefits without annual fee for opening a Money Market Account with $25 min. deposit. I called about a week after that post and was offered the same thing (though it took some prodding asking the CS rep often if "I had any other options").

I know the changes are effective today, but maybe you can call in and see what they can do for you.
KCKC is offline  
Old Feb 5, 2014, 11:49 am
  #57  
 
Join Date: Mar 2013
Location: Down South, The Desert
Programs: Marriot Rewards, Southwest Rapid rewards, Emerald Club, Avis Preferred
Posts: 1,871
Any more updates on this card? I'm about to bang out smoe more spending on it. I have two of them.
TheDapperDon is offline  
Old Feb 8, 2014, 10:47 pm
  #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.
aGeist is offline  
Old Feb 9, 2014, 8:00 am
  #59  
 
Join Date: Aug 2011
Location: The Phoenix Desert
Programs: Hilton Cubic Zirconia, Marriott Fools Gold
Posts: 1,692
Originally Posted by aGeist
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.
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
skitch23 is offline  
Old Feb 10, 2014, 9:30 am
  #60  
 
Join Date: Feb 2014
Posts: 349
Well, I have a damn 18k limit as opposed to 6k on my new BC from Amex...

...Need to find a cash station universally coded as pay at pump perhaps.

I guess I could do a balance transfer but I have no use for it.
aGeist is offline  

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