Jun 14, 2014, 11:38 am
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]
May 14, 2014, 9:34 am
#62
Join Date: Mar 2013
Location: Down South, The Desert
Programs: Marriot Rewards, Southwest Rapid rewards, Emerald Club, Avis Preferred
Posts: 1,871
I received the new chipped version of the Platinum rewards card for one of my accounts today.
My other account received an email stating that they were converting my to the Visa Signature version. As of now, I'm going to keep my existing benefits. We'll see what they do in the future.
I also received a soft CLI for about 1.5 times the limit
My other account received an email stating that they were converting my to the Visa Signature version. As of now, I'm going to keep my existing benefits. We'll see what they do in the future.
I also received a soft CLI for about 1.5 times the limit
May 14, 2014, 12:49 pm
#63
Join Date: Aug 2011
Location: The Phoenix Desert
Programs: Hilton Cubic Zirconia, Marriott Fools Gold
Posts: 1,692
I received the new chipped version of the Platinum rewards card for one of my accounts today.
My other account received an email stating that they were converting my to the Visa Signature version. As of now, I'm going to keep my existing benefits. We'll see what they do in the future.
I also received a soft CLI for about 1.5 times the limit
My other account received an email stating that they were converting my to the Visa Signature version. As of now, I'm going to keep my existing benefits. We'll see what they do in the future.
I also received a soft CLI for about 1.5 times the limit
May 14, 2014, 6:35 pm
#64
Join Date: Mar 2013
Location: Down South, The Desert
Programs: Marriot Rewards, Southwest Rapid rewards, Emerald Club, Avis Preferred
Posts: 1,871
I had my card for about a month before I requested to be switched to the chip card. They closed my first account and opened a second so I now have two entries on my credit report for one card. Not sure if it will be different for you since they initiated the change, but just something to be aware of as it might drop your AAoA like it did for me.
Oct 1, 2014, 10:20 pm
#65
Join Date: Apr 2014
Posts: 34
I too am enjoying this card. It was a bit of a pain to get but now that I have it 5% is pretty nice to get. I wish I had this credit card when I moved cross country with the moving truck.
For me it is nice because you can get the rebate on diesel. When I had my old Shell MC with 5% they didn't rebate diesel purchases.
For me it is nice because you can get the rebate on diesel. When I had my old Shell MC with 5% they didn't rebate diesel purchases.
Dec 31, 2014, 10:35 am
#67
Join Date: Dec 2014
Posts: 14
I went through the hassle to become a PenFed member and get this card a few years ago (back when it was also 2% on groceries, and 1% on everything else).
Overall, it's been worthwhile- it's really convenient to have the cash rewards credited to the statement balance automatically.
If you buy gas at an Exxon station, I recommend registering this card with the Speedpass to get the 5% cashback without even taking out your wallet. Exxon also occasionally runs promotions.. worth looking into.
Overall, it's been worthwhile- it's really convenient to have the cash rewards credited to the statement balance automatically.
If you buy gas at an Exxon station, I recommend registering this card with the Speedpass to get the 5% cashback without even taking out your wallet. Exxon also occasionally runs promotions.. worth looking into.
Jan 1, 2015, 3:25 pm
#68
Join Date: Feb 2006
Programs: HH Gold (again), US/UA/DL non-elite, ZE Presidents Circle, WN reluctant no fee convert.
Posts: 1,449
I gave up on this.
After joining PenFed and using my Arrival to fund my checking account (and hoped to targeted for a GOOD CC offer), I let my balance duck under $500 because I was out of town and inattentive. Not to mention there was no branch nearby (got another bank mixed up with PenFed on a military base) to drop in once in awhile. Anyway, I got my 2000 Arrival points, two $10 service fees after about 5 months, and never did glean a good Penfed CC offer.
I called to close my checking. The old school customer service gal (which I will take anytime over hyper friendliness with no efficiency) offered to give me back the $20 in the mail via check along with my remaining balance and closed my account. I kept the share account open telling her I would like to STILL give myself the chance to try and get a good CC offer or car loan offer and she was fine with that.
After joining PenFed and using my Arrival to fund my checking account (and hoped to targeted for a GOOD CC offer), I let my balance duck under $500 because I was out of town and inattentive. Not to mention there was no branch nearby (got another bank mixed up with PenFed on a military base) to drop in once in awhile. Anyway, I got my 2000 Arrival points, two $10 service fees after about 5 months, and never did glean a good Penfed CC offer.
I called to close my checking. The old school customer service gal (which I will take anytime over hyper friendliness with no efficiency) offered to give me back the $20 in the mail via check along with my remaining balance and closed my account. I kept the share account open telling her I would like to STILL give myself the chance to try and get a good CC offer or car loan offer and she was fine with that.
Last edited by jan_believes; Jan 1, 2015 at 5:40 pm
Jan 1, 2015, 4:49 pm
#69
Join Date: Mar 2013
Location: Down South, The Desert
Programs: Marriot Rewards, Southwest Rapid rewards, Emerald Club, Avis Preferred
Posts: 1,871
I gave up on this.
After joining PenFed and using my Arrival to fund my checking account (and hoped to targeted for a GOOD CC offer), I let my balance duck under $500 because I was out of town and inattentive. Not to mention there was no branch nearby (got another bank mixed up with PenFed on a military base) to drop in once in awhile. Anyway, I got my 2000 Arrival points, two $10 service fees after about 5 months and never did glean a good Penfed CC offer.
I called to close my checking. The old school customer service gal (which I will take anytime over hyper friendliness with no efficiency) offered to give me back the $20 in the mail via check along with my remaining balance and closed my account. I kept the share account open telling her I would like to STILL give myself the chance to try and get a good CC offer or car loan offer and she was fine with that.
After joining PenFed and using my Arrival to fund my checking account (and hoped to targeted for a GOOD CC offer), I let my balance duck under $500 because I was out of town and inattentive. Not to mention there was no branch nearby (got another bank mixed up with PenFed on a military base) to drop in once in awhile. Anyway, I got my 2000 Arrival points, two $10 service fees after about 5 months and never did glean a good Penfed CC offer.
I called to close my checking. The old school customer service gal (which I will take anytime over hyper friendliness with no efficiency) offered to give me back the $20 in the mail via check along with my remaining balance and closed my account. I kept the share account open telling her I would like to STILL give myself the chance to try and get a good CC offer or car loan offer and she was fine with that.
Jan 2, 2015, 9:52 am
#70
Join Date: Dec 2009
Location: Los Angeles
Programs: Hyatt, Hilton, Marriott // WN, AA, BA, UA, AS // Avis
Posts: 1,314
I went through the hassle to become a PenFed member and get this card a few years ago (back when it was also 2% on groceries, and 1% on everything else).
Overall, it's been worthwhile- it's really convenient to have the cash rewards credited to the statement balance automatically.
If you buy gas at an Exxon station, I recommend registering this card with the Speedpass to get the 5% cashback without even taking out your wallet. Exxon also occasionally runs promotions.. worth looking into.
Overall, it's been worthwhile- it's really convenient to have the cash rewards credited to the statement balance automatically.
If you buy gas at an Exxon station, I recommend registering this card with the Speedpass to get the 5% cashback without even taking out your wallet. Exxon also occasionally runs promotions.. worth looking into.
Jan 4, 2015, 1:19 pm
#72
Join Date: Feb 2006
Programs: HH Gold (again), US/UA/DL non-elite, ZE Presidents Circle, WN reluctant no fee convert.
Posts: 1,449
I just refuse to take anything that doesn't give me a bonus or 0% for a limited time. I think the best I saw from PenFed was maybe 4.99 APR. You might say I'm picky.
BTW, got my PenFed check as described above, in maybe two days. Love banks that are efficient and do what they say. Maybe I'll get that 0% offer yet!
BTW, got my PenFed check as described above, in maybe two days. Love banks that are efficient and do what they say. Maybe I'll get that 0% offer yet!
Feb 19, 2015, 10:40 am
#73
Join Date: Dec 2014
Posts: 74
Really looking for confirmation with this card, which I have yet to apply for. Wondering if anyone can help.
Trying to determine if 5x points are posted ONLY at the gas pump, or inside the gas station as well. ie, MCC code 5542 for "automated fuel dispenser" vs MCC code 5541 "service station".
Could anyone confirm? Attempt a purchase in-station and also at the pump, and see if only one or both earn points?
Would be looking to do a little gas-station MS with this card, so wanting to see if it is plausible.
Many thanks!
Trying to determine if 5x points are posted ONLY at the gas pump, or inside the gas station as well. ie, MCC code 5542 for "automated fuel dispenser" vs MCC code 5541 "service station".
Could anyone confirm? Attempt a purchase in-station and also at the pump, and see if only one or both earn points?
Would be looking to do a little gas-station MS with this card, so wanting to see if it is plausible.
Many thanks!
Feb 19, 2015, 11:43 am
#74
Join Date: Jul 2001
Location: DTW
Programs: Dirt Status w/ All
Posts: 5,040
Yes it is only with pay at the pump. But I only have a couple data points.
I had three pay@pump transactions at the same Meijer gas station and one inside purchase.
Gas: 91.51 total
Inside: 2.85
Reward 4.57 = .05 X 91.51
Note they always round your award down, so if you charged $199.99 you will get 9.99 in rewards.
My other data point is a Shell station in Scotland that did not have pay at the pump and received no rewards.
Even if you could find a station that coded an inside purchase as a pay at the pump I doubt you could MS for long. PenFed is very specific that it is pump only. $1000+ transactions will likely raise a flag pretty quick since pump transactions are typically limited to $100 or $150.
I had three pay@pump transactions at the same Meijer gas station and one inside purchase.
Gas: 91.51 total
Inside: 2.85
Reward 4.57 = .05 X 91.51
Note they always round your award down, so if you charged $199.99 you will get 9.99 in rewards.
My other data point is a Shell station in Scotland that did not have pay at the pump and received no rewards.
Even if you could find a station that coded an inside purchase as a pay at the pump I doubt you could MS for long. PenFed is very specific that it is pump only. $1000+ transactions will likely raise a flag pretty quick since pump transactions are typically limited to $100 or $150.