Originally Posted by
klrsmith
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%.