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]
Mar 7, 2012, 7:20 am
#17
Join Date: Aug 2004
Location: Charlotte
Programs: Delta ,
Posts: 131
Me too.
Just to confirm what others have said.
Called in January to make the switch from a cash back to points. CSR said starting with your Feb 7 you will earn points not cash back.
Charged all my groceries to get 3% points. Should of gotten points. Found out I got cash back groceries @0 .25%. for month of February.
Called rep said I was never switched. Got name and extension now.
Advice to all, if switched call, and got confirmation that you switched.
Will not start till April 7 now.
Called in January to make the switch from a cash back to points. CSR said starting with your Feb 7 you will earn points not cash back.
Charged all my groceries to get 3% points. Should of gotten points. Found out I got cash back groceries @0 .25%. for month of February.
Called rep said I was never switched. Got name and extension now.
Advice to all, if switched call, and got confirmation that you switched.
Will not start till April 7 now.
Apr 11, 2012, 7:44 am
#18
Join Date: Mar 2006
Location: RDU
Posts: 812
Timing for 20,000 bonus points
In case anyone else is waiting for the 20,000 bonus points for $1,000 spend, I received this SM today from PenFed Platinum Rewards:
The additional 20,000 points is awarded for spending $1,000 in the first 3 months following card activation. These bonus earnings will not appear in the account until 3 months after the card has been activated regardless of when the $1,000 is spent within that timeframe.
Apr 27, 2012, 11:36 am
#20
Moderator: Chase Ultimate Rewards
Join Date: Apr 2005
Location: SFO
Programs: UA 2P, MR LT Plat, IHG Plat, BW Dia, HH Au, Avis PC
Posts: 5,456
Earn a $30 statement credit
Check your e-mail. Very easy $30. I have the old style cash rewards card but the e-mail just says "your PenFed Visa"... so maybe both cards will work?
Even easier, when you read the details - especially the part I bolded:
For a limited time, you can earn a one-time $10 statement credit for each automatic bill payment you set up with your PenFed Visa® (up to three) between May 1-June 30, 2012. That's an easy $30 off your statement for doing something that simplifies your life! Phone service, insurance, cable TV, even utilities ... you can pay all kinds of bills with your Visa card. It’s easy. And you’ll save time and hassle every month.
To qualify, the Visa bill payment transactions must: (i) be completed a using the full PenFed Visa 16-digit Card number referenced above during the Offer period; (ii) be identified to Visa by the biller as a one-time or recurring bill payment based on the information available on Visa’s proprietary network (VisaNet); and (iii) post to the Visa PenFed Card accoun t referenced above by June 30, 2012.
Jul 12, 2012, 7:59 pm
#22
Join Date: Oct 2006
Location: Okinawa
Posts: 2,611
So I switched my card, spent $1000, received my 25,000 points, turned it into a $250 Visa debit card, but now I'm wondering about making an ATM withdraw. How do I get all $250 off without inuring a fee? Cash-back at the register doesn't work.
Jul 12, 2012, 10:57 pm
#23
Join Date: Oct 2006
Location: Okinawa
Posts: 2,611
That statement is incorrect. I received my 20,000 bonus points as soon as $1000 of spending posted to my account, before the statement even closed.
Jul 12, 2012, 11:50 pm
#24
Join Date: Aug 2011
Location: DFW
Programs: AA PLT, HH Gold, SPG/Marriott Gold
Posts: 1,091
It may be a YMMV thing, they might have changed it recently. I did not receive my points until the 3 month mark at the statement cut date. That was back in May I believe.
Sep 5, 2013, 8:36 pm
#25
Join Date: Mar 2012
Programs: UA
Posts: 41
PenFed Platinum Cash Rewards changes (AF, cash-back)
Just got a letter from PF for the PenFed Platinum Cash Rewards card -- this is the old cash-back product that was changed to 5% gas / 0.25% all other purchases a while back.
As of 10/26/13, a $25 annual fee will be assessed. The AF is waived with a qualifying product:
* Active checking account with $250 min direct deposit (though for the standard acct you need $500 daily balance or $500 monthly DD to avoid a service charge...)
* Money market certificate or IRA certificate (both have a $1k minimum opening deposit)
* Mortgage
* Installment loan
* Equity loan or equity LoC with balance
As of the November statement, the 0.25% cash back on all other purchases will be eliminated. (-.-) The 5% cash back on gas will decrease to 3% unless you have one of the aforementioned qualifying products.
Not crazy about having to park some cash in a CD, but at least they're still paying the 5% and crediting with the statement cycle.
As of 10/26/13, a $25 annual fee will be assessed. The AF is waived with a qualifying product:
* Active checking account with $250 min direct deposit (though for the standard acct you need $500 daily balance or $500 monthly DD to avoid a service charge...)
* Money market certificate or IRA certificate (both have a $1k minimum opening deposit)
* Mortgage
* Installment loan
* Equity loan or equity LoC with balance
As of the November statement, the 0.25% cash back on all other purchases will be eliminated. (-.-) The 5% cash back on gas will decrease to 3% unless you have one of the aforementioned qualifying products.
Not crazy about having to park some cash in a CD, but at least they're still paying the 5% and crediting with the statement cycle.
Sep 5, 2013, 8:45 pm
#26
Join Date: Aug 2011
Location: The Phoenix Desert
Programs: Hilton Cubic Zirconia, Marriott Fools Gold
Posts: 1,692
Laaaaame. I can get 3% with my BCP.... Will need to crunch some numbers to see if it makes more sense to drop $1k into a CD. I wonder if they will be offering a new $0 AF card?
Sep 5, 2013, 9:54 pm
#27
Join Date: Jan 2010
Posts: 103
Got this mailing today as well
I had just converted it into my first chip and PIN too! Loved the no foreign transaction fee, but with a grandfathered Blue Cash, I don't see a compelling reason to keep this for a $25 AF. Interested to read others' thoughts though.
I had just converted it into my first chip and PIN too! Loved the no foreign transaction fee, but with a grandfathered Blue Cash, I don't see a compelling reason to keep this for a $25 AF. Interested to read others' thoughts though.
Sep 6, 2013, 7:12 am
#28
Join Date: Feb 2013
Location: NYC
Programs: AA Gold, US Silver, Starwood Gold, Starbucks Gold
Posts: 331
Wow, thanks for the heads-up. Very disappointing news here, but it seems there are enough other options to make the AF not worthwhile (quarterly points with Chase Freedom, Amex PRG, Blue Cash Preferred, etc.). Unfortunate.
Sep 6, 2013, 8:11 am
#30
Join Date: Feb 2013
Location: NYC
Programs: AA Gold, US Silver, Starwood Gold, Starbucks Gold
Posts: 331
If anyone plans to call and ask for a retention bonus or anything similar, please let us know how it goes. I will probably make a call in a few weeks as I explore other options.