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]
Sep 6, 2013, 8:48 am
#31
Join Date: May 2011
Programs: AA, SPG, HERTZ, BA, UA, CO, JB
Posts: 289
I just combined the cash reward credit line to the reward credit card. I think they meant to push people out really since I doubt anyone is using it for the .25% so at 5%, they are definitely losing money.
Sep 6, 2013, 12:10 pm
#32
Join Date: Aug 2011
Location: The Phoenix Desert
Programs: Hilton Cubic Zirconia, Marriott Fools Gold
Posts: 1,692
I bet you're right. The only time I used it for regular purchaes was on a trip to Canada and it was only because I didn't have another card at the time with no FTF's.
Sep 6, 2013, 3:07 pm
#33
Join Date: Jan 2008
Location: Georgia
Programs: DL DM/2MM
Posts: 1,037
I got the same letter, and I had to fish it out of the trash, notice the "PLEASE SEE REVERSE FOR MORE ACCOUNT INFORMATION" notice, and turn the page over to see the reductions in the percentage rebates. Thanks for pointing it out as I otherwise would have missed it.
Sep 8, 2013, 12:45 pm
#35
Moderator
Join Date: Jun 2003
Location: Miami, Mpls & London
Programs: AA & Marriott Perpetual Platinum; DL & HH Gold
Posts: 48,958
http://www.flyertalk.com/forum/credi...signature.html
Sep 9, 2013, 4:08 pm
#36
Join Date: Mar 2013
Location: Down South, The Desert
Programs: Marriot Rewards, Southwest Rapid rewards, Emerald Club, Avis Preferred
Posts: 1,871
I've heard rumors of the points card being devalued as well. Have we been able to nail down what's going on with that card? I know the points required for rewards was increased, but are they going to move to a 3/2/1 format in lieu of the 5/3/1 format the currently have?
Sep 9, 2013, 4:19 pm
#37
Moderator
Join Date: Jun 2003
Location: Miami, Mpls & London
Programs: AA & Marriott Perpetual Platinum; DL & HH Gold
Posts: 48,958
Sep 9, 2013, 4:57 pm
#39
Join Date: Aug 2011
Location: The Phoenix Desert
Programs: Hilton Cubic Zirconia, Marriott Fools Gold
Posts: 1,692
This. There are two separate Penfed cards. One that gives cash back and the other that awards points. Not sure why the two threads got merged.
Sep 12, 2013, 11:44 am
#41
Join Date: Apr 2011
Location: Texas
Programs: HHonorsDiamond
Posts: 665
I've heard rumors of the points card being devalued as well. Have we been able to nail down what's going on with that card? I know the points required for rewards was increased, but are they going to move to a 3/2/1 format in lieu of the 5/3/1 format the currently have?
To clarify Pen Fed has 3 cards:
Platinum Rewards American Express
Platinum Rewards Cash: the one with the 5% on gas, and .25% on everything else...straight statement credit.
3rd: The Platinum Reward card: This is the card a lot of people converted to last year. It was 5 pts for gas, 3 pts for grocery and 1 pt for everything else.
This card could then be converted to Visa Gift cards starting at $25 for 2500 points. So it was a 5%, 3% and 1% card.
Without any notice at all, Pen Fen increased the amount of points needed to get a gift card. Imagine my surprise when I went to cash out my 5000 points to get a $50 visa card. 5800 points now! I immediately made a call to Pen Fed and they told me basically they could make any changes to the point redemption value they wanted without notice.
I spoke to someone else at Pen Fed that said about 3 weeks ago they raised the points needed. So right now with the changes it is about 4% for gas, 2%for groceries and .8% for everything else.
Not very happy but I am going to hold onto card because we have had it the longest of ANY card and don't want to cancel. I asked about changing it over to the cash card and just get 5% cash for gas but they would make me run a whole new application and cancel this one. I was also told to hold onto it because they are no longer going to offer it to any new customers.
I have my checking, savings, CD and mortgage with PenFed and have been a long time customer. Really disappointed in how they handled this issue. So for now I have limited my use of this card to gas only when I can't get the 5% on my Freedom card during bonus quarters. I also go to the commissary and have found that other cards don't count it as grocery while Pen Fed does. American Express doesn't so I can't use my Blue Cash card. Gonna have to settle for 2%.
Sep 12, 2013, 7:34 pm
#43
Join Date: Dec 2012
Posts: 498
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.
devaluing of points always makes me mad. At least let us know a month or two in advance. unless they are trying to screw us...oh wait, they are