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Thread: For PenFed Credit Card Holders.

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  1. #1 Default For PenFed Credit Card Holders. 
    Keep an eye on your mail for an offer to change your PenFed Platinum Cash Rewards card to their new PenFed Platinum Rewards card. It's a little different, first you no longer get a statement credit. You get points that you can redeem for different things or can just take as a pre-paid Visa card which is as good as cash and the points are valued equally at 1%=1 point. This card will still give 5 points for gas but will also now have 3 points for grocery stores and 1 point for everything else. If you don't convert starting Feb 1st old card will only .25% for the everything else. Also a very easy way to make a quick $250 by doing the following.


    "Special, Limited Time Offer

    Plus, you can jumpstart your rewards by earning 5,000 points the very first time you use your card and another 20,000 points when you spend $1,000 within the first 3 months. That's $250 that you can use toward merchandise, gift cards, and other rewards. Or, you can use your points for other easy-to-redeem rewards, such as merchandise, gift cards, or travel"

    This is not a targeted offer so you don't even need the letter, Just go here http://penfed.org/productsAndRates/c...wards%20Switch to convert
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  2. #2 Default  
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    Did I read correctly that after February first, the old card won't apply 5% back on gas, just .25%?

    I only use this card for gas, so unless the rules will change, i will probably skip. I have another card that gets 3 points back on any purchase, and I have quite a lot accumulated.
    Matt
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  3. #3 Default  
    Quote Originally Posted by [cerberus] View Post
    Did I read correctly that after February first, the old card won't apply 5% back on gas, just .25%?

    I only use this card for gas, so unless the rules will change, i will probably skip. I have another card that gets 3 points back on any purchase, and I have quite a lot accumulated.
    Gas will still be 5%, What card gives you 3 points and does that equal 3%? I know cards like CITI devalue points so 3 points is not 3%. Also just by switching you get at least $50 and the other $200 is easy if you spend $1,000 over 3 months.
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  4. #4 Default  
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    My citizens Bank Every day points card gives me 3 points on all card purchases.

    Not sure the value, I have not redemed any yet.
    Matt
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  5. #5 Default  
    Quote Originally Posted by [cerberus] View Post
    My citizens Bank Every day points card gives me 3 points on all card purchases.

    Not sure the value, I have not redemed any yet.
    I'm sure those 3 points do not equal 3%, There is no card right now that pays back 3% on all purchases. You should go and redeem some to find out. Most likely you would need 6,000-7,000 points to get a $50 gift card
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  6. #6 Default  
    Join Date
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    Pen fed is pentagon federal isn't it?
    The disease runs deep, relapses often, not looking for a cure, just another sick bastard to share it with.
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  7. #7 Default  
    Quote Originally Posted by 55fanatic View Post
    Pen fed is pentagon federal isn't it?
    Yes
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  8. #8 Default  
    Join Date
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    Quote Originally Posted by QuicksilverR8 View Post
    I'm sure those 3 points do not equal 3%, There is no card right now that pays back 3% on all purchases. You should go and redeem some to find out. Most likely you would need 6,000-7,000 points to get a $50 gift card
    I just looked into it and it is hovering at about 1/2% per point. This still puts me ahead of the penfed card for purchases not fuel related though. I get 3 points to every purchase, so that should be 1.5% reward per purchase, instead of just 1%. I do not spend enough in grocery stores to make the 3 point reward worth it.
    Matt
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