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Chances for PenFed Platinum Cash Rewards Card

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Anonymous
Not applicable

Chances for PenFed Platinum Cash Rewards Card

Hello, guys,

 

I was wondering what my chances might be for a PenFed Platinum Cash Rewards Card. I'm primarily interested in this card because of the 5% back on gas purchases, though I see the PenFed Platinum Rewards Card offers 5 points on gas purchases. I'm not sure which of these cards would be better, so any insight on that would also be greatly appreciated.

 

EQ Credit Score from myFICO: 742 on March 7, 2012 (I believe this is probably higher now as both my only credit card and my only auto loan have since become 1 year old, and 5 inquiries are no longer affecting my score)

Inquiries: 3 in the past 12 months (12 in the past 2 years; several of these are from shopping for my auto loan)

Derogatories: 0

Oldest Account Age: 14 years

Newest Account: 1 year

AAoA: 6 years

Highest Credit Limit: $4,200

EQ Utilization: 2%

Message 1 of 11
10 REPLIES 10
Anonymous
Not applicable

Re: Chances for PenFed Platinum Cash Rewards Card

I wish I could share a story with you on this one but I'm still waiting for mine to be approved?  It was refered to a Loan Officer about 10 days ago still waiting?  I think they had a very odd work week with the 4th and all so I'm hopeing to hear something next week!

Message 2 of 11
ajh5408
Contributor

Re: Chances for PenFed Platinum Cash Rewards Card

The Platinum Rewards card is generally considered to be the superior product. PCR is 5% on gas, but only 0.25% on everything else. PR is 5% on gas, 3% on supermarkets, and 1% on everything else, plus a $250 signup bonus ($50 on first purchase, $200 after spending $1,000 in the first 3 months). The downside is that while PCR automatically credits your rewards each month on your statement, PR is on a redemption system where the cash equivalent (a PenFed prepaid VISA card) requires a minimum of $50 (5,000 pts.) to redeem. They do offer gift cards for smaller redemptions (commonly $25), and those will occasionally go on minor sales (like 2,400 for $25). There is also merchandise available, though it's generally a bit of a poor conversion ratio...

 

So, in short, the PR is generally superior if you don't mind dealing with the $50 minimum for cash-equivalent redemptions and the prepaid card redemption format.

 

That said, while PenFed is a fairly conservative lender, I was approved for a PR card with what I feel is a "thinner" profile than yours, so I don't personally see you as having any issue with it.

Message 3 of 11
Crashem
Valued Contributor

Re: Chances for PenFed Platinum Cash Rewards Card


@Anonymous wrote:

I wish I could share a story with you on this one but I'm still waiting for mine to be approved?  It was refered to a Loan Officer about 10 days ago still waiting?  I think they had a very odd work week with the 4th and all so I'm hopeing to hear something next week!


You need to stay on top of them.  Send them email.  I had same issue.  I kept having to contact them to find out what they wanted to speed up the process.

               LIMITS IN CARD DESCRIPTIONS
Message 4 of 11
Crashem
Valued Contributor

Re: Chances for PenFed Platinum Cash Rewards Card

OP, you are fairly close.  I would just sign up and app.  Worth getting in with PenFed.  Even if rejected, you can start your relationship with them.  They have great loan collection.

               LIMITS IN CARD DESCRIPTIONS
Message 5 of 11
Anonymous
Not applicable

Re: Chances for PenFed Platinum Cash Rewards Card


@Crashem wrote:

@Anonymous wrote:

I wish I could share a story with you on this one but I'm still waiting for mine to be approved?  It was refered to a Loan Officer about 10 days ago still waiting?  I think they had a very odd work week with the 4th and all so I'm hopeing to hear something next week!


You need to stay on top of them.  Send them email.  I had same issue.  I kept having to contact them to find out what they wanted to speed up the process.


That's what I'm thinking I sent them another email today!

 

Thanks!

Message 6 of 11
Crashem
Valued Contributor

Re: Chances for PenFed Platinum Cash Rewards Card


@Anonymous wrote:

@Crashem wrote:

@Anonymous wrote:

I wish I could share a story with you on this one but I'm still waiting for mine to be approved?  It was refered to a Loan Officer about 10 days ago still waiting?  I think they had a very odd work week with the 4th and all so I'm hopeing to hear something next week!


You need to stay on top of them.  Send them email.  I had same issue.  I kept having to contact them to find out what they wanted to speed up the process.


That's what I'm thinking I sent them another email today!

 

Thanks!


Mention you are on duty and hard to call.
               LIMITS IN CARD DESCRIPTIONS
Message 7 of 11
Anonymous
Not applicable

Re: Chances for PenFed Platinum Cash Rewards Card

Thanks, guys, for your help. I'll definitely apply later this month, and I'm now leaning toward the Rewards Card.

 

BigDaddy18: I hope you hear good news very soon. Let us know when you do.

Message 8 of 11
slarano
Frequent Contributor

Re: Chances for PenFed Platinum Cash Rewards Card

Do you have a link to the $250 signup bonus? I went onto the PenFed site but don't see it. Thanks!

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Message 9 of 11
Anonymous
Not applicable

Re: Chances for PenFed Platinum Cash Rewards Card

The $250 bonus is for the Platinum Rewards Card, and it's outlined under the card's key features.  Hope this helps.

Message 10 of 11
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