Credit Cards

[john31]

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%

[BigDaddy18]

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!

[ajh5408]

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.

[Crashem]

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BigDaddy18 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!

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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.

[Crashem]

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.

[BigDaddy18]

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Crashem wrote:

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BigDaddy18 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!

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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.

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

Thanks!

[Crashem]

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BigDaddy18 wrote:

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Crashem wrote:

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BigDaddy18 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.

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

Thanks!

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Mention you are on duty and hard to call.

[john31]

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.

[slarano]

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

[john31]

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