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Member
Posts: 26
Registered: ‎07-03-2012
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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%

Frequent Contributor
Posts: 673
Registered: ‎04-23-2009
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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!


Starting Score: EQ FICO 777
Current Score: EQ FICO 803
Goal Score: EQ FICO 810


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Contributor
Posts: 98
Registered: ‎04-13-2012
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Re: Chances for PenFed Platinum Cash Rewards Card

[ Edited ]

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.

.ılılıll | CK/TU FAKO [770] // CS/EX FAKO [789] // QZ/EX FAKO [724] // EX FICO [763] | llılılı.
Chase Hyatt [$9K] // AMEX SimplyCash [$8K] // Chase Freedom [$7K] // PenFed Platinum Rewards [$6.5K] // AMEX Clear [$6K] //
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Posts: 3,096
Registered: ‎01-26-2012
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Re: Chances for PenFed Platinum Cash Rewards Card


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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Valued Contributor
Posts: 3,096
Registered: ‎01-26-2012
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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.

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Frequent Contributor
Posts: 673
Registered: ‎04-23-2009
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Re: Chances for PenFed Platinum Cash Rewards Card


Crashem wrote:

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.


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

 

Thanks!


Starting Score: EQ FICO 777
Current Score: EQ FICO 803
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Valued Contributor
Posts: 3,096
Registered: ‎01-26-2012
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Re: Chances for PenFed Platinum Cash Rewards Card


BigDaddy18 wrote:

Crashem wrote:

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.


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

 

Thanks!


Mention you are on duty and hard to call.
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Member
Posts: 26
Registered: ‎07-03-2012
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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.

Frequent Contributor
Posts: 281
Registered: ‎04-30-2008
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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!


myFICO Starting Scores: TU 643 03.10.09 EX 676 01.09.09 EQ 638 05.24.09
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Member
Posts: 26
Registered: ‎07-03-2012
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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.

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