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@BootStraps wrote:Hi folks!
A stray thought has been rattling noisily through my head so I decided to ask for opinions...
Lately, from what folks have been saying on the board, Penfed has been cutting rewards. Considering how strict they are, are they even worth the aggrevation at this point?
I have an account with them and I'm not even thinking of applying for another year (or they'll accuse me of pyramiding) but I'm starting to wonder if I should even bother continuing my relationship with them at this point.
The only card i have with them is the Cash Back Rewards and all i use the card for is Gas now......... If you use it for anything else you get NOTHING back....ZIPPO
@longtimelurker wrote:Yes, sometimes their CD rates are the best.
+1 i have 3 Cd's with them and they do have the best rates that i could find
It depends on what you need them for. You can still get the 5% if you have an installment loan too (I have a auto loan). They seem to be picky, but one they like you, you are golden. I have the Travel Rewards AMEX, and admittedly don't use it much anymore. But I routinely get the "blank check" preapproved Auto loan checks mailed, and I took advantage of the last blank check I got to do a re-fi at 1.49%. I recently got pre-approvals for a bunch of other credit products, and I am deciding now on which pre-approval I want to use. They have been very easy to deal with (for me).
It gets down to what products you need. Everyone is not eligible for PSECU, USAA, or NFCU. PenFed has its place, but it is not for everybody.
I keep the account because it may be useful for a new car in a few years.
I have their 5pts for Gas, 3pts for Groceries, and 1 pt for everthing else.
I'm have like 15 credit cards in my wallet and always try to maximize it. Call me a nerd, i dont care
HERE'S THE ONE BENEFIT OF THE PENFED CREDIT CARD --- IT COUNTS CERTAIN WALMARTS AS 3% !!!!
I only use it at the supermarket walmart next close to my place and they always give me 3%. It is about 50% with the supercenters and 100% with the smaller ones like the neighborhood ones
One thing people overlook is how crefit union cards make it easy to advance cash if ever needed...No cash advance fees...can advance cash to full limit on card. Cash is still handy. They also offer 4.9% balance transfers and at times no transfer fees.
@BootStraps wrote:Is PenFed worth it anymore?
Worth is always highly subjective so there will definitely be varying answers. My PenFed Platinum Cash Rewards card is still worth it to me but I have a qualifying product to retain 5% on gas and no AF. YMMV.
@BootStraps wrote:
Lately, from what folks have been saying on the board, Penfed has been cutting rewards. Considering how strict they are, are they even worth the aggrevation at this point?
I have an account with them and I'm not even thinking of applying for another year (or they'll accuse me of pyramiding) but I'm starting to wonder if I should even bother continuing my relationship with them at this point.
You have to make that call for yourself based on your own priorities.
Plus, no one knows what will happen in a year. Wait until you're ready and re-assess at that point.
@flowfaster wrote:
Plus they don't even offer the platinum rewards card anymore.
Sure they do:
https://www.penfed.org/visasignaturepoints/
@p- wrote:Even 5% categories never yield enough cashback to get me excited. I use the 5% when I can, but don't go through a bunch of hoops to get all of the max rewards possible. Who has time for that?
Plenty do. Don't just assume that "I don't have time for" means "No one has time for". A number of people use different cards to maximize rewards.
There really aren't any hoops for me to jump through aside from using my PPCR for gas. Statement credits are automatically issued each month.
Like all CC, they have their perks but Penfed caters for the nearly perfect credit clients.
I have never been able to get in with them even with my latest 'lates' being 6 years ago (that's what they always point me towards when I have applied). With scores even in the 760's they still tell me about my 2 X 30days lates in 2008. So I gave up on them.
DCU comes to mind as a good CU. their CC's are not that great but their car loans are great. I recently bought an SUV (used) and they gave me a 1.29% and I refinanced another car at 2.49% (beating even NFCU).
Apart from their 5% rewards on gas (PenFed), it's still not a very appealing card (if I could get one) since I don't drive that much. I have been using my BOA Privileges card with their 1-2-3 structure similar to the BCE.
@mkm77 wrote:One thing people overlook is how crefit union cards make it easy to advance cash if ever needed...No cash advance fees...can advance cash to full limit on card. Cash is still handy. They also offer 4.9% balance transfers and at times no transfer fees.
Interesting point. Thanks for sharing this.