New product from PenFed. Potential for 2% Cashback

[csryang]

 I too was bummed that 5% gas card being removed from the website but oh well... it only gives 5% from pump anyway.

Here are some replacements that I found online:

Gas Category:

5% back: Fort Knox Credit Union Platinum Visa, USAA Cashback Rewards Plus, Sam's Club Mastercard

4.25% back: PenFed Platinum Rewards 

4% back: InFirst Credit Union Visa Rewards, Costco Anywhere Visa

PenFed Power Cash Rewards Rewards is interesting though.

Maintaing a checking account with 500 balance to get 2% back is not that hard. I dont think there are other open-to-the-public cards with 2% back and no AF and FTF !! PenFed is the first and good for those with lots of foreign charges.

I am interested in applying later... BTW, anyone know how many new accounts are too many with them? 

[SouthJamaica]

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@Anonymous wrote:

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@SouthJamaica wrote:

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@happypill wrote:

Do they offer a fee-free checking account like many CUs?  If so, this is a pretty solid product.  It seems like Penfed really has a good idea of how to set up their cards to make them attractive to consumers.  I'd definitely consider one if checking accounts are free.

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The only checking account they offer has a $10 monthly fee unless you (a) make direct deposits of $500 per month or (b) maintain a minimum $500 balance.

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I don't believe this is true.   I have the Access America Checking with about $100 in it and I don't have any DD going into it.  If you want interest DD is required, but I have yet to be charged any kind of account fee.

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It's absolutely true... either that or you have special dispensation. I've been hit with the $10 service charge almost every month, until I finally figured out why.

[Anonymous]

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@Falere wrote:

I think the rewards redemption policy will determine if it's worth checking out.

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According to an email I received from PenFed asking about redemptions, "According to our credit card department, you can select how your rewards are paid either through a statement credit or to your checking or savings account."

So it sounds like it can either work like the gas card (automatically apply the rebate), or you can have it sent to a deposit account.  No minimums like Citi or Fidelity, and no FTF (which is a big deal for me, my job means that I have to add pages to the last two passports I've had!).  This makes it kind of like the Golden 1 platinum Visa, which deposits directly into my savings account there.

[Blodreina]

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@Anonymous wrote:

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@Falere wrote:

I think the rewards redemption policy will determine if it's worth checking out.

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According to an email I received from PenFed asking about redemptions, "According to our credit card department, you can select how your rewards are paid either through a statement credit or to your checking or savings account."

So it sounds like it can either work like the gas card (automatically apply the rebate), or you can have it sent to a deposit account.  No minimums like Citi or Fidelity, and no FTF (which is a big deal for me, my job means that I have to add pages to the last two passports I've had!).  This makes it kind of like the Golden 1 platinum Visa, which deposits directly into my savings account there.

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I can confirm that you have several redemption options (PenFed Share account, checking account, statement credit, ACH transfer to outside checking account).  All of the redemption options only have a $5 minimum.

[galahad15]

I'm not personally interested in the PenFed 2% cashback card.  Already have four 2% open cashback cards, plus the direct and/or minimum deposit amount required is a turn-off.

[garagebandking]

I went through a whole song and dance routine with PenFed about this card and decided to move some of the PlatRew limit over to open this, so that I can close out my QS or maybe do a PC...who knows.

The 2% through a bank I moved 75% of financial dealings to was worth it. I need to consolidate lenders a bit.

[Anonymous]

"I think the rewards redemption policy will determine if it's worth checking out.  I have two 2% cards.  Blispay has some limitations being a startup, and the Double Cash has a $25 redemption minimum.  If this card has no redemption minimum, it'd be a pretty good option for those that can/will qualify for 2%.  The lower interest rate bracket also makes it appealing (9.24 to 17.99%)."

I apped this week and just this morning my card is on my dashboard so I did some clicking around. Minimum redemption is $5 on the new Penfed. You can use as a statement credit, transfer to another Penfed account or transfer to a bank account outside of Penfed.

[Anonymous]

Product Changes:

They don't PC, but they will close a card and TRANSFER your existing credit line to the new card. For example, I apped for the new Power card over the phone and at the same time closed my Promise card and transferred the 9K CL to my new card.