New product from PenFed. Potential for 2% Cashback

[Anonymous]

Looks very good to me...makes me wonder if I should even try to get in with Chase now or just move along with Penfed

Just realized they removed the gas card!!!! WTH, I was in the process of setting up my Money Market Savings Account to get their 5% cash back on gas. This was the only reason I joined PenFed!! What am I supposed to do now....I can't even deal with this now.

[Anonymous]

Noooo!!!!! I was just about to apply to the gas card!

I guess I'll have to settle for the points one now.

[Anonymous]

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@Anonymous wrote:

Looks very good to me...makes me wonder if I should even try to get in with Chase now or just move along with Penfed

Just realized they removed the gas card!!!! WTH, I was in the process of setting up my Money Market Savings Account to get their 5% cash back on gas. This was the only reason I joined PenFed!! What am I supposed to do now....I can't even deal with this now.

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Same here! Just two days ago I was trying to sign up for a money market account but thankfully the website wasn't working and I was too lazy to call! This sucks, and I also just learned that the 5x points card is really like 4.25% when redeemed for gift cards. 

[SouthJamaica]

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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.

[SouthJamaica]

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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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Their checking account is not exactly free. It's $10 a month unless you (a) maintain a $500 minimum balance or (b) make $500 a month in direct deposits.

[SouthJamaica]

It's exactly the kind of card I don't need any more of... the kind that's good for purchases but not for cash advances or balance transfers. I recently closed 3 accounts like that, all with Synchrony. 

But I couldn't resist pulling the lever anyway, since I kind of like PenFed and I like across the board 2% cash back.

I'll probably be better off if they turn me down.

[UFGuy2006]

The other thing for everyone to keep in mind is that it is a HP for the checking account. If you don't have one already, do it the same day you apply for the CC. 

[Anonymous]

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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.

[Anonymous]

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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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Correct. I have an access America account at $250 and never had a fee charged to me. As alway YMMV

[creditfan]

their fine print from what I understand is what @SouthJamaica said

that's why I never had one because it's not a truly free checking account