PENFED Reward Change

[longtimelurker]

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@CreditUnionFan wrote:

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@longtimelurker wrote:

Where is the info about the Plat Rewards moving to 3:2:1?  This is for the Signature version as far as I know.

Also, a few rewards are still 1:1, I just got the $25 marshalls gift card for 2,500 points for example.  Not ideal of course!

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One of the issues I often have with trading for gift cards is that these gift cards are billed as full value, but if I use my TJX card, for example, I effectively receive 5% back.

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Yes, I agree (I must have posted that months ago!)  I just got the Marshalls card to "cash" out my points on one of my cards.   A few weeks later, the 1:1 offers disappeared and I had to cash out my other card at something like 1200 for a $10 card.

[FutureBillionaire]

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@longtimelurker wrote:

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@ztnjpv wrote:

Yes. I called and spoke to CSR in the rewards dept. 

The point structure is still 5-3-1. I tried to be as clear and exact as I could. She asked me if my card was "Platinum" under the Visa logo. I said yes and she assured me it was still 5-3-1. She claimed to know nothing of any upcoming point reductions. 

So there you have it....for now. GRANTED, as we all know,  the points are not worth a penny each so it's not a true 5-3-1 in terms of % cash back but it's still a decent option when the Freedom is maxed out. 

If a point is worth .847 (That's what my shoddy math got me by dividing 5000 by 5900), then the gas is still 4.235%. Pretty good considering there's no limits. What beats that? Not too many options...especially over a full year. Even the groceries is still 2.541%. For the Walmart SC Shopper, it's still the best deal. BoA 3-2-1 doesn't beat it even with the checking bonus. Sure, if you shop at regualr super market, there are more options like BCP but it's capped at $6k. If you have a family, that $6k won't go a year at all. What then?

Bottom line, the card still has uses. Now, if they drop to 3-2-1, it's pretty much worthless. 

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Oh, I agree it isn't, bad and I will certainly continue to use it for the niche of international supermarkets which they cover at 3 points, and most cards drop to 1%.

For pure gas purchases though, Penfed Cash Rewards, with an associated product, really is still 5%.  For many, Sallie Mae at $250 a month might be enough (and my wife has one as well so we would have $500 a month).  And my new Blue Cash is unlimited 5% on groceries and gas (after an initial spend elsewhere).

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How are you getting unlimited 5% on groceries and gas?

[takeshi74]

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@FutureBillionaire wrote:

How are you getting unlimited 5% on groceries and gas?

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Blue Cash vs Blue Cash Preferred.

See also:

http://ficoforums.myfico.com/t5/Credit-Cards/the-old-Blue-Cash-card-Amex-still-available/td-p/268571...

[FutureBillionaire]

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@takeshi74 wrote:

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@FutureBillionaire wrote:

How are you getting unlimited 5% on groceries and gas?

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Blue Cash vs Blue Cash Preferred.

See also:

http://ficoforums.myfico.com/t5/Credit-Cards/the-old-Blue-Cash-card-Amex-still-available/td-p/268571...

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 Thanks. Applied for it today.