Let me get straight to the point, you can still get the PenFed Cash Rewards card with 5% cash back on gas at the pump right now. I just got approved for it a few minutes ago.
So, as many of you who follow this forum religously know, PenFed introduced a new card a few days ago with 1.5% rewards (up to 2% if you meet some restrictions), and at the same time removed the Cash Rewards card from their site. Many were disappointed because the 5% rewards are really a standout feature, while 1.5-2% is pretty much the standard these days. This card was at the top of my list on what to apply for next with Sallie Mae going away, and I was planning to add it in a few months. I was sad.
Earlier today I saw a thread there on myFICO mentioning that it might still be possible to get this card by calling in, so here's how it went for me. I'm putting a link at the bottom of this post with the link on how to call in to apply. I spoke with a nice rep and he said that yes, he heard the card was going away. He put my on hold for a moment to check on it and came back to tell me that the card is now being limited to affiliates only. He rattled off a list of affiliates such as active military associations, other government associations, etc., and I was about to stop him thinking, I don't qualify. Then he said "Navy League" and a little light in my head lit up. Yes, I'm a member of the Navy League, and I know a lot of folks here at myFICO are as well, through joining NFCU. We went ahead with the app, he spoke to the loan officer for me and I was approved!
He did explain that I'd need to meet one of the requirements to get the 5% rewards, (checking with direct deposit, money market account, PLOC, etc.), so I'll get one of those set up soon. It seems pretty certain that this card is on the way out, and the rep said as much.
So if you were feeling empty and hollow a few days ago when learning it had been removed from the PenFed website, don't hesitate, it may be your last chance to get it!
Thanks for the great info! They'll have to pry mine from my cold, dead hands. Lol
Good to know for those of us who have the card already. That it's not going completely away.
Good to know for those of us who have the card already. That it's not going completely away.
Anyone can join the Navy League for a small fee, and that was the affiliate that I qualified with. Also, if you have any interest in getting in with NFCU, the Navy League (specifically San Diego chapter) will qualfy you for that as well. Its your classic two bird one stone scenario. A lot of people here at myFICO are Navy League members, so it's a good opportunity to get this card while it is still available.
Its going to be nerfed
Nice "loophole", OP! 