Just notified by PenFed that their cash rewards will now be giving 0.25% instead of 1.0% on everything other than gas. I've been using this as my business card and ran about $120K through it last year making that 1.0% really add up. The credit limit has always been a problem. Now I don't think it's worth it. Thinking of using Amex gold instead for business now. I know when they say no limit there is a limit but guys using Amex as their corporate cards have been able to run A LOT more $$ through them.....one partner had $120k charged last MONTH which of course is paid in full by the corp. What's everyone thinking about the change in PenFed? Thay are allowing you to switch to points based card that gives more points than the cash card does $ but of course they can easily manipulate what a point is worth. I knew it was too good to be true. I guess I understand they paid me thousands lasts year and I didn't pay them a cent (actually not true for some reason I paid them $1).
I'm still thinking about applying for the card because of the 5% cash back on gas. I've been intending to replace my Shell MC, which used to pay 5% back. It also has no foreign transaction fees, which beats any of my other cards.
