PenFed Credit Union's Visa Platinum Rewards Card

[Anonymous]

It was EQ again.

[Cory]

The balance transfer rate on this card right now is sweet, 2.99%. I have transferred a hefty balance that would be paid off in three months. I figure I would give Penfed some confidence in me by seeing a payment pattern.

Has anyone else took advantage of this offer yet?

Cory

[haulingthescoreup]

No, but I was looking at it.

Can you still use the card for gas, etc purchases and get the rewards? If you're still using it for purchases, how do they apply your payments, to the BT or to the new charges?

[Cory]

This is my first time using it, so I have to get back to you on that one while at the same time monitoring my statements each month. You will still get your rewards, and whatever balance is left on the card, it will be credited to that balance.

For example, I balance transfer $100.00 at 2.99%, charge a new purchase at about $400.00, at 5.00% gas, at the end of the closing cycle, they will credit me the cash rewards of $20.00 to the account, resulting in a lower balance after it's applied to the $100.00. So the rewards help pay off the balance transfer amount with me. And I will only owe $80.00 sweet dollars. I hope that made sense to you, lol.

You know that you are the queen of fico my darling.

Cory

---

haulingthescoreup wrote:
No, but I was looking at it.

Can you still use the card for gas, etc purchases and get the rewards? If you're still using it for purchases, how do they apply your payments, to the BT or to the new charges?

---

Message Edited by Cory on 04-20-2009 07:31 AM

[haulingthescoreup]

lol, a queen on oxycodone at the moment. Short sentences and minimal syllables are very useful!

Thanks for the info. And 2.5% BT fee capped at $100, as I recall. That certainly makes them more attractive than BofA, for instance, for those considering a BT.

[Cory]

---

@haulingthescoreup wrote:
lol, a queen on oxycodone at the moment. Short sentences and minimal syllables are very useful!

Thanks for the info. And 2.5% BT fee capped at $100, as I recall. That certainly makes them more attractive than BofA, for instance, for those considering a BT.

---

Yeah, let's not forget that part. I will have to pay a nice 2.5% fee on the balance, but it's worth it at 2.99%, rather than JCPenney 21.95%. Actually, I thought of a nice gimmick. Around the holidays charge to Department store cards, and BT to PenFed at whatever rate is giving at the time.

Cory

[y0rascal]

why do that? when you can just charge your Penfed card and get 1.25% cash back...... duh, in other words dump your dept store cards they are not needed lol...

[Cory]

Wow!,

On this same card for a limited time, you can get 5% cash back on travel rewards. This card is loaded with perks.

Cory

[athensguy]

---

@y0rascal wrote:
why do that? when you can just charge your Penfed card and get 1.25% cash back...... duh, in other words dump your dept store cards they are not needed lol...

---

A Macy's card's perks blows away 1.25% cash back.

[haulingthescoreup]

---

athensguy wrote:

---

@y0rascal wrote:
why do that? when you can just charge your Penfed card and get 1.25% cash back...... duh, in other words dump your dept store cards they are not needed lol...

---

A Macy's card's perks blows away 1.25% cash back.

---

Correct -- you have to closely inspect the rewards with store cards. Generally any points back are the least of the rewards. They tend to offer things like early shopper discounts, further cuts at check-out, etc.

This points out why a store card is pretty useless if you don't actually shop there. Most of their rewards are (understandably) tied to usage at the stores.