PenFed Power Cash Rewards = best 2% CB?

[Anonymous]

makes sense... maybe I will keep it around in that case.

Don't suppose you guys have any equally-compelling reasons to keep the Citi Double Cash open alongside this PenFed card?

[Anonymous]

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@SouthJamaica wrote:

deposits by you don't qualify as 'direct deposits', must be employer or government

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ACH qualifies. I have a PenFed checking account.  It only pays interest if you have direct deposit ("Earn dividends with monthly direct deposits of $500 or more...").  An ACH of my monthly "allowance" from Alliant is enough to make it pay interest.

So my guess is deposits to a teller won't qualify, but any ACH will.

[SouthJamaica]

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@Anonymous wrote:

makes sense... maybe I will keep it around in that case.

Don't suppose you guys have any equally-compelling reasons to keep the Citi Double Cash open alongside this PenFed card?

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Nope.

But since it's no annual fee, and from a prestigious bank, I would hold onto it rather than ditch it.... but that's just me.

[SouthJamaica]

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@Anonymous wrote:

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@SouthJamaica wrote:

deposits by you don't qualify as 'direct deposits', must be employer or government

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ACH qualifies. I have a PenFed checking account.  It only pays interest if you have direct deposit ("Earn dividends with monthly direct deposits of $500 or more...").  An ACH of my monthly "allowance" from Alliant is enough to make it pay interest.

So my guess is deposits to a teller won't qualify, but any ACH will.

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You're 100% sure?

[Blodreina]

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@Anonymous wrote:

makes sense... maybe I will keep it around in that case.

Don't suppose you guys have any equally-compelling reasons to keep the Citi Double Cash open alongside this PenFed card?

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Price rewind

[xgac12x]

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@Anonymous wrote:

I've just been looking over the details of this and it seems like in a lot of ways this would be the best 'generic' cash-back card.

Assuming one has a qualifying product to make it 2% instead of just 1.5% it seems to best several popular cards:

CapitalOne Quicksilver - 2% > 1.5% and PCR also has no FTF so it's a straight upgrade

Citi Double Cash - still 2%, but no FTF which is again a straight upgrade, plus I think PenFed's redemptions are faster and easier than Citi's

Fidelity (US Bank) Visa - again same 2%, but no FTF, and you don't have to go through the hoop of depositing cashback into a Fidelity account first

Blispay - same 2%, but no FTF. Also, likely to have much higher limit ceiling as BP does not give large limits or CLI's yet. You would lose the 6 months 0% gimmick.

What do you guys think? 

I put this to you because I am planning out 2017 and could definitely close my Quicksilver and Double Cash in favor of this new PenFed card.

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I have both the Citi DC as well as the Fidelity Visa. I definitely prefer the Citi because of the Price rewind. Also, 3 years ago I was approved for the Fidelity, and used this card heavily, never carrying a balance. They have given me one CLI in the entire time I've had the card of $500. My DC has increased from $1500 to $5,000, I haven't used this card as heavily as the Fidelity but that is only because I have the Discover It Miles right now, but in April I will be going back to my DC for all of my noncategory spend.

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[Anonymous]

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@SouthJamaica wrote:

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@Anonymous wrote:

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@SouthJamaica wrote:

deposits by you don't qualify as 'direct deposits', must be employer or government

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ACH qualifies. I have a PenFed checking account.  It only pays interest if you have direct deposit ("Earn dividends with monthly direct deposits of $500 or more...").  An ACH of my monthly "allowance" from Alliant is enough to make it pay interest.

So my guess is deposits to a teller won't qualify, but any ACH will.

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You're 100% sure?

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Yes. The PenFed Access America checking account pays interest only if you have $500 in direct deposits per month.  I earn interest, but the only deposit to the account is my ACH from Alliant.  I have never been charged a monthly fee for the account.

[SouthJamaica]

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@Anonymous wrote:

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@SouthJamaica wrote:

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@Anonymous wrote:

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@SouthJamaica wrote:

deposits by you don't qualify as 'direct deposits', must be employer or government

---

ACH qualifies. I have a PenFed checking account.  It only pays interest if you have direct deposit ("Earn dividends with monthly direct deposits of $500 or more...").  An ACH of my monthly "allowance" from Alliant is enough to make it pay interest.

So my guess is deposits to a teller won't qualify, but any ACH will.

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You're 100% sure?

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Yes. The PenFed Access America checking account pays interest only if you have $500 in direct deposits per month.  I earn interest, but the only deposit to the account is my ACH from Alliant.  I have never been charged a monthly fee for the account.

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Cool. I'll give it a shot one month and pray that it works for me, as it has for you.

[Anonymous]

Any other data points on an $500 ACH (push) from another institution being a qualified direct deposit?

Thanks!