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@longtimelurker wrote:On redemptions: in the last year or two the point value for the Penfed Plat Rewards Cards was nerfed.
It used to be 1 point = 1c, now comparing it against redeeming it for a $50 Visa debit card, you get a point value of about 0.85 cents, making this 4.25% on gas and 2.55% on groceries. (As an aside, redeeming for 10 $50 cards would cost 58,800 points. Redeeming for one $500 card costs 58,820. No idea why the charge those extra 20 points!)
I believe the Cash Rewards for gas is still really 5% on gas, automatically taken off each statement , with a qualifying product.
What card do you usual redeem?
@Anonymous wrote:I got approved today for the Penfed rewards credit card with a 10k limit as I became a member today. I have 9 charged off accounts on my credit reports, but have paid them all off, so I guess their conservative metrics went right out the window?
Btw does anyone know if I should push it and apply for a second credit card with them or should I just cool off? (they just refinanced my auto loan today for 1.99 as well if that helps for context)
There have been a number of recent posts that seem to indicate that they may have relaxed their UW standards.
@takeshi74 wrote:
@B335is wrote:
Penfed is pretty conservative. I wouldn't apply unless you have a clean report.With all the threads on "pyramiding" denial reasons I figured I'd be denied with the new accounts I had in the months leading up to my app for the PPCR but I was approved and my PPCR has been my highest limit card by a good margin for about 2 1/2 years now. Joining is certainly possible without a clean report but getting approved for credit products could be difficult. I joined in 2009 before I educated myself on credit and really cleaned up my reports. It wasn't until 2013 that I was approved for the PPCR.
PenFed uses an EQ FICO NextGen in their decsision.
I was originally denied by Penfed with a 780 Fico score, $100 in total credit card debt and 3 inq in 2012. The following year it dropped to like 750 and I had another $5k in total balances reporting and 12 inquiries and they approved. Clearly they weren't obsessing over my inquiries or Fico score like they often get characterized online. Maybe it was seeing actual usage versus non-usage that they liked, who knows. Just shows they aren't all about Fico score. I still wouldn't bother applying for one of their cards unless my reports were clean
@Anonymous wrote:
@longtimelurker wrote:On redemptions: in the last year or two the point value for the Penfed Plat Rewards Cards was nerfed.
It used to be 1 point = 1c, now comparing it against redeeming it for a $50 Visa debit card, you get a point value of about 0.85 cents, making this 4.25% on gas and 2.55% on groceries. (As an aside, redeeming for 10 $50 cards would cost 58,800 points. Redeeming for one $500 card costs 58,820. No idea why the charge those extra 20 points!)
I believe the Cash Rewards for gas is still really 5% on gas, automatically taken off each statement , with a qualifying product.
What card do you usual redeem?
I hardly use either of my Plat Rewards cards (except internationally where they give bonuses at supermarkets). When I do have enough points, I redeem for the $50 Vusa card. IMO, no point in redeeming for a store gift card as I could use say a 2% card at that store and get rewards.
@longtimelurker wrote:What card do you usual redeem?
I hardly use either of my Plat Rewards cards (except internationally where they give bonuses at supermarkets). When I do have enough points, I redeem for the $50 Vusa card. IMO, no point in redeeming for a store gift card as I could use say a 2% card at that store and get rewards.
Never heard of that store locally. I feel the points rewarded is devalued in terms of usefulness...
@Anonymous wrote:
@longtimelurker wrote:What card do you usual redeem?
I hardly use either of my Plat Rewards cards (except internationally where they give bonuses at supermarkets). When I do have enough points, I redeem for the $50 Vusa card. IMO, no point in redeeming for a store gift card as I could use say a 2% card at that store and get rewards.
Never heard of that store locally. I feel the points rewarded is devalued in terms of usefulness...
What store? Plat Rewards was shorthand for Penfed Platinum Rewards Visa Signature, i.e. the credit card
Do you mean "Vusa gift card" or Visa gift card? Sorry, I though Vusa is a store where one can use the Gift card.
@Anonymous wrote:Do you mean "Vusa gift card" or Visa gift card? Sorry, I though Vusa is a store where one can use the Gift card.
Sorry. yes Visa rather than Vusa
@takeshi74 wrote:
@Anonymous wrote:Do I need to have a saving account with them or be a member of PenFed to have their credit cards?
You need to be a member a credit union to use that credit union's products. You don't need a savings account -- that info is disclosed on the product info page. Membership in a CU will require a basic share account. Typically the minimum for the basic share is $5.
Just to clarify, a "share account" is what most credit unions call a savings account - they are the same thing.
A savings/share account generally is required for membership in a credit union.
http://banking.about.com/od/creditunions/g/share_accounts.htm
Also, some credit unions will use the term "share draft account" for checking account, but not all. A small CU I was a member of years ago use the term 'share draft' exlusively, but NFCU, where I'm currently a member, uses the term 'checking account'. Functionally, they are the same, though.