05-23-2012 03:12 PM
I'm planning on closing one of my 4 credit cards & am looking for something to replace it with. I've had a Capital One Platinum since 2002 (it's my oldest card), but it only has a $1000 CL. All of a sudden, they stopped waiving the $59 membership fee - this is the second year in a row. So, forget that.
I recently opened up an Amex BCP and am thinking about either a gas rewards card or something with a super low interest rate. Both the PenFed and the Fort Knox FCU really caught my eye, but I'm just looking for some advice - maybe even from current cardholders. Any throughts would be great.
My FICO is in the 750-780 range, no debt, 19% util at my last statement (2% now).
05-23-2012 04:13 PM
While Ft. Knox membership is open to almost anyway through some organization, I have heard that they can be difficult to get VISA card from if you are outside of their service area because they had so many people app when it was publicized. PenFed is truly open to all parties, but they are considered a conservative lender so make sure you got great Equifax FICO score and little/no recent inquiries. As someone has said before, they make AMEX look like Capital One.
Assuming you can get either card: Ft. Knox is 5% gas and 1.25% everything else cash back card. This is really nice. PenFed is a 5pt gas, 3 pt grocery card. PenFed has robust rewards program and you can easily get 1 cent per pt back in value. I have PenFed card and they seem great. However if you havent applied to a credit union before, the process might seem cumbersome compared to a big card issuer. Personally I think either card is very competitive with anything on the market.
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO