Reply
Established Contributor
Posts: 618
Registered: ‎01-04-2009
0

Penfed Platinum Rewards Card

I've been wanting to pick up this card for a while for the gas/supermarket cash back.  I'm wondering if I should pull the trigger now or wait it out a bit more.

 

Does anyone know sort of the rough AAoA, max util % they'll tolerate?  I just opened a NavCheck account through NFCU last month - would this frighten them off?  My Fico is sitting around 725 or so right now.  I've have been at my present job for a few years now, but will be moving in a few months.  I've always heard Penfed really likes a long employment history, so I'm wondering if I'd have to "reset the clock" a little with the new job if I waited?

                    
    $17.3K          $500              $7K              $15K              $5K             $2300          $3200          $2000          $1500          $1000           $8100

Garden Since: 9.25.2013
Frequent Contributor
Posts: 319
Registered: ‎03-25-2013
0

Re: Penfed Platinum Rewards Card

[ Edited ]

For the risk of a hard pull, I'd go for it now.  I think they are a little bit of a pain but 5% gas anytime is sweet. Of course, with Chase Freedom and Discover options to purchase gas cards some qrts, you may be able to get 5% yr around for all intents and purposes.

 

My AAoA was likely about 6 yrs at the time.  Job for 6 yrs  FICO ~ 740.  Util% ~ 10%.  Several new CC ccounts over last 15 months as well.

 

If there is another reason aside from a pull that you are hesitating, perhaps I missed it.

FICO EX 827, 2015 Feb; FICO EQ 836/900 (Citi), 2014 Dec; FICO TU08 818, 2015 Feb.

BofA Cash Rwrds Sig V 2013 10k; Fidelity Rewards AmEx /BofA 2013 15.4k; Chase Freedom Sig V 2002 24.1k; Chase Amazon Rwrds Sig V 2011 8k; Sam's Club MC 2002 10k; Dscvr It 2012 10k; Citi Dvdnd Plat Sel V 2013 8.9k; PenFed Plat Rwrds V 2013 20k; AmEx Blue Sky 2013 11.3k; AmEx BCP 2014 24.1k; Priceline Rwrds Sig V 2013 8.7k; PayPal Xtras GE Cap Plat MC 2012 5k

Valued Member
Posts: 61
Registered: ‎07-21-2009
0

Re: Penfed Platinum Rewards Card

You should be fine.,.

I applied back in January with AAoA @ 3 years and 701 EQ FICo .. denied

Applied ago last month AAoA 2.4 years 760 EQ FICO approved for only $4k recon for higher limit denied for Pyramiding debt (whatever that means)

EQ 772
TU 764
Established Contributor
Posts: 618
Registered: ‎01-04-2009
0

Re: Penfed Platinum Rewards Card

Darn, applied and was turned down for the following reasons:

 

Amount owed on accounts.
Lack of recently established accounts.
Length of time accounts have been established.

 

My FICO was sitting at 731 at the time of appliyng, with around 24% UTIL.  I guess I will maybe wait for my UTIL to be <=9% and try again?

 

My average AoA is sitting at 2 years, 7 months.  No negatives, lates, etc. whatsoever.

                    
    $17.3K          $500              $7K              $15K              $5K             $2300          $3200          $2000          $1500          $1000           $8100

Garden Since: 9.25.2013
Super Contributor
Posts: 10,087
Registered: ‎04-22-2013
0

Re: Penfed Platinum Rewards Card


Brusilov wrote:

Darn, applied and was turned down for the following reasons:

 

Amount owed on accounts.
Lack of recently established accounts.
Length of time accounts have been established.

 

My FICO was sitting at 731 at the time of appliyng, with around 24% UTIL.  I guess I will maybe wait for my UTIL to be <=9% and try again?

 

My average AoA is sitting at 2 years, 7 months.  No negatives, lates, etc. whatsoever.


Yes, given the relatively young AAoA, that utilization is going to be too high for Penfed.

 

Also, make sure you stay up to date on what the card will offer.   Their newer card, Penfed Platinum Rewards Visa Signature, is going to be 3% gas, 2% supermarket, 1% everything else after Oct (until then 5/3/1).  My *guess* is that the Platinum Rewards will follow suit at some point, as it is unusual for a card to offer better rewards than the flagship card.  But no definitive news on this yet.

 

At 3/2/1 there are other choices that are better for some, but you might want a Penfed relationship for other reasons.

Established Contributor
Posts: 618
Registered: ‎01-04-2009
0

Re: Penfed Platinum Rewards Card

Other than Amex Blue Cash or US Bank Cash+ are there any other good cards for groceries (2-3+% cashback)?

                    
    $17.3K          $500              $7K              $15K              $5K             $2300          $3200          $2000          $1500          $1000           $8100

Garden Since: 9.25.2013
Super Contributor
Posts: 10,087
Registered: ‎04-22-2013
0

Re: Penfed Platinum Rewards Card

[ Edited ]

Brusilov wrote:

Other than Amex Blue Cash or US Bank Cash+ are there any other good cards for groceries (2-3+% cashback)?


For pure cash back:

 

Fidelity Amex, 2% on everything.

Bank of America Cash Rewards: 2% on groceries (and 3% on gas) first $1500 per quarter

SallieMae: 5% on first $250 per month

 

come to mind and I am sure there are others.

 

 Edit: And if you can be "good", Citi 5x Thank You (from branches only, not online) 5% uncapped on groceries, gas, and drug stores for 12 months.  "Good" here probably means no buying of gift cards or anything similar.

 

Established Contributor
Posts: 618
Registered: ‎01-04-2009
0

Re: Penfed Platinum Rewards Card

Well, I don't know if I was feeling app-happy or what, but on a whim I checked the BofA site for pre-approved offers.  The Cash Rewards card came up as an offer, and I pulled the trigger!  Approved instantly for $5,000.  :smileyvery-happy:

                    
    $17.3K          $500              $7K              $15K              $5K             $2300          $3200          $2000          $1500          $1000           $8100

Garden Since: 9.25.2013
Frequent Contributor
Posts: 390
Registered: ‎03-24-2013
0

Re: Penfed Platinum Rewards Card


longtimelurker wrote:

Brusilov wrote:

Other than Amex Blue Cash or US Bank Cash+ are there any other good cards for groceries (2-3+% cashback)?


For pure cash back:

 

Fidelity Amex, 2% on everything.

Bank of America Cash Rewards: 2% on groceries (and 3% on gas) first $1500 per quarter

SallieMae: 5% on first $250 per month

 

come to mind and I am sure there are others.

 

 Edit: And if you can be "good", Citi 5x Thank You (from branches only, not online) 5% uncapped on groceries, gas, and drug stores for 12 months.  "Good" here probably means no buying of gift cards or anything similar.

 


I thought they ended this completely now while Citi is busy with their witch hunt. Plus the changing of the rewards structure in July.



|| Barclaycard Rewards Visa $5500 || AMEX BCE $2000 || Discover IT $3000 || Amazon Rewards Visa $1800 ||
|| Chase Freedom $2700 || CSP $5000 || Chase Marriott Premier $7500 || Sallie Mae MC $3800 ||

FICO Scores: EX 752 (3/13/13) || EQ 782 (10/4/13) || TU 724 (1/18/13)

In the garden as of 10/12/2013
Super Contributor
Posts: 10,087
Registered: ‎04-22-2013
0

Re: Penfed Platinum Rewards Card


b_seeker wrote:

longtimelurker wrote:

 

 Edit: And if you can be "good", Citi 5x Thank You (from branches only, not online) 5% uncapped on groceries, gas, and drug stores for 12 months.  "Good" here probably means no buying of gift cards or anything similar.

 


I thought they ended this completely now while Citi is busy with their witch hunt. Plus the changing of the rewards structure in July.


What ended is the old link to the 5X Thank You Preferred (which while working gave you 6K TYP bonus for a very small spend).   Now, at the branch, you can get a 5X Thank You card (not preferred) with a 15K bonus for a slightly larger spend.  Same features as the old one, uncapped 5x Gas, Groceries, Drug store.

 

It's certainly possible that this offer will end in or before July when the new structure comes in, or it might continue with both.

 

But while the witch hunt is on, and no reversals in the courts, no manufactured spend at all would be the sensible approach (and it's still a very good offer without doing that.   Just the difference between $1000 cash back per year and $30K+ cash back a year!)

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.