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Penfed Power Cash 1.95% instead of 2%?

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jacetx
Valued Contributor

Penfed Power Cash 1.95% instead of 2%?

For those of you that have this card have you noticed if the calculation of your cash back is correct? My first transaction was for $23 and my cash back amount was $0.45 instead of $0.46. I know it is a $0.01 difference and definitely will not break the bank but those cents start to pile up if their calculations are not right.

 

penfed.png

Message 1 of 10
9 REPLIES 9
Anonymous
Not applicable

Re: Penfed Power Cash 1.95%?


@jacetx wrote:

For those of you that have this card have you noticed if the calculation of your cash back is correct? My first transaction was for $23 and my cash back amount was $0.45 instead of $0.46. I know it is a $0.01 difference and definitely will not break the bank but those cents start to pile up if their calculations are not right.

 

penfed.png


$23 X .0195 = .4485.  So 45 cents is correct

Message 2 of 10
jacetx
Valued Contributor

Re: Penfed Power Cash 1.95%?

That's supposed to be a 2% cash back card with checking (which I have), 1.5% without it. I modified the title since it was a little confusing.

Message 3 of 10
Anonymous
Not applicable

Re: Penfed Power Cash 1.95%?


@jacetx wrote:

That's supposed to be a 2% cash back card with checking (which I have), 1.5% without it. I modified the title since it was a little confusing.


Gotcha, my bad.  Should have know there is no 1.95% cash back.  Not sure then why it is only 45 cents.  Might want to give them a call

Message 4 of 10
jacetx
Valued Contributor

Re: Penfed Power Cash 1.95%?


@Anonymous wrote:

@jacetx wrote:

That's supposed to be a 2% cash back card with checking (which I have), 1.5% without it. I modified the title since it was a little confusing.


Gotcha, my bad.  Should have know there is no 1.95% cash back.  Not sure then why it is only 45 cents.  Might want to give them a call


I will after work today and find out what's going on. Will update after.

Message 5 of 10
Anonymous
Not applicable

Re: Penfed Power Cash 1.95% instead of 2%?

Interesting....have you went back in statement s or you jus started to use this CC ?
Message 6 of 10
jacetx
Valued Contributor

Re: Penfed Power Cash 1.95% instead of 2%?


@Anonymous wrote:
Interesting....have you went back in statement s or you jus started to use this CC ?

This is a brand new credit card, statement has not generated yet.

Message 7 of 10
jacetx
Valued Contributor

Re: Penfed Power Cash 1.95% instead of 2%?

So, this is the problem, they are calculating the 1.5% and the extra .5% separate and not rounding the numbers.

 

$23 * .015 = $0.345

$23 * .005 = $0.115

 

03/04/2017UNITED 0162920473843Standard…3342$0.34$23.00
03/04/2017UNITED 0162920473843Bonus…3342$0.11

 

 

 

 

Message 8 of 10
DeeBee78
Valued Contributor

Re: Penfed Power Cash 1.95% instead of 2%?


@jacetx wrote:

So, this is the problem, they are calculating the 1.5% and the extra .5% separate and not rounding the numbers.

 

$23 * .015 = $0.345

$23 * .005 = $0.115

 

03/04/2017UNITED 0162920473843Standard…3342$0.34$23.00
03/04/2017UNITED 0162920473843Bonus…3342$0.11

 

 

 

 


Check your card literature to see if it says they will give you 2% cashback with checking account, or 1.5% cashback and an additional .5% bonus cashback for the checking account. That's probably where the difference lies, within the literature. 

Message 9 of 10
Anonymous
Not applicable

Re: Penfed Power Cash 1.95% instead of 2%?

Screen Shot 2017-04-08 at 10.52.51 AM.png

 

So here is mine: $1,354.66 x .02 is 27.09  

I think they are calculated without the change? $1,354.00 x .02 = $27.08

 

Message 10 of 10
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