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Penfed cards

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FutureBillionaire
Established Contributor

Penfed cards

 I want to hear some thoughts. I have the Penfed Rewards and the Penfed Cash rewards cards. I'm considering a conversion on my cash rewards card to another platinum rewards card. That way, I still have two cards that give me 5x points on gas, but I can also get 3x points on supermarkets, and 1x points on everything else. I like the cash back automatically each statement, but I may get more value. Am I missing anything here?

Gas: Discover It, Penfed Platinum Rewards x2, Chase freedom, Citi TYP
Plane tickets: CSP
Groceries: AMEX BCP, Penfed Platinum Rewards,Citi TYP
Clothes: Express, Amex BCP, Discover IT
Amazon: Citi Forward, Cash +
Restaurants: Citi Forward, Chase Freedom, Discover IT, CSP
Hotels and other travel: Discover Escape, CSP
Movies: BofA travel rewards visa signature(fandango), Discover IT, Citi Forward, Freedom
Bars, clubs, tomfoolery: CSP, Citi Forward, Discover IT, Freedom
Balance transfers: Kroger 123 rewards
Bill Pay: Chase Ink Plus, Citi Forward,
Everyday spending: Bofa Accelerated cash rewards amex, Discover Escape
Message 1 of 7
6 REPLIES 6
bs6054
Valued Contributor

Re: Penfed cards

Yes, I remember asking you why you had both when i first saw your signature.

 

The Platinum Rewards is better, with the caveat that any point based system is open to big changes, so that Penfed could change it to redeem at 1.5 points per $ for lower level redemptions etc.  But of course they could equally cut cash rewards by some percent as well.  The other advantage of Cash Rewards is that is it automatic, so you don't need to take any action to get rewards.

 

But in your case, unless you are maxing out Plat Rewards, not clear what advantage converting gets you, but not converting has no advantage either....

Message 2 of 7
Sevenfeet
Regular Contributor

Re: Penfed cards

The Platinum Reward card has no caps.  So there's nothing to max out.

Message 3 of 7
bs6054
Valued Contributor

Re: Penfed cards


@Sevenfeet wrote:

The Platinum Reward card has no caps.  So there's nothing to max out.


I meant maxing out credit limit.

Message 4 of 7
FutureBillionaire
Established Contributor

Re: Penfed cards

They've already devalued the cash rewards card.  I will get more use out of the card do to the 1x and 3x point categories. 

Gas: Discover It, Penfed Platinum Rewards x2, Chase freedom, Citi TYP
Plane tickets: CSP
Groceries: AMEX BCP, Penfed Platinum Rewards,Citi TYP
Clothes: Express, Amex BCP, Discover IT
Amazon: Citi Forward, Cash +
Restaurants: Citi Forward, Chase Freedom, Discover IT, CSP
Hotels and other travel: Discover Escape, CSP
Movies: BofA travel rewards visa signature(fandango), Discover IT, Citi Forward, Freedom
Bars, clubs, tomfoolery: CSP, Citi Forward, Discover IT, Freedom
Balance transfers: Kroger 123 rewards
Bill Pay: Chase Ink Plus, Citi Forward,
Everyday spending: Bofa Accelerated cash rewards amex, Discover Escape
Message 5 of 7
bs6054
Valued Contributor

Re: Penfed cards


@FutureBillionaire wrote:

They've already devalued the cash rewards card.  I will get more use out of the card do to the 1x and 3x point categories. 


Yes, but.  I have 2 PRs, as they have different rewards accounts, I find it sensible to use just one to reach desired rewards levels.

Message 6 of 7
FutureBillionaire
Established Contributor

Re: Penfed cards


@bs6054 wrote:

@FutureBillionaire wrote:

They've already devalued the cash rewards card.  I will get more use out of the card do to the 1x and 3x point categories. 


Yes, but.  I have 2 PRs, as they have different rewards accounts, I find it sensible to use just one to reach desired rewards levels.


True.  But, I load them up equally. 2 weeks of usage for both, as I do now.  Instead of just cash back on cash, I will get points on everything.

Gas: Discover It, Penfed Platinum Rewards x2, Chase freedom, Citi TYP
Plane tickets: CSP
Groceries: AMEX BCP, Penfed Platinum Rewards,Citi TYP
Clothes: Express, Amex BCP, Discover IT
Amazon: Citi Forward, Cash +
Restaurants: Citi Forward, Chase Freedom, Discover IT, CSP
Hotels and other travel: Discover Escape, CSP
Movies: BofA travel rewards visa signature(fandango), Discover IT, Citi Forward, Freedom
Bars, clubs, tomfoolery: CSP, Citi Forward, Discover IT, Freedom
Balance transfers: Kroger 123 rewards
Bill Pay: Chase Ink Plus, Citi Forward,
Everyday spending: Bofa Accelerated cash rewards amex, Discover Escape
Message 7 of 7
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