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Established Contributor
FutureBillionaire
Posts: 630
Registered: ‎12-12-2012

Penfed platinum rewards, false alarm?

It looks like we can keep the 5,3 1 rewards structure with this card if we have a checking account with direct deposit of $250 plus.  Has this been verified at all?

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
Senior Contributor
longtimelurker
Posts: 5,373
Registered: ‎04-22-2013

Re: Penfed platinum rewards, false alarm?


FutureBillionaire wrote:

It looks like we can keep the 5,3 1 rewards structure with this card if we have a checking account with direct deposit of $250 plus.  Has this been verified at all?


That seems to be the case if your card gets converted to the Signature version (and this new change means it's more OK if that happens).  Still no word on what happens if you keep the old card.

Most active cards: Amex BC ($50K), Cap One QS ($33K) Fidelity Amex ($20K)
Others: CSP, Freedom, Chase Amazon, Cap One QS, Penfed Plat Rewards (x2), Citi TY Preferred, Citi Dividend, Citi AA Plat Select, Citi Forward, Amex BCE, Amalgamated Bank, Sallie Mae, Cash Plus
Scores May 14: EQ 848, EX 833, TU 841 (Jul)
Valued Member
riffdex
Posts: 48
Registered: ‎06-21-2013

Re: Penfed platinum rewards, false alarm?

Is PenFed phasing out the 5/3/1 rewards structure? I was really hoping my next card to be a PenFed so I can get 5% cb on gas...
AMEX BCE $7,100 eBay MasterCard $5,000 SallieMae MasterCard $1,100 Emigrant Direct $4,500 Wells Fargo Platinum $1,500
Belk Rewards $1,700 Amazon Rewards $3,000 WalMart Discover $1,200 Barclay's Rewards $1,000 Discover More $2,800

What's in your wallet? : D
Senior Contributor
longtimelurker
Posts: 5,373
Registered: ‎04-22-2013

Re: Penfed platinum rewards, false alarm?


riffdex wrote:
Is PenFed phasing out the 5/3/1 rewards structure? I was really hoping my next card to be a PenFed so I can get 5% cb on gas...

The Penfed Plat Rewards is no longer available for new apps.  It has been replaced by a Signature version.  When that first appeared, it appeared that the card would go to an unappealing 3/2/1 structure beginning Nov 1.   This has recently been changed, saying those on the 3/2/1 program will be evaulated every month to see if they have a qualifying product, and, if so, for that month they get 5/3/1.   Qualifying products EXCLUDE other credit cards, but include things like loans, checking with at least $250 per month direct deposit, and CDs.

 

The Cash Rewards is still available, with it's 5/0.25 structure.  That may or may not stay!

 

But as the OP said, it appears that there is at least a way to keep 5/3/1 without too much hassle.

Most active cards: Amex BC ($50K), Cap One QS ($33K) Fidelity Amex ($20K)
Others: CSP, Freedom, Chase Amazon, Cap One QS, Penfed Plat Rewards (x2), Citi TY Preferred, Citi Dividend, Citi AA Plat Select, Citi Forward, Amex BCE, Amalgamated Bank, Sallie Mae, Cash Plus
Scores May 14: EQ 848, EX 833, TU 841 (Jul)
Frequent Contributor
Exonumist
Posts: 497
Registered: ‎07-03-2012

Re: Penfed platinum rewards, false alarm?

Also you have to have a minimum of $500 in the checking account to avoid a monthly service fee. 



Current Scores: TU 773 (5/30/14), EX 755 (4/20/13), EQ 732 (3/25/14)
Goal Scores: 780+
Last App: March 21, 2014
Valued Member
riffdex
Posts: 48
Registered: ‎06-21-2013

Re: Penfed platinum rewards, false alarm?

ThaNks for the info. I think the 5%/0.25% card will do just fine... If I ever get it.
AMEX BCE $7,100 eBay MasterCard $5,000 SallieMae MasterCard $1,100 Emigrant Direct $4,500 Wells Fargo Platinum $1,500
Belk Rewards $1,700 Amazon Rewards $3,000 WalMart Discover $1,200 Barclay's Rewards $1,000 Discover More $2,800

What's in your wallet? : D
Regular Contributor
Sevenfeet
Posts: 166
Registered: ‎02-06-2013

Re: Penfed platinum rewards, false alarm?

I don't mind having to setup a checking account + direct deposit on Penfed since I will be paying down a large balance transfer with them for some time to come.  But keeping a $500 minimum without fees would be problematic since I abhore fees and I'm trying to minimize them.  But it might encourage me to get with the program on my emergency fund.  But for the time being, I see no reason to move to the Signature card unless forced to.


.......NPSL..…..…$28K….....….$25K.............$20K..............$20K..............$20K..….......$9.5K…........$7.5K.…........$9K..............$4.5K
Frequent Contributor
Odiseous
Posts: 286
Registered: ‎03-08-2011

Re: Penfed platinum rewards, false alarm?


Default4 wrote:

Also you have to have a minimum of $500 in the checking account to avoid a monthly service fee. 


The Fee is waived if you have a total of $500 or more deposited via Direct Deposit per month.

 

From the PenFed Disclosures:

---------------------------------------

 

If I have a Direct Deposit or electronic payroll deposit of $500 or more into this account each month, there are no recurring service fees. Otherwise, I must maintain a minimum daily balance of $500 to avoid the monthly service charge on my account.

 

--------------------------------------

 

My employer allows up to 3 different Direct Deposit accounts, to split my paychek. So, I have several monthly recurring charges charged to a CC, which auto-pays from my PenFed checking. They are enough to need $265 deposited via direct deposit every 2 weeks, which satisfies the minimum requirement, so it works out.

 

TU98 751, EQ 766, EX 766 (Lender)

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