topic Re: Thoughts or experiences with PenFed and their Pathfinder rewards? in Credit Card Applications

Thoughts or experiences with PenFed and their Pathfinder rewards?

CBartowski — Thu, 24 May 2018 05:35:29 GMT

Does anyone care to share their experiences with PenFed FCU as a whole and/or their Pathfinder rewards AMEX?

Thanks!

Re: Thoughts or experiences with PenFed and their Pathfinder rewards?

UpperNwGuy — Thu, 24 May 2018 06:45:35 GMT

I have used PenFed as my primary checking account for 25 years and am a satisfied customer. I have two of their credit cards: Power Cash Rewards (2% cash back on everything) and Promise (low APR, no fees, but no rewards). So far I have avoided the two PenFed cards that use point systems (Platinum Rewards and Pathfinder). The points are worrh less than a penny each, so for example, 3x points for groceries is less than 3%.

Re: Thoughts or experiences with PenFed and their Pathfinder rewards?

Anonymous — Thu, 24 May 2018 17:54:45 GMT

I joined PenFed in January a couple of weeks after the Pathfinder Rewards card was released specifically to apply for that card. It was something of a whim - the card was basically a carbon copy of the Travelite card that was released by FNBO last year, which I hesitated to apply for and ultimately missed out on. I didn't want the same to happen with the Pathfinder because the $100 travel incidental credit for no annual fee is such a nice perk and I can always give the global entry credit to a relative. I got the 25000 point bonus but haven't used it yet. The travel portal seems to value the points at 1.25 cents per point, whereas cash redemption I believe is 0.85 cents per point.
 
As a travel card with no annual fee, the card's hard to beat with its free credits. When comparing to more premium travel cards with annual fees, the Pathfinder still makes sense as a supplementary card rather than an alternative: if you can assign a cash value to the Pathfinder's travel credits, then it can effectively weigh against an annual fee for another card. So if for example you always order drinks and food on flights and you'll definitely spend $100 in travel incidentals and you have a Chase Sapphire Preferred, then the Pathfinder travel credit offsets the CSP's $95 annual fee.

Re: Thoughts or experiences with PenFed and their Pathfinder rewards?

imaximous — Thu, 24 May 2018 13:07:50 GMT

I got this card without doing my research first, so it's really my fault. I'm not a fan of their points system. As mentioned before, it's not a true 1:1 cash value conversion, and I'd rather be able to get real cash back with those points instead of gift cards.

For me, the travel portal yielded results that were higher in price/points compared to other travel sites and even airline sites, so even the 1.25 conversion in travel means nothing if I have to pay much more or use more points for the same trip I could've booked elsewhere. I still have all my points, and haven't decided how to best use them.

On the other hand, it's a no annual fee card with a $100 credit for travel incidentals and Global Entry reimbursement. So, unless that changes in the future, I'm keeping the card just for those benefits. But, I'm not really spending on the card anymore since I met the SUB.

Re: Thoughts or experiences with PenFed and their Pathfinder rewards?

CBartowski — Thu, 24 May 2018 13:08:29 GMT

Thanks for the reply!

That's interesting with the varying point values, I've seen a few companies go to that system; not sure how I feel about it. I was wondering about the point translation to dollars. I agree the perks seem to make it a good contender with no annual fee. I've been looking for a high rewards card with AMEX to have the option of their additional rental car insurance for $25.

Does the travel redemption looks pretty decent or maybe I'd be better off with Chase UR for the quality and ease of redemption for various travel purchases?

Re: Thoughts or experiences with PenFed and their Pathfinder rewards?

AverageJoesCredit — Thu, 24 May 2018 13:11:47 GMT

2 year member , have not enjoyed my experience with Penfed, very disappointed but this is my opinion and experience. Seems to cater to high income individuals and though they stress they want to see some history or establish some, from what I've seen it's just rhetoric. In my case, score and history mean nothing to them but I also understand not everyone will have same experiences, good or bad.

Re: Thoughts or experiences with PenFed and their Pathfinder rewards?

imaximous — Thu, 24 May 2018 13:19:34 GMT

@CBartowski wrote:
Thanks for the reply!

That's interesting with the varying point values, I've seen a few companies go to that system; not sure how I feel about it. I was wondering about the point translation to dollars. I agree the perks seem to make it a good contender with no annual fee. I've been looking for a high rewards card with AMEX to have the option of their additional rental car insurance for $25.

Does the travel redemption looks pretty decent or maybe I'd be better off with Chase UR for the quality and ease of redemption for various travel purchases?

I believe that option to purchase rental car insurance is only available with the "real" Amex cards, and not with other banks or CUs who use the Amex network only.

Re: Thoughts or experiences with PenFed and their Pathfinder rewards?

fltireguy — Thu, 24 May 2018 13:19:39 GMT

I don't think that you will be able to get the Amex rental car coverage with this card, as it is not issued by Amex

Re: Thoughts or experiences with PenFed and their Pathfinder rewards?

CBartowski — Thu, 24 May 2018 16:40:18 GMT

Interesting, thanks guys! I make almost 100K/year with mid to high 700s for all 3 reports and they still want pay stubs. I may gracefully bow out at this point or get the card, get the bonus and lock it away just for utilization sake.

Thanks again folks!

Maybe other recommendations for card earning high benefits for travel? I travel a lot for the Reserves so I'm hoping to find one that earns high on travel expenditures but I can get cash back or at least 1/1 point to $.

Re: Thoughts or experiences with PenFed and their Pathfinder rewards?

Anonymous — Thu, 24 May 2018 16:46:11 GMT

I echo what the others say about the insurance. But besides that, don't get the Pathfinder for the points and rewards scheme, my admittedly limited exposure tells me Chase's UR system is far and away superior. The only reasons to get the Pathfinder are the free travel credits.

If you frequent airports with Centurion lounges, consider the Amex Platinum. The Ameriprise version waives the annual fee for the first year so it's a good opportunity to test the card out. Otherwise your best general bet is a Chase Sapphire backed up with Freedom and/or Ink cards. Might also wanna consider a Citi Premier or Prestige backed up by the Sears MasterCard (can be enrolled to earn TY points, gets periodic ffers for 11x back on gas/groceries/restaurants, which then are earned as 11x TY points).

Re: Thoughts or experiences with PenFed and their Pathfinder rewards?

Meanmchine — Tue, 29 May 2018 04:34:13 GMT

@AverageJoesCredit wrote:
2 year member , have not enjoyed my experience with Penfed, very disappointed but this is my opinion and experience. Seems to cater to high income individuals and though they stress they want to see some history or establish some, from what I've seen it's just rhetoric. In my case, score and history mean nothing to them but I also understand not everyone will have same experiences, good or bad.

Dont worry Joe .... We still wubbs you

Re: Thoughts or experiences with PenFed and their Pathfinder rewards?

Anonymous — Tue, 29 May 2018 05:20:15 GMT

I have the Power Cash Rewards card.

Yes Penfed is pretty conservative.

One thing I experienced that I didn't like is that they offered me a 0% balance transfer offer then when I set myself up to do it, stated I didn't qualify for the transfer due to my current score (I move money around a lot the way my income works and what I do with my funds, sometimes my cards are maxed, sometimes I pay it off, I have quite a lot of personal credit cards and some business cards).

This didn't make any sense to me because with a balance transfer, they would get my business from another card company that was already on my credit score but if I didn't do the balance transfer because it wasn't allowed, I could just go out and use the rest of the limit of the card on a new purchase which would add to my debt and lower my score...guess I don't think like they do.

Good thing I'm a houdini on moving my money and debt around :-)

Re: Thoughts or experiences with PenFed and their Pathfinder rewards?

CBartowski — Tue, 29 May 2018 22:42:36 GMT

Thanks everyone, I decided to apply for it as they already took a HP for the savings account so why not put that to good use and get something out of it.

Approved with CL of $10k. Works for me, we'll see how it goes.

Re: Thoughts or experiences with PenFed and their Pathfinder rewards?

Aspireto850 — Wed, 30 May 2018 00:29:51 GMT

They pulled your credit report for a savings account? I've not heard of that before but admittedly have not been in the 'new bank account' game for awhile.

Thanks

Re: Thoughts or experiences with PenFed and their Pathfinder rewards?

CBartowski — Wed, 30 May 2018 00:42:55 GMT

@Aspireto850 wrote:
They pulled your credit report for a savings account? I've not heard of that before but admittedly have not been in the 'new bank account' game for awhile.

Thanks

I agree, it was very strange. I read somewhere by chance on these forums that they pull it and then just use it for future credit decisions.

Its a technique I suppose...