topic Re: Penfed Platinum Cash Rewards in Credit Cards

Penfed Platinum Cash Rewards

baller4life — Fri, 08 May 2015 15:03:07 GMT

Who has this card? I'm really considering it as my 5% gas card. I've looked at Fort Knox and Sam's MC but they both have limitations. I have Sallie Mae but use a lot more than $250 monthly. Thoughts?

https://www.penfed.org/platinum-cash-rewards/

Re: Penfed Platinum Cash Rewards

Anonymous — Fri, 08 May 2015 15:07:05 GMT

How about a second SM like a flowery friend of ours?

Re: Penfed Platinum Cash Rewards

baller4life — Fri, 08 May 2015 15:09:04 GMT

Lol. I have WMC already. Don't see them giving me another one. Plus I have $20k with Barclays. Doubt they will give me anything else right now.

Re: Penfed Platinum Cash Rewards

Anonymous — Fri, 08 May 2015 15:11:07 GMT

I thought you were waiting for clean EQ to apply for Penfed.

If you arent using your whole grocery cap you can buy gas GC and use that.

Re: Penfed Platinum Cash Rewards

Anonymous — Fri, 08 May 2015 15:11:18 GMT

@Anonymous wrote:
How about a second SM like a flowery friend of ours?

If you can get the Penfed card, it has the advantage that you don't need to juggle two SMs (which one have I used up this month) and you get the discount off the credit card charge, no need to "redeem".

I have the Plat Rewards, which used to be good until they nerfed point value, but I think the cash rewards is good. A year or so ago, they kept changing the rules about how to get 5% vs 3% and how to avoid an AF, but now it seems to have settled down. You just need a qualifying account, and some were able to open a $25 money market account

Re: Penfed Platinum Cash Rewards

Themanwhocan — Fri, 08 May 2015 15:15:55 GMT

@Anonymous wrote:
How about a second SM like a flowery friend of ours?

Flowery?

Re: Penfed Platinum Cash Rewards

baller4life — Fri, 08 May 2015 15:17:32 GMT

LTL yeah I hear you can open $25 money market to qualify for the 5%. Nixon I will be waiting. Just considering this card opposed to Promise. I already have Ring and will be getting RBFCU 7.7% card. I don't need another low interest card. I need a dedicated 5% gas card.

Re: Penfed Platinum Cash Rewards

Anonymous — Fri, 08 May 2015 15:19:25 GMT

Yes. And there is you too, TMWC.

Re: Penfed Platinum Cash Rewards

baller4life — Fri, 08 May 2015 15:20:23 GMT

@Themanwhocan wrote:
@Anonymous wrote:
How about a second SM like a flowery friend of ours?
Flowery?

Haha Heavenlyflower just got a 2nd one.

Re: Penfed Platinum Cash Rewards

dodgerslv — Fri, 08 May 2015 15:21:52 GMT

@baller4life wrote:
@Themanwhocan wrote:
@Anonymous wrote:
How about a second SM like a flowery friend of ours?
Flowery?
Haha Heavenlyflower just got a 2nd one.

Re: Penfed Platinum Cash Rewards

wacdenney — Fri, 08 May 2015 15:24:26 GMT

It says Thrifty Credit Service is a qualifying account. I should have gone for this card instead of Promise.

Re: Penfed Platinum Cash Rewards

baller4life — Fri, 08 May 2015 15:30:25 GMT

Wac you have 90 days from hp to app!

Re: Penfed Platinum Cash Rewards

B335is — Fri, 08 May 2015 15:32:38 GMT

I have this card. I use it almost entirely for gas. They sent me an offer to spend $500 in April and $500 in May to get a $100 bonus. I just keep a MMA open to get the 5%.

I agree with baller, you might as well apply if you're in the 90 day window.

Re: Penfed Platinum Cash Rewards

baller4life — Fri, 08 May 2015 15:35:01 GMT

B335 that's what I wanted to know. Thanks!!

Re: Penfed Platinum Cash Rewards

wacdenney — Fri, 08 May 2015 16:02:21 GMT

@B335is wrote:
I have this card. I use it almost entirely for gas. They sent me an offer to spend $500 in April and $500 in May to get a $100 bonus. I just keep a MMA open to get the 5%.

I agree with baller, you might as well apply if you're in the 90 day window.

I think I will, Baller has never steared me wrong before. I wonder if I should wait 60 days to establish a little history with them first? Would that matter to them?

Re: Penfed Platinum Cash Rewards

baller4life — Fri, 08 May 2015 16:04:17 GMT

That may not be a bad idea wac. Wait a couple months then app. It would only increase your chances I'm sure.

Re: Penfed Platinum Cash Rewards

B335is — Fri, 08 May 2015 20:40:17 GMT

Since you mentioned it, when I first applied for this card my computer approval was completely revoked by an underwriter. So for the heck of it I reapplied on the 85th day and got a $1k limit. I figured it was a foot in the door. Ten months later they gave me $14.5k Promise card and refinanced my car loan plus CLI on Cash Rewards to $10k. All using one pull. So looking back in happy I took another shot at it on that 85th day. I'd recommend trying that as well.

Re: Penfed Platinum Cash Rewards

wacdenney — Fri, 08 May 2015 21:39:51 GMT

I assume that 90 day clock starts ticking from the date of the EQ pull?

Re: Penfed Platinum Cash Rewards

FinStar — Fri, 08 May 2015 22:03:54 GMT

@baller4life wrote:
LTL yeah I hear you can open $25 money market to qualify for the 5%. Nixon I will be waiting. Just considering this card opposed to Promise. I already have Ring and will be getting RBFCU 7.7% card. I don't need another low interest card. I need a dedicated 5% gas card.

You might be onto something here baller. I pondered about this specific card as well but wasn't sure about the AF (even if it was just the nominal $25), but now that I see what LTL mentioned about the MMA, it might just be worthwhile Something I might consider for 2016 with them

Re: Penfed Platinum Cash Rewards

baller4life — Sat, 09 May 2015 00:29:15 GMT

Good idea Finstar! I'm all aboard.