topic Re: How does PenFed stack up? in Credit Cards

How does PenFed stack up?

Anonymous — Fri, 17 Feb 2017 16:42:58 GMT

Hello, new here so I'm sorry if this has been asked before! I am searching for a good card to act as my daily driver. At the moment, I have good rewards in most categories (ie. BCP for 6% grocceries, Disco for 5% categories, Amazon Prime card for 5% Amazon.com, and Disney Premier for my annual Disney Vacations.), but I lack a card to use for "everything else." At the moment all of my cards have the standard "1% Other" reward. I've been looking at Citi Double Cash and PenFed to fill this role. At first I was going to go for the Citi card, but its lack of a sign-up offer was discouraging. PenFed is currently running a $100 sign-up offer for its cash rewards card.

I have no experience or relationship with PenFed, so I was wondering what your opinions on them are. Is it worth getting in with PenFed (requires a one-time $17 donation and checking account as I'm not a service member)? Overall it seems like the PenFed Cash Rewards seems superior to the Citi Double Cash, same 2% back on everything plus a $100 bonus and super low APR (9.24%).

Finally, any thoughts on the PenFed Power Cash Rewards versus their Platinum Rewards card? The rewards card offers 5x points on gas, 3x on grocceries (wouldn't use, as I have 6% back with AMEX), and 1x on everything else. I'm guessing the cash rewards is better as my daily driver, while the rewards card is really only good if I need a gas rewards card.

Any help is appreciated!

Re: How does PenFed stack up?

Anonymous — Fri, 17 Feb 2017 20:14:38 GMT

I dont have the card you are looking at but it is definately worth it to get in with Penfed. There have several products that can be beneficial to you down the line. So give it a go while you are it - thinking of joining.

Re: How does PenFed stack up?

Anonymous — Fri, 17 Feb 2017 19:06:53 GMT

On the Platinum Rewards card points are not worth 1 cent they are worth .85 of 1 cent. You can only redeem them for travel, merchandise, gift cards or prepaid VISA cards. The prepaid VISA cards require a minimum for 5880 points to redeem for just $50.00. The Power Cash rewards is only 2 percent if you have a checking account with them and can be redeemed for credit statements. I personally would prefer the statement credit to the other redemption options of the Platinum just my person preference but I like the Citibank DC for flexibility in redeeming points for cash.

Re: How does PenFed stack up?

Anonymous — Fri, 17 Feb 2017 19:17:30 GMT

@Anonymous wrote:
On the Platinum Rewards card points are not worth 1 cent they are worth .85 of 1 cent. You can only redeem them for travel, merchandise, gift cards or prepaid VISA cards. The prepaid VISA cards require a minimum for 5880 points to redeem for just $50.00. The Power Cash rewards is only 2 percent if you have a checking account with them and can be redeemed for credit statements. I personally would prefer the statement credit to the other redemption options of the Platinum just my person preference but I like the Citibank DC for flexibility in redeeming points for cash.

If I go for the Penfed cash rewards card I would also be opening up a checking account with them for the extra 0.5%. What is the difference in flexibility of the DC and Penfed Cash Rewards? The big pull to Penfed over Citi DC for me is the $100 sign-up offer, as DC does not have any offers.

Re: How does PenFed stack up?

fltireguy — Fri, 17 Feb 2017 19:53:53 GMT

Plus. The APR is generally better from PenFed. The SL more than likely will be FAR higher than Citi. Friendly, US based customer service.

You don't even need a checking acct. Just a savings with $5 to open it - that's all!!

Re: How does PenFed stack up?

Anonymous — Fri, 17 Feb 2017 20:07:54 GMT

@fltireguy wrote:
Plus. The APR is generally better from PenFed. The SL more than likely will be FAR higher than Citi. Friendly, US based customer service.

You don't even need a checking acct. Just a savings with $5 to open it - that's all!!

Are you sure? According to their website in order to get the 0.5% extra (bringing it to 2% total cash back) you need to be a military service member or have a checking account through PenFed. I understand you don't need a checking account for the card itself, but I'm looking for the maximum rewards.

Re: How does PenFed stack up?

fltireguy — Fri, 17 Feb 2017 20:36:34 GMT

Well for the extra .5% yes
But for the Platinum Rewards - no

Re: How does PenFed stack up?

csryang — Fri, 17 Feb 2017 22:29:17 GMT

@Anonymous wrote:
@Anonymous wrote:
On the Platinum Rewards card points are not worth 1 cent they are worth .85 of 1 cent. You can only redeem them for travel, merchandise, gift cards or prepaid VISA cards. The prepaid VISA cards require a minimum for 5880 points to redeem for just $50.00. The Power Cash rewards is only 2 percent if you have a checking account with them and can be redeemed for credit statements. I personally would prefer the statement credit to the other redemption options of the Platinum just my person preference but I like the Citibank DC for flexibility in redeeming points for cash.
If I go for the Penfed cash rewards card I would also be opening up a checking account with them for the extra 0.5%. What is the difference in flexibility of the DC and Penfed Cash Rewards? The big pull to Penfed over Citi DC for me is the $100 sign-up offer, as DC does not have any offers.

PenFed Power Cash also has no foreign transaction fee - awesome perk if you travel out of country a lot and you get 2% cash back for everything.

Re: How does PenFed stack up?

ndjim75 — Fri, 17 Feb 2017 23:19:58 GMT

We all could debate whether their credit card offerings are on par with competitors. I think in alot of cases they are equal or better, but when you throw in the other advantages of joining PENFED, it can be very benificial.

I have the Premium Travel Amex, which is 5x points for airfare. I dont use it much anymore since Amex Platinum went to 5x as well.

I would join PENFED regardless of their Cards for all the other benifits. I have a 25k PLOC at a 9.9% apr which comes in handy for short term/unexpected expenses. I also have an auto loan with them at 2.49%. We are in the process of refinancing our Mortgage with them as well at very competitive rates.

You have a lot of flexibility with them across all their products and their customer service is second to none. My 2 cents

Re: How does PenFed stack up?

Anonymous — Sat, 18 Feb 2017 00:36:21 GMT

@Anonymous wrote:
Hello, new here so I'm sorry if this has been asked before! I am searching for a good card to act as my daily driver. At the moment, I have good rewards in most categories (ie. BCP for 6% grocceries, Disco for 5% categories, Amazon Prime card for 5% Amazon.com, and Disney Premier for my annual Disney Vacations.), but I lack a card to use for "everything else." At the moment all of my cards have the standard "1% Other" reward. I've been looking at Citi Double Cash and PenFed to fill this role. At first I was going to go for the Citi card, but its lack of a sign-up offer was discouraging. PenFed is currently running a $100 sign-up offer for its cash rewards card.

I have no experience or relationship with PenFed, so I was wondering what your opinions on them are. Is it worth getting in with PenFed (requires a one-time $17 donation and checking account as I'm not a service member)? Overall it seems like the PenFed Cash Rewards seems superior to the Citi Double Cash, same 2% back on everything plus a $100 bonus and super low APR (9.24%).

Finally, any thoughts on the PenFed Power Cash Rewards versus their Platinum Rewards card? The rewards card offers 5x points on gas, 3x on grocceries (wouldn't use, as I have 6% back with AMEX), and 1x on everything else. I'm guessing the cash rewards is better as my daily driver, while the rewards card is really only good if I need a gas rewards card.

Any help is appreciated!

The Double Cash card seems a lot easier with less hassle. Having said that though, as others have said, PenFed is a great credit union to be a member of. With the Power Cash card, the APRs start at 9.24% but could go to 17.99% depending on credit profile. Also, there is no foreign transaction fee and it can be used at Costco whereas the Double Cash can't.

If you want the hassle of opening a checking account and leaving $500 in it to keep it from costing a monthly fee (I know, others have stated that they do not have $500 in their account or direct deposit and they do not get a fee, your mileage may very) then the Power Cash is a great choice. If you want plug and play, the Double Cash card is fairly easy to deal with.

Re: How does PenFed stack up?

morgacj2004 — Sat, 18 Feb 2017 05:13:22 GMT

I have the Plat Rewards which I use as a daily driver great card for gas and grocery purchases. High credit lines with PFCU. Would highly recommend.

Re: How does PenFed stack up?

Anonymous — Sat, 18 Feb 2017 05:28:26 GMT

Thanks for all the advice everyone! Really appreciate it. I'm heavily leaning towards PenFed Cash Rewards over the Citi DC. Just trying to decide if the extra 0.5% is worth the required $500 cash flow monthly in their checking account. Someone mentioned they heard some people are able to get the extra 0.5% without the $500 in the checking account. Any idea how this is achieved? Just don't add the $500 and see what happens, or call them and ask for an exception?

Re: How does PenFed stack up?

Anonymous — Sat, 18 Feb 2017 08:58:05 GMT

@Anonymous wrote:
Thanks for all the advice everyone! Really appreciate it. I'm heavily leaning towards PenFed Cash Rewards over the Citi DC. Just trying to decide if the extra 0.5% is worth the required $500 cash flow monthly in their checking account. Someone mentioned they heard some people are able to get the extra 0.5% without the $500 in the checking account. Any idea how this is achieved? Just don't add the $500 and see what happens, or call them and ask for an exception?

I've been with Penfed maybe a year. I am a big fan, and every time I turn around, they get better.

You do need to be part of a group they work with to join (as they are a credit union). Originally, I got in because my father had been in the military at one point. If no family member has ever been in the military, ANY donation to the Red Cross (including the donation of blood) will qualify you.

They have been going around lately, buying up other credit unions, which means they are now local to me. They took a great CU and made it even better.

The $500 cash flow means you need at least $500 in deposits to the account (direct deposit of pay is a great way to get there) every month.