topic Re: PenFed Gas Card in Credit Cards

PenFed Gas Card

MyFault — Thu, 16 Jan 2020 16:44:33 GMT

Everyone talks about the Ducks Unlimited card, or Citco Costco for gas. But, i just came across the PenFed Platinum Rewards Visa Signature.

It has 5x on gas, 3x on groceries. No AF. Sounds like the go to gas card to take the Ducks Unlimited's crown.

Thoughts?

Re: PenFed Gas Card

Gmood1 — Thu, 16 Jan 2020 16:52:29 GMT

I don't have that one. But I believe the 5x points doesn't equate to 5%.
I have the original 5% Gas CB Penfed CC. Which is no longer offered.
I'm grandfathered in.

Re: PenFed Gas Card

Anonymous — Thu, 16 Jan 2020 17:42:22 GMT

@Gmood1 wrote:
I don't have that one. But I believe the 5x points doesn't equate to 5%.
I have the original 5% Gas CB Penfed CC. Which is no longer offered.
I'm grandfathered in.

Right, it's about 4.25% for the best redemption (and grocery about 2.55%) Originally points were = to 1c but they silently devalued them.

So while that's better than the 3% on many cards, Ducks/Fort Knox etc still win!

Re: PenFed Gas Card

coldfusion — Thu, 16 Jan 2020 17:42:43 GMT

@Gmood1 wrote:
I don't have that one. But I believe the 5x points doesn't equate to 5%.
I have the original 5% Gas CB Penfed CC. Which is no longer offered.
I'm grandfathered in.

You're correct. 5X points on the current card is worth about 4.3%.

Re: PenFed Gas Card

PullingMeSoftly — Thu, 16 Jan 2020 18:39:22 GMT

Also USAA's Cashback Rewards Plus Amex is 5% on gas, 2% on groceries

Re: PenFed Gas Card

Anonymous — Thu, 16 Jan 2020 18:45:11 GMT

There are also some strange things about the pricing.

A $50 visa gift card costs 5,880 points.

A $100 card costs 11,760 points (2 x $50)

A $250 card costs 29,410, 10 more than 5*$50

A $500 visa gift cards costs 58,820 which is 2*$250 but 20 more than 5*100. Wonder who made the decision to add the extra 20 points, so it's slightly cheaper to buy 10 $50 or 5 $100 than 1 $500!

Re: PenFed Gas Card

MyFault — Thu, 16 Jan 2020 18:52:09 GMT

Good to know. Thanks for the clarification all!

Re: PenFed Gas Card

Loquat — Thu, 16 Jan 2020 19:11:18 GMT

If only PenFed would allow for statement credit.

Re: PenFed Gas Card

Queen_Etherea — Fri, 17 Jan 2020 22:12:12 GMT

@Loquat wrote:
If only PenFed would allow for statement credit.

They do. I just did it literally 5 minutes ago.

Re: PenFed Gas Card

Loquat — Fri, 17 Jan 2020 22:16:52 GMT

Interesting. Didn't know that the earnings from the Platinum Rewards were able to redeemed for statement credit. If you don't mind me asking, what are the points worth when redeeming for statement credit?

Re: PenFed Gas Card

UpperNwGuy — Sun, 19 Jan 2020 20:54:41 GMT

5x points doesn’t equal 5% dollars.

The sad thing is that it used to, then PenFed devalued the points without any announcement. If you google this, you will find some angry posts from that time period. I didn’t have the card at the time, but several years later PenFed sent me one (unsolicited) to replace the legacy MasterCard that they were discontinuing. I called them up immediately and said to cancel it because I refuse to use cards with devalued points.