topic Re: Penfed Power Cash Rewards in Credit Cards

Penfed Power Cash Rewards

VPExecutive — Sat, 08 Feb 2020 17:30:34 GMT

Was approved for this card yesterday morning... A few questions.

1. When do the rewards post? End of the statement period? As soon as the transaction posts?

2. When does the card show up online? Hasn't done so yet.

3. For future-proofing, does Penfed to PC's? I'd rather ask now than later.

4. Any specific payment rules? I know Penfed can have some strange policies.

5. Is the card decent or flimsy?

6. I applied and was approved for an Access America account yesterday to get the 2%. How long does it take to qualify for 2%?

Thank you all.

Re: Penfed Power Cash Rewards

Aim_High — Sat, 08 Feb 2020 18:26:48 GMT

@VPExecutive wrote:
Was approved for this card yesterday morning... A few questions.
1. When do the rewards post? End of the statement period? As soon as the transaction posts?
2. When does the card show up online? Hasn't done so yet.
3. For future-proofing, does Penfed to PC's? I'd rather ask now than later.
4. Any specific payment rules? I know Penfed can have some strange policies.
5. Is the card decent or flimsy?
6. I applied and was approved for an Access America account yesterday to get the 2%. How long does it take to qualify for 2%?

Congrats on your approval! I got the Power Cash in November and have enjoyed it so far. Got the $100 SUB as a statement credit after the first $1500 spend so averaged 8.66% on that amount, a great deal!

1) My rewards have usually posted as charges clear. Redemptions start at a penny.

2) My card showed up pretty quickly online but not sure if it was before I got the physical card.

3) Not sure about PCs with PenFed. A quick My FICO search looks like some have reported no PC in the past but not sure of current policy.

4) Payments as in from outside accounts? I have only paid from PenFed but no problems, although balance due was slow to update in my app/web page.

5) The card is a little flimsy, typical medium grade credit card plastic. Probably not worse than your average plastic card but no better. I do wish some of my cards were sturdier.

6) I am Military Honors Advantage so didn't need the checking to qualify for 2%, but I believe it will be immediately. I got it credited from the first charges.

Re: Penfed Power Cash Rewards

JNA1 — Sat, 08 Feb 2020 18:28:33 GMT

Congrats on your PCR! #goals!

Re: Penfed Power Cash Rewards

K-in-Boston — Sat, 08 Feb 2020 18:51:43 GMT

@Aim_High wrote:
@VPExecutive wrote:
Was approved for this card yesterday morning... A few questions.
1. When do the rewards post? End of the statement period? As soon as the transaction posts?
2. When does the card show up online? Hasn't done so yet.
3. For future-proofing, does Penfed to PC's? I'd rather ask now than later.
4. Any specific payment rules? I know Penfed can have some strange policies.
5. Is the card decent or flimsy?
6. I applied and was approved for an Access America account yesterday to get the 2%. How long does it take to qualify for 2%?
Congrats on your approval! I got the Power Cash in November and have enjoyed it so far. Got the $100 SUB as a statement credit after the first $1500 spend so averaged 8.66% on that amount, a great deal!

1) My rewards have usually posted as charges clear. Redemptions start at a penny.

2) My card showed up pretty quickly online but not sure if it was before I got the physical card.

3) Not sure about PCs with PenFed. A quick My FICO search looks like some have reported no PC in the past but not sure of current policy.

4) Payments as in from outside accounts? I have only paid from PenFed but no problems, although balance due was slow to update in my app/web page.

5) The card is a little flimsy, typical medium grade credit card plastic. Probably not worse than your average plastic card but no better. I do wish some of my cards were sturdier.

6) I am Military Honors Advantage so didn't need the checking to qualify for 2%, but I believe it will be immediately. I got it credited from the first charges.

Great answers. Here's what I can add:

2.) PenFed cards usually show up in your online account about 2 days after approval.

3.) I don't think they are doing PCs at the moment but I could be wrong.

4.) I only ever make one payment a month, but no issues ever paying them with Bank of America checking. No need to move to share or checking account first; you can schedule a pull payment just like any major card issuer.

5.) Card is fine. Normal medium plastic. Doesn't look counterfeit like NASA FCU cards, but it's not going to be mistaken for a CSR or Amex Platinum.

6.) As a vet, I get the 2% automatically but I believe there is no lag time for having checking and getting higher rewards.

Re: Penfed Power Cash Rewards

AllZero — Sat, 08 Feb 2020 20:38:04 GMT

Congratulations on your approval!

Re: Penfed Power Cash Rewards

Traveler101 — Sat, 08 Feb 2020 22:07:18 GMT

Congrats!

Re: Penfed Power Cash Rewards

Anonymous — Sat, 08 Feb 2020 22:11:14 GMT

Congratulations on your approval! 👍

Re: Penfed Power Cash Rewards

VPExecutive — Sun, 09 Feb 2020 01:21:14 GMT

@Aim_High wrote:
@VPExecutive wrote:
Was approved for this card yesterday morning... A few questions.
1. When do the rewards post? End of the statement period? As soon as the transaction posts?
2. When does the card show up online? Hasn't done so yet.
3. For future-proofing, does Penfed to PC's? I'd rather ask now than later.
4. Any specific payment rules? I know Penfed can have some strange policies.
5. Is the card decent or flimsy?
6. I applied and was approved for an Access America account yesterday to get the 2%. How long does it take to qualify for 2%?
Congrats on your approval! I got the Power Cash in November and have enjoyed it so far. Got the $100 SUB as a statement credit after the first $1500 spend so averaged 8.66% on that amount, a great deal!

1) My rewards have usually posted as charges clear. Redemptions start at a penny.

2) My card showed up pretty quickly online but not sure if it was before I got the physical card.

3) Not sure about PCs with PenFed. A quick My FICO search looks like some have reported no PC in the past but not sure of current policy.

4) Payments as in from outside accounts? I have only paid from PenFed but no problems, although balance due was slow to update in my app/web page.

5) The card is a little flimsy, typical medium grade credit card plastic. Probably not worse than your average plastic card but no better. I do wish some of my cards were sturdier.

6) I am Military Honors Advantage so didn't need the checking to qualify for 2%, but I believe it will be immediately. I got it credited from the first charges.

Do you have the old design or the new design? I did some research and someone on Reddit said the new card is sturdier than the old version.

Re: Penfed Power Cash Rewards

VPExecutive — Sun, 09 Feb 2020 01:23:47 GMT

@K-in-Boston wrote:
@Aim_High wrote:
@VPExecutive wrote:
Was approved for this card yesterday morning... A few questions.
1. When do the rewards post? End of the statement period? As soon as the transaction posts?
2. When does the card show up online? Hasn't done so yet.
3. For future-proofing, does Penfed to PC's? I'd rather ask now than later.
4. Any specific payment rules? I know Penfed can have some strange policies.
5. Is the card decent or flimsy?
6. I applied and was approved for an Access America account yesterday to get the 2%. How long does it take to qualify for 2%?
Congrats on your approval! I got the Power Cash in November and have enjoyed it so far. Got the $100 SUB as a statement credit after the first $1500 spend so averaged 8.66% on that amount, a great deal!

1) My rewards have usually posted as charges clear. Redemptions start at a penny.

2) My card showed up pretty quickly online but not sure if it was before I got the physical card.

3) Not sure about PCs with PenFed. A quick My FICO search looks like some have reported no PC in the past but not sure of current policy.

4) Payments as in from outside accounts? I have only paid from PenFed but no problems, although balance due was slow to update in my app/web page.

5) The card is a little flimsy, typical medium grade credit card plastic. Probably not worse than your average plastic card but no better. I do wish some of my cards were sturdier.

6) I am Military Honors Advantage so didn't need the checking to qualify for 2%, but I believe it will be immediately. I got it credited from the first charges.

Great answers. Here's what I can add:

2.) PenFed cards usually show up in your online account about 2 days after approval.

3.) I don't think they are doing PCs at the moment but I could be wrong.

4.) I only ever make one payment a month, but no issues ever paying them with Bank of America checking. No need to move to share or checking account first; you can schedule a pull payment just like any major card issuer.

5.) Card is fine. Normal medium plastic. Doesn't look counterfeit like NASA FCU cards, but it's not going to be mistaken for a CSR or Amex Platinum.

6.) As a vet, I get the 2% automatically but I believe there is no lag time for having checking and getting higher rewards.

How long does the pull payment from your BoA account take to reflect a restoration in available credit? Not that I'll have much of an issue with a $7,500 limit.

Re: Penfed Power Cash Rewards

K-in-Boston — Sun, 09 Feb 2020 01:30:51 GMT

When I've used the card (mostly just for BTs after the original SUB since 2% cash back isn't my thing) I've scheduled one payment prior to the due date and it's reflected on the PedFed website on the day I scheduled the payment for, while the actual ACH isn't usually shown in my BOA account until the next business day.

I got my card I when it was first launched (already expiring next month; wonder if they'll send a replacement or like my Defender card I'll notice 6 months from now that they never sent a replacement?) and while it's quite flexible I really don't see it as being as issue.

Re: Penfed Power Cash Rewards

VPExecutive — Sun, 09 Feb 2020 01:41:20 GMT

@K-in-Boston wrote:
When I've used the card (mostly just for BTs after the original SUB since 2% cash back isn't my thing) I've scheduled one payment prior to the due date and it's reflected on the PedFed website on the day I scheduled the payment for, while the actual ACH isn't usually shown in my BOA account until the next business day.

I got my card I when it was first launched (already expiring next month; wonder if they'll send a replacement or like my Defender card I'll notice 6 months from now that they never sent a replacement?) and while it's quite flexible I really don't see it as being as issue.

Seems like a better version of the Citi Double cash since both apparently post payments immediately. The difference between the Penfed card is that it has better customer service and no FTFs.

Re: Penfed Power Cash Rewards

K-in-Boston — Sun, 09 Feb 2020 01:44:27 GMT

Both have additional benefits. Double Cash can be easily product changed if you decide 2% cash back doesn't work for you, the points can now be turned into more flexible ThankYou points, and there are Citi offers that you won't get from PenFed. On the other hand, you get the 2% back right away from PCR instead of the 1% on purchase and 1% on payment structure of DC.

Re: Penfed Power Cash Rewards

Aim_High — Sun, 09 Feb 2020 19:37:19 GMT

@VPExecutive wrote:
@Aim_High wrote:
@VPExecutive wrote:
5. Is the card decent or flimsy?
5) The card is a little flimsy, typical medium grade credit card plastic. Probably not worse than your average plastic card but no better. I do wish some of my cards were sturdier.
Do you have the old design or the new design? I did some research and someone on Reddit said the new card is sturdier than the old version.

I apparently have a different version than many members. It's not even listed on PenFed's website. It seems they had old "blanks" from the previous "PenFed Defender" credit card with the American Flag. The CSR offered it to me when I applied in-branch. They are using them to print Power Cash cards but she said it's only available for members in prior-military service Honors Advantage program. It's printed horizontally like most credit cards, not vertically as the Defender was printed. Here's an image of the Defender card blank.

Re: Penfed Power Cash Rewards

Aim_High — Sun, 09 Feb 2020 19:38:45 GMT

@VPExecutive wrote: "Seems like a better version of the Citi Double cash since both apparently post payments immediately. The difference between the Penfed card is that it has better customer service and no FTFs."

Those were two reasons I picked the Power Cash over the Double Cash but they weren't the only ones. I studied the flat 2% cash-back card programs for awhile before I decided to go with the Power Cash. I never had the Double Cash but I've read all the fine print and lots of reviews so I know how it works. Especially with the ability to transfer TY points, as @K-in-Boston mentioned, I know it's a popular program for many of our members. I thought there were too many loopholes and delays in getting your cashback with Citi, not to mention all the fees and interest structure were much higher, (not just FTF). Someone asked me why I thought the Power Cash was the best 2% card and I wrote a review on another thread (see link below).

Comparing the Power Cash and Double Cash, the Double Cash has the following restrictions and delays on payments:

* PC earns full 2% immediately at charge posting. DC earns 1% at statement closing (up to 30 day delay) and 1% when you pay (another 30 day delay).

* PC has no minimum redemption (starts at a penny). DC minimum redemption is $25, or every $1250 spend.

* PC rewards never expire as long as card is open. DC rewards expire if you ever let the account go idle for 12 months. (That is the most strict and punitive rewards expiration I've ever seen on any credit card.)

* PC allows statement credit for full 2%. With DC, you lose a small percentage (.02%) because you don't get the "1% when you pay" unless you pay your card and then remember to just deposit the rewards. Just one extra (and unnecessary IMO) loophole that Citi put in the card structure.

My review:

https://ficoforums.myfico.com/t5/Credit-Card-Approvals/Penfed-PCR-Approval/m-p/5901752#M655426

Re: Penfed Power Cash Rewards

stonedog23 — Sun, 09 Feb 2020 20:00:11 GMT

I’m amazed at the number of people throughout this forum that care about how their cards feel, whether they are flimsy or not. I don’t even bring this particular card out of the house.

Re: Penfed Power Cash Rewards

Aim_High — Tue, 11 Feb 2020 17:04:25 GMT

@stonedog23 wrote:
I’m amazed at the number of people throughout this forum that care about how their cards feel, whether they are flimsy or not. I don’t even bring this particular card out of the house.

I know what you're saying but it's not all about vanity, at least for some people. Sure, there are those who carry and flaunt their metal AMEX Platinum or Gold cards because they are heavier and metal. But there is a subconscious message the user themselves get from a more solid card (even heavier plastics versus a metal card.) It feels solid in your hand and implies a confidence in the quality and financial standing of your bank. Even though I wouldn't steer away from a card over the way it feels in my hand, I must say I do like it when a card feels solid. And from a practicality standpoint, a heavier card is probably going to hold up better under daily use, for those of us who do carry our cards. (I have had some plastic cards eventually crack and need replacing after long term wear-and-tear in my wallet.)

Re: Penfed Power Cash Rewards

CreditCuriosity — Mon, 10 Feb 2020 03:55:06 GMT

Just to add PenFed does not do customer initiated PC's. You would have to be approved for a new card and have the credit line moved. Only real drawback of PenFed, but a minor one as otherwise they are very easy to deal with, especially the PCR as mentioned rewards are credited once charge clears on this card and can be a penny

Re: Penfed Power Cash Rewards

VPExecutive — Mon, 10 Feb 2020 14:42:41 GMT

It showed up in my online account today, which is good. Can't wait to get it in the mail and start using.

I wish Penfed let you add the card to a mobile wallet before receiving it.

Re: Penfed Power Cash Rewards

K-in-Boston — Tue, 11 Feb 2020 15:13:55 GMT

@stonedog23 wrote:
I’m amazed at the number of people throughout this forum that care about how their cards feel, whether they are flimsy or not. I don’t even bring this particular card out of the house.

There are some that can be excessively flimsy; sometimes it really is about longevity. Back when the Amex Gold Card was my daily driver for about 14 or 15 years, I used to have to replace it about twice a year from wear and tear because it would always crack just under the mag stripe. Mobile payment becoming more common lessens it to a certain degree, but some of the credit union cards are really cheaply made.

Re: Penfed Power Cash Rewards

Anonymous — Tue, 11 Feb 2020 15:43:50 GMT

@Aim_High wrote:

Someone asked me why I thought the Power Cash was the best 2% card and I wrote a review on another thread (see link below).

Comparing the Power Cash and Double Cash, the Double Cash has the following restrictions and delays on payments:
* PC earns full 2% immediately at charge posting. DC earns 1% at statement closing (up to 30 day delay) and 1% when you pay (another 30 day delay).
* PC has no minimum redemption (starts at a penny). DC minimum redemption is $25, or every $1250 spend.
* PC rewards never expire as long as card is open. DC rewards expire if you ever let the account go idle for 12 months. (That is the most strict and punitive rewards expiration I've ever seen on any credit card.)
* PC allows statement credit for full 2%. With DC, you lose a small percentage (.02%) because you don't get the "1% when you pay" unless you pay your card and then remember to just deposit the rewards. Just one extra (and unnecessary IMO) loophole that Citi put in the card structure.

The fact that Citi DC is now a 3.4% card (in TY Points) trumps all of those reasons for me and all those interested in redeeming for travel.

YMMV, obv.

PS PenFed requires non-vets to open a checking account to get the 2%. I have no idea whether that checking account charges fees. If it does, that's another reason to chose Citi.