topic Re: PenFed Platinum Cash Rewards Question in Credit Cards

PenFed Platinum Cash Rewards Question

PNW_Hunter — Thu, 05 Aug 2021 18:24:55 GMT

Hey All,

I have the legacy (and amazing) PenFed Platinum Cash Rewards card that offers 5% cash back as a statement credit each month at the pump.

When PenFed offered this card, they had a requirement to maintain a qualified account such as a personal LOC, etc. to get the 5% back.

Now that the product is long gone, has anyone who has this card cancelled their LOC and still received the 5% back?

I don't want to call and ask as that could draw attention to the account - not looking to get forced into a product change.

Thanks!

Re: PenFed Platinum Cash Rewards Question

Anonymous — Thu, 05 Aug 2021 18:28:35 GMT

@PNW_Hunter wrote:
Hey All,

I have the legacy (and amazing) PenFed Platinum Cash Rewards card that offers 5% cash back as a statement credit each month at the pump.

When PenFed offered this card, they had a requirement to maintain a qualified account such as a personal LOC, etc. to get the 5% back.

Now that the product is long gone, has anyone who has this card cancelled their LOC and still received the 5% back?

I don't want to call and ask as that could draw attention to the account - not looking to get forced into a product change.

Thanks!

I have no actual knowledge, but... even though the card is no longer available, it certainly wouldn't amaze me if the code that required qualifying accounts to get the 5% is still active, so removing the LOC might well drop the reward (to whatever it was, 3%?) Is there any sort of cost for the LOC?

Re: PenFed Platinum Cash Rewards Question

PNW_Hunter — Thu, 05 Aug 2021 18:30:11 GMT

Good point and no cost - was just looking to garden a little bit to make room for some other cards

Risk of closing the LOC is not worth upsetting the 5% gas apple cart!

Re: PenFed Platinum Cash Rewards Question

Anonymous — Thu, 05 Aug 2021 18:57:12 GMT

@PNW_Hunter wrote:
Good point and no cost - was just looking to garden a little bit to make room for some other cards

Risk of closing the LOC is not worth upsetting the 5% gas apple cart!

Right, I wish I had gone for that card at the time, but the Platinum Rewards was "clearly" better, same 5x on gas, but also 3x on groceries and 1x on everything else. I had not considered point devaluation!

Re: PenFed Platinum Cash Rewards Question

PNW_Hunter — Thu, 05 Aug 2021 19:03:38 GMT

PenFed used to have a travel Amex that was 5x points on airfare, I believe - I had that card but cancelled it; however, they ended up forcing product changes anyways (unlike the gas card).

Re: PenFed Platinum Cash Rewards Question

GatorGuy — Thu, 05 Aug 2021 19:41:50 GMT

@PNW_Hunter wrote:
Hey All,

I have the legacy (and amazing) PenFed Platinum Cash Rewards card that offers 5% cash back as a statement credit each month at the pump.

When PenFed offered this card, they had a requirement to maintain a qualified account such as a personal LOC, etc. to get the 5% back.

Now that the product is long gone, has anyone who has this card cancelled their LOC and still received the 5% back?

I don't want to call and ask as that could draw attention to the account - not looking to get forced into a product change.

Thanks!

I only have had a savings account with Penfed and get the 5%.