topic Re: PenFed Power Cash Rewards: 7% cash-back targeted offer in Credit Cards

PenFed Power Cash Rewards: 7% cash-back targeted offer

Aim_High — Fri, 24 Sep 2021 03:23:36 GMT

I recently got an offer from PenFed to pay a $50 bonus to my Power Cash Rewards Visa after spending $1K in the month of August. Combined with the normal rewards of 2%, that $50/$1000 (5%) equals a total of 7% on uncategorized spending. Nice surpise!

I have used my Power Cash Rewards card regularly but usage is fairly light since I have better-earning rewards cards. Perhaps I got the offer since they are trying to encourage heavier usage. Did others get this offer recently also?

Among the flat-2% cards, I still most highly value and recommend the Power Cash Rewards. While I like having PCRs as an option, at least for now I've got the AOD FCU Visa (3%) and my BofA Premium Rewards (2.625%) for uncapped and uncategorized spending. Or to redeem uncategorized spending for travel rewards, I've got the Chase Freedom Unlimited (2.25% in URs).

Incidentally, for those wondering where I've been lately, Aim_High has been gardening and will be 0/12 in only nine days!

Re: PenFed Power Cash Rewards: 7% cash-back targeted offer

Openwater — Fri, 06 Aug 2021 20:30:16 GMT

Garden away! Congrats on the nice bonus offer!

Re: PenFed Power Cash Rewards: 7% cash-back targeted offer

cws-21 — Fri, 24 Sep 2021 03:24:48 GMT

@Aim_High wrote:
I recently got an offer from PenFed to pay a $50 bonus to my Power Cash Rewards Visa after spending $1K in the month of August. Combined with the normal rewards of 2%, that $50/$1000 (5%) equals a total of 7% on uncategorized spending. Nice surpise!

I have used my Power Cash Rewards card regularly but usage is fairly light since I have better-earning rewards cards. Perhaps I got the offer since they are trying to encourage heavier usage. Did others get this offer recently also?

Among the flat-2% cards, I still most highly value and recommend the Power Cash Rewards. While I like having PCRs as an option, at least for now I've got the AOD FCU Visa (3%) and my BofA Premium Rewards (2.625%) for uncapped and uncategorized spending. Or to redeem uncategorized spending for travel rewards, I've got the Chase Freedom Unlimited (2.25% in URs).

Incidentally, for those wondering where I've been lately, Aim_High has been gardening and will be 0/12 in only nine days!

@Aim_High, when's the spree! What cards are you going for next?

Re: PenFed Power Cash Rewards: 7% cash-back targeted offer

Loquat — Fri, 06 Aug 2021 20:52:12 GMT

I received this offer the other day on my PenFed Promise card. Easy $50 for sure.

Re: PenFed Power Cash Rewards: 7% cash-back targeted offer

WowCool — Fri, 06 Aug 2021 21:26:35 GMT

Oh wow, I received that email days ago but didnt read it. Went back and read it, mine is only $25 for $1k spend, boooooo...... Still 4.5 for 1k spend, but still boooooo.

Re: PenFed Power Cash Rewards: 7% cash-back targeted offer

Aim_High — Fri, 06 Aug 2021 21:29:50 GMT

@cws-21 wrote:
@Aim_High, when's the spree! What cards are you going for next?

That's something I've been puzzling on @cws-21. Initially, I was only going to garden for something like 3-6 months and then do a mini-spree. The card landscape keeps changing and I've altered plans several times. And I'm still considering a mortgage refi before a spree.

I applied for the AMEX Hilton Surpass in May but withdrew app when told I wouldn't get a SUB. That encouraged me to garden even longer.

I still have a high interest in the AMEX Marriott Bonvoy Brilliant and the Elan Max Cash Preferred. I won't accept the Marriott card without a SUB offer and I may forgo the Hilton card for now. Wells Fargo Propel was on my short list until it was sidelined in the spring. I'm waiting to see WF's next steps with new card offerings. My Navy Federal plans may have faltered when I just learned that CL consolidations may no longer be offered without balance transfers. (One possibility had been building a large credit limit on the Flagship Rewards.) I have clean-time now that I could also safely apply for even US Bank, so maybe Cash + would be a good choice instead of MCP. Altitude Reserve has intrigued me at times and Cash+ would be a foot-in-the-door.

Another lender I've considered is adding another Citibank card but probably not the Custom Cash. (I dislike the $500 monthly cap and the incremental rewards value on my spending over what I earn now with other cards is minimal.) The Prestige has been removed from the website and may be revised/improved soon. I've also consider the Premier, AAdvantage Platinum, or AAdvantage Executive. In Citi's case, part of my strategy was to build a credit relationship with the largest banks, so Citi is the largest one (besides Wells Fargo and US Bank) where I have the least exposure.

I've considered a few other various cards and lenders. Except for the Cash+/MCP, I think I'm done with Cash-back cards for now. I like to have a good basis of them to fall back on but I think my wallet has enough variety to cover my major spending. Cash+/MCP was an exception due to the home utilities category being valuable enough for a separate card.

It's good to have options and also to be in a position where I could apply short-notice for any new cards that are introduced with excellent approval odds!

Re: PenFed Power Cash Rewards: 7% cash-back targeted offer

cws-21 — Fri, 06 Aug 2021 21:58:30 GMT

@Aim_High, I knew you would have put some thought into it! Since I know your cards, I'm curious about some things. Why would you have had the Propel on your short list? Don't get me wrong, I have the card and like it a lot, but I'm just not sure why you would have pursued it. Regarding Custom Cash, I don't find the cap to be an issue for virtually any spending category of mine, except groceries, which I have covered with another card, so what about your spending makes the cap undesirable for you? As for the USB Cash+ and Elan Max Cash, I think the Mastercard version of the Max Cash is my pick for the 5% cash back on utilities and 5% cash back on one's cellphone bill (with cellphone protection!). I'm still debating about applying for the Max Cash myself because I already have cellphone protection through the Propel.

Re: PenFed Power Cash Rewards: 7% cash-back targeted offer

Anonymous — Fri, 06 Aug 2021 22:16:11 GMT

@Aim_High wrote:
@cws-21 wrote:
@Aim_High, when's the spree! What cards are you going for next?
That's something I've been puzzling on @cws-21. Initially, I was only going to garden for something like 3-6 months and then do a mini-spree. The card landscape keeps changing and I've altered plans several times. And I'm still considering a mortgage refi before a spree.

I applied for the AMEX Hilton Surpass in May but withdrew app when told I wouldn't get a SUB. That encouraged me to garden even longer.

I still have a high interest in the AMEX Marriott Bonvoy Brilliant and the Elan Max Cash Preferred. I won't accept the Marriott card without a SUB offer and I may forgo the Hilton card for now. Wells Fargo Propel was on my short list until it was sidelined in the spring. I'm waiting to see WF's next steps with new card offerings. My Navy Federal plans may have faltered when I just learned that CL consolidations may no longer be offered without balance transfers. (One possibility had been building a large credit limit on the Flagship Rewards.) I have clean-time now that I could also safely apply for even US Bank, so maybe Cash + would be a good choice instead of MCP. Altitude Reserve has intrigued me at times and Cash+ would be a foot-in-the-door.

Another lender I've considered is adding another Citibank card but probably not the Custom Cash. (I dislike the $500 monthly cap and the incremental rewards value on my spending over what I earn now with other cards is minimal.) The Prestige has been removed from the website and may be revised/improved soon. I've also consider the Premier, AAdvantage Platinum, or AAdvantage Executive. In Citi's case, part of my strategy was to build a credit relationship with the largest banks, so Citi is the largest one (besides Wells Fargo and US Bank) where I have the least exposure.

I've considered a few other various cards and lenders. Except for the Cash+/MCP, I think I'm done with Cash-back cards for now. I like to have a good basis of them to fall back on but I think my wallet has enough variety to cover my major spending. Cash+/MCP was an exception due to the home utilities category being valuable enough for a separate card.

It's good to have options and also to be in a position where I could apply short-notice for any new cards that are introduced with excellent approval odds!

Nice offer on your PenFed. Are you going to convert your Wells Fargo Cash wise to the active cash?

Re: PenFed Power Cash Rewards: 7% cash-back targeted offer

ccquest — Sat, 07 Aug 2021 02:08:59 GMT

@WowCool wrote:
Oh wow, I received that email days ago but didnt read it. Went back and read it, mine is only $25 for $1k spend, boooooo...... Still 4.5 for 1k spend, but still boooooo.

Same deal for my email, thought decent bonus then I come on here and see this thread!

Not sure how they decide who gets what, but my spend on the card varies between $200 and $1400 a month usually.

Re: PenFed Power Cash Rewards: 7% cash-back targeted offer

Aim_High — Sat, 07 Aug 2021 02:14:58 GMT

@cws-21 wrote:
@Aim_High, I knew you would have put some thought into it! Since I know your cards, I'm curious about some things. Why would you have had the Propel on your short list? Don't get me wrong, I have the card and like it a lot, but I'm just not sure why you would have pursued it. Regarding Custom Cash, I don't find the cap to be an issue for virtually any spending category of mine, except groceries, which I have covered with another card, so what about your spending makes the cap undesirable for you? As for the USB Cash+ and Elan Max Cash, I think the Mastercard version of the Max Cash is my pick for the 5% cash back on utilities and 5% cash back on one's cellphone bill (with cellphone protection!). I'm still debating about applying for the Max Cash myself because I already have cellphone protection through the Propel.

Good questions @cws-21. As I mentioned about Citi, when I joined My Fico and started reviewing lenders, I set out to purposely pursue the largest national lenders for diversity and potentially larger credit limits. Of course there are always exceptions but I've found that the larger lenders have some of the better rewards card products as well as the assets to support larger credit limits. Smaller banks and credit unions are more likely to have other benefits but may lag in those areas. (Again, there are always exceptions like the high 3% cash back rewards with AOD FCU or the high potential credit limits with lenders like First Tech CU.) The five largest US Banks by asset size are Chase, Bank of America, Wells Fargo, Citibank, and US Bank. Since I already have good credit limit exposure with Chase and BofA, I moved on to Wells Fargo. Their cards for the most part have been lackluster but Propel seemed to be a solid and competitive card. With the other cards I already carry, I agree that it wouldn't have added as much to my wallet as if I was at a different stage of building. But I thought it was the best card Wells had at-the-time and a good alternative card in case my other cards were nerfed or closed. I've heard that CL consolidation is available with them. They had sent me a targeted offer for Cash Wise with SUB last summer and I had hoped to later combine that with the Propel. Now that Propel is sidelined, I'm hopeful they will come out with something else really good that could be even more useful. From what I've read, they seem dedicated to improving their card offerings.

I generally dislike spending caps. I realize they have a purpose to allow lenders to offer a limited amount of high rewards while avoiding losses from abuse. But sometimes, they also benefit the lender from cardholders who don't pay attention to caps and lower their overall rewards rates. So to me, they add an extra layer of complexity in managing the card or thinking about how to use my cards. I don't like to have to constantly think about which card to pull out of my wallet. The $500 cap to me, while the same comparable limit as $1500 per quarter on Freedom or Discover IT, is even trickier to manage since the limit is set by month, not quarter. The categories don't add value to me either based on my spending and current cards. If I were to use it for "select travel", it's likely I would need more than a $500 limit; I would have to split purchases to use the $500 but avoid lowering my rewards rate to 1%. If I use the "home improvement," my expenses would likely be either far below that $500 or far above it. I already get excellent restaurant rewards on multiple cards (Chase Sapphire Reserve , AMEX Gold, BofA Premium Rewards) and while that's a major spending area for me, not only are the additional rewards marginal but the cap would easily be less than my monthly restaurant spending. It would require me to carefully monitor my monthly spending to determine when to switch cards. I already get 4-5% on gas with my Citi Costco, Freedom, and Discover with easier-to-manage caps. As empty-nesters, groceries aren't a huge expense for me and DW. And I can get 4x MRs on AMEX Gold up to $25K annually in groceries or 3.5% on BofA Customized Cash Rewards (up to $2500 per quarter) or 3% on multiple other cards. I don't regularly spend anywhere close to $500 per month (if anything at all) on streaming services, fitness clubs, transit, or live entertainment. The most remaining category is drugstores where I already earn 3% at Walgreen's on Apple, 3% on drugstores on CFU, sometimes 5% on Chase Freedom, and 3% on anything with AOD FCU, so I'd be earning an incremental 2% on the maximum of $500. (I never spend $500 a month on drugstrores, but even if I did spend the full amount, that would be at-the-most $10 difference for that single month.) While I think the Citi Custom Cash can be a great card for some spending patterns and credit profiles, it just doesn't seem a worthy addition to my wallet in my current situation.

Instead of the Citi Custom Cash, if I wanted to add another cash-back card, I'd rather add a second Bank of America Customized Cash Rewards card. With Platinum Honors status, I would earn 5.25% back on up to $2500 per quarter or $10K per year. It's a better deal in terms of both the rewards and the caps. And while I said I probably wouldn't add a cash-back card, that is one that I would seriously consider if I did.

Re: PenFed Power Cash Rewards: 7% cash-back targeted offer

Aim_High — Sat, 07 Aug 2021 02:20:04 GMT

@Anonymous wrote:
Nice offer on your PenFed. Are you going to convert your Wells Fargo Cash wise to the active cash?

Thanks @Anonymous! For now, probably not. I don't need another 2% card (or even that 1.5% card) but I may roll the limit of Cash Wise over to some new offering from Wells Fargo since they seem to be dedicated to improving their card lineup. I hope to see some brand new cards in the next 6-12 months in follow-up to Active Cash. But if I were to keep it, yes, it would make sense to convert to Active Cash!

Re: PenFed Power Cash Rewards: 7% cash-back targeted offer

cws-21 — Sat, 07 Aug 2021 11:12:09 GMT

@Aim_High, I now understand why you wanted the Propel. I, too, am looking forward to what Wells Fargo may unveil in 2022, though I'm probably setting myself up for disappointment. Regarding the Custom Cash, it seems to be a great card for me and others like me, but an inconvenient card for you and others like you because of our different spending habits. This is what keeps things interesting and why it's almost impossible to adequately respond to questions like "What is the best cash back card?" As for BoA CCR, I don't blame you given your eligibility for BoA's Preferred Rewards. Are you not still considering USB Cash+ or Elan Max Cash? If so, which one or both? Perhaps, you would pursue the Cash+ because you want to "purposely pursue the largest national lenders for diversity and potentially larger credit limits" and US Bank is in your top five largest U.S. banks list.

Re: PenFed Power Cash Rewards: 7% cash-back targeted offer

ccquest — Fri, 24 Sep 2021 03:06:21 GMT

Now that my statement has hit and I don't see any credit, did anybody get their credit yet? I'm definitely thinking they'll be slower to process than someone like AmEx where it's near instant but just wondering.

Re: PenFed Power Cash Rewards: 7% cash-back targeted offer

Aim_High — Fri, 24 Sep 2021 05:05:30 GMT

@ccquest wrote:
Now that my statement has hit and I don't see any credit, did anybody get their credit yet? I'm definitely thinking they'll be slower to process than someone like AmEx where it's near instant but just wondering.

@ccquest, my credit has not posted yet either. Agree that they may not be as prompt but may also be waiting to make sure someone doesn't initiate returns or credits that would negate the offer.

Re: PenFed Power Cash Rewards: 7% cash-back targeted offer

Anonymous — Fri, 24 Sep 2021 22:03:29 GMT

@Aim_High wrote:

Instead of the Citi Custom Cash, if I wanted to add another cash-back card, I'd rather add a second Bank of America Customized Cash Rewards card. With Platinum Honors status, I would earn 5.25% back on up to $2500 per quarter or $10K per year. It's a better deal in terms of both the rewards and the caps. And while I said I probably wouldn't add a cash-back card, that is one that I would seriously consider if I did.

No Altitude Reserve? How is that even possible!