topic PenFed Platinum Rewards VISA Points Value in Credit Cards

PenFed Platinum Rewards VISA Points Value

Wavester64 — Sun, 10 Oct 2021 17:06:07 GMT

I know the answer is here somewhere but I can't find it so I thought I would ask again:

Per PenFed:

The PenFed Platinum Rewards Visa Signature® Card is the best credit card for gas rewards on the market right now, giving cardholders 5 points for every $1 in fuel paid for at the pump.

I am assuming that is not 5-cents per point (or is it?) - so what does that exactly translate to?
Can the $ be used as Cash back for statement credit or deposit into a PF savings account?
Do you need to have a checking account with PenFed to get this?

Re: PenFed Platinum Rewards VISA Points Value

coldfusion — Sun, 10 Oct 2021 19:33:00 GMT

@Wavester64 wrote:
I know the answer is here somewhere but I can't find it so I thought I would ask again:

Per PenFed:
The PenFed Platinum Rewards Visa Signature® Card is the best credit card for gas rewards on the market right now, giving cardholders 5 points for every $1 in fuel paid for at the pump.

I am assuming that is not 5-cents per point (or is it?) - so what does that exactly translate to?
Can the $ be used as Cash back for statement credit or deposit into a PF savings account?
Do you need to have a checking account with PenFed to get this?

Each point is worth just a bit over 0.85 cents i.e. the reward for gas is about 4.3%. You can redeem them for things like gift cards or merchandise or a travel portal. You can't use them for statement credit or deposit, about the closest you could come is to get a Visa gift card. Occasionally they will have a sale where the valuation for certain gift cards ls closer to 0.95 to 1 cent per point.

You don't need a checking account.

Re: PenFed Platinum Rewards VISA Points Value

JNA1 — Sun, 10 Oct 2021 20:52:24 GMT

@coldfusion wrote:
@Wavester64 wrote:
I know the answer is here somewhere but I can't find it so I thought I would ask again:

Per PenFed:
The PenFed Platinum Rewards Visa Signature® Card is the best credit card for gas rewards on the market right now, giving cardholders 5 points for every $1 in fuel paid for at the pump.

I am assuming that is not 5-cents per point (or is it?) - so what does that exactly translate to?
Can the $ be used as Cash back for statement credit or deposit into a PF savings account?
Do you need to have a checking account with PenFed to get this?
Each point is worth just a bit over 0.85 cents i.e. the reward for gas is about 4.3%. You can redeem them for things like gift cards or merchandise or a travel portal. You can't use them for statement credit or deposit, about the closest you could come is to get a Visa gift card. Occasionally they will have a sale where the valuation for certain gift cards ls closer to 0.95 to 1 cent per point.

You don't need a checking account.

They could tweak that card just a little bit and it would be one of the better ones on the market. I would consider this card even with the .85 cent per point if it could be redeemed as cash. The funky redemption policy is a deal breaker for me, and I'd like to have a PenFed card. I've been a member for a while, but they don't have a card that benefits us.

Re: PenFed Platinum Rewards VISA Points Value

Horseshoez — Sun, 10 Oct 2021 20:54:52 GMT

One thing to add, they do occasionally have "deals" on gift cards which are 1-point equals 1-dollar; I've cashed in on several gift card 1:1.

Re: PenFed Platinum Rewards VISA Points Value

Wavester64 — Sun, 10 Oct 2021 22:50:06 GMT

@JNA1 wrote:
@coldfusion wrote:
@Wavester64 wrote:
I know the answer is here somewhere but I can't find it so I thought I would ask again:

Per PenFed:
The PenFed Platinum Rewards Visa Signature® Card is the best credit card for gas rewards on the market right now, giving cardholders 5 points for every $1 in fuel paid for at the pump.

I am assuming that is not 5-cents per point (or is it?) - so what does that exactly translate to?
Can the $ be used as Cash back for statement credit or deposit into a PF savings account?
Do you need to have a checking account with PenFed to get this?
Each point is worth just a bit over 0.85 cents i.e. the reward for gas is about 4.3%. You can redeem them for things like gift cards or merchandise or a travel portal. You can't use them for statement credit or deposit, about the closest you could come is to get a Visa gift card. Occasionally they will have a sale where the valuation for certain gift cards ls closer to 0.95 to 1 cent per point.

You don't need a checking account.

They could tweak that card just a little bit and it would be one of the better ones on the market. I would consider this card even with the .85 cent per point if it could be redeemed as cash. The funky redemption policy is a deal breaker for me, and I'd like to have a PenFed card. I've been a member for a while, but they don't have a card that benefits us.

Perfectly said, I couldn't agree more on all points.

Re: PenFed Platinum Rewards VISA Points Value

Wavester64 — Sun, 10 Oct 2021 22:51:48 GMT

@Horseshoez wrote:
One thing to add, they do occasionally have "deals" on gift cards which are 1-point equals 1-dollar; I've cashed in on several gift card 1:1.

You mean 100 points equal 1 dollar, right?

Re: PenFed Platinum Rewards VISA Points Value

Horseshoez — Sun, 10 Oct 2021 23:15:36 GMT

@Wavester64 wrote:
@Horseshoez wrote:
One thing to add, they do occasionally have "deals" on gift cards which are 1-point equals 1-dollar; I've cashed in on several gift card 1:1.
You mean 100 points equal 1 dollar, right?

Yup, sorry my bad, I meant 1-point equals 1-penny.

Re: PenFed Platinum Rewards VISA Points Value

rostrow416 — Mon, 11 Oct 2021 14:11:28 GMT

I use the points for $10 Amazon gift cards (better value than the higher denomination Amazon gift cards and I use them quickly).

There's no other real cash equivalent, but as far as getting back on gas purchases, it's one of the best offers out there. Even though there are a few hoops to jump through for redemption.