topic Re: 4% on gas - golden 1 credit union in Credit Cards

4% on gas - golden 1 credit union

TheBoondocks — Tue, 16 Aug 2022 18:16:06 GMT

Hey guys, so the credit card has updated. It gets 4% on has up to $5k/y which is $200/y CB. Not the best but an alternative to PNC.

https://www.golden1.com/credit-cards-loans/credit-cards

Re: 4% on gas - golden 1 credit union

PullingMeSoftly — Tue, 16 Aug 2022 22:22:17 GMT

That's a pretty solid upgrade, $415-ish spend on gas per month and with the dining and grocery multipliers. Great option for CA residents. Actually gives the 3/3/3 cards like SAFE CU and Bank of the West some competition, not to mention the Citi Costco and PNC 4% gas cards too.

Re: 4% on gas - golden 1 credit union

ptatohed — Wed, 17 Aug 2022 07:18:35 GMT

Very cool. Great to know, thanks for sharing.

Re: 4% on gas - golden 1 credit union

unsungivy — Wed, 17 Aug 2022 11:37:50 GMT

I went to double check this card vs the Pelicans card, which was 4x gas uncapped and 4x dining I thought... only to find a stealth nerf happened to all the Cardless cards. Oof!

So yeah, this Golden1 card is solid, given the alternatives poofed.

Re: 4% on gas - golden 1 credit union

xenon3030 — Wed, 17 Aug 2022 11:53:17 GMT

I am checking Penfed and they have the Platinum Rewards card, giving 5x on gas and EV charging. Strangely, the card does not have AF. Does anyone know the estimated value of penfed points (if redeeming as cash or for travel)?

It seems that the card does not have CAP. It also gives 3x in supermarkets (including Target/Walmart), restaurants, cable, streaming.

Re: 4% on gas - golden 1 credit union

Anonymous — Wed, 17 Aug 2022 15:43:02 GMT

0.8?

Re: 4% on gas - golden 1 credit union

Kforce — Wed, 17 Aug 2022 16:25:22 GMT

@xenon3030 wrote:
I am checking Penfed and they have the Platinum Rewards card, giving 5x on gas and EV charging. Strangely, the card does not have AF. Does anyone know the estimated value of penfed points (if redeeming as cash or for travel)?

It seems that the card does not have CAP. It also gives 3x in supermarkets (including Target/Walmart), restaurants, cable, streaming.

As @Anonymous stated 0.8 cents per point.

Gas 5x = 4 cents

Other 3x catagories = 2.4 cents

Re: 4% on gas - golden 1 credit union

coldfusion — Wed, 17 Aug 2022 16:58:29 GMT

More exactly for the Penfed Platinum Rewards card the commonly tossed-about figure for point valuation is 0.85 cents per point but the caveat is that they can't be redeemed for cash value or statement credit. Occasionally one can do better than that if a specific gift card has a promotional offer in play.

Re: 4% on gas - golden 1 credit union

coldfusion — Wed, 17 Aug 2022 17:14:07 GMT

Here are a couple of examples of redemption rates (I have a Penfed Platinum Rewards card).

The 2940 points for a $25 gift certificate (5880 for $50, and so on) is the standard redemption rate; 5000/5880 is almost exactly .85 cents/dollar valuation. The promotional offer for an Outback Steakhouse gift card yields .945 cents/dolar valuation.

Re: 4% on gas - golden 1 credit union

xenon3030 — Wed, 17 Aug 2022 17:27:35 GMT

Is it feasible to redeem points for a debit card or for an Amazon GC? If yes and if it is with a ~0.85x rate, the penfed CC might be worth. I was looking at this card as one of the rare options that covers EV charging (5x --> 4.25%).

I also was looking at the Penfed Pathfinder with 50k SUB (spend 3k/90 days --> ~$425). This card might be also good (AF gets waived by membership) and not sure whether it is straightforward to PC this card to Plat later or reverse.

Re: 4% on gas - golden 1 credit union

ptatohed — Wed, 17 Aug 2022 19:32:43 GMT

I much prefer true cash back but I will redeem for a gift card instead only if it is 'on sale' (10% off minimum). A couple of things I always consider when choosing to redeem for a gift card instead of cash is 1.) Could I be getting 5% CB from this business if I were using a credit card instead of a gift card? (ex. In the Outback example above, by using a giftcard and not using my Disco this quarter, I'd have lost out on 5% of $25, or $1.25. 2.) What's the discount on Raise or Cardcash? In this case, you can currently get an Outback egift card for 12.4% off face value (14.4% if you pay with a 2% CB card). Just my way of thinking!

Re: 4% on gas - golden 1 credit union

J-F168 — Thu, 18 Aug 2022 18:22:10 GMT

I called them bc I do have a visa and asked about to pc to sig, I was told they will in waves over next few months. Can't wait lol

Re: 4% on gas - golden 1 credit union

batsy71 — Thu, 18 Aug 2022 21:58:51 GMT

Since maximizing cash back on gas is the issue here, why arent people going for the GM card by Marcus?

If your annual spend on gas is 1500$ you get 200$ credit each year which comes around 6.6% cash back on gas every year.

Re: 4% on gas - golden 1 credit union

TheBoondocks — Thu, 18 Aug 2022 22:16:03 GMT

Well thats cause i've never heard of it. And what does those points covert to? Plus I don't like GM vehicles. But that card must beat the AOD, 4x on everything is unheard of.

Re: 4% on gas - golden 1 credit union

cws-21 — Thu, 18 Aug 2022 23:25:36 GMT

@TheBoondocks wrote:
Well thats cause i've never heard of it. And what does those points covert to? Plus I don't like GM vehicles. But that card must beat the AOD, 4x on everything is unheard of.

I am also curious about whether or not the points are each worth one cent.

Re: 4% on gas - golden 1 credit union

ptatohed — Fri, 19 Aug 2022 01:06:22 GMT

@batsy71 wrote:
Since maximizing cash back on gas is the issue here, why arent people going for the GM card by Marcus?

If your annual spend on gas is 1500$ you get 200$ credit each year which comes around 6.6% cash back on gas every year.

I'm not sure anyone said that gas is the issue here. If gas was the only issue, there are ways of getting 5% CB on gas all or most of the whole year. A $100 statement credit for exactly $1500 per year is nice but it's only 6.67% CB at that exact spend. 12,000 mi/yr x 25 mi/gal x $4/gal = $1,920 / yr in gas spend for an average person. Multiply that by two for two drivers sharing the same credit card.

It seems like the points are only worth one penny per point when redeemed for a GM vehicle or at a GM dealer, is that correct?

https://www.marcus.com/us/en/credit-cards/gm-cards/my-gm-rewards-card

Re: 4% on gas - golden 1 credit union

batsy71 — Fri, 19 Aug 2022 18:37:10 GMT

> It seems like the points are only worth one penny per point when redeemed for a GM vehicle or at a GM dealer, is that correct?

The 100$ statement credit collected per 1500$ of gas/yr is separate from the 4 points accumulated for each credit card transaction.

If you are not purchasing GM car you can ignore the points (that's what I do), you are still getting a solid 6.6% from the annual 100$ credit. The website also states that the points can be redeemed for gift cards at lower denomination but that's the icing on the cake if you use the card for gas only: https://www.marcus.com/us/en/credit-cards/gm-cards/my-gm-rewards-card1

If your gas spend is far below 1500$/yr then this card is not for you and going for the traditional cards that give 4%/5% on gas make sense.

If your spend is > 1500$/yr , say, 1920$/yr, then a combination of GM Marcus for the first 1500$ + a simple 1% credit card for the part beyond 1500$ will be 6.6*1500/100 + 1*420/100 = 103.2$ which is more than a 5% flat gas card (5*1920/100 = 96$).

If your gas purchases are very high, you can also consider getting multiples of this card, say 2, between multiple people in the same household and then it goes upto 6.6% for 3000$ gas/yr.

If your annual household gas expenditure is > 1500$/yr, getting this card seems like a no brainer to me if you can get approval.

Re: 4% on gas - golden 1 credit union

ptatohed — Sat, 20 Aug 2022 09:22:53 GMT

@batsy71 wrote:
> It seems like the points are only worth one penny per point when redeemed for a GM vehicle or at a GM dealer, is that correct?

The 100$ statement credit collected per 1500$ of gas/yr is separate from the 4 points accumulated for each credit card transaction.

If you are not purchasing GM car you can ignore the points (that's what I do), you are still getting a solid 6.6% from the annual 100$ credit. The website also states that the points can be redeemed for gift cards at lower denomination but that's the icing on the cake if you use the card for gas only: https://www.marcus.com/us/en/credit-cards/gm-cards/my-gm-rewards-card1

If your gas spend is far below 1500$/yr then this card is not for you and going for the traditional cards that give 4%/5% on gas make sense.

If your spend is > 1500$/yr , say, 1920$/yr, then a combination of GM Marcus for the first 1500$ + a simple 1% credit card for the part beyond 1500$ will be 6.6*1500/100 + 1*420/100 = 103.2$ which is more than a 5% flat gas card (5*1920/100 = 96$).
If your gas purchases are very high, you can also consider getting multiples of this card, say 2, between multiple people in the same household and then it goes upto 6.6% for 3000$ gas/yr.

If your annual household gas expenditure is > 1500$/yr, getting this card seems like a no brainer to me if you can get approval.

Understood, thank you. FYI, the dollar sign ($) goes before the dollar amount.

Re: 4% on gas - golden 1 credit union

batsy71 — Sat, 14 Jan 2023 18:26:25 GMT

There was a major detail I had missed when I mentioned the 6.6% cash back on gas for this card.

The 6.6% Cash back on gas is only available to gold and Platinum tier members

In order to be gold/platinum tier you have to make some pretty crazy spends @ GM dealerships,

so no this is a not a good gas card given the pre-conditions

Re: 4% on gas - golden 1 credit union

Anonymous — Sat, 14 Jan 2023 22:01:58 GMT

@batsy71 wrote:
There was a major detail I had missed when I mentioned the 6.6% cash back on gas for this card.

The 6.6% Cash back on gas is only available to gold and Platinum tier members

In order to be gold/platinum tier you have to make some pretty crazy spends @ GM dealerships,

so no this is a not a good gas card given the pre-conditions

But according to the site:

Automatic Gold Tier

My GM Rewards Cardmembers automatically earn Gold Tier status.† There’s no annual fee† and points don't expire.

and

My GM Rewards Cardmembers† automatically start at the Gold tier and remain there as long as their account is in good standing or is not inactive

Don't you have the card? Is your experience different?