topic Re: Difference between PenFed Plat Rewards vs. Cash? in Credit Cards

Difference between PenFed Plat Rewards vs. Cash?

seiyafan — Thu, 19 Apr 2012 16:33:00 GMT

I see that there are two cards offer 5% on gas, one is PenFed Platinum Rewards, the other is PenFed Platinum Cash Rewards Card. Which card is easier to get approved? What's the point to cash conversion on the Plat Rewards card?

And it seems to the the points card is better than the cash card in terms of overall rewards, what's everyone else's take on this?

Re: Difference between PenFed Plat Rewards vs. Cash?

Anonymous — Thu, 19 Apr 2012 16:35:16 GMT

I will take cash back in my account ANY day over points.

Re: Difference between PenFed Plat Rewards vs. Cash?

Anonymous — Thu, 19 Apr 2012 19:16:50 GMT

@seiyafan wrote:
Which card is easier to get approved?

From everything I've read, it is next to impossible to be approved for ANY credit card from PenFed.

Re: Difference between PenFed Plat Rewards vs. Cash?

Happychap — Thu, 19 Apr 2012 19:21:27 GMT

@Anonymous wrote:
@seiyafan wrote:
Which card is easier to get approved?

From everything I've read, it is next to impossible to be approved for ANY credit card from PenFed.

I apped for a penfed card last week it's still pending.....

Re: Difference between PenFed Plat Rewards vs. Cash?

hedgeclipper2 — Thu, 19 Apr 2012 19:24:05 GMT

@Anonymous wrote:
@seiyafan wrote:
Which card is easier to get approved?

From everything I've read, it is next to impossible to be approved for ANY credit card from PenFed.

Lol, not true

They are a just a little conservative.

Re: Difference between PenFed Plat Rewards vs. Cash?

Anonymous — Thu, 19 Apr 2012 20:20:53 GMT

I keep seeing all of these threads about how hard PenFed is to get....Maybe my fiancee got lucky but she was approved for a 20K Mastercard with best guess a 750 credit score with very limited credit and AAoA. Her next highest line was $1,800 and it had only been opened 6 months! Her oldest open account was only 1 1/2 years old at the time.

Re: Difference between PenFed Plat Rewards vs. Cash?

Anonymous — Sat, 21 Apr 2012 03:08:53 GMT

They detail the difference pretty well on their website. I had the cash version but they cut the rewards on that and were pushing the new points card. I ended up switching to get the 3% on groceries.

I haven't redeemed any points yet but you can see what you can get for the points here: https://www.penfedplatinumrewards.com/

I'll probably go with Amazon gift cards (100 pts = $1 as is typical).

Re: Difference between PenFed Plat Rewards vs. Cash?

TNTransplant — Sat, 21 Apr 2012 04:13:35 GMT

@Anonymous wrote:
From everything I've read, it is next to impossible to be approved for ANY credit card from PenFed.

I sure hope not!

I joined PenFed last Fall when I started browsing the forums, with a long-term goal of getting one of their CCs in 2013 and having them as a good option for auto financing.

From what I've read on here, though, they are very conservative. I personally wouldn't feel like I was a good candidate for approval for one of their cards unless I was in the mid-700s.

Re: Difference between PenFed Plat Rewards vs. Cash?

webhopper — Sat, 21 Apr 2012 05:46:28 GMT

Either is good, points can be used at amazon, cash is always nice for a statement credit

Re: Difference between PenFed Plat Rewards vs. Cash?

seiyafan — Sat, 21 Apr 2012 18:16:37 GMT

Which FICO score do they look at? And do they tend to ask for income verification?

Re: Difference between PenFed Plat Rewards vs. Cash?

Anonymous — Sat, 21 Apr 2012 18:58:10 GMT

It is not hard to be approved for Penfed. I was approved for a car loan 42000 and the 6500 Visa Cash Rewards credit card on the same day. My equifax score at that time was 656. However, I am not sure if my income had anything to do with that.

Re: Difference between PenFed Plat Rewards vs. Cash?

Anonymous — Sat, 21 Apr 2012 19:01:08 GMT

seiyafan,

For me the pulled Equifax and they did not do an income verification. By they way, I am located in NC. For what its worth, I have had an account with them since 2005 and only had 5 bucks in there.