topic Re: Year round %5 Gas card in Credit Cards

Year round %5 Gas card

Anonymous — Sat, 22 Jun 2013 15:34:35 GMT

What is the communities opinion on the Penfed platinum cash rewards card?

I had my sights set on the Penfed platinum rewards card but since they nerfed that I'm leaning towards the latter to obtain a year round %5 gas card. . .

Any downsides that I may be unaware of?

Re: Year round %5 Gas card

Open123 — Sat, 22 Jun 2013 15:37:14 GMT

@Anonymous wrote:
Any downsides that I may be unaware of?

Use it exclusively for gas, and nothing else. Then, it's a good card. Otherwise, the Fort Knox one is better.

Re: Year round %5 Gas card

Anonymous — Sat, 22 Jun 2013 15:49:43 GMT

Fort Knox?

Re: Year round %5 Gas card

Open123 — Sat, 22 Jun 2013 15:52:06 GMT

Fort Knox Credit Union Visa - 5% on gas and 1% everything else (used to be 1.25%).

Re: Year round %5 Gas card

Anonymous — Sat, 22 Jun 2013 16:06:25 GMT

I've never heard of that credit union before, do you have a link to the cards t/c?

Re: Year round %5 Gas card

Open123 — Sat, 22 Jun 2013 16:12:54 GMT

http://www.fkfcu.org/visa.html

The Platinum one.

Re: Year round %5 Gas card

Anonymous — Sat, 22 Jun 2013 16:12:55 GMT

AmEx has some good cashback cards that include gas, but not quite at 5%.
Costco TrueEarnings AmEx gets you 3%, but the business version gets you 4% back. TE is also the only card that gets you >1% at Costco gas.
AmEx Blue Cash Preferred gets you 3% back on gas as well.

Re: Year round %5 Gas card

Open123 — Sat, 22 Jun 2013 16:14:13 GMT

@Anonymous wrote:
AmEx has some good cashback cards that include gas, but not quite at 5%.
Costco TrueEarnings AmEx gets you 3%, but the business version gets you 4% back. TE is also the only card that gets you >1% at Costco gas.
AmEx Blue Cash Preferred gets you 3% back on gas as well.

Good cards!

However, I prefer 5% without restriction, such as *only* at Costco and *only* with a membership.

Re: Year round %5 Gas card

Anonymous — Sat, 22 Jun 2013 16:31:55 GMT

@Open123 wrote:
@Anonymous wrote:
AmEx has some good cashback cards that include gas, but not quite at 5%.
Costco TrueEarnings AmEx gets you 3%, but the business version gets you 4% back. TE is also the only card that gets you >1% at Costco gas.
AmEx Blue Cash Preferred gets you 3% back on gas as well.
Good cards!

However, I prefer 5% without restriction, such as *only* at Costco and *only* with a membership.

TE gives you cashback for all stand-alone gas stations, including but not limited to costco gas. I do not beleive there is another card that counts costco as a stand-alone gas station. You do need a costco membership for TE, but there is no AF as long as you keep the membership renewed every year.

Re: Year round %5 Gas card

Anonymous — Sat, 22 Jun 2013 16:37:20 GMT

Be aware that technically you can only use your rewards at Costco as well. There have been reports of people simply cashing out their rewards at a Costco customer service desk, but I don't know if this is a universal policy.

Re: Year round %5 Gas card

Open123 — Sat, 22 Jun 2013 16:38:02 GMT

@Anonymous wrote:
TE gives you cashback for all stand-alone gas stations, including but not limited to costco gas. I do not beleive there is another card that counts costco as a stand-alone gas station. You do need a costco membership for TE, but there is no AF as long as you keep the membership renewed every year.

I meant, the appeal of using the TEs 3% or 4% instead of the 5% is for the lower price at Costco gas stations, but it requires a Costco membership and at a Costco facility.

At other gas stations, I really see no compelling reason to use the Costco card over a 5% card, rotating or otherwise.

Re: Year round %5 Gas card

Anonymous — Sat, 22 Jun 2013 16:47:42 GMT

@Open123 wrote:
@Anonymous wrote:
TE gives you cashback for all stand-alone gas stations, including but not limited to costco gas. I do not beleive there is another card that counts costco as a stand-alone gas station. You do need a costco membership for TE, but there is no AF as long as you keep the membership renewed every year.
I meant, the appeal of using the TEs 3% or 4% instead of the 5% is for the lower price at Costco gas stations, but it requires a Costco membership and at a Costco facility.

At other gas stations, I really see no compelling reason to use the Costco card over a 5% card, rotating or otherwise.

Ah, yeah I completely agree there is no advantage for the TE if you have a card that's giving you 5% on gas. I was just throwing some alternatives out there for OP.

Re: Year round %5 Gas card

Anonymous — Sat, 22 Jun 2013 16:48:07 GMT

I agree with open123 I'd prefer the gas card to be

- %5 year round
- no location restrictions
- no annual fee
- no foreign transaction fees

This way no matter where a road trip may lead I can save on gas. . .

That's why I had the Penfed card on my short list of cards to obtain in the near future and I'm figuring the platinum cash rewards card will do. . .

Thank you for the information on the other options out there but does anyone have anything to say regarding the card I originally asked about?

Re: Year round %5 Gas card

Open123 — Sat, 22 Jun 2013 16:50:50 GMT

@Anonymous wrote:
I agree with open123 I'd prefer the gas card to be

- %5 year round
- no location restrictions
- no annual fee
- no foreign transaction fees

This way no matter where a road trip may lead I can save on gas. . .

Not sure, but you might want to check the T&C. Some stipulate the bonus categories are for "US" purchases only, but I don't think Pen Fed has implemented that restriction.

Re: Year round %5 Gas card

Anonymous — Sat, 22 Jun 2013 17:00:05 GMT

I though Penfed removed the Plantinum Rewards from their website for new applicants and only the Signature version is available now. . .

Re: Year round %5 Gas card

Anonymous — Sat, 22 Jun 2013 17:22:12 GMT

Try the Sallie Mae World Mastercard by Barclaycard:

https://www.salliemae.com/landing/WorldCreditCard/

%5 on first $250 in Gas/Groceries

%5 on first $750 in Books (incudes Amazon)

Re: Year round %5 Gas card

broseph23 — Sat, 22 Jun 2013 19:37:46 GMT

You do NOT have to use your Costco amex rewards at Costco. You can easily go to the membership counter and get real cash back for the amount on the annual reward coupon!

Re: Year round %5 Gas card

indiolatino61 — Sat, 22 Jun 2013 20:31:40 GMT

@Anonymous wrote:
What is the communities opinion on the Penfed platinum cash rewards card?

I had my sights set on the Penfed platinum rewards card but since they nerfed that I'm leaning towards the latter to obtain a year round %5 gas card. . .

Any downsides that I may be unaware of?

Good luck!

Re: Year round %5 Gas card

Anonymous — Sat, 22 Jun 2013 20:44:39 GMT

The big unknown is what will happen to this card.

To me, it was strange that they had both, a 5/0.25 card, and a 5/3/1 (Plat Rewards) and the only advantage of the first was that you automatically got the cash as a statement credit each month, rather than waiting to build up points.

Now the 5/3/1 card is gone, replaced by a 3/2/1. It's certainly possible that the Cash Rewards will stay as it is, really a Gas Only card, but hard to know.

There are a number of cards that offer 5% on gas for a short time: Citi TY (12 months), TD (6 months), Citizens (3 months) but given the short term, not as worthwhile as Fort Know, except for the other 5% categories they have.

Re: Year round %5 Gas card

Anonymous — Sat, 22 Jun 2013 20:57:43 GMT

Penfed doesn't just have a emv chip, it has chip and PIN. That's right, not just chip and sig. Combined with no forex, you could not ask for more. Another thing, the penfed platinum rewards redemptions are in the form of giftcards mostly, so you miss out on other bonuses when you use them. If you displace 1% back purchases you net 4.95% and 4.9% if you have a 2% back card. The pure gas card is credit on the statement where the charge is, which is always nice and immediate and requires no fuss.