topic Re: PenFed VISA Cash Rewards Card Question in Credit Cards

PenFed VISA Cash Rewards Card Question

PNW_Hunter — Thu, 30 Oct 2014 04:45:06 GMT

Hello all!

This forum has been a wealth of knowledge so far, and I'm excited to be approved for the PenFed VISA Cash Rewards card! CL of $11k, and I plan to use this card soley as a gas card, in order to get 5% at the pump every time.

My question is:

I opened a Money Market Savings account with the minimum $25 deposit, and I am wondering if I need to maintain the $25 balance in the account to qualift for the "plus" Cash Rewards card, or if once the account is open, I can transfer my $25 back out, and satisfy the requirement by simply having the MMS open.

Thanks everyone!

For your info:

PenFed Cash Rewards (11k), Amex BCP (15k), Discover IT (7.5k), Chase Sapphire (formely CSP, 7k), Chase Freedom (5k), Chase Slate (10k), Capital One Quicksilver (4,750)

22 year old new university grad.

Re: PenFed VISA Cash Rewards Card Question

Anonymous — Thu, 30 Oct 2014 06:09:25 GMT

@PNW_Hunter wrote:
Hello all!

This forum has been a wealth of knowledge so far, and I'm excited to be approved for the PenFed VISA Cash Rewards card! CL of $11k, and I plan to use this card soley as a gas card, in order to get 5% at the pump every time.

My question is:

I opened a Money Market Savings account with the minimum $25 deposit, and I am wondering if I need to maintain the $25 balance in the account to qualift for the "plus" Cash Rewards card, or if once the account is open, I can transfer my $25 back out, and satisfy the requirement by simply having the MMS open.

Thanks everyone!

For your info:

PenFed Cash Rewards (11k), Amex BCP (15k), Discover IT (7.5k), Chase Sapphire (formely CSP, 7k), Chase Freedom (5k), Chase Slate (10k), Capital One Quicksilver (4,750)

22 year old new university grad.

I certainly wouldn't transfer all of the $25, leave some in there to be safe. (And we are talking $25, do you want to risk AF and going to 3% for that?)

Re: PenFed VISA Cash Rewards Card Question

UTK_GOBO — Thu, 30 Oct 2014 06:18:16 GMT

It's only $25! To be safe I would just leave it in the account. Plus it earns interest like $0.01 every 2 months.

Re: PenFed VISA Cash Rewards Card Question

takeshi74 — Thu, 30 Oct 2014 12:45:36 GMT

I don't know for certain. but I wouldn't just assume that they'll leave the account open with a 0 balance. Call and confirm if you can't find the details on their site.

Re: PenFed VISA Cash Rewards Card Question

PNW_Hunter — Thu, 08 Jan 2015 22:18:41 GMT

Update on this:

I withdrew my $25 shortly after the account opening, and they closed the MMS last week...

Opened another one and will leave the $25 in the account.

Other than that, its an awesome dedicated gas card!