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Pen Fed Cash or Platinum rewards

sabrewulf152
Frequent Contributor

Pen Fed Cash or Platinum rewards

So I'm thinking applying for one of these cards in case Sallie (or when rather) hits the fan. So far I like the straight forward 5% that the cash reward offers. I don't see 3% for grocery on this one.

However the Platinum Rewards seems nice too. It offers 5 points on gas and 3 points on groceries. Now I'm interested in the groceries for Walmart purchases. Does it count super center as grocery? Also what are the point redemption values?

Has anyone who has the card have insight with the rewards ans Pen Fed?

Also I'm on the fence on whether I should apply now and let it age or wait till Sallie dies and then apply.

Thanks for all the help!
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Message 1 of 9
8 REPLIES 8
tel12
Established Contributor

Re: Pen Fed Cash or Platinum rewards


@sabrewulf152 wrote:
So I'm thinking applying for one of these cards in case Sallie (or when rather) hits the fan. So far I like the straight forward 5% that the cash reward offers. I don't see 3% for grocery on this one.

However the Platinum Rewards seems nice too. It offers 5 points on gas and 3 points on groceries. Now I'm interested in the groceries for Walmart purchases. Does it count super center as grocery? Also what are the point redemption values?

Has anyone who has the card have insight with the rewards ans Pen Fed?

Also I'm on the fence on whether I should apply now and let it age or wait till Sallie dies and then apply.

Thanks for all the help!

I have never used the card at Walmart so I am not sure how they code but the redemption value is .8503 as it take 5880 points to receive a $50.00 pre-paid Visa card.
FICO 8 Scores Eq 821 Ex 820 TU 841, 228K Available CL, 1% Util


Message 2 of 9
RonM21
Valued Contributor

Re: Pen Fed Cash or Platinum rewards

I have the cash card and can't speak on the awards one. You really just have to weigh it out for what is more beneficial for you obviously. Only you are best to make that decision.
                

Total CL: $314.7kUTL: 2%AAoA: 6.8yrsBaddies: 0Other: Lease, Loan, *No Mortgage, All Inq's from Jun '20 Car Shopping

BoA-55k | NFCU-45k | DISC-40.6k | PENFED-38.4k | AMEX-37k | LOWES-35k | ALLIANT-25k | BARCLAYS-15k | CITI-13.7k | CHASE-10k

Message 3 of 9
Loquat
Moderator

Re: Pen Fed Cash or Platinum rewards

+1  I have this card and use it strictly for gasoline...not really worth it for much else in regards to rewards as it only pays 5% at the pump.  Actually thinking about dropping this limit down to $1k and moving the rest to another card.

Message 4 of 9
sabrewulf152
Frequent Contributor

Re: Pen Fed Cash or Platinum rewards

Yeah I got it. I'd like the gas rewards. As for walmart I suppose its kice even 3% since its only .8503 face value. Can you get a statement credit with the casg back?
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Message 5 of 9
Loquat
Moderator

Re: Pen Fed Cash or Platinum rewards

On the Cash Rewards it is a statement credit.  5% back every month (3% if you don't have a qualifying product)

Message 6 of 9
sabrewulf152
Frequent Contributor

Re: Pen Fed Cash or Platinum rewards

I see. Does the Platinum Cash rewards do statement credit? I read somewhere I can qualify for the 5% if I have a money market savings with them? Is there a min balance for those accounts to avoid fees?
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Message 7 of 9
iblitz25
Frequent Contributor

Re: Pen Fed Cash or Platinum rewards

I recently got the card and opened the money market account with $25.  I believe that's all required. I later decided to open a checking account which came with the thrifty credit stuff. 

EX08: 750(12)inqs, TU08: 739 (11)inqs, EQ08: 731 (7)inqs. 4% util., $169,450 spread across 10 cards. THE DIRT: (1) 60 days late-9/13, (2) 30 days late-7/13 as of 6/8/18
Message 8 of 9
tel12
Established Contributor

Re: Pen Fed Cash or Platinum rewards


@sabrewulf152 wrote:
I see. Does the Platinum Cash rewards do statement credit? I read somewhere I can qualify for the 5% if I have a money market savings with them? Is there a min balance for those accounts to avoid fees?
No the Platinum Rewards Visa only redeems for pre-paid visa cards, gift cards, e-gift cards, shopping, travel and charity. You can not get a check, credit statement or deposit it into another account.
FICO 8 Scores Eq 821 Ex 820 TU 841, 228K Available CL, 1% Util


Message 9 of 9
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