Thoughts or experiences with PenFed and their Pathfinder rewards?

[CBartowski]

Does anyone care to share their experiences with PenFed FCU as a whole and/or their Pathfinder rewards AMEX?

Thanks!

[UpperNwGuy]

I have used PenFed as my primary checking account for 25 years and am a satisfied customer.  I have two of their credit cards:  Power Cash Rewards (2% cash back on everything) and Promise (low APR, no fees, but no rewards).  So far I have avoided the two PenFed cards that use point systems (Platinum Rewards and Pathfinder).  The points are worrh less than a penny each, so for example, 3x points for groceries is less than 3%.

[Anonymous]

I joined PenFed in January a couple of weeks after the Pathfinder Rewards card was released specifically to apply for that card. It was something of a whim - the card was basically a carbon copy of the Travelite card that was released by FNBO last year, which I hesitated to apply for and ultimately missed out on. I didn't want the same to happen with the Pathfinder because the $100 travel incidental credit for no annual fee is such a nice perk and I can always give the global entry credit to a relative. I got the 25000 point bonus but haven't used it yet. The travel portal seems to value the points at 1.25 cents per point, whereas cash redemption I believe is 0.85 cents per point.
 
As a travel card with no annual fee, the card's hard to beat with its free credits. When comparing to more premium travel cards with annual fees, the Pathfinder still makes sense as a supplementary card rather than an alternative: if you can assign a cash value to the Pathfinder's travel credits, then it can effectively weigh against an annual fee for another card. So if for example you always order drinks and food on flights and you'll definitely spend $100 in travel incidentals and you have a Chase Sapphire Preferred, then the Pathfinder travel credit offsets the CSP's $95 annual fee.

[imaximous]

I got this card without doing my research first, so it's really my fault. I'm not a fan of their points system. As mentioned before, it's not a true 1:1 cash value conversion, and I'd rather be able to get real cash back with those points instead of gift cards.

For me, the travel portal yielded results that were higher in price/points compared to other travel sites and even airline sites, so even the 1.25 conversion in travel means nothing if I have to pay much more or use more points for the same trip I could've booked elsewhere. I still have all my points, and haven't decided how to best use them.

On the other hand, it's a no annual fee card with a $100 credit for travel incidentals and Global Entry reimbursement. So, unless that changes in the future, I'm keeping the card just for those benefits. But, I'm not really spending on the card anymore since I met the SUB.

[CBartowski]

Thanks for the reply!

That's interesting with the varying point values, I've seen a few companies go to that system; not sure how I feel about it. I was wondering about the point translation to dollars. I agree the perks seem to make it a good contender with no annual fee. I've been looking for a high rewards card with AMEX to have the option of their additional rental car insurance for $25. 

Does the travel redemption looks pretty decent or maybe I'd be better off with Chase UR for the quality and ease of redemption for various travel purchases?

[AverageJoesCredit]

2 year member , have not enjoyed my experience with Penfed, very disappointed but this is my opinion and experience. Seems to cater to high income individuals and though they stress they want to see some history or establish some, from what I've seen it's just rhetoric. In my case, score and history mean nothing to them but I also understand not everyone will have same experiences, good or bad.

[imaximous]

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@CBartowski wrote:

Thanks for the reply!

That's interesting with the varying point values, I've seen a few companies go to that system; not sure how I feel about it. I was wondering about the point translation to dollars. I agree the perks seem to make it a good contender with no annual fee. I've been looking for a high rewards card with AMEX to have the option of their additional rental car insurance for $25. 

Does the travel redemption looks pretty decent or maybe I'd be better off with Chase UR for the quality and ease of redemption for various travel purchases?

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I believe that option to purchase rental car insurance is only available with the "real" Amex cards, and not with other banks or CUs who use the Amex network only.

[fltireguy]

I don't think that you will be able to get the Amex rental car coverage with this card, as it is not issued by Amex

[CBartowski]

Interesting, thanks guys! I make almost 100K/year with mid to high 700s for all 3 reports and they still want pay stubs. I may gracefully bow out at this point or get the card, get the bonus and lock it away just for utilization sake.

Thanks again folks!

Maybe other recommendations for card earning high benefits for travel? I travel a lot for the Reserves so I'm hoping to find one that earns high on travel expenditures but I can get cash back or at least 1/1 point to $.

[Anonymous]

I echo what the others say about the insurance. But besides that, don't get the Pathfinder for the points and rewards scheme, my admittedly limited exposure tells me Chase's UR system is far and away superior. The only reasons to get the Pathfinder are the free travel credits.

If you frequent airports with Centurion lounges, consider the Amex Platinum. The Ameriprise version waives the annual fee for the first year so it's a good opportunity to test the card out. Otherwise your best general bet is a Chase Sapphire backed up with Freedom and/or Ink cards. Might also wanna consider a Citi Premier or Prestige backed up by the Sears MasterCard (can be enrolled to earn TY points, gets periodic ffers for 11x back on gas/groceries/restaurants, which then are earned as 11x TY points).