Which would you Choose -- Paypal 2% or Penfed 2%

[Anonymous]

I think paypal is great but i'd probably root for penfed. If you can avoid paypal, avoid it.

[Anonymous]

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@DaveInAZ wrote:

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@Anonymous wrote:

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@Total80sKid wrote:
What $500 deposit to PenFed?

I’m not in the military and if I don’t do direct deposit it’s only like a $10 a month charge.

Congrats on the PenFed choice and approval

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Hi Total80sKid.  Thanks for the congrats!!!!

In order to get the 2% rewards, you have to have the Access (I think that is what it is called) checking account. To get past the $10 charge per month, you can keep a minimum balance of $500 in the Access checking account or do direct deposits totalling $500 per month into the checking account. 

I don't want to pay a $10 service fee. That would eat at the rewards I am earning. 

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Yeah, paying $10/mo. for the Access Checking account, needed to get the 2% rewards on Powercash Rewards, would dilute your cashback earnings. Depending on your monthly spend you may be better off taking the 1.5% cashback without an Access check than pay a $10/mo. fee. That is for those who are not active military.

You do get 3 months to set that up. I opened my account in early May and moved a part time job payroll direct deposit to my Access account to cover things. But that employer is really slow on changing DD, so I asked a rep how long you have to get the balance to $500 or have DD, and she told me 3 months. I opened my account May 8 and the first DD didn't hit until late June and was never over $500 balance until then and I never got hit with ny fees.

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Thanks Dave in AZ! That is good information to know, as I had planned to make the deposit sometime next month. Now, I don't have to wait to open the checking account!!! Appreciate the help once again. 

[Anonymous]

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@Anonymous wrote:

I think paypal is great but i'd probably root for penfed. If you can avoid paypal, avoid it.

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Hi jakihere! Looks like I'm your first post!! Welcome to posting on MyFico! Such great people and information here. 

I did app for and receive the PenFed! But, I then apped for and received the Paypal carad. It's my only synchrony account. So, I get to experience and see what they are about. 

Again, welcome and happy to hear from you!

[Anonymous]

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@Total80sKid wrote:
Okay, I know now about the $500

Since PenFed has been treating me so well, I’m going to move my checking over to PenFed.

Wonder how Chase will take that regarding my two Freedom cards with them.

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I say go for it!!! Can't say I feel sorry for Chase right now seeing as how they don't like me very much! 

[DaveInAZ]

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@Total80sKid wrote:
Okay, I know now about the $500

Since PenFed has been treating me so well, I’m going to move my checking over to PenFed.

Wonder how Chase will take that regarding my two Freedom cards with them.

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I'm moving my other direct deposit & that business from BoA to an Arizona CU (Vantage West) as they gave me a great rate on a car loan, 3.25% for 65 months on a 2016 Mazda, and they have a great CC I want. I have a BoA Cash Rewards, so I'm expecting them to not be very generous in CLIs, but that's OK, they weren't generous when I banked with them. I'd expect that same if you move your Chase biz, just not very generous with CLIs or new cards without the banking relationship.

[UncleB]

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