Happy with the ease of the process and instantly approved for 28K. I have a 5K bill to pay and could have put it on something else but the $200 SUB is nice. Probably pay it off right away but nice to know I don't have to with the 15mo of 0%APR,
I initial went for the PenFed Platinum card. Even though it is not Cash Back, the 5x points reward for gas seemed nice. It was initially explained to me (by the actual rewards department no less) that I could redeem for Gift Cards at .85 on the dollar. So that came out to about 4.25% cash back.
Once I was approved and they went over their terms something didn't add up so I did some research and realized it was not the case. All gift cards cost different amount of points to redeem!!!
And... you can not see what it cost to redeem anything until after you open the card!!!
No thanks. IMHO, this is a very deceitful business practice.
I love PenFed as I have their PCR, Auto loan and even a HELOC with them. However, I was very disappointed with my Platinum application experience.
My own fault for not doing more research and taking their Reps word on it before wasting a HP.
Live and Learn...
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Congratulations on your Customized Cash!
@raisemysc0re wrote:I initial went for the PenFed Platinum card. Even though it is not Cash Back, the 5x points reward for gas seemed nice. It was initially explained to me (by the actual rewards department no less) that I could redeem for Gift Cards at .85 on the dollar. So that came out to about 4.25% cash back.
Once I was approved and they went over their terms something didn't add up so I did some research and realized it was not the case. All gift cards cost different amount of points to redeem!!!
And... you can not see what it cost to redeem anything until after you open the card!!!
No thanks. IMHO, this is a very deceitful business practice.
I love PenFed as I have their PCR, Auto loan and even a HELOC with them. However, I was very disappointed with my Platinum application experience.
I have the PenFed Platinum and use it as my gas card most of the time, and sometimes for groceries.
It is not as straightforward as it could be, but it's really pretty good when you get into it. There are gift cards from many, many merchants. Most of them you can puchase for 0.85 cents per point. There are always a few deals where your points are worth more on certain cards. They may or may not be anything you're interested in. I just figure I'm getting 0.85 cents per point, so 5x on gas is 4.25% and 3x on groceries - including Walmart - is 2.55%. When I find a deal where my points are worth more, I just consider that a bonus. The last two times I've cashed in rewards, I got gift cards for Domino's Pizza at 1 cent per point. (2500 points for a $25 card) I usually redeem mine for Subway or Domino's because those are places I'd spend money anyway.
EQ8 780, TU8 748, EX8 771 as of January 8
Congrats on your BOA Customized Cash Rewards approval
🍻 That is a nice SL! Congrats on your new BoA instant approval!
