PenFed Cash Rewards - Approved $5k

[happypill]

Only way to get the card right now is to call in.  This card is being phased out so if you want it, get it now.  I'm a little bloated with new cards and inquiries at the moment and was planning to wait a while before applying, so very happy to get approved.

Here's a link to my post on what you need to do: http://ficoforums.myfico.com/t5/Credit-Cards/PenFed-5-Gas-card-Get-it-Now/td-p/4864951

[Anonymous]

Congrats. How much are you spending on gas each month? How are you qualifying for the Plus card (with no annual fee and 5%)?

I am a little surprised by the reactions of folks here about the card being phased out...I am just not spending that much on gas to see the real value myself. 

Thanks for posting the info for those that wanted to grab this card before its really gone! 

[AverageJoesCredit]

Congrats Happy, Co, besides the heavy spenders on gas, perhaps its the legendary "5%". Lol, anything that cracks 2.1% and above will rally the stampede faster than a new Chase card

[Anonymous]

I have an almost 90 mile roundtip commute for work so any gas savings is appreciated.  Loving my 4% with the Costco card, although I wouldn't complain if they upped it to 5 

[Anonymous]

This is very good to hear! Can't wait to apply later this week! Congrats!

[happypill]

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@Anonymous wrote:

Congrats. How much are you spending on gas each month? How are you qualifying for the Plus card (with no annual fee and 5%)?

I am a little surprised by the reactions of folks here about the card being phased out...I am just not spending that much on gas to see the real value myself. 

Thanks for posting the info for those that wanted to grab this card before its really gone! 

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To be honest, my personal spend on gas is at an all-time low currently.  My company just started bus service for employees a few months ago so I my driving commute now consists of a 5 minute drive to the pick-up point.

I do still expect to drive 12k miles per year and I have a pretty thirsty vehicle, so difference between 5% and 2% rewards will probably net me $80-100 per year at current gas prices.  Also, this card is a Visa so I can use it at Costco which has the lowest gas prices by a good chunk in this area.

I think the attraction is for really heavy gas users becuase I don't think this 5% has a cap of any kind, which is an extreme rarity for almost any type of rewards above 2% cash.  Everything else that I can think of that offers 5% on anything either has a monthly or quarterly cap, or rotating categories.

[Anonymous]

This card is my overall favorite card for general use. Congratulations on your approval. Enjoy!

[fltireguy]

Congratulations on the approval!!

[Anonymous]

Oh no, that was on my hit list. I need to boost my EQ score asap!

[Anonymous]

Very well Played!!!  I  this Card too!!!