PenFed Gas Card

[MyFault]

Everyone talks about the Ducks Unlimited card, or Citco Costco for gas. But, i just came across the PenFed Platinum Rewards Visa Signature.

It has 5x on gas, 3x on groceries. No AF. Sounds like the go to gas card to take the Ducks Unlimited's crown.

Thoughts?

[Gmood1]

I don't have that one. But I believe the 5x points doesn't equate to 5%.
I have the original 5% Gas CB Penfed CC. Which is no longer offered.
I'm grandfathered in.

[Anonymous]

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@Gmood1 wrote:
I don't have that one. But I believe the 5x points doesn't equate to 5%.
I have the original 5% Gas CB Penfed CC. Which is no longer offered.
I'm grandfathered in.

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Right, it's about 4.25% for the best redemption (and grocery about 2.55%)   Originally points were = to 1c but they silently devalued them.

So while that's better than the 3% on many cards, Ducks/Fort Knox etc still win!

[coldfusion]

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@Gmood1 wrote:
I don't have that one. But I believe the 5x points doesn't equate to 5%.
I have the original 5% Gas CB Penfed CC. Which is no longer offered.
I'm grandfathered in.

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You're correct. 5X points on the current card is worth about 4.3%. 

[PullingMeSoftly]

Also USAA's Cashback Rewards Plus Amex is 5% on gas, 2% on groceries

[Anonymous]

There are also some strange things about the pricing.

A $50 visa gift card costs 5,880 points.

A $100 card costs 11,760 points (2 x $50)

A $250 card costs 29,410, 10 more than 5*$50

A $500 visa gift cards costs 58,820 which is 2*$250 but 20 more than 5*100.   Wonder who made the decision to add the extra 20 points, so it's slightly cheaper to buy 10 $50 or 5 $100 than 1 $500!

[MyFault]

Good to know. Thanks for the clarification all!

[Loquat]

If only PenFed would allow for statement credit.

[Queen_Etherea]

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@Loquat wrote:
If only PenFed would allow for statement credit.

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They do. I just did it literally 5 minutes ago. 

[Loquat]

Interesting. Didn't know that the earnings from the Platinum Rewards were able to redeemed for statement credit. If you don't mind me asking, what are the points worth when redeeming for statement credit?