PenFed Rewards

[OpenBook55]

Hi all, 

I've seen a couple threads here regarding penfed cards and it peaked my interest. I visited their site and checked out the options and the platinum rewards (specifically the 5X points on gas)I'm curreently using my discover as my dedicated gas card @2% cashback and the pathfinder (precheck reimbursement and lounge acceess) seemed benefitional to my lifestyle. I did the preapproval and it said i was preapproved for a decent SL to me. 

But  before accepting, I had some questions specifically regarding those who already have either one of these cards. I tried finding info on their rewards and how it is specifically redeemed on the customer's end. Specifically these points cards. Do you converge them to gift cards  or  statement credits.  Personnally most of my credit card I have are more cashback and my understanding of other point cards are more specifically for travel miles and I understand the redemption process for that. 

Just trying to be intentional about what credit cards to add to my portfolio and ensuring it will be benefitial use out of it. Another queation is are their any dp that suggest having a chk or sav with them would  prompt ahigher SL. I am thinking of closing my Delta Comm and coul dswitch those accounts to PenFed.

Thanks in advance

[GZG]

the penfed pre-approval tool is not something I would rely on personally, I would go citi custom cash, pnc 4% gas, redstone 5% gas (if pre-approved), AAA Travel Advantage 5%, and a whole host of other 3% cards, a lot of options out there for gas cards without playing penfed games imo 

https://ficoforums.myfico.com/t5/Credit-Card-Applications/PENFED-PRE-QUALIFY-CARD-LINK/m-p/6700682#M... 

[Anonymous]

Biggest thing to be aware with platinum rewards and some of the others is that points are worth about 0.85c, so 5x isn't quite 5%   

[mgood]

Points from the Platinum are redeemed as gift cards. Usually worth 0.85 cents per point, sometimes more. So 5x on gas is 4.25%. Occasionally you'll find a gift card for something you want where it's 2500 points for a $25 gift card, so you get 1 cent per point,  but don't count on that. Just consider it a bonus when you get it.

[OpenBook55]

thanks all for the feedback especially the tidbit on their pre-qual site. 

4.25% is still better than my 2% Disco lol and I believe they also had a decent percentage on using the card at Target and Walmart which all my cards typically exclude from rewards categories and I am at Target often. lol with that being said  I would not risk the HP right now considering its not a solid prequal.

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@mgood wrote:

Points from the Platinum are redeemed as gift cards. Usually worth 0.85 cents per point, sometimes more. So 5x on gas is 4.25%. Occasionally you'll find a gift card for something you want where it's 2500 points for a $25 gift card, so you get 1 cent per point,  but don't count on that. Just consider it a bonus when you get it.

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[800wannabe420]

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@OpenBook55 wrote:

thanks all for the feedback especially the tidbit on their pre-qual site. 

4.25% is still better than my 2% Disco lol and I believe they also had a decent percentage on using the card at Target and Walmart which all my cards typically exclude from rewards categories and I am at Target often. lol with that being said  I would not risk the HP right now considering its not a solid prequal.

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@mgood wrote:

Points from the Platinum are redeemed as gift cards. Usually worth 0.85 cents per point, sometimes more. So 5x on gas is 4.25%. Occasionally you'll find a gift card for something you want where it's 2500 points for a $25 gift card, so you get 1 cent per point,  but don't count on that. Just consider it a bonus when you get it.

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@OpenBook55

If you spend a lot at Target  I highly recommend obtaining a Target debit card.   5% off your purchases and no new TL or HP 🙂