Penfed 5% Cash Rewards (Gas)

Mellon · ‎08-19-2018

I know this card has been discontinued for new apps. I've had this card for 3 years and the limit has been at 1K. I'm tempted to ask for a CLI but not sure if it will be granted. I currently have a PLOC at 5k and Platinum Rewards Visa at 14K.

Have any of you that have this card received any CLI's since they stopped accepting new apps?

UpperNwGuy · ‎08-20-2018

As long as you’re buying less than $1000 of gas each month, my advice is to leave the credit limit alone. Get your increases on other cards. PenFed clearly wants to discontinue this card, so you don’t want eyes on your account unnecessarily.

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Gmood1 · ‎08-20-2018

I've had mine for 3 years as well. I've had it as high as $28,000. I took some of the limit to open another CC. Six months after that they offered a $13,900 SP CLI.
If you want to increase it, go for it.
Eventually I'll close the newest CC and move all of it back to the old Cash rewards CC, making it a $45k CC.

hawkins · ‎08-20-2018

I have never heard of this card. The only one I know they have for gas is the Platinum Rewards card. I would of loved to have the cash one. When did that disappear?

Gmood1 · ‎08-20-2018

It disappeared when they released the Newest 1.5/2.0 Cash back card.
All of us that had the original are grandfathered in. I received a replacement CC about six months ago. Doesn't look like it's going away any time soon.

hawkins · ‎08-20-2018

Well from the sounds of it that card is way better then the current Plat rewards card. As I understand it the rewards are not even 5% more like 4.2 or so. Still decent but not like cash back.

longtimelurker · ‎08-20-2018

@hawkins wrote:
Well from the sounds of it that card is way better then the current Plat rewards card. As I understand it the rewards are not even 5% more like 4.2 or so. Still decent but not like cash back.

Yes, the old card is/was 5% and automatic credit, so nothing to do. The "advantage" of the plat rewards is that it also gives rewards on supermarkets (~ 2.5%) and everything else (a massive 0.8%!) whereas in its last incarnation, the gas card was only gas I think (at one point it was 0.25% on non-gas)