Penfed

All about maximizing your rewards!
Members share tips and tricks for getting the most miles, & points.
10 posts
FutureBillionaire
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Location: Down South

Penfed

Postby FutureBillionaire » Wed May 16, 2012 6:50 pm

How many folks around here have Penfed? How do you like their cards? How generous have they been with their credit limits?
Gas: Discover It, Penfed Platinum Rewards x2, Chase freedom, Citi TYP
Plane tickets: CSP
Groceries: AMEX BCP, Penfed Platinum Rewards,Citi TYP
Clothes: Express, Amex BCP, Discover IT
Amazon: Citi Forward, Cash +
Restaurants: Citi Forward, Chase Freedom, Discover IT, CSP
Hotels and other travel: Discover Escape, CSP
Movies: BofA travel rewards visa signature(fandango), Discover IT, Citi Forward, Freedom
Bars, clubs, tomfoolery: CSP, Citi Forward, Discover IT, Freedom
Balance transfers: Kroger 123 rewards
Bill Pay: Chase Ink Plus, Citi Forward
Everyday spending: Bofa Accelerated cash rewards amex, Discover Escape


MikeBones
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Joined: Thu Feb 23, 2012 9:32 pm
Location: Scottsdale

Postby MikeBones » Wed May 16, 2012 7:09 pm

I signed up for Penfed after reading about their gas card here. 5% back on gas is very nice, that is all I use the card for. Limit was fair, $2500 asked for more when I applied but they said there was no way they would give me more at this time. I really like the APR and their balance transfer offer. I have not had to use that service though because I do not carry balances. I have not had any problems with customer service or online bill pay. Sometimes you may have to hold for a while.

Note they charge you 50c for a paper statement.. per statement.
Chase Sapphire Preferred - 7k CL
Chase Freedom Visa Signature - 5k CL
PenFed Plat Rewards - 1.25k CL
PenFed Cash - 1.25k CL

agp
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Joined: Fri Apr 20, 2012 10:24 pm
Location: US&A

Postby agp » Wed May 16, 2012 8:35 pm

They have been a PITA for me so far. First they denied my application for the cash back card, then I sent over a paystub - no response. Called and was asked to send paystub again, sent - no response. Called again and was asked to do the same, sent - got a response, asking for the 2 most recent paystubs and says I have 30 days to do it... Then a few days later (today), I checked online, and it says I have the Penfed Platinum Rewards card approved. This is not the card I applied for.... The credit limit was conservative but generous at the same time.

Main Card: Amex Platinum
For gas: Penfed Platinum Cash Rewards
For travel & dining: Chase Sapphire Preferred

DavidNY
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Joined: Tue Jul 05, 2011 12:28 pm
Location: New York

Postby DavidNY » Thu May 17, 2012 10:06 am

agp, can you have your account changed to the right card?

agp
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Postby agp » Thu May 17, 2012 1:18 pm

I emailed them late last night/early this morning to inquire about the situation and ask to have the card changed. They will probably get back to me tomorrow. If the answer is anything short of compliant I will have to call them.

Main Card: Amex Platinum
For gas: Penfed Platinum Cash Rewards
For travel & dining: Chase Sapphire Preferred

agp
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Postby agp » Thu May 17, 2012 6:50 pm

Got an email back saying they can't change the account via an email request so I called. They told me the Plat Rewards card is in the mail and that I should not use it otherwise they can't change the account. They are mailing out a Plat Cash Back card for me and will be here in 10-14 days.

... I never sent my last 2 paystubs.

Main Card: Amex Platinum
For gas: Penfed Platinum Cash Rewards
For travel & dining: Chase Sapphire Preferred

FutureBillionaire
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Joined: Sun Jun 19, 2011 2:37 pm
Location: Down South

Postby FutureBillionaire » Fri May 18, 2012 11:05 am

I got both of those cards. I am a fan of the rewards on both.
Gas: Discover It, Penfed Platinum Rewards x2, Chase freedom, Citi TYP
Plane tickets: CSP
Groceries: AMEX BCP, Penfed Platinum Rewards,Citi TYP
Clothes: Express, Amex BCP, Discover IT
Amazon: Citi Forward, Cash +
Restaurants: Citi Forward, Chase Freedom, Discover IT, CSP
Hotels and other travel: Discover Escape, CSP
Movies: BofA travel rewards visa signature(fandango), Discover IT, Citi Forward, Freedom
Bars, clubs, tomfoolery: CSP, Citi Forward, Discover IT, Freedom
Balance transfers: Kroger 123 rewards
Bill Pay: Chase Ink Plus, Citi Forward
Everyday spending: Bofa Accelerated cash rewards amex, Discover Escape

DavidNY
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Joined: Tue Jul 05, 2011 12:28 pm
Location: New York

Postby DavidNY » Fri May 18, 2012 9:42 pm

Is there a spending cap on rewards?

bgholtz
 
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Joined: Tue Sep 15, 2015 11:32 am

Re: Penfed

Postby bgholtz » Tue Sep 15, 2015 11:52 am

You get 5 points per dollar. Not worth 5 cents or 5% when you cash in. very misleading and somewhat dishonest. $100 gift card is 11600 points. They should advertise 20 points per dollar and charge 1 million to cash outand not tell you till later. I applied for card before I found out how underhanded they are. Will not activate the card but will call to cancel

takeshi
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Location: US

Re: Penfed

Postby takeshi » Wed Sep 16, 2015 7:13 am

bgholtz wrote:You get 5 points per dollar. Not worth 5 cents or 5% when you cash in. very misleading and somewhat dishonest.

If one assumes that 1 point/mile = 1% then the person is at fault. One always has to consider redemptions when looking at such rewards programs. Don't look at only the earn rates and assume that miles, points and % are interchangeable. Always run the numbers for your spend.

You might also want to consider the dates on the posts that you're replying to.



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