Penfed cards

All about maximizing your rewards!
Members share tips and tricks for getting the most miles, & points.
8 posts
FutureBillionaire
Centurion Member
Centurion Member
 
Posts: 1589
Joined: Sun Jun 19, 2011 2:37 pm
Location: Down South

Penfed cards

Postby FutureBillionaire » Thu Apr 04, 2013 10:25 am

I want to hear some thoughts. I have the Penfed Rewards and the Penfed Cash rewards cards. I'm considering a conversion on my cash rewards card to another platinum rewards card. That way, I still have two cards that give me 5x points on gas, but I can also get 3x points on supermarkets, and 1x points on everything else. I like the cash back automatically each statement, but I may get more value. Am I missing anything here?
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


TheLethargicAge
Centurion Member
Centurion Member
 
Posts: 322
Joined: Tue Oct 16, 2012 11:20 pm
Location: Miami, Cuba

Postby TheLethargicAge » Thu Apr 04, 2013 11:00 am

With automatic statement credits, you're guaranteed to save money. With points you have to accumulate enough points before you can redeem them. If they change the conversion rate before you redeem them, then you're screwed.

Why would you want a clone of a card you already have? Use the points card for the purchases you would put on the cashback one and put the cashback one in the sock drawer.
Blue Cash Preferred ($24K), Costco TrueEarnings ($8K), Better Balance Rewards ($6K), CashForward ($15K), Sallie Mae Rewards ($10K), Quicksilver ($17K), AARP Rewards ($15K), Freedom ($15K), Double Cash ($16.5K), It ($28.5K), Fidelity Investment Rewards ($18K), Cash+ ($11K)

FutureBillionaire
Centurion Member
Centurion Member
 
Posts: 1589
Joined: Sun Jun 19, 2011 2:37 pm
Location: Down South

Postby FutureBillionaire » Thu Apr 04, 2013 11:19 am

TheLethargicAge wrote:With automatic statement credits, you're guaranteed to save money. With points you have to accumulate enough points before you can redeem them. If they change the conversion rate before you redeem them, then you're screwed.

Why would you want a clone of a card you already have? Use the points card for the purchases you would put on the cashback one and put the cashback one in the sock drawer.


I split my spending between 2 sets of cards. I have cards that have statements that close in the middle of the month and the end of the month. This helps me keep my balances low and also helps me get the most rewards I can possibly get.
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

FutureBillionaire
Centurion Member
Centurion Member
 
Posts: 1589
Joined: Sun Jun 19, 2011 2:37 pm
Location: Down South

Postby FutureBillionaire » Thu Apr 04, 2013 11:26 am

Also, this will give me 3 grocery cards. I spend alot of money at the grocery store due to gift cars and fuel points, in addition to groceries.
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

Sevenfeet
Centurion Member
Centurion Member
 
Posts: 532
Joined: Thu Jan 17, 2013 7:20 pm
Location: United States

Postby Sevenfeet » Thu Apr 04, 2013 11:39 am

I think that three grocery cards is a little overkill but I admit I'm doing the same thing for different reasons. My wife and I both have separate Amex BCP cards to maximize the 6% cash back benefit for the $6K cap, ($12K total) and then after that we fall back to using Penfed at 3%.
Cards:
American Express Platinum (NPSL)
Penfed Platinum Reward Visa ($28K)
Chase Freedom Visa ($25K)
Fidelity American Express ($20K)
American Express Blue Cash Preferred ($20K)
Bank of America Cash Rewards MasterCard ($20K)
Citi Thank You Preferred Visa ($9.5K)
Chase Sapphire Preferred ($7.5K)
US Bank Cash + Visa Signature ($7K)
Discover IT ($4K)

FutureBillionaire
Centurion Member
Centurion Member
 
Posts: 1589
Joined: Sun Jun 19, 2011 2:37 pm
Location: Down South

Postby FutureBillionaire » Thu Apr 04, 2013 11:50 am

Sevenfeet wrote:I think that three grocery cards is a little overkill but I admit I'm doing the same thing for different reasons. My wife and I both have separate Amex BCP cards to maximize the 6% cash back benefit for the $6K cap, ($12K total) and then after that we fall back to using Penfed at 3%.


Hmm. The cap is what I'm taking into consideration. I'm going to reach the cap fairly quickly I believe. Then, I will just have two. Also, I use the card alot for gas, so I will earn a bunch of points. I don't use my Amex BCP anywhere other than the grocery store as of right now. I don't really shop at department stores, and when I do, I use online shopping portals.

Lethargic did make a good point about a potential devaluation. But, they already devalued the cashback card. I don't use it because I don't get 1% back on every day purchases.
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

Sevenfeet
Centurion Member
Centurion Member
 
Posts: 532
Joined: Thu Jan 17, 2013 7:20 pm
Location: United States

Postby Sevenfeet » Thu Apr 04, 2013 3:40 pm

BTW, maybe you can answer a question for me on Penfed for gas. Does Penfed restrict buying gas at places like grocery stores or Home Depot...i.e., not a stand alone gas station is you want to receive credit for 5%? Chase Freedom I know did, but it would be nice if my wife could go too the neighborhood Kroger gas station which easily has the best premium fuel prices around for her car that requires it.
Cards:

American Express Platinum (NPSL)

Penfed Platinum Reward Visa ($28K)

Chase Freedom Visa ($25K)

Fidelity American Express ($20K)

American Express Blue Cash Preferred ($20K)

Bank of America Cash Rewards MasterCard ($20K)

Citi Thank You Preferred Visa ($9.5K)

Chase Sapphire Preferred ($7.5K)

US Bank Cash + Visa Signature ($7K)

Discover IT ($4K)

FutureBillionaire
Centurion Member
Centurion Member
 
Posts: 1589
Joined: Sun Jun 19, 2011 2:37 pm
Location: Down South

Postby FutureBillionaire » Thu Apr 04, 2013 4:49 pm

Sevenfeet wrote:BTW, maybe you can answer a question for me on Penfed for gas. Does Penfed restrict buying gas at places like grocery stores or Home Depot...i.e., not a stand alone gas station is you want to receive credit for 5%? Chase Freedom I know did, but it would be nice if my wife could go too the neighborhood Kroger gas station which easily has the best premium fuel prices around for her car that requires it.


Any place that shows up as a gas station works fine. That's actually the reason why I'm considering the switch. I get 3x points in Kroger, then use the fuel points to get a lower rate at Kroger fuel. I also get 5x points on my fuel purchase. It helps me save on gas. Feel free to earn those points!!!
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



Return to “Rewards”

Who is online

Users browsing this forum: No registered users and 0 guests