Best Gas & Groceries Mastercard/Visa?

Discuss the Visa & MasterCard payment networks as well as cards that operate through them.
16 posts
cashback
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Postby cashback » Wed Oct 02, 2013 8:29 am

Midori wrote:Looking at the Penfed Platinum Rewards Visa Signature card earlier, I got the impression that the 5/3/1 was turning into a 3/2/1 at the end of the year, and that the Penfed Platinum Cash Rewards 5% gas card was turning into a 3% card at the end of October? Am I misinterpreting? So if the rewards redemption rate isn't a straight 1 point = 1 penny anymore, on top of the percents being lowered themselves... so many variables! :o)


Yep thats the talk I have heard. So not only are the points devalued, they will be going to 3/2/1 as well....
Credit Cards
Amex BCE 25K ---- PenFed Platinum Rewards 15.5K --- US Bank Cash+ 12K --- Discover IT 6K --- Citi Dividend 5K --- Chase Freedom 12.5K --- Amex SPG 6K --- Citi Thank You Preferred 15K

Not Used
Citi Simplicity - 5K, Sam's Club Discover - 10K

Future Cards
Sallie Mae World Mastercard

FICOs
Exp 772 - TU 781 - Equ 781


takeshi
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Postby takeshi » Wed Oct 02, 2013 10:14 am

Midori wrote:and that the Penfed Platinum Cash Rewards 5% gas card was turning into a 3% card at the end of October?

It is for new apps and it's also getting a $25 AF. Luckily, PenFed has only dropped the 0.25% on all else for me at this point (5% at the pump and no AF for who knows how long). It's unfortunate as there is no limit and credits are automatic on each statement.

From the discussion on Bogleheads it sounds like they have been responding to the mass exodus of the existing cardholders (for this and the 5/3/1) but who knows how things will end up with them in the long run.

FutureBillionaire
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Postby FutureBillionaire » Wed Oct 02, 2013 10:51 am

When I called about my 5/3/1, they said it wouldn't change. The Penfed card is not worth apping for at this point.
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
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Postby FutureBillionaire » Wed Oct 02, 2013 10:52 am

The Cash Plus is still a great card to have due to the unlimited 2%. Plus, the 5% categories can be useful.
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

hematino
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Postby hematino » Wed Oct 02, 2013 4:17 pm

Midori wrote:Looking at the Penfed Platinum Rewards Visa Signature card earlier, I got the impression that the 5/3/1 was turning into a 3/2/1 at the end of the year, and that the Penfed Platinum Cash Rewards 5% gas card was turning into a 3% card at the end of October? Am I misinterpreting? So if the rewards redemption rate isn't a straight 1 point = 1 penny anymore, on top of the percents being lowered themselves... so many variables! :o)


I've had the PenFed Cash Rewards Visa since June 2012. As someone else said I remember reading about new applicants only getting 3% cash back, and then read an email by PenFed stating that existing cardmembers would be able to keep the 5% instead of going to only 3% if they fulfilled a few conditions (don't remember them all). I still get the 5% automatic cash back on gas purchases because I have partial direct deposit to my PenFed checking. It's still my primary gas card.

A while ago they tried to get me to convert to the Platinum Rewards version, but I was stubborn cause point values always can and will be manipulated. I'll take the straight cash back every time, and am very glad I didn't even consider doing that product change.
Now she's eyeless.
The snakes she held once
Eat up her hands.

takeshi
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Postby takeshi » Thu Oct 03, 2013 7:59 am

hematino wrote:As someone else said I remember reading about new applicants only getting 3% cash back, and then read an email by PenFed stating that existing cardmembers would be able to keep the 5% instead of going to only 3% if they fulfilled a few conditions (don't remember them all).

"With qualifying product". The list I have from a PenFed rep is:
- Active checking account with direct deposit of at least $250.00 per month
- Installment loan such as an automobile loan, boat loan, motorcycle loan,
personal loan, and/or educational loan
- Money Market Certificate
- IRA Certificate
- Equity Loan or Equity Line-of-Credit with a balance
- PenFed Mortgage
- Thrifty Credit Service
- Personal Line of Credit
- Educational Line of Credit
- Money Market Savings account



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