Community Forums

JayGee · 09-17-2013, 02:39 PM

I just talked to their customer service. The implementation of the fee will be different time/date for each and is related to when you opened the account. They had a number of options that you can do to avoid the fee. Actually some of their CD etc. rates are pretty competitive and are worth considering.

On another note, here is how Experian says you can determine if closing an account will impact your credit score. For those of us that keep a zero balance looks like the impact would be small, especially in my case because I ask my limit to be set at $1000 when I opened the account. Correct me if I'm wrong.

Why closing a credit card can hurt your credit scores | Ask Experian

MSHappyCampers · 09-17-2013, 02:59 PM

We're talking about the Cash Rewards Visa credit card. The 5% rebate on gas purchases is ending in October.

JayGee · 09-17-2013, 03:27 PM

We (customer support and I) did not discuss whether or not I would continue receiving the 5% rebate or some reduced rebate. But I will not need to pay a membership fee for quite some time.

Dunner · 09-17-2013, 05:54 PM

Quote:

Originally Posted by MSHappyCampers

We're talking about the Cash Rewards Visa credit card. The 5% rebate on gas purchases is ending in October.

I have the:

Cash
Rewards

Visa
Platinum

It's a green colored card. Is that one going to get hit with $25?

George Lewis · 09-17-2013, 06:12 PM

Never "cancel" a credit card...just stop using it and cut your card in three pieces and put each piece in separate waste baskets. I save one piece and put in the "next days" trash. After non use for a few months the company will drop you for non use....cancelling it can impact your credit rating, if you use credit.

deSanford · 09-17-2013, 10:08 PM

Dunner ...........YES deSanford

MSHappyCampers · 09-18-2013, 09:08 AM

OK, let's get this thing settled once and for all!

I just got off the phone with the Supervisor of Member Services at PenFed. I told her of the confusion concerning the Cash Rewards credit card. Below is what she gave me as the true facts of the situation:

To get the 5% rebate on gas after the October billing period, you CAN open a Money Market Savings Account with only a $25.00 deposit!

You can make this $25.00 deposit on-line with another credit card!

You cannot open it with a credit card if you're doing it live on the phone with a member services representative!

You are NOT required to make any more deposits into the Money Market Savings Account in order to keep getting the 5% rebate!

There is NO annual fee for the credit card if you have the Money Market Savings Account!

When you open the saving account on-line they will send you a signature form that you sign and send back. You have up to 3 months to get this form back to them. The savings account is open immediately after making your initial deposit so there is no delay in getting the 5% rebates.

I hope this clears up some of the confusion about this!

Good luck, happy trails, and God bless!

Lloydu · 09-18-2013, 01:09 PM

Thanks for the info!

greezykid · 09-18-2013, 01:47 PM

Quote:

Originally Posted by MSHappyCampers

OK, let's get this thing settled once and for all!

I just got off the phone with the Supervisor of Member Services at PenFed. I told her of the confusion concerning the Cash Rewards credit card. Below is what she gave me as the true facts of the situation:

To get the 5% rebate on gas after the October billing period, you CAN open a Money Market Savings Account with only a $25.00 deposit!

You can make this $25.00 deposit on-line with another credit card!

You cannot open it with a credit card if you're doing it live on the phone with a member services representative!

You are NOT required to make any more deposits into the Money Market Savings Account in order to keep getting the 5% rebate!

There is NO annual fee for the credit card if you have the Money Market Savings Account!

When you open the saving account on-line they will send you a signature form that you sign and send back. You have up to 3 months to get this form back to them. The savings account is open immediately after making your initial deposit so there is no delay in getting the 5% rebates.

I hope this clears up some of the confusion about this!

Good luck, happy trails, and God bless!

I did mine, thanks

MSGulfCoast · 09-18-2013, 05:14 PM

Quote:

Originally Posted by MSHappyCampers

OK, let's get this thing settled once and for all!

I just got off the phone with the Supervisor of Member Services at PenFed. I told her of the confusion concerning the Cash Rewards credit card. Below is what she gave me as the true facts of the situation:

To get the 5% rebate on gas after the October billing period, you CAN open a Money Market Savings Account with only a $25.00 deposit!

You can make this $25.00 deposit on-line with another credit card!

You cannot open it with a credit card if you're doing it live on the phone with a member services representative!

You are NOT required to make any more deposits into the Money Market Savings Account in order to keep getting the 5% rebate!

There is NO annual fee for the credit card if you have the Money Market Savings Account!

When you open the saving account on-line they will send you a signature form that you sign and send back. You have up to 3 months to get this form back to them. The savings account is open immediately after making your initial deposit so there is no delay in getting the 5% rebates.

I hope this clears up some of the confusion about this!

Good luck, happy trails, and God bless!

Great info - Thanks! Just opened mine so I hope that keeps the 5% coming!

Barlow46 · 09-18-2013, 07:00 PM

Joe,
Did you happen to get the name of the Supervisor of Member Services for future reference should her response to you be contradicted by others at PenFed? Seems that each time someone from our forum calls, we get a newer version of what we need to do. Did you also talk with her about the confusion regarding the cash rewards card that is coming from her people? Thanks for any additional info you have.

deSanford · 09-18-2013, 07:16 PM

I'm confused..........I was told to put $1,000.00 into a Certificate for 6 months in order to get the 5%. I have a GREEN Credit Card that they now call Visa platinum +. Also I couldn't use a credit card it had to be a check or a withdrawal from my checking account where they automatically take out my charges each month. Also once I do this which I did I don't have to keep any money in my account except the $5.00 which opened my account. deSanford

recaffey · 09-19-2013, 07:15 AM

Is the Penn Fed card accepted in the truck lanes (at the pumps) at PFJ, TA, and Loves?

MSHappyCampers · 09-19-2013, 08:43 AM

The manager that I talked to said that the Board of Directors just made the decision last week on the $25 Money Market account. Before that it was a $1000 account that was required, so I guess the other people were not giving us wrong information, just the info that had at that time.

Unfortunately I did not write down her name, but hopefully we won't need it!

deSanford- hope you didn't make that $1000 deposit! If so, you could still close out that account and open the other one with $25. On my card it says "Cash Rewards" in the top left corner, and "Visa Platinum" in the bottom right corner. It is green.

recaffey- I didn't ask the manager about fuel in the truck lanes, but some of the members here say they have done it and it works. The main requirement I think, is that you MUST be able to pay at the pumps!

Let's hope that this confusion is finally resolved and we can get on with saving money!