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Old 10-15-2013, 06:41 AM   #29
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I got a letter from PenFed about a month ago that the Rewards Card would start charging a $25 per year fee and the gas discount would go down to 3%. So, I called them yesterday to check on alternative cards (only 1 w/5% and that ends in Dec). The lady told me I could open a Money Market Savings Account with $25 and that would exempt me from the annual fee and the discount % reduction. Took about 5 minutes, funded with my CC.
Mike
Ditto.
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Old 12-04-2013, 05:38 AM   #30
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It was getting just 'too complicated' for me. I 'checked out'. Got my $5 back from 'savings' in about a month from canceling. I wasn't all that impressed with PenFed's help when there were improper charges (a serious lack of help really) and once in a while proper credit for my 'pay-at-the-pump' purchases were not applied.
So, when they added the new rules, I give them up.
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Old 12-04-2013, 07:28 AM   #31
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We took a trip last month so we used quite a bit of fuel. When I got my PenFed bill $56.00 dollars came off. They also just start offering great rates on CDs.
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Old 12-04-2013, 09:14 AM   #32
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We took a trip last month so we used quite a bit of fuel. When I got my PenFed bill $56.00 dollars came off. They also just start offering great rates on CDs.
That's really great. A good savings for you. You must have spent a fortune on fuel. LOL
Glad you get a benefit from PenFed.
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Old 12-04-2013, 09:21 AM   #33
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Originally Posted by floridasnow View Post
It was getting just 'too complicated' for me. I 'checked out'. Got my $5 back from 'savings' in about a month from canceling. I wasn't all that impressed with PenFed's help when there were improper charges (a serious lack of help really) and once in a while proper credit for my 'pay-at-the-pump' purchases were not applied.
So, when they added the new rules, I give them up.
floridasnow
Sorry it didn't work out to your satisfaction. It's saving me a lot of money and I've had no problems with the billing so far!
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Old 12-04-2013, 09:28 AM   #34
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It was getting just 'too complicated' for me. I 'checked out'. Got my $5 back from 'savings' in about a month from canceling.
Ditto, except I got $13 and some cents back due to interest added over the past 8 years or so. We were no doubt exactly the kind of customer they were hoping to get rid of ...minimum $ in an account, and always paid the cc in full every month ...they were not making any $$ off us.
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Old 12-04-2013, 10:56 AM   #35
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I have been using the PenFed card for several years. When we were traveling 10K miles per year it did give back a lot of savings on the diesel fuel.

Lately they have changed the points to get back cash or gifts. Used to be 10,000 points to get $100, now 11,800 points to get $100. So now my 5% on gas now is 4.72% and the 3% on groceries is now 2.83%. Still better than my Bank of America 1.5%.

I haven't heard anything from PenFed about adding an annual fee or needing to start a Money Market Checking Account. Hopefully I won't.
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Old 12-04-2013, 11:03 AM   #36
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You must have one of their other cards. The one most are discussing is their cash rewards card. 5 preventiva of your monthly pay at the pump purchases are deducted from your statement, no cashing in points.
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Old 12-04-2013, 11:05 AM   #37
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Sorry it didn't work out to your satisfaction. It's saving me a lot of money and I've had no problems with the billing so far!
Same here, works for me, can scan 2 times on fill up, then I use discover to finish topping off, discover also gives 5% on the rewards card.
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Old 12-04-2013, 11:50 AM   #38
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You must have one of their other cards. The one most are discussing is their cash rewards card. 5 preventiva of your monthly pay at the pump purchases are deducted from your statement, no cashing in points.
You're right, I didn't realize that there was a Cash Rewards card. Mine is just a Platinum Rewards card. It is nice in that you get 3% on supermarkets as well as the 5% gas. We spend a lot at Walmart Supercenters and everything gets the 3% back, including things like TVs, Computers, Tires, etc. So I'll probably just stick with the card I have and not have to pay the $25 per year fee or have to put more money in their bank. Thanks for the clarification.
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Old 12-04-2013, 01:07 PM   #39
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You're right, I didn't realize that there was a Cash Rewards card. Mine is just a Platinum Rewards card. It is nice in that you get 3% on supermarkets as well as the 5% gas. We spend a lot at Walmart Supercenters and everything gets the 3% back, including things like TVs, Computers, Tires, etc. So I'll probably just stick with the card I have and not have to pay the $25 per year fee or have to put more money in their bank. Thanks for the clarification.

Bill, you only have to make a one-time deposit of $25 in a Money Market Saving account (which you can do with another credit card) to get the 5% rebate on the Cash Rewards Visa card, and there is no yearly fee. Works for me!
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Old 12-04-2013, 04:36 PM   #40
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Bill, you only have to make a one-time deposit of $25 in a Money Market Saving account (which you can do with another credit card) to get the 5% rebate on the Cash Rewards Visa card, and there is no yearly fee. Works for me!
Thanks Joe. My card doesn't have a yearly fee or a need to deposit any more money. I just don't get cash back into the account. I get PenFed Debit cards to spend, so I don't think that I am missing much, since I also get 3% back on all groceries (and anything at Walmart Supercenters).
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