Community Forums

deSanford · 09-06-2013, 02:59 PM

I'm checking with Pen Fed about a certificate for 7 years for $1,000.00. I like the 5% fuel savings, and I don't fuel up at FJ or TA. deSanford

JohnFreyja · 09-06-2013, 03:03 PM

I just received a letter today informing me of the $25 yearly fee but there was no mention about changing the 5% discount. Maybe that comes tomorrow. Theoreticalley I could make up the $25 in one fill up but I don't usually run it quite that low.

Dunner · 09-06-2013, 03:08 PM

Maybe if enough people cancel, they will pull a BOA and back off of the change.

greezykid · 09-06-2013, 03:18 PM

Quote:

Originally Posted by JayGee

Thanks for the alert. I'll be closing my Penfed account.

Be sure to check on proper way to close your account.IT WILL EFFECT YOUR CREDIT score.All insurance companys use that score for charges.

Dunner · 09-06-2013, 04:15 PM

So... what is the proper way?

greezykid · 09-06-2013, 04:18 PM

Google cancel credit card.

Dunner · 09-06-2013, 04:35 PM

I'll do that. Thanks for the help.

baraff · 09-06-2013, 05:40 PM

Remember back in the 80's when Money Market accounts paid real money, like 10%? Of course, mortgages were 18%+, if you could get one.

rvtips · 09-06-2013, 11:23 PM

B of A card pays 3% on gas and it does not have to be pay a the pump.

Quote:

Originally Posted by becks

I wish they would have just dropped it to 3% back , and not added the $25.00 fee. That would have been ok with me. Good deals never seem to last long.

Dunner · 09-07-2013, 04:39 AM

I forget what they were. but BOA tried a couple other shady things that caused an big uproar from their customer and other lenders that they backed out. They have always been the leader it price increases(gougaging). [Moderator Edit]

JayGee · 09-07-2013, 08:38 AM

Quote:

Originally Posted by greezykid

Be sure to check on proper way to close your account.IT WILL EFFECT YOUR CREDIT score.All insurance companys use that score for charges.

Good point! Thanks!

It sure is interesting how closing an account is negative on a credit report when one has never missed a month of paying off the balance. They would love it if you payed only the minimum required forever.

Dunner · 09-08-2013, 12:22 PM

I sincerely apologize for my previous post. I'm not that way. It was the combination of cancer pain meds and Ambien. I'm truly sorry.

MSHappyCampers · 09-08-2013, 06:26 PM

Quote:

Originally Posted by Dunner

I sincerely apologize for my previous post. I'm not that way. It was the combination of cancer pain meds and Ambien. I'm truly sorry.

Thank you for your sincere apology! Don't worry about it, we understand! Just FIDO it (forget it and drive on).

Barlow46 · 09-08-2013, 07:16 PM

Quote:

Originally Posted by deSanford

I'm checking with Pen Fed about a certificate for 7 years for $1,000.00. I like the 5% fuel savings, and I don't fuel up at FJ or TA. deSanford

Better ask them if they are going to guarantee you the 5% for the 7 years.
If so, that may not be a bad deal since you only lose 180 days of interest if you pull it out early. I doubt they will guarantee it though and for now the $1000 for 6 months sounds like the way to go until things settle in. You can pull your $1000 out at any time and lose the latest 90 days of interest. ($1.25 or so).

If you travel 10,000 miles a year in your coach and get 8 mpg, you will buy about 1250 gallons of fuel and at $3.85 a gallon that would cost you $4812.50. If you use the PenFed card at 5% discount, you would get back $240.62. So, your $1000 has now paid you 24% interest vs. not having the PenFed 5% card. (Gotta think of it as an investment

) If you have a 3% card, you would save $144 minus the $25 annual fee for penfed or 0 fee for BOA or other card.

Think I will stop for now, head is "peckin"

, but I think I will try the $1000 money market certificate for a while and see how it pans out.

I also use the PenFed card for my other vehicles during the year, so that 5% really adds up in the long run. I really like the fact that your 5% comes back to you each month and is deducted from you monthly statement and with auto deduction it sure makes life easy.