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Old 09-05-2013, 10:50 AM   #1
"Formerly Diplomat Don"
 
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PenFed Credit Card changing %

I guess it finally had to happen. Starting in November, PenFed will no longer be paying 5% back on gas purchases unless you open one of these qualifying accounts:

Active checking account with direct deposit ($250 min.)
Money Market Certificate or IRA Certificate
Mortgage
Installment loan*
Equity Loan or Equity Line of Credit with a balance

They will also be charging a $25.00 annual fee unless you have one of the above accounts.

If you don't open one of these accounts, you'll receive 3% back on purchases and will pay a $25.00 annual fee.

For us, I may be looking at closing the PenFed account and using my air mileage credit card. Will have to do the math.
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Old 09-05-2013, 10:58 AM   #2
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Thanks for the alert. I'll be closing my Penfed account.
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Old 09-05-2013, 11:05 AM   #3
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Why would you close the account? I plan on moving some money from my savings to their money market. I have saved almost $200 in gas this year. I'm not making any money in my savings account, might as well put it somewhere else. Won't make any money there either, but at least I'll get the 5% back on gas. Am I missing something here?
I haven't received any notification from PenFed yet, but this is the second post on this today.
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Old 09-05-2013, 11:10 AM   #4
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Quote:
Originally Posted by baraff View Post
Why would you close the account? I plan on moving some money from my savings to their money market. I have saved almost $200 in gas this year. I'm not making any money in my savings account, might as well put it somewhere else. Won't make any money there either, but at least I'll get the 5% back on gas. Am I missing something here?
I haven't received any notification from PenFed yet, but this is the second post on this today.
Agree - I likely will just move a bit of money there, on balance remains a good deal if one is fairly active with the card for gas purchases.
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Old 09-05-2013, 08:34 PM   #5
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Quote:
Originally Posted by baraff View Post
Why would you close the account? I plan on moving some money from my savings to their money market. I have saved almost $200 in gas this year. I'm not making any money in my savings account, might as well put it somewhere else. Won't make any money there either, but at least I'll get the 5% back on gas. Am I missing something here?
I haven't received any notification from PenFed yet, but this is the second post on this today.
Good arguments but I don't buy anywhere near the fuel you do. I have other cards that provide discounts too so to simplify I will probably close it.

Wow, I can hardly remember making money on a savings account. I was a young man then. Mortgage rates were in the teens and money markets allowed people to live large on the earnings.
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Old 09-05-2013, 11:28 PM   #6
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So what is the minimum amount for a "certificate of deposit"? deSanford
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Old 09-05-2013, 11:57 PM   #7
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I went through there Money Market account setup this evening online to see what the minimum was. Before I got to what I thought would be a SUBMIT page, they issued an account number. The account is inactive until they send you the paperwork and you send them some money. I sent them an email to see what the minimum is to retain the 5%. I'll post when I get a reply or the paperwork.

We're heading east for 5 weeks and luckily their changes don't occur until we get back. We expect to burn about $2800 in fuel.
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Old 09-06-2013, 06:37 AM   #8
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Thanks Diplomat Don..........deSanford
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Old 09-06-2013, 09:23 AM   #9
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Quote:
Originally Posted by Diplomat Don View Post
I went through there Money Market account setup this evening online to see what the minimum was. Before I got to what I thought would be a SUBMIT page, they issued an account number. The account is inactive until they send you the paperwork and you send them some money. I sent them an email to see what the minimum is to retain the 5%. I'll post when I get a reply or the paperwork.

We're heading east for 5 weeks and luckily their changes don't occur until we get back. We expect to burn about $2800 in fuel.
In the last few days going across Ohio and into Illinois, Loves, TA and FJ were $3.99/4.05 cash/credit while other stations right next door were $3.79 cash or credit. That is 5% just at the cash price!
And RVs were lined up to get the higher price. Wut?
You know where I bought.
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Old 09-06-2013, 10:54 AM   #10
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I just got off the phone with PenFed about the changes. The minimum initial deposit for the IRA is $1000. On the checking account it's a minimum direct of $250 PER MONTH. There is no service fee.

She said all current members should receive a letter giving all the details. I haven't gotten mine yet.

The IRA might not be a bad option if you can spare the $1000. You can't make much on interest right now, but at least it's a safe place to keep your money.

I'm gonna have to do some "thunking" on this after I get the letter!
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Old 09-06-2013, 11:07 AM   #11
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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.
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Old 09-06-2013, 11:12 AM   #12
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I guess what really irritates me about this is that before I applied for the Cash Rewards card I questioned the customer service rep and she told me that the 5% was ongoing on that particular card. The lady I talked to this morning says they (customer service) was "misinformed" earlier!

I've always heard that "all good things must come to an end". I guess they must have been right!
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Old 09-06-2013, 12:11 PM   #13
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I got my email back this morning confirming the $1000.00 Money Market. Like Joe said, you're not making money on your money anywhere else. I'll open an account for a $1000.00.
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Old 09-06-2013, 02:15 PM   #14
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Here's what they are paying.

https://www.penfed.org/Money-Market-Certificate/

I'm doing better than that with stocks that pay dividends and tax free bonds.



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