Penfed 5% gas cash back card - ending?
Penfed 5% gas cash back card - ending?
I have the Penfed 5% cash back card for gas purchases. I checked my most recent statement and am still getting the benefit, but everyone says the program has ended and the show is over. Does anyone know what the true status is or when this might come to an end?
Thanks.
Thanks.
Re: Penfed 5% gas cash back card - ending?
As far as I know the 0.25% on everything else ended, but 5% stayed if you have a mortgage or at least 1K in savings/cd there.
Re: Penfed 5% gas cash back card - ending?
I have neither but it still seems to be working as of the most recent statement. Anyone else with a similar experience or any idea what's going on?runner9 wrote:As far as I know the 0.25% on everything else ended, but 5% stayed if you have a mortgage or at least 1K in savings/cd there.
Re: Penfed 5% gas cash back card - ending?
You could try reading through this thread:
http://www.bogleheads.org/forum/viewtop ... 2&t=122628
Or this chart from PenFed:
https://www.penfed.org/Platinum-Cash-Rewards/
The chart makes no mention of the 0.25% back
http://www.bogleheads.org/forum/viewtop ... 2&t=122628
Or this chart from PenFed:
https://www.penfed.org/Platinum-Cash-Rewards/
The chart makes no mention of the 0.25% back
Re: Penfed 5% gas cash back card - ending?
My USAA MC is granting a 5% bonus for gas purchases in 2014 so I have designated that as my CC of choice for the year for those purchases. I notice that my DC is also passing out 5% rebates for the first quarter of the year also. I don't use that much gasoline anyway.
Part-Owner of Texas |
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“The CMH-the Cost Matters Hypothesis -is all that is needed to explain why indexing must and will work… Yes, it is that simple.” John C. Bogle
Re: Penfed 5% gas cash back card - ending?
I think the "show being over" is a dramatic interpretation of the reduction in rewards over time and the current reduced rewards compared to what the card was a few years ago. As far as I know, the 5% gas will still remain as long as you have a qualifying product at Penfed.
Re: Penfed 5% gas cash back card - ending?
Keep in mind a 25 dollar minimum deposit in a money market account is a qualifying product. I opened one and am still earning 5%.
Re: Penfed 5% gas cash back card - ending?
Best available info that we have is on PenFed's site. Link was posted in a prior reply.boggler wrote:Does anyone know what the true status is or when this might come to an end?
Re: Penfed 5% gas cash back card - ending?
I thought I read somewhere in the fine print that you needed a $1k minimum in a CD to keep the 5% rolling in...if this is true...I must've missed it. I coughed up $1k and threw it in a 2-yr CD to keep the 5%. Well worth it.Radman wrote:Keep in mind a 25 dollar minimum deposit in a money market account is a qualifying product. I opened one and am still earning 5%.
Regardless...the 5% may be still in the final stages of being removed for those that will no longer qualify...
Re: Penfed 5% gas cash back card - ending?
Initially it was mortgage, car loan, or other banking product like cd. I think after some negative feedback they expanded the qualifying products to include money market accounts, no matter what the balance.guitarguy wrote:I thought I read somewhere in the fine print that you needed a $1k minimum in a CD to keep the 5% rolling in...if this is true...I must've missed it. I coughed up $1k and threw it in a 2-yr CD to keep the 5%. Well worth it.Radman wrote:Keep in mind a 25 dollar minimum deposit in a money market account is a qualifying product. I opened one and am still earning 5%.
Regardless...the 5% may be still in the final stages of being removed for those that will no longer qualify...
Re: Penfed 5% gas cash back card - ending?
Say-wha-huh???mickeyd wrote:My USAA MC is granting a 5% bonus for gas purchases in 2014 so I have designated that as my CC of choice for the year for those purchases. I notice that my DC is also passing out 5% rebates for the first quarter of the year also. I don't use that much gasoline anyway.
I haven't seen/heard anything about this -- any detail or additional info/links?
Disappointing about the direction PenFed is going with their reward cards... I may finally have to move & find something else.
Re: Penfed 5% gas cash back card - ending?
Say-wha-huh???
I haven't seen/heard anything about this -- any detail or additional info/links?
Which are you refering to MC or DC? USAA (MC) sent me a letter in Nov 2013, said I had to agree by 12/15. I was directed to the USAA web site and had to click "my offers". In small print it said "Offer good for account number ending in XXXX." DC probably sent me an email, but I don't recall. Could have been part of their regular cash-back program.
Part-Owner of Texas |
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“The CMH-the Cost Matters Hypothesis -is all that is needed to explain why indexing must and will work… Yes, it is that simple.” John C. Bogle
Re: Penfed 5% gas cash back card - ending?
Right now on my Penfed card I'm earning 5% cash back on gas, 0% cash back on everything else. I do *not* have a "qualifying product" unless the ~ $5 in my regular account counts. Not sure what the deal is.
Re: Penfed 5% gas cash back card - ending?
PenFed has two similar but different products which causes no end of confusion in these discussions. There is PenFed Platinum Rewards which gives you rewards in the form of points that can be used to redeem for gift cards (including Visa giftcards). The points were devalued in August or September of 2013 and since that time their rewards have effectively been less than advertised. There is also the PenFed Cash Rewards Visa which gives you cashback on your statement and this card I believe is cashback only on gas. The conversation in this thread is about the first card and you appear to have the second card. That said the second card, the one you have, is also subject to some changes (I suggest you check it out).maroon wrote:Right now on my Penfed card I'm earning 5% cash back on gas, 0% cash back on everything else. I do *not* have a "qualifying product" unless the ~ $5 in my regular account counts. Not sure what the deal is.
Personally I have sock drawered my PenFed card (if I hadn't had it so long I would probably cancel) they handled the point devaluation so badly that just on principle alone I wasn't going to give them anymore credit card business and in any case I got better cards for my various purchases.
Last edited by THY4373 on Wed Jan 15, 2014 7:53 am, edited 1 time in total.
Re: Penfed 5% gas cash back card - ending?
Is it?THY4373 wrote:PenFed has two similar but different products which causes no end of confusion in this discussions. There is PenFed Platinum Rewards which gives you rewards in the form of points that can be used to redeem for gift cards (including Visa giftcards). The points were devalued in August or September of 2013 and since that time their rewards have effectively been less than advertised. There is also the PenFed Cash Rewards Visa which gives you cashback on your statement and this card I believe is cashback only on gas. The conversation in this thread is about the first card and you appear to have the second card. That said the second card, the one you have, is also subject to some changes (I suggest you check it out).maroon wrote:Right now on my Penfed card I'm earning 5% cash back on gas, 0% cash back on everything else. I do *not* have a "qualifying product" unless the ~ $5 in my regular account counts. Not sure what the deal is.
Personally I have sock drawered my PenFed card (if I hadn't had it so long I would probably cancel) they handled the point devaluation so badly that just on principle alone I wasn't going to give them anymore credit card business and in any case I got better cards for my various purchases.
I suspect PenFed just hasn't fully pulled the trigger on slashing the rewards for those that don't have qualifying products yet...
Re: Penfed 5% gas cash back card - ending?
You are right this did start about the Cash Rewards card (aka the second one I mentioned--one of the links went to the points reward card discussion which confused me). And yes I agree the days of both of these cards appear to be numbered perhaps eventually even for those with qualifying products, that is why I quit using mine last fall. I just changed to other cards which offered me similar rewards.guitarguy wrote: Is it?
I suspect PenFed just hasn't fully pulled the trigger on slashing the rewards for those that don't have qualifying products yet...
Re: Penfed 5% gas cash back card - ending?
Geist wrote:Say-wha-huh???mickeyd wrote:My USAA MC is granting a 5% bonus for gas purchases in 2014 so I have designated that as my CC of choice for the year for those purchases. I notice that my DC is also passing out 5% rebates for the first quarter of the year also. I don't use that much gasoline anyway.
I haven't seen/heard anything about this -- any detail or additional info/links?
Disappointing about the direction PenFed is going with their reward cards... I may finally have to move & find something else.
I can confirm this USAA deal as well - it was an opt-in type deal on the website for me. 5% cash back on gas purchases for an entire year on my USAA Cash Rewards World Mastercard!
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Re: Penfed 5% gas cash back card - ending?
The USAA MC offer that I got was for 5% off on the first $150 of gas purchases each month for a year. I guess it depends on your commute. This will cover my first week of each month, but I'm not sure that I want to keep track.snapwa wrote:I can confirm this USAA deal as well - it was an opt-in type deal on the website for me. 5% cash back on gas purchases for an entire year on my USAA Cash Rewards World Mastercard!Geist wrote:Say-wha-huh???mickeyd wrote:My USAA MC is granting a 5% bonus for gas purchases in 2014 so I have designated that as my CC of choice for the year for those purchases. I notice that my DC is also passing out 5% rebates for the first quarter of the year also. I don't use that much gasoline anyway.
I haven't seen/heard anything about this -- any detail or additional info/links?
Disappointing about the direction PenFed is going with their reward cards... I may finally have to move & find something else.
Re: Penfed 5% gas cash back card - ending?
Darn... I guess I must have missed the "opt-in" period, I don't see it available there for me. That would have been clutch! oh well... back to exploring my options... lolsnapwa wrote:Geist wrote:Say-wha-huh???mickeyd wrote:My USAA MC is granting a 5% bonus for gas purchases in 2014 so I have designated that as my CC of choice for the year for those purchases. I notice that my DC is also passing out 5% rebates for the first quarter of the year also. I don't use that much gasoline anyway.
I haven't seen/heard anything about this -- any detail or additional info/links?
Disappointing about the direction PenFed is going with their reward cards... I may finally have to move & find something else.
I can confirm this USAA deal as well - it was an opt-in type deal on the website for me. 5% cash back on gas purchases for an entire year on my USAA Cash Rewards World Mastercard!
Re: Penfed 5% gas cash back card - ending?
I can confirm this USAA deal as well - it was an opt-in type deal on the website for me. 5% cash back on gas purchases for an entire year on my USAA Cash Rewards World Mastercard![/quote]
Darn... I guess I must have missed the "opt-in" period, I don't see it available there for me. That would have been clutch! oh well... back to exploring my options... lol[/quote]
Bummer, yeah I've found USAA has some nice perks every so often, but you've definitely got to search around a little bit on your account to find them. And SteelyEyed is correct, it's 5% on the first $150.00 of gas per month.
Darn... I guess I must have missed the "opt-in" period, I don't see it available there for me. That would have been clutch! oh well... back to exploring my options... lol[/quote]
Bummer, yeah I've found USAA has some nice perks every so often, but you've definitely got to search around a little bit on your account to find them. And SteelyEyed is correct, it's 5% on the first $150.00 of gas per month.
Re: Penfed 5% gas cash back card - ending?
If you don't intend on meeting the requirements to keep getting the 5%, you may want to look at the Sallie Mae Mastercard, which gives 5% every month on gas purchases up to $250. Once you reach the monthly limit, the cashback rate drops to 1%.
https://www.salliemae.com/credit-cards/sallie-mae-card/
5% at Gas Stations, Grocery Stores, and Bookstores (monthly limts of $250, $250, and $750)
1% Everything Else
https://www.salliemae.com/credit-cards/sallie-mae-card/
5% at Gas Stations, Grocery Stores, and Bookstores (monthly limts of $250, $250, and $750)
1% Everything Else