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Old 05-09-2016, 03:03 PM   #41
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Hey guys, I stand corrected!!

We had the cash back card years ago, but switched to the Platinum Rewards, as It also gives points for 3 points groceries.

That said, I may just go back to the Cash Back card as it is much easier than waiting to have enough points to convert.

Thanks again guys,
m
the cash rewards also gives 3% on groceries.
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Old 05-09-2016, 03:34 PM   #42
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PenFed VISA is really not 5% on gas; it's "5 points" on gas, which equates to less than 5% when you cash in.
m
No, not on my card. It really is 5% cash back as credit on each statement.

I have the PenFed Cash Rewards card. No points. I avoided the cards with points since they didn't translate to $0.01 in cash.

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the cash rewards also gives 3% on groceries.
Mine doesn't.

The only PenFed card giving rewards on groceries (Platinum) gives them as points, and they don't translate to 3% cash back. It costs 2,940 points to get a $25 gift card, and then you have to receive the gift card to spend it. I don't want to hassle with that. 3x points becomes 2.55% cash reward on groceries and you have to go through the hassle of receiving a gift card.
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Old 05-09-2016, 03:39 PM   #43
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Here is a summary all PenFed rewards cards - straight from the source:

https://www.penfed.org/rewards-cards/
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Old 06-29-2016, 11:15 AM   #44
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OK - they got us again!

We couldn't resist the 75,000 miles offer DH got from United Mileage cards by Chase. That will boost DHs miles significantly. We'll have to rearrange things a bit to meet the $3000 spend in time. Fortunately it's a no foreign transaction fee card so quite a few of our travel expenses can go on it.
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Old 07-21-2016, 12:04 PM   #45
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Wow - I thought it would take us the full 3 months to meet that $3000 spend requirement - NOT!!!
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Old 07-22-2016, 01:47 PM   #46
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Here is a summary all PenFed rewards cards - straight from the source:

https://www.penfed.org/rewards-cards/
For anyone wondering if the PenFed 5% back on gas Cash Rewards VISA gives the reward at Costco fuel - well, yes it does! We did a little top off the tank test last month and I just got my statement.

The language on the card docs never indicated that warehouse clubs were not included, but some folks thought otherwise.
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Old 07-22-2016, 11:52 PM   #47
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Wow - I thought it would take us the full 3 months to meet that $3000 spend requirement - NOT!!!
That's about $1,000 / wk.
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Old 07-23-2016, 07:02 AM   #48
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That's about $1,000 / wk.
Airline tickets, train tickets, tour deposits, glasses and contacts, a few purchases on Amazon. It all added up!

We had a couple of months worth of large purchases just waiting for this card to show up. It took two weeks for them to get it to us, so I was sweating it out on a couple of payment deadlines and whether I would have to use another card.

(Which actually means that spend occurred in about a week.)

I hope we don't get enticed by another credit card incentive though. Enough! What a pain!
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Old 07-28-2016, 10:45 PM   #49
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So any of you retired people have a business? We have rentals.... If you do have a business Chase thinks you need a Performance Business Checking account. If you park $500 there for 60 days they will give you $500 more in 10 business days. You should leave the account open 6 months before closing to avoid them snatching the $500 bonus back. Some claim you can just downgrade the account to a lower monthly fee account ($12 vs $20), but no guarantees from me on that. My paperwork claims the monthly fee is waived the first 3 statements.

Honey and I file separately, so we each signed up and have each other as authorized signers - no beneficiaries on business accounts we were told.

Soft pull, IRS will take a cut.
Link here - it requires you to login to your Chase account

NOTE: each coupon has a unique code and it needs to be printed out to hand carry into the branch. Takes about 1/2 an hour.
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Old 04-25-2017, 06:48 PM   #50
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Heads up: 100,000 point Chase Ink Business Preferred. Bit of a struggle to get as it currently has to be submitted by a Chase Business Relationship manager, and they often are servicing multiple branches. In branch or online the offer is for 80,000; but through the Business Relationship Manager the offer is 100,000 points after $5000 spend in three months time.

There is a pretty good rumor that in branch is also going to go to 100,000 points early next month. $95 annual fee, but those 100,000 points can be exchanged for $1,000 plunked into your checking account, so...
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Old 04-25-2017, 06:55 PM   #51
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Heads up: 100,000 point Chase Ink Business Preferred. Bit of a struggle to get as it currently has to be submitted by a Chase Business Relationship manager, and they often are servicing multiple branches. In branch or online the offer is for 80,000; but through the Business Relationship Manager the offer is 100,000 points after $5000 spend in three months time.

There is a pretty good rumor that in branch is also going to go to 100,000 points early next month. $95 annual fee, but those 100,000 points can be exchanged for $1,000 plunked into your checking account, so...
Wow 100,000 points? Is there a time frame in between cards? They turned my husband down recently because he did close his Chase Sapphirre preferred card last year after getting the points. But I wonder if I'm qualify. Maybe I should talk to them but I've been avoiding Chase.
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Old 04-25-2017, 08:07 PM   #52
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Wow 100,000 points? Is there a time frame in between cards? They turned my husband down recently because he did close his Chase Sapphirre preferred card last year after getting the points. But I wonder if I'm qualify. Maybe I should talk to them but I've been avoiding Chase.
Fewer than 5 new cards in the last 24 months and I think no other new Chase cards in the last 2 months; it is a business card, so you need a business. We have the rentals in Oregon - applied here in California and they made noises about wanting a Chase business account and business license, but as a special deal and seeing as it was me... We'll see - the gal got her card in mid March, but she applied as a single entity and I'm not on her card. We do both file separate tax returns for the rentals, not joint.
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Old 04-25-2017, 08:10 PM   #53
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We have a business. But no checking account under that business. But we have an EIN number.
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Old 04-26-2017, 08:35 AM   #54
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5% on Amazon (Amazon Store Card, also got a signup bonus)
5% on Gas (PenFed, from before they went to "points")
5% at Lowe's (Lowe's card)
2% on everything else (Citibank Double Cash)

That's hard to beat, with just four cards. The PenFed cards stay in the vehicles, I'm not even sure I have a physical Amazon card, so it's really just 2 we carry, along with a few "spares" we never use.

We don't do much international travel, and rarely use cash, but also carry one credit card with no exchange fees, and a debit card in case we ever need to use an ATM. Can't remember the last time I pulled out the debit card.
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Old 04-26-2017, 07:25 PM   #55
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Of course none of us carry credit card balances - I'm mean that way and only want the banks to pay me instead. Still, here's a motivational video on credit cards:

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Old 04-26-2017, 09:50 PM   #56
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Heads up: 100,000 point Chase Ink Business Preferred. Bit of a struggle to get as it currently has to be submitted by a Chase Business Relationship manager, and they often are servicing multiple branches. In branch or online the offer is for 80,000; but through the Business Relationship Manager the offer is 100,000 points after $5000 spend in three months time.

There is a pretty good rumor that in branch is also going to go to 100,000 points early next month. $95 annual fee, but those 100,000 points can be exchanged for $1,000 plunked into your checking account, so...
But taking the 1k in cash gets you 1099ed, right?
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Old 04-26-2017, 10:33 PM   #57
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Don't know - no 1099s from previous Chase or other cards cash bonus amounts. Have read tax pros on here saying that a business card means that bonus amounts reduce cost of business and thus increase taxable profit - at least I seem to recall such. Whether one will get a 1099 I do not know.
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Old 04-27-2017, 04:26 AM   #58
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I don't think credit card rewards usually generate 1099s as they are considered discounts on purchases as you have to spend money to earn them. Now the Chase checking and savings account bonuses do show up on your 1099-INTs.
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Old 04-27-2017, 06:33 AM   #59
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Fewer than 5 new cards in the last 24 months and I think no other new Chase cards in the last 2 months; it is a business card, so you need a business. We have the rentals in Oregon - applied here in California and they made noises about wanting a Chase business account and business license, but as a special deal and seeing as it was me... We'll see - the gal got her card in mid March, but she applied as a single entity and I'm not on her card. We do both file separate tax returns for the rentals, not joint.
I Opened a personal Chase Sapphire CC in Jan and got the 100K points after meeting the 3 month spend requirement ($3 or $4K). Don't know if that offer is still out there. Also opened a Marriott card (Chase) last month - 100K hotel point, plus silver status, plus 1 free night each year with renewal ($85 annual fee). Again, not sure if offer is still available...
Good luck!
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Old 04-27-2017, 07:13 AM   #60
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The only PenFed card giving rewards on groceries (Platinum) gives them as points, and they don't translate to 3% cash back. It costs 2,940 points to get a $25 gift card, and then you have to receive the gift card to spend it. I don't want to hassle with that. 3x points becomes 2.55% cash reward on groceries and you have to go through the hassle of receiving a gift card.
I was very disappointed in PenFed when they changed from cash back (direct credit on the account) to "points." When I called to complain, they offered to let me keep the cash back option, but only one one of the three categories; 5% on gas 3% on groceries and 2% on everything else (IIRC.) I was going to cancel the card, but I decided the 5% deal was too good to pass up so DW and I each put our PenFed card in our car, and only use it for fuel.

Not to disparage folks who enjoy traveling for "free" on points, but that's not for me. Points have no set value; they are worth what the company decides they're worth that day. It's impossible to comparison shop.

I don't like the hassle of having to shop from their catalog, or request a gift card. I have one CC which allows me to take my 2% as a direct credit to my account, although I'm a little peeved that I have to go on line each month and navigate through a few screens to do so.

My suspicion is that small CC companies like PenFed were sold this "points" system by a third party. A middleman who manages the whole thing for them and makes a profit doing so. Maybe PenFed gets a kick-back too, but for whatever reason, they thought it would be a good thing... for them.

But it's not a good thing for customers.

The worst part is, processing that cash back probably cost PenFed next to nothing. Just a batch job that was set to run on a schedule. To set up a "points" system requires relationships with other vendors, new web sites, printing gift cards, etc.

You know all that added expense is coming from somewhere. And you know it's not the CC company or the company who manages the points.

Still, people vote with their wallets. Apparently I'm in the minority in not finding the points game "fun."
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