PenFed "free" 5% Fuel Cash Back Ending
Per their website this ends with the October billing. So I called and it's actually changing. %5 if you have another qualifying account, or 3% and $25 annual charge. If you have a PenFed card you mig...
Forum Discussion
Thats_Ok wrote:
PenFed sent us an e-mail sometime back about card use policy changes.
x2. Info came in the mail about 6 weeks ago, plenty of advanced notice.
after reading the info and calling here is my understanding.
If you alredy have a Pen Fed gas card.
depending on what other pen fed accounts you have, you'll either end up with a $25 annual fee on your anniversary date and 3% cash back or no fee and 5% cash back.
If you have only the visa card, you'll pay the $25/year and get 3% on gas beginning end of october.
If you also have qualifying other accounts, you will continue to get 5% and no annual fee
If you have only the visa card AND open a direct deposit checking, CD, money market,loan etc. then you'll continue to get the 5% and no annual fee. I think (not positive) you need to open such an account by the end of October.
If you DON"T have a pen fed card and apply in October.
If you open another account at the same time you get the 5% no fee otherwise you'll get the 3% and pay $25/year
Existing cardholders will get the 5% through most of october.
the gas credit payout process remains the same. they will continue to credit your account prior to sending out your monthly bill.
Seems like card companies are adding restrictions or cutting back on card benefits. One other card I have that gave double points for certain cardholders with other qualifying accounts recently stopped that practice, now I only get the "regular" points.
Even at 3% and 25/year the pen fed gas card is still IMHO one of the best fuel cards around. Diesel qualifies (which some others don't), no monthly or annual limit on fuel purchases, not tied to any specific stations etc.
