PenFed Credit Card

[DSDP_Don]

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.

[homerbw]

This has been a good credit agency to work with and they are very polite and helpful with all concerns. I have regrettably closed both my credit card and my savings with them due to these changes. Seemed a little too strong arm to me. Whenever I pay for a service that already makes money off me through interest payments, than it is time to move on.

[bullydogs1]

their auto loan could not be beat...that should keep it going for me...but all in all they are one of the best banks/credit unions I have ever dealt with...and if you call them, you get the USA for any question..that's enough for me.

[Robyn_Barnes]

If you’re looking for a credit card with great rewards and no annual fee, check out the Good Sam Visa Signature card with Rec Rewards. You earn points with every purchase plus additional points for purchases at campgrounds, Good Sam and Camping World. You can view all of the benefits at www.goodsamcreditcard.com.

[John_S_]

Thinking about opening a small checking account too.

[linnemj]

I received the email tonight with the changes and thought to myself "I knew it was too good to last!"

I am considering opening a checking account and depositing my smaller pension check into it and paying a few reoccurring bills out of there. That would continue to qualify us for the bigger discount and no annual fee. It is a slight inconvenience but might be worth it.

[wny_pat1]

Don,
Did you get it in the mail??? I haven't received notification yet. Could not find the $25 annual fee on line, but found the rest of it, but it sounds like the 5% is over in Sep or in Dec '13 depending. Not really surprised it is over - has been a good run. Hopefully I might be okay, cause I took advantage of their car buying service and a super low .49% car loan rate. Had thought about their IRA, but their rates are way to low.