PenFed No Longer Offers 2% Cash Back on Groceries and Weekend Linage

I have heard some good things about PenFed, like their awesome customer service and generous rewards for their credit card customers. One of those rewards that I heard most often is that they give 5% cash back on gasoline purchases for cardholders of their PenFed Visa Platinum Cashback Rewards Card, which is very rare these days, and 2% cash back on groceries. I remember I had that kid of rewards in the past, but that was a long, long time ago. Now I am just  happy with the 3% rewards I get with Costco TrueEarnings Card. As for rewards for groceries, 1% cash back is very common nowadays.

Now it looks like the 2% rewards will soon become history. Effective March 1, 2011, PenFed will no longer offer 2% cash back for supermarket purchase. The new rewards for groceries will be reduced to 1%, like what most of the credit cards are offering today. I have thought about getting a PenFed card before (I am not in the military, but there are ways to become a member) because I really like the 5% cash back. After this downgrade, I don’t think that’s necessary any more, even though the 5% cash back for gas purchases remains.

I wonder how long PenFed can keep that.

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Original Post on The Sun’s Financial Diary

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PenFed No Longer Offers 2% Cash Back on Groceries and Weekend Linage

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