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If you have a Penfed Platinum Cash Rewards card please read this ...

Member

If you have a Penfed Platinum Cash Rewards card please read this ...

I logged into my Penfed account this morning and it looks like they automatically converted my Platinum Cash Rewards (%5 cash back statement credit automatically every month) card to a Platinum Rewards (points based system that you cash in for gift cards).  There was even a button to cash in my "rewards points".  I did a quick google search and some members from another online credit forum noticed the same change to their accounts.

 

I called customer service and the first CSR told me he knew nothing about any changes to their credit card programs and said he would file a request and have me changed back to the Platinum Cash Rewards.  He told me they would send me a new card in 7-10 days.  After I got off the phone, I wondered whether they might pull my credit again or close my old card and open a brand new one which could hurt my AAoA so I called back.

 

I navigated the menu and went to the Platinum Rewards CSR.  "Oh yeah we are changing all Platinum Cash Rewards to Platinum Rewards.  You should have gotten an email about that."  I told her I had NOT received any emails about a change to my credit card and that you could still apply for the Platinum Cash Rewards on the website.  She put me on hold and came back a few minutes later.  "Well I talked to my supervisor and they had planned to phase out the Cash Rewards cards and convert them all to Platinum Rewards, but they changed  their minds."   She assured me she would change my account back.  She told me they no longer have any plans to change the Platinum Cash Rewards card.

 

Check your accounts!  There were several others in the other forum post I read who were also automatically converted to the points based card without any warning or consent.

 

Message 1 of 24
23 REPLIES
Member

Re: If you have a Penfed Platinum Cash Rewards card please read this ...

Update: My account this morning still says I have a Plantinum (non-cash, non-signature) rewards card.  Has anyone else noticed their card being changed without their consent? I know I can't be the only one. Especially with the forum post I read on another website where at least 3 other people have had this happen to them.

Message 2 of 24
Regular Contributor

Re: If you have a Penfed Platinum Cash Rewards card please read this ...

I just checked. Although my credit card is the same, my account # now shows up as Platinum Rewards, not as Platinum Cash Rewards. And when I go to the product page, all of the cards have "Apply" next to them except for the Platinum Rewards card, which now has a "Request Credit Limit Increase" button next to it. The Cash Rewards card looks totally different from the green Platinum Cash Rewards card currently residing within my wallet. Up through Oct. 25, on each day on the 25th I had been receiving Cash Rewards credits. So it will be interesting to see what happens on Nov. 25th! Nevertheless, thank you for your post; I plan to follow up with P-Fed when I get off of work.

All 3 bureaus (per Amex CreditSecure FAKO) are still 748 (as of 12/19/13). Cards: Discover It, $12,100, Chase Freedom $3,300, Chase Amazon $1,500, Walmart store $11,000, AMEX Zync NPSL, Costco Amex $14,700. US. Bank Cash +, $5,000. AMEX SPG $6,000, PenFed Plat. Cash Rewards $17,500, PenFed P-LOC $10,000, Citi Forward $5,100, Chase Slate $5,000, Old Navy, $2,200.
Message 3 of 24
Valued Contributor

Re: If you have a Penfed Platinum Cash Rewards card please read this ...

I was just approved for the card about one week ago and it's still showing the Platinum Cash Rewards.

Message 4 of 24
Super Contributor

Re: If you have a Penfed Platinum Cash Rewards card please read this ...

I just checked and they changed mine into Penfed Platinum Rewards Visa.

 

 

Ron.

Message 5 of 24
Member

Re: If you have a Penfed Platinum Cash Rewards card please read this ...


trishdadish wrote:

I just checked. Although my credit card is the same, my account # now shows up as Platinum Rewards, not as Platinum Cash Rewards. And when I go to the product page, all of the cards have "Apply" next to them except for the Platinum Rewards card, which now has a "Request Credit Limit Increase" button next to it. The Cash Rewards card looks totally different from the green Platinum Cash Rewards card currently residing within my wallet. Up through Oct. 25, on each day on the 25th I had been receiving Cash Rewards credits. So it will be interesting to see what happens on Nov. 25th! Nevertheless, thank you for your post; I plan to follow up with P-Fed when I get off of work.




 

trishdadish - please keep us informed.  I am curious to see what they tell you.  It seems like the customer services reps give conflicting information at times.

Message 6 of 24
Member

Re: If you have a Penfed Platinum Cash Rewards card please read this ...


Ron1 wrote:

I just checked and they changed mine into Penfed Platinum Rewards Visa.

 

 

Ron.


Ron1,

 

I knew I wasn't the only one.  I would recommend that you call and try to have them change you back.  Please let us know what they tell you.

 

 

Message 7 of 24
Valued Contributor

Re: If you have a Penfed Platinum Cash Rewards card please read this ...

Just checked my account , they did not change my cash card

"Garden Club Member " Old user name newportguy*** Current Score: myFico EQ - 830 (07/16/2015) Discover TU Fico - 833 (09/03/2016) EX Fico - 839 ( 09/01/2016 ) ******* Amex - BCP 11.5K * Discover - IT 43.5 K * U.S. Bank Cash + Visa Signature 15.3 K * PenFed - Cash Rewards 15K *PenFed Power Cash 19K ** Amex - GDSM 10K ******FICO 800 Club Member ******* EQ 830 *** TU 833 *** EX 839 ***
****** Last HP & New TL was March 6th 2014 *** GOAL: No HP's or New TL's for 2 + years and 840's Scores ******
Message 8 of 24
Super Contributor

Re: If you have a Penfed Platinum Cash Rewards card please read this ...

I just called them and they told them they only changed the name.not the cash back program. I still get the 5% cash back for gas purchase. We only got different answer. I don't know which is true. We'll see.

Ron.
Message 9 of 24
Frequent Contributor

Re: If you have a Penfed Platinum Cash Rewards card please read this ...

Mine changed to Platinum rewards. I called and they gave me the same answer as Ron.

 

Oh.. PenFed and their uninformed CSRs... If it wasn't for their 5% gas, I would not be doing business with them..

[10%+] Internet, Cable, Cell phone
[5%] Gas, Grocery, Amazon, Airline tickets, Drug Stores, Dept. Stores, Target, MyHabit
[3%] Restaurants
[2%] Everything Else
Message 10 of 24