PENFED Reward Change

[longtimelurker]

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@kevinjjc wrote:

Wow!!!  This is really bad news. Thanks for posting this. I'm glad I stayed with the PenFed Platinum Cash Rewards Visa card. Hopefully they won't nerf the 5% cashback on gas.

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What I don't get is how the Cash Rewards can be good for Penfed!  With a lousy 0.25% on all other purchases, I have to assume the vast majority of use is just on the 5% gas category.   On the Plat Rewards, I have also used 3% and rarely the 1% (as 1% is just about OK, 0.25 isn't).   But it's been around a while in that mode, so maybe it will survive.

BTW, message from Penfed:

Thank you for contacting Pentagon Federal Credit Union.

Thank you for taking the time to write.  Feedback provides Pentagon Federal
Credit Union with a vital tool to improve member service as well as the products
we offer.  The feedback you provided has been forwarded to the appropriate party
for review and consideration.

PenFed re-evaluates our point rewards programs periodically and we apologize for
any inconvenience that may be caused by the changes put into effect.

If you need further assistance, please contact us.

Sincerely,

XXXX
Pentagon Federal Credit Union

[longtimelurker]

The Visa prepaid cards are now back to their old 1:1 values, although other gift cards are now the new rate.   So, it you have 5.000 or more points, probably a good idea to cash out using those (and the 2,400 for $25 cards on sale) as I'm pretty sure that rate will rise again!

[cschick]

This rather ticks me off as I have a decent limit on this card and it's kind of my easy everyday spending card when I can't remember what the category is for Freedom/Discover. I won't cut it since it's an EVM, but I cashed out my rewards for a Jiffy Lube and it shall earn a place in the sock drawer except for international travel. 

[FutureBillionaire]

I have two of these cards since I PC'ed the Cash rewards version.  I needed the grocery rewards.  If they add another bonus category, I'll forgive them.  If not, I'm ticked off that they didn't notify us.

I'm fairly certain this card is getting abused by folks from a certain online community that I frequent, so at least they didn't completely nerf it.

[RemyWinchester]

Closed it and I'm not looking back.  This card has been nerfed 3 times since I've had it. 

I won't hold it against PFCU, as they cannot lose money as an aggregate, and I'm certain the card was being abused. 

My only PFCU product is now the Defender, and fortunetly only active duty, reserve, and retired military can get it so I have full faith that it will not be used and abused on a large scale.  It's a 6.99%, 0 FTF, 1.5% instant cash back card with 0 fees whatsoever. 

[OnTheRebound]

Just redeemed 10,000 points for $100.00 Visa. I was going to save it for one year till January but... you gotta get while the gettin's good.

[Crashem]

Plat rewards still one of best gas cards, but the series of nerfs isn't a good sign. Also, the way penfed handled is terrible.

[OnTheRebound]

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@Crashem wrote:
Plat rewards still one of best gas cards, but the series of nerfs isn't a good sign. Also, the way penfed handled is terrible.

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Agreed

[Peach8321]

@longtimelurker: Thanks! I was just coming to mention that today it is still at the 1:1, perhaps they realized they should have informed us first?  I'm cashing out now though, who knows when it may switch back!

[FutureBillionaire]

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@Peach8321 wrote:

@longtimelurker: Thanks! I was just coming to mention that today it is still at the 1:1, perhaps they realized they should have informed us first?  I'm cashing out now though, who knows when it may switch back!

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I have been cashing out for the prepaid cards. Honestly, that's all I cashed out for anyways so that doesn't hurt me too bad.