I guess any card that has unusually good rewards is going to get nerfed sooner or later. Currently this is still 4.1% or so (depending on redemption) on gas, which is still better than most, but any downgrade gives a very negative impression. I'll just use my TYP for now, and see what happens to the Penfed Cash Rewards card.
If we were all locked up in PFCU prison, I would lead the prison break and free you all. I would be the one who said follow me, we are going to be free!
Hopefully, something new will come out with the best rewards for the best credit. I am glad that I saw this thread yesterday though, because it saves me a hard inq and probable denial for one of the most prudent lenders... only for the chance to get a card that has been consistently downgraded.
I wonder if PenFed will change their underwriting criteria since their card has lost much of its appeal and is no longer outrageously awesome.
If a rewards are redeemed for a larger amount gift card then you need 11800 points for $100 gift card
This results in a cash back percentage from earlier 5% to 4.24 %.
Those with Cash Rewards version, has that changed?
Doesn't look like it. My statement cut yesterday and it's still 5% on gas.
Does penfed let you pc to the cash rewards card?
I plan to wait for a bit before trying. If 5% off gas is unsustainable on one card, I would expect some change in Cash Rewards at some point.
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.