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Valued Contributor
Posts: 1,607
Registered: ‎09-15-2012
0

Re: PENFED Reward Change

So glad that I didn't get this card.

Also, without notification I think you all have good reasoning for some complaints. I would be writing letters to PenFed, NCUA, and maybe even CFPB.

In My Wallet: Amex BCP (12/12) $32,000, Chase Freedom (12/12) $16,500, Citi Forward (12/12) $14,600, Cap1 Quicksilver (6/12) $14,000, Barclaycard Rewards (5/13) $10,500, Citi Thank You Premier (6/15) $6,800

Last App: June 27, 2015
Super Contributor
Posts: 10,874
Registered: ‎04-22-2013
0

Re: PENFED Reward Change

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.

Contributor
Posts: 164
Registered: ‎01-11-2012
0

Re: PENFED Reward Change

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!

Valued Contributor
Posts: 2,111
Registered: ‎07-29-2011
0

Re: PENFED Reward Change

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.

EX:694 TU:744 EQ:777
Amex ED $19.5k - BoA Travel Rewards $15k - CSP $5k - SDFCU EMV $15k - NFCU goRewards $20k - Barclays Arrival $6.5k
New Contributor
Posts: 107
Registered: ‎12-23-2012
0

Re: PENFED Reward Change

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 %.

Regular Contributor
Posts: 153
Registered: ‎05-07-2011
0

Re: PENFED Reward Change

This is disapointing. I got the Penfed Platinum Rewards card earlier this year and used it for all my gas purchases. I also have the chase freedom and discover it, I guess they'll be getting out of the sock drawer more often than I expected.
Valued Contributor
Posts: 5,243
Registered: ‎06-05-2013
0

Re: PENFED Reward Change


longtimelurker wrote:

 

Those with Cash Rewards version, has that changed?


Doesn't look like it.  My statement cut yesterday and it's still 5% on gas.

Regular Contributor
Posts: 153
Registered: ‎05-07-2011
0

Re: PENFED Reward Change

Does penfed let you pc to the cash rewards card?
Super Contributor
Posts: 10,874
Registered: ‎04-22-2013
0

Re: PENFED Reward Change


yellowcake wrote:
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.

Valued Contributor
Posts: 1,414
Registered: ‎01-14-2009
0

Re: PENFED Reward Change

Wow!!! Smiley Surprised 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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