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PENFED Reward Change

Super Contributor

Re: PENFED Reward Change


kevinjjc wrote:

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.


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

Message 21 of 64
Super Contributor

Re: PENFED Reward Change

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!

Message 22 of 64
Valued Member

Re: PENFED Reward Change

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. 

FICO: 782(Ex, AMEX 8/12), Mortgage Pull(3.0%, 5/1 ARM from Local CU 2/2013): 725(EX), 757(TU), 772(EQ); 775(EX, Amex 8/14)
Cards: Amex BCE(10300), Discover(7000), Target (1000), PenFed Platinum Rewards Visa (8500), Chase Freedom(5000), Barclay Arrival+ (10000), Amex HHonors Surpass(11,800)
App'd: Barclay & Hhonors Surpass Aug 2014, PenFed & Freedom Feb 2013, Amex & Target Jul 2012, Discover Feb 2008 Gardening til ???
Goals: TBD, possibly a mortgage refi to a fixed rate or better adjustable
Message 23 of 64
Established Contributor

Re: PENFED Reward Change

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.

Gas: Discover It, Penfed Platinum Rewards x2, Chase freedom, Citi TYP
Plane tickets: CSP
Groceries: AMEX BCP, Penfed Platinum Rewards,Citi TYP
Clothes: Express, Amex BCP, Discover IT
Amazon: Citi Forward, Cash +
Restaurants: Citi Forward, Chase Freedom, Discover IT, CSP
Hotels and other travel: Discover Escape, CSP
Movies: BofA travel rewards visa signature(fandango), Discover IT, Citi Forward, Freedom
Bars, clubs, tomfoolery: CSP, Citi Forward, Discover IT, Freedom
Balance transfers: Kroger 123 rewards
Bill Pay: Chase Ink Plus, Citi Forward,
Everyday spending: Bofa Accelerated cash rewards amex, Discover Escape
Message 24 of 64
Contributor

Re: PENFED Reward Change

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. 

 

 

Message 25 of 64
Established Contributor

Re: PENFED Reward Change

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.

Amex BCE $11.1 / Citi Diamond Preferred WMC $12K / Citi Double Cash WMC $3.8K / Comenity Total Rewards Visa $2.5K / Citi Home Depot $5K / AU- Amex BCP $12K / Chase Freedom Visa $11014.00 / PenFed Platinum Rewards Visa Signature $6K / GE Lowes $10K
myFico Scores on 10/03/2014
Eq 798 / Exp 811 / Trans 814
CCT Fico 08 on 1/3/16 - Trans 786 / Exp 793 / Eq 797
Message 26 of 64
Valued Contributor

Re: PENFED Reward Change

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.
               LIMITS IN CARD DESCRIPTIONS
Message 27 of 64
Established Contributor

Re: PENFED Reward Change


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.

Agreed

Amex BCE $11.1 / Citi Diamond Preferred WMC $12K / Citi Double Cash WMC $3.8K / Comenity Total Rewards Visa $2.5K / Citi Home Depot $5K / AU- Amex BCP $12K / Chase Freedom Visa $11014.00 / PenFed Platinum Rewards Visa Signature $6K / GE Lowes $10K
myFico Scores on 10/03/2014
Eq 798 / Exp 811 / Trans 814
CCT Fico 08 on 1/3/16 - Trans 786 / Exp 793 / Eq 797
Message 28 of 64
Frequent Contributor

Re: PENFED Reward Change

@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!

Current Scores: EQ: 740 (2/7/13)


Starting Score: 799
Current Score: 762
Goal Score: 800

Take the FICO Fitness Challenge
Message 29 of 64
Established Contributor

Re: PENFED Reward Change


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!


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.

Gas: Discover It, Penfed Platinum Rewards x2, Chase freedom, Citi TYP
Plane tickets: CSP
Groceries: AMEX BCP, Penfed Platinum Rewards,Citi TYP
Clothes: Express, Amex BCP, Discover IT
Amazon: Citi Forward, Cash +
Restaurants: Citi Forward, Chase Freedom, Discover IT, CSP
Hotels and other travel: Discover Escape, CSP
Movies: BofA travel rewards visa signature(fandango), Discover IT, Citi Forward, Freedom
Bars, clubs, tomfoolery: CSP, Citi Forward, Discover IT, Freedom
Balance transfers: Kroger 123 rewards
Bill Pay: Chase Ink Plus, Citi Forward,
Everyday spending: Bofa Accelerated cash rewards amex, Discover Escape
Message 30 of 64