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Established Contributor
FutureBillionaire
Posts: 641
Registered: ‎12-12-2012
0

Re: PENFED Reward Change


FutureBillionaire wrote:

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.


The Visa Prepaid cards have been nerfed also. 5900 points for $50 gift card. 

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
Established Contributor
FutureBillionaire
Posts: 641
Registered: ‎12-12-2012
0

Re: PENFED Reward Change

Has anyone had their platinum rewards card converted to the signature version?

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
Valued Contributor
Crashem
Posts: 3,098
Registered: ‎01-26-2012
0

Re: PENFED Reward Change


FutureBillionaire wrote:

FutureBillionaire wrote:

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.


The Visa Prepaid cards have been nerfed also. 5900 points for $50 gift card. 


Dang.  I was trying to get to 100k points from 90ishk before redeeming.  Now its going to cost me.

               LIMITS IN CARD DESCRIPTIONS
Established Contributor
ztnjpv
Posts: 726
Registered: ‎02-01-2012
0

Re: PENFED Reward Change

Just noticed this. Wow. I have 7935 points. Shoulda cashed out a $50 Visa Card. Dangit.

 

Oh well. But let's keep some perspective:

 

@ 5900 points for a $50.00 Visa Card, each point is now worth .84758 cents (as opposed to 1 cent before). That makes for almost 4.24% on Gas and over 2.5% on groceries (including Walmart Supercenters!)

 

Few cards can match that. Don't get me wrong: The discover IT and Freedom look more attractive now but the PenFed Card is still a good stop gap for when the others aren't in season or the $1500 limit is reached or whatever. And on groceries for the Walmart shopper, it still beats the BoA 321 card by a few basis points even if you have the checking bonus.

 

And lest we forget, PenFed gives nice limits on this card. Why give up that limit on your credit report for utilization scoring? Mine is worth $14,000 toward my total revolving limit, which is nice for a lower utilization percentag than I would have otherwise. Let cooler heads prevail. Throw it in your sock drawer if you must but I would not close it unless you really really don't need or care about the perks to your cash back earning or credit score. just my 2 cents


Starting Scores (Sept 2011): All lower-mid 600s. CURRENTLY: TU FICO: 801 (3/28/14), EQ FICO 808 (3/28/14), EX FICO 798 (9/4/13) (PSECU). Goal: Achieved! Now Maintain!
Established Contributor
FutureBillionaire
Posts: 641
Registered: ‎12-12-2012
0

Re: PENFED Reward Change


ztnjpv wrote:

Just noticed this. Wow. I have 7935 points. Shoulda cashed out a $50 Visa Card. Dangit.

 

Oh well. But let's keep some perspective:

 

@ 5900 points for a $50.00 Visa Card, each point is now worth .84758 cents (as opposed to 1 cent before). That makes for almost 4.24% on Gas and over 2.5% on groceries (including Walmart Supercenters!)

 

Few cards can match that. Don't get me wrong: The discover IT and Freedom look more attractive now but the PenFed Card is still a good stop gap for when the others aren't in season or the $1500 limit is reached or whatever. And on groceries for the Walmart shopper, it still beats the BoA 321 card by a few basis points even if you have the checking bonus.

 

And lest we forget, PenFed gives nice limits on this card. Why give up that limit on your credit report for utilization scoring? Mine is worth $14,000 toward my total revolving limit, which is nice for a lower utilization percentag than I would have otherwise. Let cooler heads prevail. Throw it in your sock drawer if you must but I would not close it unless you really really don't need or care about the perks to your cash back earning or credit score. just my 2 cents


I will keep them, but I'm still annoyed. The main question now is if they are going to convert everyone to the new rewards structure. That's where things get dicey.

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
Established Contributor
ztnjpv
Posts: 726
Registered: ‎02-01-2012
0

Re: PENFED Reward Change

If PenFed copies the new 3-2-1, then card is inferior in every way to the BoA 3-2-1....unless they go back to a 1:1 ratio on redemptions. But even then, BoA has that 10% for checking, which makes the whole process easier than dealing with PenFed and that Visa gift card process. 


Starting Scores (Sept 2011): All lower-mid 600s. CURRENTLY: TU FICO: 801 (3/28/14), EQ FICO 808 (3/28/14), EX FICO 798 (9/4/13) (PSECU). Goal: Achieved! Now Maintain!
Established Contributor
FutureBillionaire
Posts: 641
Registered: ‎12-12-2012
0

Re: PENFED Reward Change


ztnjpv wrote:

If PenFed copies the new 3-2-1, then card is inferior in every way to the BoA 3-2-1....unless they go back to a 1:1 ratio on redemptions. But even then, BoA has that 10% for checking, which makes the whole process easier than dealing with PenFed and that Visa gift card process.

 

I couldn't agree more.

 

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
Established Contributor
ztnjpv
Posts: 726
Registered: ‎02-01-2012
0

Re: PENFED Reward Change

If they force us to a 3-2-1 switch, the card WILL go in the sock drawer. Guaranteed.


Starting Scores (Sept 2011): All lower-mid 600s. CURRENTLY: TU FICO: 801 (3/28/14), EQ FICO 808 (3/28/14), EX FICO 798 (9/4/13) (PSECU). Goal: Achieved! Now Maintain!
Valued Contributor
RyVision
Posts: 1,346
Registered: ‎04-15-2011
0

Re: PENFED Reward Change

 

I have to admit I'm a bit confused with this info.  We were offered the "upgrade" (or switch) to the new rewards card from the Platinum Cash Rewards that give 5% on gas paid for at the pump and refused.   We still get the automatic statement credit of 5% for gas bought at the pump and a bit extra.  We didn't want to switch even though they promoted the new program as better.

 

I mentioned this months ago on the thread discussing the offer and stated I wouldn't  "upgrade" to the new program, did anyone else just keep their old card (5% on gas at the pump)? Or is this just getting switched over without notice?

 

It started out as a very low interest card and has stayed there too.  So I sure wouldn't want to get rid of it, we carry over on it often so it's a good deal for a card.

Regular Contributor
Travis-84
Posts: 187
Registered: ‎05-07-2010
0

Re: PENFED Reward Change

Bad news.  This is going to a 3-2-1 card.  (and if a 25.00 gift card cost 2900 points, its not even a true 3-2-1.

https://www.penfed.org/visasignaturepoints/

 

Also, the old card with the auto 5% cash back is going to 3% in october, so both are getting axed a bit. 

https://www.penfed.org/Platinum-Cash-Rewards/

 

At least for the people who switched, they got a 200.00 gift card.  I'm at 2500 points, when I save up a few more points to get a 25.00 amazon gift card, I'm going to sock drawer what was for several years my number one card, since my AMEX will give me a true 3% on gas, and I have one less card to carry. (I could buy a Kroger gift card at Kroger, use it at the pumps, and get 6% back on gas) 


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