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Valued Contributor
bs6054
Posts: 1,673
Registered: ‎11-11-2012
0

Penfed Chip and Pin "conversion"

Hi, I have the PenFed platinum rewards card, and saw (here!) that they now have a chip&pin version.   Unlike many (every?) other issuer, they require a new application to get the card with the chip&pin, rather than simply replacing the old one.  So I wrote, and got the following:

 

Thank you for contacting Pentagon Federal Credit Union.

Since a Personal Identification Number (PIN) is required on the card, another
application is required to establish this PIN with PenFed. This action will open
a new credit card account and close your current credit card. In order to
expedite the processing of your credit card conversion with your upcoming trip
to Europe, please submit the application as soon as possible.

 

OK, but will this cause another HP?  I would hope not but I wouldn't have believed the process anyway (because you need to set a pin a new app is needed).  I have asked, but haven't yet got a reply.  Have others experienced this?

Established Contributor
LesWH
Posts: 608
Registered: ‎10-11-2012
0

Re: Penfed Chip and Pin "conversion"

I read that they will be offering the conversion to existing card holders at a later date. Only new applications will be allowed to choose chip and pin for now. So yes it will be a new HP unless you have one in the last 90 days or so. I was able to get the chip and pin during my app a few days ago.


NFCU Signature Visa Cash Rewards, NavChek, Citi AA AMEX, Cap1 Cash Rewards, Discover IT, Home Depot, Sears, Walmart, Chase Freedom, AMEX Green, Lowe's, AMEX BCE, Chase Sapphire Preferred, AMEX Hilton Honors Surpass, PayPal Extras MC, PenFed Platinum Cash Rewards, AMEX Platinum

GC Challenge: App Free since 1/8/13. No more apps til 2014






Valued Contributor
bs6054
Posts: 1,673
Registered: ‎11-11-2012
0

Re: Penfed Chip and Pin "conversion"


LesWH wrote:

I read that they will be offering the conversion to existing card holders at a later date. Only new applications will be allowed to choose chip and pin for now. So yes it will be a new HP unless you have one in the last 90 days or so. I was able to get the chip and pin during my app a few days ago.


Yes, it is within the last 90 days but I guess I need confirmation.  At this point, a HP isn't worth it, since my Bank of Scotland debit card will work nicely.

Established Contributor
LesWH
Posts: 608
Registered: ‎10-11-2012
0

Re: Penfed Chip and Pin "conversion"

I was told that 1 HP was good for up to 90 days.  Call them and tell them when your last pull was and see what they say. If no other pull, go online and apply.


NFCU Signature Visa Cash Rewards, NavChek, Citi AA AMEX, Cap1 Cash Rewards, Discover IT, Home Depot, Sears, Walmart, Chase Freedom, AMEX Green, Lowe's, AMEX BCE, Chase Sapphire Preferred, AMEX Hilton Honors Surpass, PayPal Extras MC, PenFed Platinum Cash Rewards, AMEX Platinum

GC Challenge: App Free since 1/8/13. No more apps til 2014






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

Re: Penfed Chip and Pin "conversion"

Yes.  If you currently have one of their Visa cards, then you MUST apply for the chip and pin if you want it.  There is no simple conversion at this point.  

 

I had to apply for the Plat Rewards card outright with Chip and Pin, though I have the Plat cash for two years now. 

 

I think it's a terrible policy, but they told me since it's so new that they are trying to work through a lot of initial riff raft of starting to offer this newer technology. 

 

Also, they do not offer chip and pin on their AMEX products, FYI. 

Valued Contributor
bs6054
Posts: 1,673
Registered: ‎11-11-2012
0

Re: Penfed Chip and Pin "conversion"


RemyWinchester wrote:

Yes.  If you currently have one of their Visa cards, then you MUST apply for the chip and pin if you want it.  There is no simple conversion at this point.  

 

I had to apply for the Plat Rewards card outright with Chip and Pin, though I have the Plat cash for two years now. 

 

I think it's a terrible policy, but they told me since it's so new that they are trying to work through a lot of initial riff raft of starting to offer this newer technology. 

 

Also, they do not offer chip and pin on their AMEX products, FYI. 


On a related note: for the second time in two weeks, Capital One blocked one of my international internet transactions and locked my account.   When I called the fraud department, he said that they are being more careful because of a rising number of fraud attempts from abroad.   I said "That's because you don't have chip&pin, so the fraudsters target the US"  and he said "Believe me, most of us here really wish we had chip&pin, it's just taking too long to come".  So, at least some people at Cap One are aware.....

Valued Contributor
bs6054
Posts: 1,673
Registered: ‎11-11-2012
0

Re: Penfed Chip and Pin "conversion"

So I called Penfed and they said if the application is still online, no hard pull.   So I applied, and get "Sent to loan officer for review"  I HOPE there wasn't a hard pull.

 

Also, the PIN is permanently set, not exactly usual with "real" chip&pin...

Contributor
ricefed
Posts: 116
Registered: ‎02-17-2011
0

Re: Penfed Chip and Pin "conversion"

When you guys talk about a chip are you talking about the odd circuit board looking thing in the front of some cards? What's good about a chip and pin card and can it still be swiped like a regular card?
NFCU cash rewards 10,000 -Chase Sapphire Preferred 6,900-Chase Slate 6,000- Amazon 10,000 - Walmart 10,000- lowes 12,000 - Kay jewelers 7,500 - Amex Zync NPSL - CarCare One 500
Valued Contributor
bs6054
Posts: 1,673
Registered: ‎11-11-2012
0

Re: Penfed Chip and Pin "conversion"


ricefed wrote:
When you guys talk about a chip are you talking about the odd circuit board looking thing in the front of some cards? What's good about a chip and pin card and can it still be swiped like a regular card?

Yes, that is the chip.  In most places outside the US, cards use these.  Instead of swiping, you put the card into a reader and enter a PIN (somewhat like using an ATM).

This makes the process much more secure and prevents thinks like simple cloning that goes on here (when a server takes your card for example).   Yes, can still be swiped, but various places, such as unattended ticket machines and tollbooths require chip and pin, and swipe cards do not work.

 

Many issuers here have started issuing Chip and Signature, where the card has a chip which is read by the machines, but still requires a signature.

Contributor
ricefed
Posts: 116
Registered: ‎02-17-2011
0

Re: Penfed Chip and Pin "conversion"

Ok thanks. I'm joining pen fed next month so thats good to know.
NFCU cash rewards 10,000 -Chase Sapphire Preferred 6,900-Chase Slate 6,000- Amazon 10,000 - Walmart 10,000- lowes 12,000 - Kay jewelers 7,500 - Amex Zync NPSL - CarCare One 500

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