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Super Contributor
Posts: 13,054
Registered: ‎04-22-2013
0

Penfed Plat Rewards Visa Signature

Several weeks ago, some  people were getting a letter telling them that their Penfed Platinum Rewards was being converted to a Visa Signature (unless they opted out).  I didn't get the letter and when I called I was told them were sending them out in phases, a couple of months apart to avoid a surge of conversions at one time.

 

Has anyone recently received such a letter?   And of course, what is the current thinking!  We know the Sig is going to downgrade the rewards, but I haven't heard anything definitive about what happens if you opt out.

Established Contributor
Posts: 513
Registered: ‎12-07-2012
0

Re: Penfed Plat Rewards Visa Signature

I guess they aren't offering the platinum version anymore, because it is gone from their card lineup on their website.

Amex BCE $18,000 | BofA Power Rewards WMC $25,000 | Chase Freedom VS $15,000 | Chase IHG $1,000 | Discover It $7,900 | Local CU Visa $3,500 | PenFed Platinum Rewards VS $9,500 | Saks Store Card $3,000 | Saks WEMC $8,000
Super Contributor
Posts: 13,054
Registered: ‎04-22-2013
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Re: Penfed Plat Rewards Visa Signature


ilovelisa wrote:

I guess they aren't offering the platinum version anymore, because it is gone from their card lineup on their website.


Just got the following reply:

 

Thank you for contacting Pentagon Federal Credit Union.

PenFed is no longer offering the Platinum Rewards card. However, those who
currently have the card can continue to enjoy the benefits they were receiving
prior to this change. At this time there is no plan to reduce the benefits on
your current card. We apologize for the confusion associated with this matter.

If you need further assistance, please contact us.

 


So if you don't have it, you have to apply for the Sig with reduced rewards.  I wondered how they could have two, the "better" one with the worse rewards, but I guess this way avoids that issue.   But, I wonder when the "no plan" will expire.

Frequent Contributor
Posts: 268
Registered: ‎08-20-2012
0

Re: Penfed Plat Rewards Visa Signature

I didn't plan on applying for this until November when my aaoa is above 2 years. . .

It seems that all the good cards I set my sights on get nerfed right before I feel ready to apply for them.

U.S. Bank Cash +

Amex B.C.E. / B.C.P.

Now the Penfed Platinum Rewards

Amex B.C.E. - $2.5k - Amex Everyday - $5k - N.C.F.C.U.M.C. - $5k - Amex Gold - NPSL/35k P.O.T. - Discover It - $12k - Sam's Club M.C. - $10k -
Walmart M.C. - $7.5k - Citi T.Y.P. - $10k- Chase Freedom - $5k - Chase Marriott - $7.4k - U.S. Bank Cash + - $6k -
W.M. TU-781(Jan/15) Citi EQ-782(Dec/14) EX-782(Oct/14)
Audi, Vide, Tace. . .
Valued Contributor
Posts: 3,096
Registered: ‎01-26-2012
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Re: Penfed Plat Rewards Visa Signature


longtimelurker wrote:

ilovelisa wrote:

I guess they aren't offering the platinum version anymore, because it is gone from their card lineup on their website.


Just got the following reply:

 

Thank you for contacting Pentagon Federal Credit Union.

PenFed is no longer offering the Platinum Rewards card. However, those who
currently have the card can continue to enjoy the benefits they were receiving
prior to this change. At this time there is no plan to reduce the benefits on
your current card. We apologize for the confusion associated with this matter.

If you need further assistance, please contact us.

 


So if you don't have it, you have to apply for the Sig with reduced rewards.  I wondered how they could have two, the "better" one with the worse rewards, but I guess this way avoids that issue.   But, I wonder when the "no plan" will expire.


If I read your post correctly then my existing PenFed Platinum Rewards is safe.  I haven't gotten any notification that anything was up.  Hope you're info is right.

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Senior Contributor
Posts: 8,180
Registered: ‎06-05-2013
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Re: Penfed Plat Rewards Visa Signature

You can always call instead of just hoping.

Super Contributor
Posts: 13,054
Registered: ‎04-22-2013
0

Re: Penfed Plat Rewards Visa Signature


takeshi74 wrote:

You can always call instead of just hoping.


Well, not really.  That's the problem with "no plan".  Then suddenly there is a plan.  And a CSR may well not know.

 

I hope that they keep 5% on both Cash Rewards and Plat Rewards, but then you get the situation where the "flagship" product is worse than the older one (although as Plat Rewards isn't available, I guess it can be "Yes, Cash Rewards is better on gas, but Sig is better on everything else).

 

They have also changed their plans on Sig.  The better rate was going to expire at the end of Oct, then they introduced the concept of qualifying accounts (with which you would get 5%) and last time I checked they had moved back to end of Oct.

Regular Contributor
Posts: 200
Registered: ‎11-07-2007
0

Re: Penfed Plat Rewards Visa Signature

[ Edited ]

Just for clarification... is this the card you all are talking about?

 

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

 

 

As long as they don't touch my gas card. Smiley Tongue

Walmart Discover TU08 FICO 12/07/15: 767 PSECU EX V2 FICO 12/05/15: 735
AMEX EX08 FICO 12/19/15: 778 PenFed EQ NG2 FICO 12/01/15: 717
Super Contributor
Posts: 13,054
Registered: ‎04-22-2013
0

Re: Penfed Plat Rewards Visa Signature

[ Edited ]

iDShaDoW wrote:

Just for clarification... is this the card you all are talking about?

 

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

 

 

As long as they don't touch my gas card. Smiley Tongue


That is the new card.  We are more concerned with the older version (no longer on the website) and the Cash Rewards, which is probably your gas card

 

The Plat Rewards has a 5/3/1 rewards structure, the Sig has this only till the end of October when it becomes 3/2/1.   Cash Rewards is 5/0.25 so the question is what happens to those two.

Regular Contributor
Posts: 200
Registered: ‎11-07-2007
0

Re: Penfed Plat Rewards Visa Signature

Ah, yea I was trying to figure out what kind of perks/points/rewards the old version has.

 

Well, that's gonna suck especially since I've only had the PenFed gas card for about 6 or 7 months.

Walmart Discover TU08 FICO 12/07/15: 767 PSECU EX V2 FICO 12/05/15: 735
AMEX EX08 FICO 12/19/15: 778 PenFed EQ NG2 FICO 12/01/15: 717

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