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I got the invite, my current card is not EMV
I haven't seen the invite yet. I wonder what the criteria is...knowing Penfed it may not be just the available credit line (typically $5K with Visa Signature). If it were just that, I know I'd see an invite. Of course, they could just be rolling out the offer over time instead of doing everyone all at once.
I didn't get a letter so I called and was told that the conversions will happen in batches (though I don't know the criteria for being eligible for conversion). The first letters went out around April 14, the memo the CSR read to me said that the next batches would go out in a couple of months.
Elsewhere, I have seen the statement that the EMV cards aren't being converted. From any other issuer I would disbelieve that, but Penfed seems to have such a hard time with EMV (and changing cards without creating new accounts) that that does seem likely.
link:
https://www.penfed.org/visasignaturepoints/
Key Features
4.99% APR promotional balance transfer rate on transfers made from April 1, 2013 through June 30, 2013 for the life of balance with no balance transfer fee. After that, the APR for any new balance transfers will be 9.99% and will vary with the market based on the Prime Rate. The fee for balance transfers made after June 30, 2013 will return to 3% (Min. $10 – Max. $250) per transaction. This transaction is subject to credit approval.
*For a limited time until 10/31/13, enjoy 5 points for gas paid at the pump, 3 points for groceries, and 1 point for all other purchases. Get more for your membership.
@Ron1 wrote:link:
https://www.penfed.org/visasignaturepoints/
Key Features
4.99% APR promotional balance transfer rate on transfers made from April 1, 2013 through June 30, 2013 for the life of balance with no balance transfer fee. After that, the APR for any new balance transfers will be 9.99% and will vary with the market based on the Prime Rate. The fee for balance transfers made after June 30, 2013 will return to 3% (Min. $10 – Max. $250) per transaction. This transaction is subject to credit approval.
*For a limited time until 10/31/13, enjoy 5 points for gas paid at the pump, 3 points for groceries, and 1 point for all other purchases. Get more for your membership.
Is it downgrade reward structure for the Visa Signature card? You got 3 points per $1 for gas instead of 5 points per dollar for the Platinum Card.
Ron.
Wow, that is strange. I see the site still has the 5/3/1 structure for Platinum Rewards.
So I wonder if they will introduce the Signature and then nerf the benefits of the Platinum Rewards? They have already reduced the non-gas benefits on the Cash Rewards card and I think the travel card had the value of points reduced as well.
3% gas isn't all that special now, so I hope not...
So those that got the letter might want to opt out, as I don't see any benefit this has (which again makes me think that the other will be reduced as well).
This is interesting to say the least. So here's what we know:
The Penfed Platinum Rewards Visa Signature is a real product and is featured on their web site.
Requires at least a $5000 CL (in line with other Visa Sig cards we've all seen)
Comes in an upright configuration, similar to the Chase Slate.
Cardholders who qualify are being upgraded in batches beginning back in April 14.
What we don't know:
Whether the 5/3/1 (gas/groceries/other) benefit structure limited time until Halloween 2013 (when it's supposed to turn back to 3/2/1 gas/groceries/other) is just for this card or whether the mainline PRV card is going to get nerfed down to 3/2/1 later this year.
If EMV card holders won't be able to change to the Sig version Penfed isn't ready to move those customers (I am one of them).
I really hope that the 5/3/1 structure isn't going away. It was a real product differentiator between it and other more common cards. As a 3/2/1 card, it wouldn't be any different than the BofA Cash Rewards I already carry (and the BofA card gives you a 10% bonus on top of that for BofA checking/savings customers). Having the Sig benefits is nice, but I value the 5% gas/3% groceries more.