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New Contributor
jdogi
Posts: 75
Registered: ‎02-21-2010
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Re: Penfed Platinum Rewards Visa Signature Card????

I got the invite, my current card is not EMV

Senior Contributor
youngandcreditwrthy
Posts: 6,242
Registered: ‎08-16-2012
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Re: Penfed Platinum Rewards Visa Signature Card????

I want the Penfed Promise Visa for the 4.99% apr for life of bt.
Does anyone know if the Gold Penfed card is easier to get approved for and with a decent limit?
Marriott PR$25k | BCE $24.5K |BankAmericard Visa $25k| Wmt Discover $12.5k | BR Visa $12.5k | Amex Delta Gold $10k | Discover IT $10k | Paypal Extras MC $15k | Amazon Store $10k|Arrival $12.7k | Smile Gen $7.25k | Dillard's $10k | West Elm $4k| Express $3.05K | Mypoints.com Visa $4.5k | Freedom Visa $1k| Amex Surpass $1k
Regular Contributor
Sevenfeet
Posts: 166
Registered: ‎02-06-2013
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Re: Penfed Platinum Rewards Visa Signature Card????

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.


.......NPSL..…..…$28K….....….$25K.............$20K..............$20K..............$20K..….......$9.5K…........$7.5K.…........$9K..............$4.5K
Super Contributor
longtimelurker
Posts: 7,228
Registered: ‎04-22-2013
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Re: Penfed Platinum Rewards Visa Signature Card????

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.

CSP, Freedom, Chase Amazon, Cap One QS (x2), Penfed Plat Rewards (x2), Citi Double Cash, Citi Dividend, Citi AA Plat Select, Citi Forward, Amex BCE, Amalgamated Bank, Sallie Mae, Cash Plus, Fid Amex
Scores May 14: EQ 848, EX 833, TU 848 (Sep)
Super Contributor
Ron1
Posts: 5,063
Registered: ‎05-23-2009
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Re: Penfed Platinum Rewards Visa Signature Card????

[ Edited ]

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.

 

vsignature.jpg

Super Contributor
Ron1
Posts: 5,063
Registered: ‎05-23-2009
0

Re: Penfed Platinum Rewards Visa Signature Card????


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.

 

vsignature.jpg


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.

Super Contributor
longtimelurker
Posts: 7,228
Registered: ‎04-22-2013
0

Re: Penfed Platinum Rewards Visa Signature Card????

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).

CSP, Freedom, Chase Amazon, Cap One QS (x2), Penfed Plat Rewards (x2), Citi Double Cash, Citi Dividend, Citi AA Plat Select, Citi Forward, Amex BCE, Amalgamated Bank, Sallie Mae, Cash Plus, Fid Amex
Scores May 14: EQ 848, EX 833, TU 848 (Sep)
Contributor
pkosheta
Posts: 99
Registered: ‎08-13-2008
0

Re: Penfed Platinum Rewards Visa Signature Card????

I hope they do not decrease the points per dollar. Though they have no obligation to grandfather us in, I'd hope they would. 3/2/1 is mundane and would decrease the use of the card. Since I can get 2.5% on groceries with cash+ I'd try and convert this card to the other gas card and hope that isn't also subject to a rewards cut. At this point, I fully expect an across the board cut very soon.
Age 29
AU- United+ Visa 33k, *97. GM MasterCard 15k, *95.
Individual- PenFed Plat Rew 7k, *08. Amex Blue 6.7k, *12. Hilton Amex 5.5k, *12. Chase Sapphire 15k, *12. U.S. Bank Cash+ 12.3k, *12. Barclays Priceline.com Rewards Visa 11k, *13. Citi Hilton Reserve 7k, *13. Club Carlson Premier 9k, *13.
Regular Contributor
yellowcake
Posts: 140
Registered: ‎05-07-2011
0

Re: Penfed Platinum Rewards Visa Signature Card????

Damn, I just got the Visa Platinum Rewards card, and was going to make it my main card because its rewards beat the Amex BCE and BoA 1-2-3 combined. Might have to rethink that if they do cut the rewards.
Regular Contributor
Sevenfeet
Posts: 166
Registered: ‎02-06-2013
0

Re: Penfed Platinum Rewards Visa Signature Card????

[ Edited ]

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.


.......NPSL..…..…$28K….....….$25K.............$20K..............$20K..............$20K..….......$9.5K…........$7.5K.…........$9K..............$4.5K

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