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Penfed Platinum Rewards Visa Signature Card????

Mega Contributor

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

I agree!  Also, for those that use the benefits such as conceirge, you really need only Visa Signature, and I would think that many of those with Penfed cards already have one from another issuer.  So, the sig benefit isn't that useful, whereas a 2% drop in gas discount would more or less ruin the card.

Message 31 of 49
Super Contributor

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

I hope they're not going to change 5% cash back on Penfed Cash Rewards Visa.

 

 

Ron.

Message 32 of 49
Mega Contributor

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


Ron1 wrote:

I hope they're not going to change 5% cash back on Penfed Cash Rewards Visa.

 

 

Ron.


 

If they want the Sig to be a success, I don't see how they can avoid downgrading Cash Rewards and Platinum Rewards.   Gas is still really the major category for these cards and "We have a card with 5% off, or a VISA SIGNATURE (gasp) card with 3% off" would have to have the Sig benefits marketed very well for people to want the lesser %.

Message 33 of 49
Super Contributor

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


longtimelurker wrote:

Ron1 wrote:

I hope they're not going to change 5% cash back on Penfed Cash Rewards Visa.

 

 

Ron.


 

If they want the Sig to be a success, I don't see how they can avoid downgrading Cash Rewards and Platinum Rewards.   Gas is still really the major category for these cards and "We have a card with 5% off, or a VISA SIGNATURE (gasp) card with 3% off" would have to have the Sig benefits marketed very well for people to want the lesser %.


Yes, they can downgrade 5% cash back to 3% on gas purchase. They might come out Visa Signature on that card.  3% cash back on gas is pretty much standard for other rewards cards like Amex BCP, BofA 3-2-1.

 

Ron.

Message 34 of 49
Regular Contributor

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

It's entirely possible that it's an "either/or" thing.  In other words, take the Signature card that has lots of other perks but not so much for cash back (i.e., 3/2/1 after 10/31/13) or choose the lesser card with more benefits (5/3/1).  Signature Visas probably cost the lender a bit more since those extra perks aren't exactly free.   This might be also the reason why a card member is allowed to opt-out of the new product...why opt-out if there were no downsides?

 

But my feeling is that the 5/3/1 benefit is dead-man-walking benefit.  It may only be with us for the next six months.  If it is going to survive though, I'll stick with the non-Sig version over the Sig version.  I don't need the Sig benefits that badly (Amex Platinum's benefits meet or exceed Visa Sig...and my US Bank Cash + gives me Sig benefits too).


.......NPSL..…..…$28K….....….$25K.............$20K..............$20K..............$20K..….......$9.5K…........$7.5K.…........$9K..............$4.5K
Message 35 of 49
Established Contributor

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

Yes it looks like they are gonna try to go to the 3/2/1 rewards..I have not reciceved any thing from Penfed yet..Im hoping the platnium stays at 5/3/1...I also noticed no sign up bonus..Like when I got mine a year ago $250.00 for $1000.00 spend in 3 months

Message 36 of 49
Super Contributor

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

According to the credit card agreement, they might have Penfed Cash Rewards Visa Signature Card soon. I don't know they will cut  the 5% cashback gas.

 

Here is the new credit card agreement from the website:

 

Credit card agreement

 

 

Ron.

Message 37 of 49
New Contributor

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

Interesting, my invite doesn't mention a future drop to 3% for gas.  It does explicitly state "You will continue to enjoy 5 points on gas purchases, 3 points on supermarket purchases, and 1 point on all other purchases"

 

It will be interesting to see how this plays out.  Obviously, I really hope the legacy 5/3/1 Platinum Rewards cardholders are grandfathered at the old point accrual rates.

Message 38 of 49
Mega Contributor

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


jdogi wrote:

Interesting, my invite doesn't mention a future drop to 3% for gas.  It does explicitly state "You will continue to enjoy 5 points on gas purchases, 3 points on supermarket purchases, and 1 point on all other purchases"

 

It will be interesting to see how this plays out.  Obviously, I really hope the legacy 5/3/1 Platinum Rewards cardholders are grandfathered at the old point accrual rates.


In a post on the forum-that-must-not-be-named, someone called Penfed about this, and was told that while there is nothing in writing about the regular card, they (the Penfed reps) guess that people are moved to sig, and those that don't either eventually have the same point structure imposed, or the card goes away and they move to a different card.  But again, just a report on what some reps thought would happen!

 

But, time to check out the Fort Knox card, which is still giving 5% (and 1% on other things)

Message 39 of 49
Valued Contributor

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

Hmm...if they get rid of the 5% gas, I can take PenFed off my goal list! I guess their auto loans are probably good to have in the future but I'm not as tempted any more.

Gardening since 7/16/14
Current: EQ 711 7/13/14; EX 724 TU 721 6/19/14
Goal: 760+
Message 40 of 49