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Penfed reducing cash back % starting 02/2010

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Penfed reducing cash back % starting 02/2010

Don't know where my other thread went about this but like I said Penfed is reducing their rewards on every day purchases starting in February. It is now included in their new T&C. It's a glorified gas card with poor customer service now.

 

Admin note:  Sorry sure (aka Partsworks aka hobojon) but your other thread was deleted and you have been permanently banned from this community for repeatedly violating our Terms of Service.  This thread has NOT been locked so others may continue to post.... Smiley Happy

Message Edited by Barry on 12-09-2009 05:51 PM
Message 1 of 11
10 REPLIES
Super Contributor

Re: Penfed reducing cash back % starting 02/2010


sure wrote:
Don't know where my other thread went about this but like I said Penfed is reducing their rewards on every day purchases starting in February. It is now included in their new T&C. It's a glorified gas card with poor customer service now.

Welcome to the forum.  What other thread are you referring to?  Is it under a different member's name?  Anyway, did you receive a notice indicating the reduction of cash back?  I ask because maybe it doesn't apply to all of PenFed's cardholders.  

Message 2 of 11
Senior Contributor

Re: Penfed reducing cash back % starting 02/2010


DI wrote:

sure wrote:
Don't know where my other thread went about this but like I said Penfed is reducing their rewards on every day purchases starting in February. It is now included in their new T&C. It's a glorified gas card with poor customer service now.

Welcome to the forum.  What other thread are you referring to?  Is it under a different member's name?  Anyway, did you receive a notice indicating the reduction of cash back?  I ask because maybe it doesn't apply to all of PenFed's cardholders.  


If there is a change to Rewards, this will be uniform and universal, not different to individual accounts.

 

 

Credit Scoring 101 - Tuscani   *  Guide to Common Abbreviations
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09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549
Message 3 of 11
Moderator Emerita

Re: Penfed reducing cash back % starting 02/2010

I haven't gotten anything in the mail yet, but I'll keep an eye out.

I did check my most recent online statement from a few days ago, and there's nothing there, and I couldn't find anything on the website itself.

If they actually are doing this, just leave me the lovely 5% gas and 2% groceries, and I won't really miss the other that much. A quarter of a percentage point better than my USAA cards --not the end of the world.

I'm still amazed that they've kept the level of rewards that they have.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Message 4 of 11
Regular Contributor

Re: Penfed reducing cash back % starting 02/2010

I haven't read anything either. I agree if they keep gas and groceries I'll still probably make about $1000 back this year in cash rewards Smiley Happy Lowering the other cash back rewards would actually just make the choice of using my USAA Mastercard/Amex easier for all other purchases.

 

 

Wow "Sure", "Partsworks" or whoever else he posts under is on a tear over PenFed. I don't know…..$1000 worth of rewards per year just for using a card seems cool in my book. Wondering what the whole story is there……???   

Message 5 of 11
Super Contributor

Re: Penfed reducing cash back % starting 02/2010


txjohn wrote:

DI wrote:

sure wrote:
Don't know where my other thread went about this but like I said Penfed is reducing their rewards on every day purchases starting in February. It is now included in their new T&C. It's a glorified gas card with poor customer service now.

Welcome to the forum.  What other thread are you referring to?  Is it under a different member's name?  Anyway, did you receive a notice indicating the reduction of cash back?  I ask because maybe it doesn't apply to all of PenFed's cardholders.  


If there is a change to Rewards, this will be uniform and universal, not different to individual accounts.

 

 


Exactly.  What I was getting at with the OP is that I haven't received any notices from Penfed.

Message 6 of 11
Regular Contributor

Re: Penfed reducing cash back % starting 02/2010

They have it posted on the website and of course it's buried in the fine print,

 

https://www.penfed.org/usedbehindpin/creditcardsummaryofterms.asp?app=bt&adcode=301&utm_source=weekly&utm_medium=email&utm_content=fw200911&cmpid=email-weekly-301-rewards%20200911

 

 

 

 Important note: Visa USA determines which transactions are classified as paid at the pump and which stores are classified as supermarkets. Fuel purchases for airplanes and boats receive a rebate of 1.25% PenFed reserves the right to modify these programs at any time. Effective, February 1, 2010 all other net purchases receive 1% including fuel purchases for airplanes and boats.

 

 

Message 7 of 11
Valued Contributor

Re: Penfed reducing cash back % starting 02/2010

It's there, unless I'm reading it wrong.

 

We use PenFed for gas and groceries and AmEx Delta SkyMiles for everything else, so this doesn't affect us much. What we were also doing, however, was using PenFed if a merchant didn't take AmEx. That spending will now go to my National City card, where I do get 1.25%.

 

I think PenFed owes us an announcement instead of fine print. We knew that rewards cards would get hit in this environment...but they need to tell us.

 

Am I reading it wrong?

Message 8 of 11
Regular Contributor

Re: Penfed reducing cash back % starting 02/2010

I only use the card for gas and groceries, so this really is not a big deal in the scheme of things for me. I'm glad that they decided to shave off the .25%  in the for "everything else" category, rather than reduce the % in the gas and grocery categories. Just my 2 cents, and YMMV.
Message 9 of 11
Moderator Emerita

Re: Penfed reducing cash back % starting 02/2010


johnson_long wrote:

They have it posted on the website and of course it's buried in the fine print,

 

https://www.penfed.org/usedbehindpin/creditcardsummaryofterms.asp?app=bt&adcode=301&utm_source=weekly&utm_medium=email&utm_content=fw200911&cmpid=email-weekly-301-rewards%20200911

 

 

 

 Important note: Visa USA determines which transactions are classified as paid at the pump and which stores are classified as supermarkets. Fuel purchases for airplanes and boats receive a rebate of 1.25% PenFed reserves the right to modify these programs at any time. Effective, February 1, 2010 all other net purchases receive 1% including fuel purchases for airplanes and boats.

 

 



Ah, good find! Time to upgrade my reading glasses (again.)
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Message 10 of 11