topic Re: FNBO NRA Card to become Penfed CU Gold card?? in Credit Cards

NRA card converted to a Penfed Platinum Rewards card! Say what!!!

steelers1 — Sat, 25 Jan 2020 01:00:46 GMT

My DW just got a letter today from Penfed that her 5% NRA gas and sports card will be converted to a Penfed Platinum Rewards card on April 24, 2020. Here is what the letter says verbatim.

"We're pleased to inform you on November 26th, 2019 First Bankcard and Penfed Credit Union came to a mutual agreement for Penfed to acquire and service your credit card ending in ###."

"On April 24th, 2020 your NRA Credit card is scheduled to be converted to a Penfed Platinum Rewards Vis card account."

Where in the he!! did this come from???

Re: NRA card converted to a Penfed Platinum Rewards card! Say what!!!

thornback — Sat, 25 Jan 2020 01:18:18 GMT

Well that's interesting... congrats to DW (and you)!! The PenFed Plat is a great card.

Re: NRA card converted to a Penfed Platinum Rewards card! Say what!!!

Anonymous — Sat, 25 Jan 2020 01:33:01 GMT

I'm taking it as if you're not happy about it. Does the new card fit your needs? At least with gas, its 5 pts for each $1, provided that its 1 ppc conversion and you can redeem the same way as the NRA card.

Re: NRA card converted to a Penfed Platinum Rewards card! Say what!!!

M_Smart007 — Sat, 25 Jan 2020 01:37:37 GMT

Wow, That is very interesting news.

Re: NRA card converted to a Penfed Platinum Rewards card! Say what!!!

Gmood1 — Sat, 25 Jan 2020 01:46:22 GMT

Didn't see that one coming. 😆
Credit Unions are getting into servicing other lenders CC's now?

@Anonymous The Platinum isn't quite 1:1. So they'll lose a little cash back. But IMHO gain a better lender.

Re: NRA card converted to a Penfed Platinum Rewards card! Say what!!!

FinStar — Sat, 25 Jan 2020 01:53:31 GMT

@Gmood1 wrote:
Didn't see that one coming. 😆
Credit Unions are getting into servicing other lenders CC's now?

@AnonymousThe Platinum isn't quite 1:1. So they'll lose a little cash back. But IMHO gain a better lender.

Yup, definitely a 1st for PenFed in acquiring a non-CU credit card portfolio. I missed out on the NRA card when it was first launched by FNBO, but ended up with the Ducks Unlimited last year which worked out better 😁

Re: NRA card converted to a Penfed Platinum Rewards card! Say what!!!

Anonymous — Sat, 25 Jan 2020 02:06:10 GMT

@Gmood1 wrote:
Didn't see that one coming. 😆
Credit Unions are getting into servicing other lenders CC's now?

@AnonymousThe Platinum isn't quite 1:1. So they'll lose a little cash back. But IMHO gain a better lender.

Yeah, after OP digests the change, might find it to be a better card hopefully. No one likes a favorite card yanked out of their wallet/purse, but it's a two-way street and it happens, sometimes for the better.

Re: NRA card converted to a Penfed Platinum Rewards card! Say what!!!

SarahJo — Sat, 25 Jan 2020 02:27:11 GMT

Say whaaaaat? That’s pretty random, but PenFed has been great to deal with in my experience :-) Still, even Miss Cleo couldn’t come up with that prediction I bet!

Re: NRA card converted to a Penfed Platinum Rewards card! Say what!!!

Anonymous — Sat, 25 Jan 2020 02:52:37 GMT

@Anonymous wrote:
@Gmood1 wrote:
Didn't see that one coming. 😆
Credit Unions are getting into servicing other lenders CC's now?

@AnonymousThe Platinum isn't quite 1:1. So they'll lose a little cash back. But IMHO gain a better lender.
Yeah, after OP digests the change, might find it to be a better card hopefully. No one likes a favorite card yanked out of their wallet/purse, but it's a two-way street and it happens, sometimes for the better.

Well, it's about 0.85c per point for Visa gift cards, sometimes a little higher for other gift cards on sale. So still a hit if you really want a 5% gas card, no matter how good the lender. And Penfed can always devalue the points more....

Re: NRA card converted to a Penfed Platinum Rewards card! Say what!!!

digitek — Sat, 25 Jan 2020 03:20:48 GMT

I think this in response to FNBO stating they were ending their relationship with the NRA last year.

They never said what that meant or gave any timeline. This seems like a pretty good outcome for the card.

Re: NRA card converted to a Penfed Platinum Rewards card! Say what!!!

Gollum — Sat, 25 Jan 2020 13:28:11 GMT

@steelers1 wrote:
My DW just got a letter today from Penfed that her 5% NRA gas and sports card will be converted to a Penfed Platinum Rewards card on April 24, 2020. Here is what the letter says verbatim.

"We're pleased to inform you on November 26th, 2019 First Bankcard and Penfed Credit Union came to a mutual agreement for Penfed to acquire and service your credit card ending in ###."

"On April 24th, 2020 your NRA Credit card is scheduled to be converted to a Penfed Platinum Rewards Vis card account."

Where in the he!! did this come from???

Apparently this is what First Bankcard (First National Bank of Omaha) has done https://fremonttribune.com/business/local/first-national-bank-cuts-ties-with-nra/article_8b9a8365-23d7-5482-9525-d76513b9c352.html (February 22, 2018) (Mod cut-not here please, thanks)

Re: NRA card converted to a Penfed Platinum Rewards card! Say what!!!

CreditInspired — Sat, 25 Jan 2020 11:50:32 GMT

This is only a heads-up to thwart any conversation that might turn political and be against myFICOs TOS. Not saying it will, but just want to be in preventive mode.

Re: NRA card converted to a Penfed Platinum Rewards card! Say what!!!

Anonymous — Sat, 25 Jan 2020 12:10:46 GMT

@CreditInspired wrote:
This is only a heads-up to thwart any conversation that might turn political and be against myFICOs TOS. Not saying it will, but just want to be in preventive mode.

I wonder if another bank would want to pick up the card or if the NRA would try to offer it through another bank. There might be opportunity there when a bank or business dumps a product due to something other than it is no longer profitable or profitable enough.

Re: NRA card converted to a Penfed Platinum Rewards card! Say what!!!

Anonymous — Sat, 25 Jan 2020 15:06:05 GMT

Normally, you have to be a member of Penfed to get a card, correct? So I wonder if they are making an exception here, or if somehow they will make these members (which normally requires a $5 share account + qualifications)

Re: NRA card converted to a Penfed Platinum Rewards card! Say what!!!

BearsCubsOtters — Sat, 25 Jan 2020 15:39:03 GMT

Typically to have a credit card with a Credit Union one has to be a member of the credit union (some of you may remember the OCCU Duck/Beaver cards LOL!!!!). Does this mean PenFed/FNBO are depositing $5 in a share savings to establish membership?

Re: NRA card converted to a Penfed Platinum Rewards card! Say what!!!

BearsCubsOtters — Sat, 25 Jan 2020 15:41:09 GMT

@Anonymous wrote:
Normally, you have to be a member of Penfed to get a card, correct? So I wonder if they are making an exception here, or if somehow they will make these members (which normally requires a $5 share account + qualifications)

Oppps you beat me to it.

Re: NRA card converted to a Penfed Platinum Rewards card! Say what!!!

Loquat — Sat, 25 Jan 2020 15:59:27 GMT

Wow. I believe this is a first for me witnessing a CU acquiring a card from a traditional lender.

Re: NRA card converted to a Penfed Platinum Rewards card! Say what!!!

Anonymous — Sat, 25 Jan 2020 17:20:53 GMT

I received the same notice today - I had to take a double-take as I am already a PenFed member and I thought they were referencing my existing PowerCash Rewards card.

I guess my question is since this is converting to a new organization, I wonder if they will retain my FNBO-NRA card's aging history? I have had the NRA card for 5 years and removing that from my average credit age for what looks like a new account would not be nice.

Re: NRA card converted to a Penfed Platinum Rewards card! Say what!!!

Anonymous — Sat, 25 Jan 2020 17:35:17 GMT

I guess PenFed is putting that national charter they inherited by merging with Progressive last year to use. Certainly seems like a good fit for PenFed as well.

Re: NRA card converted to a Penfed Platinum Rewards card! Say what!!!

Anonymous — Sat, 25 Jan 2020 18:52:52 GMT

I got the same letter today too, pretty surprising that PenFed of all places bought up the accounts. Apparently this deal closed in Nov of 2019.

I'm already a PenFed member, but it looks like they will pay the $5 membership fee for new members (check out https://www.penfed.org/optout/conversion). Personally I'm not really interested in the replacement card as I already have PenFeds discontinued 5% gas card (I got it shortly after it was announced that the NRA card was being discontinued).

I'm guessing that, being conversions, we'll be ineligible for the Plat's $100 bonus? If that's the case I'll probably opt-out of the conversion