topic Did you know, Penfed PCR Rewards Expire... in Credit Cards

Did you know, Penfed PCR Rewards Expire...

Openwater — Fri, 13 Nov 2020 18:10:07 GMT

I've been doing research on the PCR card and different reviews list pros and cons, so on and so forth. But I found that one website stated that the PCR rewards expire in 5 years. So I clicked pretty much everywhere I could find on the Penfed website with no information on this. The PCR card page mentions nothing, the FAQ is silent on this.

So I did a trusty google search and found a document on the Penfed website that confirms that points acutally do expire after 5 years. I don't have the PCR card, so I don't know if this is common knowledge but I think it's pretty pertinant information. I think it should be posted on the main PCR page, but that's just me.

Anyhow just a heads up for those of you with the card, cheers.

Re: Did you know, Penfed PCR Rewards Expire...

FinStar — Fri, 13 Nov 2020 18:22:54 GMT

I would certainly hope that not many people are hoarding cash back beyond a short timeframe, especially when PenFed provides viable options to redeem!

ARe: Did you know, Penfed PCR Rewards Expire...

Anonymous — Fri, 13 Nov 2020 18:54:15 GMT

@FinStar wrote:
I would certainly hope that not many people are hoarding cash back beyond a short timeframe, especially when PenFed provides viable options to redeem!

And five years is pretty long for rewards that do expire. American Airlines miles expire after 18 months if there is no account activity, and there is a situation (especially now) where you can't redeem quickly...

Re: Did you know, Penfed PCR Rewards Expire...

Aim_High — Fri, 13 Nov 2020 19:23:46 GMT

Not sure where you got that document from @Openwater but PenFed Power Cash Rewards points never expire as long as the account is in good standing. Just screen-shot these images and included the link to the PCR Rewards agreement. Maybe this policy has changed in a favorable way.

https://www.penfed.org/content/dam/penfed/general/pdf/creditcardpdfs/Visa/Power_Cash_RWDTC_PWR.pdf

*As with many cards, these were in the links under the fine print on the card information page ... "Refer to the Program Rules, Terms and Conditions (PDF) and the Signature Program Benefits (PDF) for detailed information."

Re: Did you know, Penfed PCR Rewards Expire...

Aim_High — Fri, 13 Nov 2020 19:42:36 GMT

I was curious and did a little more poking around. If you go to the link below and click on the pertinent agreements, it appears that the Platinum Rewards and Pathfinder Rewards card agreements both mention a 5-year expiration. However, the Power Cash Rewards program rewards never expire. Three different cards. Three different rewards agreements.

That said, I've found PenFed's website sometimes makes it more difficult to find details than some other lenders.

https://www.penfed.org/forms#cards

Re: Did you know, Penfed PCR Rewards Expire...

Anonymous — Fri, 13 Nov 2020 19:50:24 GMT

@Aim_High wrote:
I was curious and did a little more poking around. If you go to the link below and click on the pertinent agreements, it appears that the Platinum Rewards and Pathfinder Rewards card agreements both mention a 5-year expiration. However, the Power Cash Rewards program rewards never expire. Three different cards. Three different rewards agreements.

That said, I've found PenFed's website sometimes makes it more difficult to find details than some other lenders.

https://www.penfed.org/forms#cards

Right, was just doing the same. The 02/20 agreement for Plat Rewards has a five year expiration, the 02/20 for Power does not. Still on the site, the 01/16 agreement for Plat Rewards also has a five year expiration, as does an undated power cash version

https://www.penfed.org/content/dam/penfed/general/pdf/creditcardpdfs/Visa/Penfed-Visa-PowerCash-Rewards-Terms.pdf

So a change was made for one of the cards.

Re: Did you know, Penfed PCR Rewards Expire...

AverageJoesCredit — Fri, 13 Nov 2020 20:10:17 GMT

5 years to hold on to cb in covid times seems unrealistic. But good to know

Re: Did you know, Penfed PCR Rewards Expire...

Openwater — Fri, 13 Nov 2020 20:13:03 GMT

@AverageJoesCredit and @FinStar

I'm a point horder. I'm going to start a new thread about this and see if I'm the only nut bag that likes to horde their rewards.

Re: Did you know, Penfed PCR Rewards Expire...

Openwater — Fri, 13 Nov 2020 20:25:44 GMT

@Aim_High

I don't know whats going on, but I keep posting where I got the info and my post keeps getting deleted for whatever reason.

https://www.creditcards.com/reviews/penfed-power-cash-rewards-card-review/

It said it here. Then google this term "power cash reward point expire" and it's the first link. For some reason the forum keeps making my post disappear.

Re: Did you know, Penfed PCR Rewards Expire...

Aim_High — Fri, 13 Nov 2020 21:10:04 GMT

@AverageJoesCredit wrote:
5 years to hold on to cb in covid times seems unrealistic. But good to know

@AverageJoesCredit, did you see my update to the OP's original posting? Power Cash Rewards never expire as long as the card is in good standing. Apparently the 5 years does still apply to PenFed's Platinum Rewards and Pathfinder Rewards, but not to the Power Cash Rewards.

Re: Did you know, Penfed PCR Rewards Expire...

Aim_High — Sat, 14 Nov 2020 17:44:06 GMT

@Openwater wrote: @Aim_High
I don't know whats going on, but I keep posting where I got the info and my post keeps getting deleted for whatever reason.
https://www.creditcards.com/reviews/penfed-power-cash-rewards-card-review/
It said it here. Then google this term "power cash reward point expire" and it's the first link. For some reason the forum keeps making my post disappear.

Thanks @Openwater. I imagine the problem with the links to creditcards.com is that My Fico prohibits direct links to third-party websites with advertising. We've had some people try to link to websites where they would make money from click-bait. Not cool.

The problem with the reviews you read at some of these third-party websites is that they may change the date on the page but they fail to truly update the content. This review looks very dated since it sounds like it was written years ago after the Power Cash Rewards made its' debut.

"While there are many points-based cards that offer a 2 percent rewards rate, a 2 percent cash back card is a rare phenomenon. Among a smattering of cards, the Citi Double Cash Card – which offers 1 percent cash back on purchases and another 1 percent when you pay on time – and the Fidelity Rewards Visa Signature – which allots 2 percent cash back to bank account holders – are the most widely available. The new PenFed Power Cash Rewards card joins their ranks ..."

So that probably helps to account for the contradictory information about rewards expiration. The Power Cash may have had limited rewards at one point, but its' points no longer expire. PenFed probably did this to compete with better terms on some other 2% cards.

Re: Did you know, Penfed PCR Rewards Expire...

Aim_High — Fri, 13 Nov 2020 21:29:45 GMT

@Openwater wrote:
@AverageJoesCredit and @FinStar
I'm a point horder. I'm going to start a new thread about this and see if I'm the only nut bag that likes to horde their rewards.

I know a lot of people probably "hoard" rewards and it's actually very understandable with points in particular. If you collect MRs, URs, TYs, or points from your favorite airline or hotel chain, you almost have to let them sit idle in an account somewhere if you plan to use them for travel. If you can cash them out at all, you're probably getting marginal value so it's better to leave them alone and redeem when convenient for travel.

On the other hand, especially if there isn't a minimum redemption amount such as on a Capital One Quicksilver or a PenFed Power Cash Rewards, frequent redemption on CASH BACK accounts seems more prudent to me. If you want to "pool" your cash, it can still be moved to a savings account where you're earning at least some marginal additional value.

Re: Did you know, Penfed PCR Rewards Expire...

Anonymous — Fri, 13 Nov 2020 21:31:02 GMT

@Openwater wrote:
@AverageJoesCredit and @FinStar

I'm a point horder. I'm going to start a new thread about this and see if I'm the only nut bag that likes to horde their rewards.

There's hoarding and hoarding. Going for five years on a cashback equivalent system doesn't do much good. You aren't earning any interest, taking a risk on point devaluation and taking a risk that the issuer doesn't close your card for some reason. If you had been hoarding Platinum Reward points for example, they took a large hidden devalutation.

For cashback systems, if you really want a "big impact type of thing," just redeem them periodically to an interest bearing special account, so you can know "Wow, I got $82 cash back this [day/month/quarter/year]"

Re: Did you know, Penfed PCR Rewards Expire...

wasCB14 — Fri, 13 Nov 2020 21:49:54 GMT

@Aim_High wrote:
@Openwater wrote:
@AverageJoesCredit and @FinStar
I'm a point horder. I'm going to start a new thread about this and see if I'm the only nut bag that likes to horde their rewards.
I know a lot of people probably "hoard" rewards and it's actually very understandable with points in particular. If you collect MRs, URs, TYs, or points from your favorite airline or hotel chain, you almost have to let them sit idle in an account somewhere if you plan to use them for travel. If you can cash them out at all, you're probably getting marginal value so it's better to leave them alone and redeem when convenient for travel.

On the other hand, especially if there isn't a minimum redemption amount such as on a Capital One Quicksilver or a PenFed Power Cash Rewards, frequent redemption on CASH BACK accounts seems more prudent to me. If you want to "pool" your cash, it can still be moved to a savings account where you're earning at least some marginal additional value.

For point horders...

(A real product from FNBO, but no longer available.)

Re: Did you know, Penfed PCR Rewards Expire...

K-in-Boston — Fri, 13 Nov 2020 22:22:51 GMT

@Openwater wrote:
@Aim_High

I don't know whats going on, but I keep posting where I got the info and my post keeps getting deleted for whatever reason.

https://www.creditcards.com/reviews/penfed-power-cash-rewards-card-review/

It said it here. Then google this term "power cash reward point expire" and it's the first link. For some reason the forum keeps making my post disappear.

@Openwater the spam filter didn't like the formatting and very long Google search URL in your three posts and they were automatically removed. I just saw them during a routine look and removed them. If that happens again in the future, just use the Report Inappropriate Content link on any post to let the moderation team know you had a post marked as spam and one of us will restore it. Any attempts to repost the same thing will almost always result in it still being automatically pulled.

Re: Did you know, Penfed PCR Rewards Expire...

UpperNwGuy — Sat, 14 Nov 2020 01:45:13 GMT

@Openwater wrote:
@AverageJoesCredit and @FinStar

I'm a point horder. I'm going to start a new thread about this and see if I'm the only nut bag that likes to horde their rewards.

I think you are the only one around here who hoards their rewards without cashing them out. I think you're running a big risk by doing that... and you really have nothing to gain.

Re: Did you know, Penfed PCR Rewards Expire...

Openwater — Sat, 14 Nov 2020 04:12:33 GMT

@K-in-Boston wrote:
@Openwater the spam filter didn't like the formatting and very long Google search URL in your three posts and they were automatically removed. I just saw them during a routine look and removed them. If that happens again in the future, just use the Report Inappropriate Content link on any post to let the moderation team know you had a post marked as spam and one of us will restore it. Any attempts to repost the same thing will almost always result in it still being automatically pulled.

Thanks, for the heads up.

@Aim_High

Yea after reading you and other have said, makes more sense to end the hoaarding. Thanks