topic Re: Penfed Closed in Credit Cards

Penfed Closed

Anonymous — Thu, 11 May 2023 00:44:02 GMT

I haven't used my Penfed Platinum Rewards in ages, so, just in case, I asked the CSR if it could be changed to another type of card "Sorry, we cannot change Visa cards" so away it went. Then, rather than keep $5 in savings we each closed our Penfed accounts.

From MyFico viewpoint, not doing PCs should cost them lots of business, but I guess most people don't care. But while for some there may be a point keeping a harmless useless card in case a good PC arises, Penfed doesn't make it easy (I would have been happy to change to their Power Cash or pathfinder card).

Re: Penfed Closed

mgood — Thu, 11 May 2023 00:54:50 GMT

I have their Gold Visa which earns no rewards of any kind. I have often thought about closing it. I only keep it open because it's one of my older cards and helps on the AAoA. If I could PC it to a Pathfinder, I would. I've asked several times over the past few years but they don't PC cards. Once in a great while I use it for a cash advance because PenFed has no cash advance fee. I use that card so I don't worry about having the advance on the same card I'm using for purchases.

Re: Penfed Closed

pizza1 — Thu, 11 May 2023 00:56:09 GMT

You closed your PF accounts? How dare you do something like that, lol!! You're right though, to the average person (non-myfico), they wouldnt' know any better, but we do. So, good for you for closing something that's not useful for you.

Re: Penfed Closed

SUPERSQUID — Thu, 11 May 2023 03:29:28 GMT

@mgood wrote:
I have their Gold Visa which earns no rewards of any kind. I have often thought about closing it. I only keep it open because it's one of my older cards and helps on the AAoA. If I could PC it to a Pathfinder, I would. I've asked several times over the past few years but they don't PC cards. Once in a great while I use it for a cash advance because PenFed has no cash advance fee. I use that card so I don't worry about having the advance on the same card I'm using for purchases.

I also have the penfed gold card and thought it was a waste with no rewards until I found out the card offers regular bt offers. I spoke to 2 different csr's at 2 seperate times that made me aware of this. they dont always notify you that you have a current offer so you might have to call and ask, ymmv.

I have a present offer for 15 months at zero but i dont need it right now however in 6 - 8 months i could use a bt offer. They told me both times I will have a new offer in 6 - 8 months and to call them when i'm ready.

Re: Penfed Closed

OmarGB9 — Thu, 11 May 2023 13:57:01 GMT

@SUPERSQUID wrote:
@mgood wrote:
I have their Gold Visa which earns no rewards of any kind. I have often thought about closing it. I only keep it open because it's one of my older cards and helps on the AAoA. If I could PC it to a Pathfinder, I would. I've asked several times over the past few years but they don't PC cards. Once in a great while I use it for a cash advance because PenFed has no cash advance fee. I use that card so I don't worry about having the advance on the same card I'm using for purchases.
I also have the penfed gold card and thought it was a waste with no rewards until I found out the card offers regular bt offers. I spoke to 2 different csr's at 2 seperate times that made me aware of this. they dont always notify you that you have a current offer so you might have to call and ask, ymmv.
I have a present offer for 15 months at zero but i dont need it right now however in 6 - 8 months i could use a bt offer. They told me both times I will have a new offer in 6 - 8 months and to call them when i'm ready.

I think they offer that on multiple cards. Or at least on the PCR. I just finished paying a BT on my PCR and they've already sent me another BT offer/BT checks.

Re: Penfed Closed

Kforce — Thu, 11 May 2023 17:36:25 GMT

Sometimes it is good to thin the heard.

With your other cards, it won't be missed.

It is easy to get excited about a new card and extremely difficult to call and close one you already have.

Good Job

Re: Penfed Closed

SUPERSQUID — Thu, 11 May 2023 18:48:40 GMT

@OmarGB9 wrote:
@SUPERSQUID wrote:
@mgood wrote:
I have their Gold Visa which earns no rewards of any kind. I have often thought about closing it. I only keep it open because it's one of my older cards and helps on the AAoA. If I could PC it to a Pathfinder, I would. I've asked several times over the past few years but they don't PC cards. Once in a great while I use it for a cash advance because PenFed has no cash advance fee. I use that card so I don't worry about having the advance on the same card I'm using for purchases.
I also have the penfed gold card and thought it was a waste with no rewards until I found out the card offers regular bt offers. I spoke to 2 different csr's at 2 seperate times that made me aware of this. they dont always notify you that you have a current offer so you might have to call and ask, ymmv.
I have a present offer for 15 months at zero but i dont need it right now however in 6 - 8 months i could use a bt offer. They told me both times I will have a new offer in 6 - 8 months and to call them when i'm ready.
I think they offer that on multiple cards. Or at least on the PCR. I just finished paying a BT on my PCR and they've already sent me another BT offer/BT checks.

I think you are right. I have my second bt on my PCR and i'm presently paying that one down and they are already sending me bt offers on both. You pay them like me, I like to pay them down to zero before taking another bt.

Re: Penfed Closed

Anonymous — Thu, 11 May 2023 22:11:47 GMT

@Kforce wrote:
Sometimes it is good to thin the heard.
With your other cards, it won't be missed.

It is easy to get excited about a new card and extremely difficult to call and close one you already have.

Good Job

Yes, this all came from working with an estate planner. Looking through our assets, she asked why we have bank accounts with $5 in. I explained it is for CU membership needed for the credit cards. She nicely said "OK", (possibly thinking it's going to cost them 100x that for me to draft the letter to get that account properly titled.) Then my wife asked how much that credit card benefits us. Um, well, that's a difficult question, possibly up to, well, $0 a year. Every year.

Re: Penfed Closed

M_Smart007 — Thu, 11 May 2023 22:42:40 GMT

@Anonymous wrote:
@Kforce wrote:
Sometimes it is good to thin the heard.
With your other cards, it won't be missed.

It is easy to get excited about a new card and extremely difficult to call and close one you already have.

Good Job

Yes, this all came from working with an estate planner. Looking through our assets, she asked why we have bank accounts with $5 in. I explained it is for CU membership needed for the credit cards. She nicely said "OK", (possibly thinking it's going to cost them 100x that for me to draft the letter to get that account properly titled.) Then my wife asked how much that credit card benefits us. Um, well, that's a difficult question, possibly up to, well, $0 a year. Every year.

Most. I do say most .."i do say" ..credit unions have been so good to me,

I will leave the $5 as a philanthropic donation.

"Then my wife asked how much that credit card benefits us. Um, well, that's a difficult question, possibly up to, well, $0 a year. Every year."

oh ..The price you pay for credit. (or padding)

Re: Penfed Closed

Anonymous — Fri, 12 May 2023 00:30:27 GMT

@M_Smart007 wrote:
@Anonymous wrote:
@Kforce wrote:
Sometimes it is good to thin the heard.
With your other cards, it won't be missed.

It is easy to get excited about a new card and extremely difficult to call and close one you already have.

Good Job

Yes, this all came from working with an estate planner. Looking through our assets, she asked why we have bank accounts with $5 in. I explained it is for CU membership needed for the credit cards. She nicely said "OK", (possibly thinking it's going to cost them 100x that for me to draft the letter to get that account properly titled.) Then my wife asked how much that credit card benefits us. Um, well, that's a difficult question, possibly up to, well, $0 a year. Every year.
Most. I do say most .."i do say" ..credit unions have been so good to me,
I will leave the $5 as a philanthropic donation.

"Then my wife asked how much that credit card benefits us. Um, well, that's a difficult question, possibly up to, well, $0 a year. Every year."
oh ..The price you pay for credit. (or padding)

Yes, they did ask if I wanted to make the $5 donation to their foundation. But, to teach them the value of allowing PCs, I said no (for their own good). But I haven't actually received the check come to think of it.

Re: Penfed Closed

mgood — Fri, 12 May 2023 11:06:10 GMT

@SUPERSQUID wrote:
@OmarGB9 wrote:
@SUPERSQUID wrote:
@mgood wrote:
I have their Gold Visa which earns no rewards of any kind. I have often thought about closing it. I only keep it open because it's one of my older cards and helps on the AAoA. If I could PC it to a Pathfinder, I would. I've asked several times over the past few years but they don't PC cards. Once in a great while I use it for a cash advance because PenFed has no cash advance fee. I use that card so I don't worry about having the advance on the same card I'm using for purchases.
I also have the penfed gold card and thought it was a waste with no rewards until I found out the card offers regular bt offers. I spoke to 2 different csr's at 2 seperate times that made me aware of this. they dont always notify you that you have a current offer so you might have to call and ask, ymmv.
I have a present offer for 15 months at zero but i dont need it right now however in 6 - 8 months i could use a bt offer. They told me both times I will have a new offer in 6 - 8 months and to call them when i'm ready.
I think they offer that on multiple cards. Or at least on the PCR. I just finished paying a BT on my PCR and they've already sent me another BT offer/BT checks.
I think you are right. I have my second bt on my PCR and i'm presently paying that one down and they are already sending me bt offers on both. You pay them like me, I like to pay them down to zero before taking another bt.

I used my Platinum for a BT recently and have 0% interest until January. I used it instead of the Gold because of the higher credit limit so it was a lower utilization.

Re: Penfed Closed

OmarGB9 — Fri, 12 May 2023 14:57:30 GMT

@SUPERSQUID wrote:
@OmarGB9 wrote:
@SUPERSQUID wrote:
@mgood wrote:
I have their Gold Visa which earns no rewards of any kind. I have often thought about closing it. I only keep it open because it's one of my older cards and helps on the AAoA. If I could PC it to a Pathfinder, I would. I've asked several times over the past few years but they don't PC cards. Once in a great while I use it for a cash advance because PenFed has no cash advance fee. I use that card so I don't worry about having the advance on the same card I'm using for purchases.
I also have the penfed gold card and thought it was a waste with no rewards until I found out the card offers regular bt offers. I spoke to 2 different csr's at 2 seperate times that made me aware of this. they dont always notify you that you have a current offer so you might have to call and ask, ymmv.
I have a present offer for 15 months at zero but i dont need it right now however in 6 - 8 months i could use a bt offer. They told me both times I will have a new offer in 6 - 8 months and to call them when i'm ready.
I think they offer that on multiple cards. Or at least on the PCR. I just finished paying a BT on my PCR and they've already sent me another BT offer/BT checks.
I think you are right. I have my second bt on my PCR and i'm presently paying that one down and they are already sending me bt offers on both. You pay them like me, I like to pay them down to zero before taking another bt.

Yea I learned my lesson from last time. Don't have multiple BTs with different end dates going because you can't control or reallocate payments however you want. PF allocates however PF wants.

Re: Penfed Closed

Spotsy — Sat, 13 May 2023 01:12:06 GMT

Just closed my PF CCs out too (PCR/25k and Gold/25k). Haven't used in a serious while as others have surpassed them. But left the relationship open to keep my HELOC available for emergencies. I guess I am officially 'thinning the herd'.

Re: Penfed Closed

LADave — Sat, 15 Jul 2023 15:41:10 GMT

I'm grateful to learn that PenFed offers 0% APR balance transfers for customers who've had their cards for a while. When I got the PenFed Gold card earlier this year I was wondering how long the card would be useful to me (besides for utilization padding/contributing to my FICO scores) after I pay off the original balance transfer. 😅

I'd prefer to be able to PC it to something that earns rewards, but at least I knew about the issue before I signed up, thanks to this forum.

Re: Penfed Closed

Anonymous — Sun, 16 Jul 2023 03:04:05 GMT

@OmarGB9 wrote:
@SUPERSQUID wrote:
@mgood wrote:
I have their Gold Visa which earns no rewards of any kind. I have often thought about closing it. I only keep it open because it's one of my older cards and helps on the AAoA. If I could PC it to a Pathfinder, I would. I've asked several times over the past few years but they don't PC cards. Once in a great while I use it for a cash advance because PenFed has no cash advance fee. I use that card so I don't worry about having the advance on the same card I'm using for purchases.
I also have the penfed gold card and thought it was a waste with no rewards until I found out the card offers regular bt offers. I spoke to 2 different csr's at 2 seperate times that made me aware of this. they dont always notify you that you have a current offer so you might have to call and ask, ymmv.
I have a present offer for 15 months at zero but i dont need it right now however in 6 - 8 months i could use a bt offer. They told me both times I will have a new offer in 6 - 8 months and to call them when i'm ready.
I think they offer that on multiple cards. Or at least on the PCR. I just finished paying a BT on my PCR and they've already sent me another BT offer/BT checks.

I do gets BT checks on my Cash Rewards and Pathfinder card every few months before the current checks expire.