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

[steelers1]

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???

[thornback]

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

[Anonymous]

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.

[M_Smart007]

Wow, That is very interesting news.

[Gmood1]

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.

[FinStar]

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@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.

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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 😁

[Anonymous]

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@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.

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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.

[SarahJo]

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!

[longtimelurker]

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@Anonymous wrote:

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@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.

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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.

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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....

[digitek]

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.