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@Anonymous wrote:
@longtimelurkerGood question. I didn't ask, my iteration of the card has no reward structure afaik. Another reason that I rarely used it. My NFCU and Discover cards are my best reward/cash back cards and both also have considerable CL compared to my NRA card.
You also bring up a good point about believing what I was told. I've never experienced an acquisition or conversion like this before so I have no knowledge or experience of such matters.. but I don't understand why if FNB would allow existing users to opt-out and stay... why wouldn't they have just made the in-house conversion for everyone? What's the advantage of selling to PenFed, for presumably a percentage of the balances?
I expect that there is value there but FNBO doesn't wish to be associated with the card anymore. We can't really go any further because we don't talk about politics here. Most cobrands are killed for other reasons like lack of interest or the store/organization going under.
@Anonymous wrote:
@Anonymous wrote:
@longtimelurkerGood question. I didn't ask, my iteration of the card has no reward structure afaik. Another reason that I rarely used it. My NFCU and Discover cards are my best reward/cash back cards and both also have considerable CL compared to my NRA card.
You also bring up a good point about believing what I was told. I've never experienced an acquisition or conversion like this before so I have no knowledge or experience of such matters.. but I don't understand why if FNB would allow existing users to opt-out and stay... why wouldn't they have just made the in-house conversion for everyone? What's the advantage of selling to PenFed, for presumably a percentage of the balances?I expect that there is value there but FNBO doesn't wish to be associated with the card anymore. We can't really go any further because we don't talk about politics here. Most cobrands are killed for other reasons like lack of interest or the store/organization going under.
Any chance the card will pop up again with another lender? Since the reason isn't it's a profit loser or is weak profitability wise (from what we know, it's for a reason unrelated to the success of the card), there is profit opportunity that is left on the table.
@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
@longtimelurkerGood question. I didn't ask, my iteration of the card has no reward structure afaik. Another reason that I rarely used it. My NFCU and Discover cards are my best reward/cash back cards and both also have considerable CL compared to my NRA card.
You also bring up a good point about believing what I was told. I've never experienced an acquisition or conversion like this before so I have no knowledge or experience of such matters.. but I don't understand why if FNB would allow existing users to opt-out and stay... why wouldn't they have just made the in-house conversion for everyone? What's the advantage of selling to PenFed, for presumably a percentage of the balances?I expect that there is value there but FNBO doesn't wish to be associated with the card anymore. We can't really go any further because we don't talk about politics here. Most cobrands are killed for other reasons like lack of interest or the store/organization going under.
Any chance the card will pop up again with another lender? Since the reason isn't it's a profit loser or is weak profitability wise (from what we know, it's for a reason unrelated to the success of the card), there is profit opportunity that is left on the table.
I imagine we will see an announcement that PenFed will be the new servicer for the card. Wouldn't make sense to sell the portfolio if the card is getting canceled and since PenFed now has open membership thanks to their merger with Progressive last year, they can absolutely go forward with launching the card. They're even providing the $5 to open the savings account now.
I called Penfed today to ask more details about the card than have already been discussed here. The rep told me that they are not given ANY information and that nobody will know anything more until March 24th.
@Anonymous wrote:
I already have Penfed membership and platinum card so I will stick with FNBO and see what card they replace it with. Maybe get lucky and it is the Ducks card and they just don't want to announce it as everyone would probably opt out then.
I don't have PenFed membership.
Since they will create a membership for me (and deposit $5 for me), I probably will not opt out. I have my eyes on the pathfinder card, and figure it would be easier to get once I am already a member...
Response from FNBO just now:
Thank you for contacting First Bankcard.
In February 2018, First National Bank of Omaha decided it would not renew its contract with the National Rifle Association to issue the NRA Visa credit card. Since this time, PenFed Credit Union has agreed to take over the NRA credit card accounts.
A letter with information regarding this change was placed in the mail to NRA credit card holders, by PenFed Credit Union, on January 22, 2020.
To learn more about this process, please visit www.penfed.org/optout/conversion, or call PenFed directly at 1-844-627-1448.
Please note, if you opt-out of this transition, your current card will be reissued as a FNBO Visa credit card after April 24, 2020.
If you would like to receive a Ducks Unlimited credit card, you would need to submit an application for review by our Credit Department. This can be done online at www.ducks.org/DUvisa.
If you need further assistance with any other aspect of your account, please contact us at 1-888-295-5540, or send a secure message through the Online Message Center.
Sincerely,
Vincent C.
Customer Care Senior Specialist
@Anonymous wrote:
I also called both FNBO and Penfed to try and gain more info, no such luck on either front. I wanted to know if the account age was going to remain the same or if a completely new account would be opened, and what card FNBO would replace it with. I went ahead and opted out here https://www.penfed.org/optout/conversion I already have Penfed membership and platinum card so I will stick with FNBO and see what card they replace it with. Maybe get lucky and it is the Ducks card and they just don't want to announce it as everyone would probably opt out then.
It's highly doubtful they'd PC to Ducks Unlimited. They'll simply revert it to a plain Jane product, much no different than previously held partnerships that they've exited. For instance, the FNBO SavingStar AmEx ended up as a plain Jane FNBO AmEx, it was not PC'd to any of their other affinity products.