@FutureBillionaire wrote:
@FutureBillionaire wrote:
@Peach8321 wrote:@longtimelurker: Thanks! I was just coming to mention that today it is still at the 1:1, perhaps they realized they should have informed us first? I'm cashing out now though, who knows when it may switch back!
I have been cashing out for the prepaid cards. Honestly, that's all I cashed out for anyways so that doesn't hurt me too bad.
The Visa Prepaid cards have been nerfed also. 5900 points for $50 gift card.
Dang. I was trying to get to 100k points from 90ishk before redeeming. Now its going to cost me.
LIMITS IN CARD DESCRIPTIONS
Just noticed this. Wow. I have 7935 points. Shoulda cashed out a $50 Visa Card. Dangit.
Oh well. But let's keep some perspective:
@ 5900 points for a $50.00 Visa Card, each point is now worth .84758 cents (as opposed to 1 cent before). That makes for almost 4.24% on Gas and over 2.5% on groceries (including Walmart Supercenters!)
Few cards can match that. Don't get me wrong: The discover IT and Freedom look more attractive now but the PenFed Card is still a good stop gap for when the others aren't in season or the $1500 limit is reached or whatever. And on groceries for the Walmart shopper, it still beats the BoA 321 card by a few basis points even if you have the checking bonus.
And lest we forget, PenFed gives nice limits on this card. Why give up that limit on your credit report for utilization scoring? Mine is worth $14,000 toward my total revolving limit, which is nice for a lower utilization percentag than I would have otherwise. Let cooler heads prevail. Throw it in your sock drawer if you must but I would not close it unless you really really don't need or care about the perks to your cash back earning or credit score. just my 2 cents
Start (Sept 2011): low-mid 600s. NOW: TU FICO: 801, EQ FICO 808, EX FICO 798 (PSECU). Goal: Achieved! Now Maintain!
If PenFed copies the new 3-2-1, then card is inferior in every way to the BoA 3-2-1....unless they go back to a 1:1 ratio on redemptions. But even then, BoA has that 10% for checking, which makes the whole process easier than dealing with PenFed and that Visa gift card process.
If they force us to a 3-2-1 switch, the card WILL go in the sock drawer. Guaranteed.
I have to admit I'm a bit confused with this info. We were offered the "upgrade" (or switch) to the new rewards card from the Platinum Cash Rewards that give 5% on gas paid for at the pump and refused. We still get the automatic statement credit of 5% for gas bought at the pump and a bit extra. We didn't want to switch even though they promoted the new program as better.
I mentioned this months ago on the thread discussing the offer and stated I wouldn't "upgrade" to the new program, did anyone else just keep their old card (5% on gas at the pump)? Or is this just getting switched over without notice?
It started out as a very low interest card and has stayed there too. So I sure wouldn't want to get rid of it, we carry over on it often so it's a good deal for a card.
