PenFed Product Change!!

[takeshi74]

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@Anonymous wrote:

PenFed does do PC's.

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Check your reports when they update before you assert that. PenFed doesn't actually PC from prior experiences.  They call it a product change but they close the old account and open a new account.  Again, your reports will verify one way or another when they update.

[longtimelurker]

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@Anonymous wrote:
PENFED, as far as I know, does not change products. They closed promised and moved the credit line to cash rewards. Unfortunately, you will have promise also reported to CRAs as closed. No big deal, just a hit on AAoA and the count of new accounts go up. On the bright side, you will get better use out of the CR. I use it for gas and groceries after using up spending limit of SM.

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I think this is the cash rewards that is only gas.  The Plat Signature Rewards is the one that gives ~ 2.5% on groceries.

[Anonymous]

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@longtimelurker wrote:

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@Anonymous wrote:
PENFED, as far as I know, does not change products. They closed promised and moved the credit line to cash rewards. Unfortunately, you will have promise also reported to CRAs as closed. No big deal, just a hit on AAoA and the count of new accounts go up. On the bright side, you will get better use out of the CR. I use it for gas and groceries after using up spending limit of SM.

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I think this is the cash rewards that is only gas.  The Plat Signature Rewards is the one that gives ~ 2.5% on groceries.

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Yep, the Cash Rewards is 5% Gas only.  But, that's exactly why I wanted it. My Chase Freedom is 5% this quarter and then back to 1%. This will now be my gas card for growing my history and credit.

As far as closed opposed to changed, I guess I will have to just keep an eye out and watch my credit report. Either way, it's no big deal at all.