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@Anonymous wrote:PenFed does do PC's.
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.
@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.
I think this is the cash rewards that is only gas. The Plat Signature Rewards is the one that gives ~ 2.5% on groceries.
@longtimelurker wrote:
@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.I think this is the cash rewards that is only gas. The Plat Signature Rewards is the one that gives ~ 2.5% on groceries.
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.