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Just got this little notice from PenFed:
Dear K,
We are writing to let you know about an update that we have made to our Reward program rules, terms and conditions and wanted to share the details with you.
What you need to know
On November 1, 2018, the following important change will be effective for all PenFed reward credit card accounts. For your convenience, please review the summary below.
A new section has been added to the Reward program rules, terms and conditions named Account Abuse/Misuse and Fraud. This new section states as follows:
We may begin an investigation if evidence of account abuse/misuse or fraud is seen. Some examples of abuse/misuse and fraud include:
The foregoing examples of abuse/misuse and fraud are not exhaustive, and we maintain the right to investigate in the event we become aware of any other suspicious activity on or pertaining to the account.
If we see evidence of misuse/abuse or fraudulent activity, we may investigate or take any other action we deem appropriate including, without limitation, removing the Points you earned through abuse/misuse and/or fraud and suspending or closing your Account. If we determine that you perpetrated any account misuse/abuse or fraud, we may take actions against you. These actions may include, without limitation:
If you suspect fraud on your Account, please notify us immediately by calling Member Services at 800-247-5626.
What you need to do
We encourage you to read the updated Reward program rules, terms and conditions. in its entirety.
How we can help
If you have questions or concerns about these changes, or any of your PenFed products, please contact us at 800-247-5626. Thank you for being a PenFed cardholder.
Sincerely,
John R. Kelly
EVP, Consumer Banking
They must have recruited some Amex RAT employees.
Ya got that although hard to imagine although never really been a MS person to make it worthwhile on a 2% card. Obviously someone figured out a way to make some cash off them that got their attention though with that said.
Seems to be the ongoing trend in the CC rewards business.
The thing is I called them prior to the first transaction and specifically asked if account funding would be a problem and they said no after checking with a supervisor, when I called in after first 1k was flagged I told them it was for account funding and they approved it immediately, I also told them I have few more coming so don't alarmed and they said they will put a note on the account, the following 4 transactions went through without a hitch. Perhaps they've changed their policy, I will call and check with supervisor if I decide to do another.
Edit: I just went back and checked statements, Penfed also accepts CC initial funding, I funded $5 with CC into the shares savings account when I opened Penfed membership.
@Anonymous wrote:
I wonder if this will extend to deposit account initial funding. I have done 5 initial fundings since May with my PCR totaling $3,250, the first 1k was flagged but released after verification, nothing after that. I'm about to open another batch of deposit account SUBs, hope they don't crack down on that.
The big concern is that the funding is being used to generate spend in order to meet the requirement for a SUB.
Received this email as well. Can't remember the last time I swiped my PenFed card (which reminds me that I need to do so). I only use them now for the ongoing 0% (3% fee) 12 month BT when I need one. Other than that, their Platinum Rewards card that I have is a bit lacklusted mostly due to their rewards program. I hate having to redeem for a Visa giftcard via snail mail. Present the option to collect via direct deposit or statement credit and *maybe* I'd toss the card a glance every now and again.