QUICK LINKS
MY ACCOUNT
Cash Pending:
Cash Available:
Payment Requested:
Payment Processed:
Lifetime Cash Back:

Changes to PenFed Visa cash rewards; new PenFed Visa Rewards card

First page
1 of 65
arling
12/28/11 3:54 PM
First post by long time lurker. I've learned a lot from the knowledge shared on this forum - thanks.

Letter I received today says the PenFed Cash Rewards variable APR will be reduced to 9.99% (from 13.99%) effective with the first billing cycle after January 15, 2012. Also, effective February 1, 2012, reward rate for gas purchases stays at 5% but drops from 1% to 0.25% on all non-gas purchases.

In the same letter, they're announcing a new PenFed Platinum Rewards Card (Visa) with 5 points per dollar on gas, 3 points per dollar on supermarket, and 1 point per dollar on all other purchases. Effective February 1, 2012. Points can be redeemed for merchandise, travel, gift cards, or Visa prepaid cards. This includes a limited time offer "...jumpstart your rewards by earning 5,000 points the very first time you use your card and another 20,000 points when you spend $1,000 within the first 3 months. That's $250 that you can use toward merchandise, gift cards, and other rewards. Or, you can use your points for other easy-to-redeem rewards, such as merchandise, gift cards, or travel."

To switch from cash rewards to the new card go to PenFed.org/MoreRewards. "You will receive more information about tracking and redeeming your points once your switch becomes effective in February."

On the PenFed web site, I didn't find any references to the Cash reward changes or references to the new rewards card.
WikiPost
12/28/11 3:55 PM
Rewards website: http://www.penfedplatinumrewards.com/

Details at http://penfed.org/morerewards

FAQ
Q. Do I have to switch to the PenFed Platinum Rewards Card?
R. No, the choice is entirely up to you. We are just providing you with the option to switch, if you are interested.

Q. The value of Cash Back is easier to understand than the value of points. What would my points be worth in the PenFed Platinum Rewards program?
R. A lot of point rewards programs are tricky but PenFed designed the PenFed Platinum Rewards card to be very simple. Each point you earn is worth $.01 (a cent) in terms of value. For example, 5,000 points would be equal to $50, which you can put on a gift card of your choice, including a pre-paid Visa® card that can be used like cash anywhere Visa is accepted, or use towards brand-named merchandise or travel rewards.

Q. How will I be able to redeem my points?
R. You will easily be able to track and redeem your points online or via phone.

Q. Is the PenFed Platinum Rewards Card better for me than my PenFed Platinum Cash Card?
R. Yes, in terms of the ability to earn rewards. The PenFed Platinum Rewards Card not only offers bonus points for gas but it also offers bonus points for supermarket purchases and a point for all other purchases. Remember, the points are worth $.01 so it is like receiving 1% "Cash Back." The biggest difference between the two programs is that the cash rewards program credits you automatically each month in the form of a statement credit while the point rewards program requires you to redeem your points when you are ready. If the automatic monthly statement credit is something that is very important to you, it may be better to keep your existing Cash Rewards card. You can always apply for the Platinum Rewards Card at a later time.

Q. What if I want to keep my existing Platinum Cash Rewards Card AND get the new PenFed Platinum Rewards Card?
R. That's great – you should keep your Platinum Cash Rewards Card open and apply for the new PenFed Platinum Rewards Card when it is available in February.

Q. Will I still be eligible for the special 25,000 bonus point offer, even if I apply for the PenFed Platinum Rewards Card instead of switching to it?
R. Yes, you will still be able to take advantage of the 25,000 bonus point offer.

Q. Can I switch back to cash rewards once I make the switch to point rewards?
R. Unfortunately, you cannot switch back to cash rewards. However, you can always keep your cash rewards card and apply for the new PenFed Platinum Rewards Card once it is available in February.

Q. What types of merchandise and gift card items are available for point redemption?
R. There will be over 1,000 brand-named merchandise items and nearly 100 well-known gift card merchants to choose from, including the option to redeem for a generic Visa® prepaid card. Additionally, there will be a wide selection of travel and experiential rewards as well.

Q. Can I see the rewards website so I know what the selection will be before I decide to switch?
R. The rewards website will launch on February 11, 2012.

Q. Can I combine my PenFed Platinum Rewards Card points with my PenFed Premium Travel Rewards American Express® Card points?
R. Unfortunately, you cannot combine your points between programs at this time.
kriskos4
12/28/11 4:15 PM
At the least I'll ditch the Visa, though not necessarily for the Visa Rewards card. I wonder why they're doing this, the Visa is a hugely popular card.
imbatman
12/28/11 4:45 PM
So the new card uses points. Combinable with the points earned with the PenFed Travel AMEX? I've got about 28k of those points. If they all combine into one pool of points, that would be handy for me.
Onenote
12/28/11 6:30 PM
offer webpage said:

you can jumpstart your rewards by earning 5,000 points the very first time you use your card and another 20,000 points when you spend $1,000 within the first 3 months.



That's ambiguous. Is that 3 months starting today (12/28/11)? Or Feb. 1, 2012? or the first day of the billing cycle after Feb. 1, 2012?

I signed up and will use the card once and see what they show on their website. I have another credit card deal cooking so I will wait until February to start the $1000 spend.
mikefxu
12/28/11 7:23 PM
Does 5 points still equal 5% cash equivenlent? What is the minumum redemption amount? Only thing I use my PenFed card is for gas. Use Fidelity AMEX and VISA for everything else. Nice that PenFed credits your points on every statement.

If they give you all this info after you register your card someone do some screen shots or copy and pasting.
imbatman
12/28/11 7:49 PM
Onenote said:   

offer webpage said:

you can jumpstart your rewards by earning 5,000 points the very first time you use your card and another 20,000 points when you spend $1,000 within the first 3 months.



That's ambiguous. Is that 3 months starting today (12/28/11)? Or Feb. 1, 2012? or the first day of the billing cycle after Feb. 1, 2012?

I signed up and will use the card once and see what they show on their website. I have another credit card deal cooking so I will wait until February to start the $1000 spend.



Like other CC offers, it will be spend $1000 within 3 months of being approved for the card. So if you submit the app today, you'll have 3 months.
imbatman
12/28/11 7:53 PM
mikefxu said:   

Does 5 points still equal 5% cash equivenlent? What is the minumum redemption amount? Only thing I use my PenFed card is for gas. Use Fidelity AMEX and VISA for everything else. Nice that PenFed credits your points on every statement.

If they give you all this info after you register your card someone do some screen shots or copy and pasting.



If the points work like the PenFed Travel AMEX (5x points on airfare), there is a 5% equivlent. I typically redeem for airfare (I travel a lot).
mikefxu
12/28/11 8:02 PM
Whats the lowest cash equivalent redemption $20 or $25?
whodini
12/28/11 8:10 PM
arling said:   

First post by long time lurker. I've learned a lot from the knowledge shared on this forum - thanks.

Letter I received today says the PenFed Cash Rewards variable APR will be reduced to 9.99% (from 13.99%) effective with the first billing cycle after January 15, 2012. Also, effective February 1, 2012, reward rate for gas purchases stays at 5% but drops from 1% to 0.25% on all non-gas purchases.

In the same letter, they're announcing a new PenFed Platinum Rewards Card (Visa) with 5 points per dollar on gas, 3 points per dollar on supermarket, and 1 point per dollar on all other purchases. Effective February 1, 2012. Points can be redeemed for merchandise, travel, gift cards, or Visa prepaid cards. This includes a limited time offer "...jumpstart your rewards by earning 5,000 points the very first time you use your card and another 20,000 points when you spend $1,000 within the first 3 months. That's $250 that you can use toward merchandise, gift cards, and other rewards. Or, you can use your points for other easy-to-redeem rewards, such as merchandise, gift cards, or travel."

To switch from cash rewards to the new card go to PenFed.org/MoreRewards. "You will receive more information about tracking and redeeming your points once your switch becomes effective in February."

On the PenFed web site, I didn't find any references to the Cash reward changes or references to the new rewards card.

Thanks for the post.
First page
1 of 65
Please select a reason for your RED vote:







You may be contacted via Private Message during the investigation of this issue.
Loading...