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What happens if you receive the new Signature card, then convert it to a chip card?

Just called penfed and reached a CSR who appeared to be unusually well-informed on the credit cards. Confirmed a few things:

-Both my and Ms. DH's Platinum Rewards cards were *not* converted to signature cards, even tho we received no email or letter confirming the opt-out email I sent months back. YMMV of course.

-Now that the conversion period has passed, officially you cannot simply request a conversion *from* non-signature *to* the signature flavor of the card. That would require a new application.

-If an AU on a card qualifies for the 5/3/1 rewards structure (due to a closed-end loan, Dir Deposit, etc.), then that card also qualifies. So some FWF folks whose spouses have car loans may want to make them AUs to keep this rewards structure.

-There are no plans to discontinue the 5/3/1 rewards structure on non-signature rewards cards at this time.

Thanks FWFfollower for the catch on the new benefits page.

Great, thanks, DH.
Just as a data point: I have two Platinum Rewards cards, had requested that one be made chip&pin. The C&P card was not converted, the other one was, and I just received the new card, with vertical formatting, no embossing, and "for electronic use only."

brettdoyle said:   What exactly do they mean by closed end loan? The balance cannot increase?http://www.investopedia.com/terms/c/closed_end_credit.asp
"Most real estate and auto loans are closed-end credit, while credit cards and home-equity lines of credit are open-end or revolving lines of credit."

Anybody have any luck reverting from the new Signature card back to the previous Platinum card?

I was oblivious to this change and missed the opt-out period. I received the new Signature card yesterday and activated it thinking my old one was near expiration and this was just an updated card. I called to try to revert it back but no luck =(

I emailed them and got a confirmation that they are honoring my request NOT to convert my card; yet I got the signature cards in the mail last week; Now they are saying that if I need to go back to my old cards, I will get a new card # and lose my history with Penferd.

Any ideas as to how I can resolve this?

mansa said:   I emailed them and got a confirmation that they are honoring my request NOT to convert my card; yet I got the signature cards in the mail last week; Now they are saying that if I need to go back to my old cards, I will get a new card # and lose my history with Penferd.

Any ideas as to how I can resolve this?


That's pretty much how it works. I convereted from cash rewards to platinum rewards for the sign up bonus a couple years back. wanted to go back to the cash card, so they gave me a new account with new card number. not a big deal.

I read through this entire thread but it's not clear whether, as a new cardmember, you can qualify for a 3% grocery CashBack card. Does it still exist?

lawadvocate said:   I read through this entire thread but it's not clear whether, as a new cardmember, you can qualify for a 3% grocery CashBack card. Does it still exist?

Seeing that if you go to website, click Products, click Visa Signature Platinum, and right there you can apply for the card with 5/3/1 through 12/31/2013, I would say yes. But seems too easy to have truly been your question, right? Right?!?

Just went to the PenFed Rewards site and notice that the points have devalued. It now takes 5900 points for a $50 pre-paid VISA

bwillson said:   Just went to the PenFed Rewards site and notice that the points have devalued. It now takes 5900 points for a $50 pre-paid VISA
  
Old News.   See FW Discussion at http://www.fatwallet.com/forums/finance/1292477/

   

blueknine,

You are posting about the Platinum CASH Rewards card in a thread about the Platinum Rewards Signature upgrade. Two completely different products. The changes to the PenFed Cash Rewards card, including ways (e.g. certificates, money market accounts, etc). to keep the 5% on that card have been well documented in the thread Changes to PenFed Cash Rewards.



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