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Where do we contact them to make sure that we DONT automatically convert to the new terrible card? Anyone have the email address, phone number or mailing address.

debtinator said:   Where do we contact them to make sure that we DONT automatically convert to the new terrible card? Anyone have the email address, phone number or mailing address.

The only "new" card for existing Platinum Rewards cardholders is the Visa Signature version. I wouldn't call it "terrible," as it will have additional Signature benefits. PenFed says that the credit limits will be reported, although this has yet to be confirmed.

Judging by the promotion for *new* cardholders, it looks like the 5%/3% benefits could be a 6 month only promotion before a reduction.

For *existing* cardholders, it looks like benefits will be reduced in the October time frame, but it certainly isn't clear that non-Signature cards will avoid this benefit reduction.

debtinator said:   Where do we contact them to make sure that we DONT automatically convert to the new terrible card? Anyone have the email address, phone number or mailing address.

The contact info is a) in the letter, b) in the Op, c) on their website. What more do you want to find it?

debtinator said:   Where do we contact them to make sure that we DONT automatically convert to the new terrible card? Anyone have the email address, phone number or mailing address.

Here:
http://lmgtfy.com/?q=PenFed+Platinum+Rewards+Visa+Signature+Upgr...

NEDeals said:   I wouldn't call it "terrible," as it will have additional Signature benefits. PenFed says that the credit limits will be reported, although this has yet to be confirmed.

Judging by the promotion for *new* cardholders, it looks like the 5%/3% benefits could be a 6 month only promotion before a reduction.

For *existing* cardholders, it looks like benefits will be reduced in the October time frame, but it certainly isn't clear that non-Signature cards will avoid this benefit reduction.


There are like 20 other cards that are Visa Signature already, so the need for a 7th card with this distinction helps very little. There are only so many bogo movie tickets you can buy on fridays.

It's unclear about everything right now, but it seems pretty likely that the Signature cards will all move to 3/2/1 eventually. I would guess that you can prolong the 5/3/1 structure by keeping the platinum rewards card. Time will tell.

CycloneFW said:   debtinator said:   Where do we contact them to make sure that we DONT automatically convert to the new terrible card? Anyone have the email address, phone number or mailing address.

The contact info is a) in the letter, b) in the Op, c) on their website. What more do you want to find it?


Thanks - I'm not sure why I was so dumb yesterday. Lots of travel, losing my mind.

debtinator said:   CycloneFW said:   debtinator said:   Where do we contact them to make sure that we DONT automatically convert to the new terrible card? Anyone have the email address, phone number or mailing address.

The contact info is a) in the letter, b) in the Op, c) on their website. What more do you want to find it?


Thanks - I'm not sure why I was so dumb yesterday. Lots of travel, losing my mind.


We all have off days I myself am prone to them all too often!

kwest said:   Thanks Yupki; I wonder if that means if we DO NOT convert, the rewards will not be lowered? hmm.

I just called Penfed and they said only the signature card will go down to 3 points, the regular rewards visa will remain at 5.

Rudey said:   kwest said:   Thanks Yupki; I wonder if that means if we DO NOT convert, the rewards will not be lowered? hmm.

I just called Penfed and they said only the signature card will go down to 3 points, the regular rewards visa will remain at 5.


This is the pivital question for me. I prefer the extra 2 points for gas over the Signature services.

ww4397 said:   Rudey said:   kwest said:   Thanks Yupki; I wonder if that means if we DO NOT convert, the rewards will not be lowered? hmm.

I just called Penfed and they said only the signature card will go down to 3 points, the regular rewards visa will remain at 5.


This is the pivital question for me. I prefer the extra 2 points for gas over the Signature services.


As do I. In addition, down the road when/if they change the Platinum card to 3 pts for gas, you could switch at that point.

Rudey said:   kwest said:   Thanks Yupki; I wonder if that means if we DO NOT convert, the rewards will not be lowered? hmm.

I just called Penfed and they said only the signature card will go down to 3 points, the regular rewards visa will remain at 5.


So with the information we have currently, the Signature card has no EMV option and lower rewards in the future.
The non-Signature card has an EMV chip option and supposedly will keep the same rewards structure.

That makes the decision easy. I think we can move on to the next issue in FWF.

Just to confirm: is this "upgrade" only applicable to the Platinum Rewards card? Or has anyone with the Cash Rewards cash also gotten the same offer?

I have the Cash Rewards card, and have yet to receive any such mailing. However, I'm not sure if this is merely because the letter got lost somehow. It would be really annoying if I get "upgraded" unexpectedly on May 10.

MidnightLight said:   Just to confirm: is this "upgrade" only applicable to the Platinum Rewards card? Or has anyone with the Cash Rewards cash also gotten the same offer?

I have the Cash Rewards card, and have yet to receive any such mailing. However, I'm not sure if this is merely because the letter got lost somehow. It would be really annoying if I get "upgraded" unexpectedly on May 10.


There are no reports on any changes to the Cash Rewards card (I have one too). PenFed doesn't seem to promote that card, so I wouldn't expect new benefits. But it has been keeping the 5% gas CashBack for it. (so far)>

I have the Platinum Rewards card, and I haven't received such a offer. Then again, since I have a $3.5K limit instead of the min $5K limit for Visa Signature, I guess that's probably why. Which I don't mind (since I have the Priceline Visa Signature).

jonyyeh said:   I have the Platinum Rewards card, and I haven't received such a offer. Then again, since I have a $3.5K limit instead of the min $5K limit for Visa Signature, I guess that's probably why. Which I don't mind (since I have the Priceline Visa Signature).

I haven't seen the offer either so far and my credit line is north of $5k. That said I am going to email them to day and tell them I don't want the upgrade just in case the letter went AWOL in the mail.

Edit, NM. For some reason I hadn't read all the posts in the thread before I posted myself. Hopefully the reduction in benefits will only apply to the Signature cards. In general it's a bad sign when they start shoving card holders down to lower benefit levels. Everybody ultimately goes. At worst, though, maybe I'll be able to get some more use out of my card.

This makes no sense. Signature designation allows Penfed to charge higher interchange fee's. Why would they lower rewards on THAT card?

clutchcargo777 said:   This makes no sense. Signature designation allows Penfed to charge higher interchange fee's. Why would they lower rewards on THAT card?

Higher Fees + Less Rewards = More Profits.

Makes perfect sense to me.

KYBOSH said:   clutchcargo777 said:   This makes no sense. Signature designation allows Penfed to charge higher interchange fee's. Why would they lower rewards on THAT card?

Higher Fees + Less Rewards = More Profits.

Makes perfect sense to me.


Right, but to have a card that makes lower profits continue with the higher rewards is the weird part. And to make it so easy to continue with that one...

clutchcargo777 said:   KYBOSH said:   clutchcargo777 said:   This makes no sense. Signature designation allows Penfed to charge higher interchange fee's. Why would they lower rewards on THAT card?

Higher Fees + Less Rewards = More Profits.

Makes perfect sense to me.


Right, but to have a card that makes lower profits continue with the higher rewards is the weird part. And to make it so easy to continue with that one...


Because a large majority of people will upgrade to signature card since it is marketed as having better benefits. Keeping the plat card at the same level makes it so they wont lose the smart customers, since they are still most likely making some money on that card. So it allows them to not piss off the smart customers, while tricking all the non-attention paying customers into a worse card that makes them more money.

daw4888 said:   Because a large majority of people will upgrade to signature card since it is marketed as having better benefits. Keeping the plat card at the same level makes it so they wont lose the smart customers, since they are still most likely making some money on that card. So it allows them to not piss off the smart customers, while tricking all the non-attention paying customers into a worse card that makes them more money.
Cynical but plausible, but I still think it's more likely that the Plat is on borrowed time.

I just opted out - you have to send a message in writing. Calling and opting out will not work (according to CSR I spoke to) She verified that the new signature card will have the 5% / 3% structure change. Below is the info she told me to send:
____________________________________________

Send to : osc@omaha.penfed.org

Subject: opt out - Member # 5555555


I am opting out - I do not want to be upgraded to the penfed platinum rewards signature card.

Card number ending 5555
Member number 5555555
Name : John Doe

As far as I know, the only fringe benefit that the Penfed Platinum Rewards Card currently has is the Auto Rental Loss Damage Secondary coverage standard with most credit cards. Visa Signature has a lot more benefits (2nd year warranty extension, purchase protection if stolen or damaged within 30 days of purchase, etc.) However, these benefits are standard in a lot of Citi Cards.

Most Visa Signature cards' rewards rates are no more than 2%/2 points (Priceline Visa, Captial One Venture, etc.), and many Signature Visas are mainly 1% cards (although store branded cards typically have a higher reward rate for their store like Gap), so it's not that surprising. And cards like Chase Freedom are never issued to a new cardholder as Visa Signature (although there have been reports of some cardholders getting a Chase Freedom Visa Signature later).

gloreglabert said:   daw4888 said:   Because a large majority of people will upgrade to signature card since it is marketed as having better benefits. Keeping the plat card at the same level makes it so they wont lose the smart customers, since they are still most likely making some money on that card. So it allows them to not piss off the smart customers, while tricking all the non-attention paying customers into a worse card that makes them more money.
Cynical but plausible, but I still think it's more likely that the Plat is on borrowed time.
I think this as well. PenFed may be mitigating the transition shock by disguising the first group receiving reduced rewards by "upgrading" their cards and making it as difficult as possible to keep from being upgraded. Ultimately, I'd bet that everyone will be pushed off the same cliff though.

I'm curious why the EMV cards are not being "upgraded" at the moment. Perhaps they already made a bulk buy of smart cards with the regular Visa labeling. Or perhaps they just don't want to reissue cards with Signature stamped on them after sending out brand new EMV cards, since the chip makes the cards cost substantially more, percentage-wise.

Either way, I suspect that everyone will eventually be pushed to the new rewards structure.

Remember at the beginning of 2012, PenFed was pushing folks with the Cash Rewards card to this new Platinum Rewards points card. Points can easily be devalued at a later date too, and perhaps once they met their target cardholder numbers they decided to reduce accruing rewards. They must have marketing data to know what percentage of "profitable" cardholders will stay/leave when program benefits are reduced by x%.

I agree that it is worth opting out if there is any chance of keeping the 5%/3% reward structure, or even delaying it. I emailed and am sending a snail-mail copy as well.

NEDeals said:   I'm curious why the EMV cards are not being "upgraded" at the moment. Perhaps they already made a bulk buy of smart cards with the regular Visa labeling. Or perhaps they just don't want to reissue cards with Signature stamped on them after sending out brand new EMV cards, since the chip makes the cards cost substantially more, percentage-wise.

Either way, I suspect that everyone will eventually be pushed to the new rewards structure.

Remember at the beginning of 2012, PenFed was pushing folks with the Cash Rewards card to this new Platinum Rewards points card. Points can easily be devalued at a later date too, and perhaps once they met their target cardholder numbers they decided to reduce accruing rewards. They must have marketing data to know what percentage of "profitable" cardholders will stay/leave when program benefits are reduced by x%.


I converted mine to an EMV card earlier this year because I wanted a true U.S. issued chip and PIN card. I think it would be awfully dumb for PenFed to immediately switch a customer back to a non chip and PIN card.

burgerwars said:   NEDeals said:   I'm curious why the EMV cards are not being "upgraded" at the moment. Perhaps they already made a bulk buy of smart cards with the regular Visa labeling. Or perhaps they just don't want to reissue cards with Signature stamped on them after sending out brand new EMV cards, since the chip makes the cards cost substantially more, percentage-wise.

Either way, I suspect that everyone will eventually be pushed to the new rewards structure.

Remember at the beginning of 2012, PenFed was pushing folks with the Cash Rewards card to this new Platinum Rewards points card. Points can easily be devalued at a later date too, and perhaps once they met their target cardholder numbers they decided to reduce accruing rewards. They must have marketing data to know what percentage of "profitable" cardholders will stay/leave when program benefits are reduced by x%.


I converted mine to an EMV card earlier this year because I wanted a true U.S. issued chip and PIN card. I think it would be awfully dumb for PenFed to immediately switch a customer back to a non chip and PIN card.


I doubt they would do that. But the only obvious reason for not offering a card with VISA Signature *and* EMV would be the cost of reissuing EMV cards (more expensive replacement cost than stripe only cards) that have the Visa SIGNATURE branding printed on them. If that cost is indeed the reason, than it suggests that this change was not being considered when the EMV cards were ordered from PenFed's smart card vendor (CPI).

Penfed responded to me via e-mail twice that the points are remaining the same. I finally received a correct response that they are indeed dropping the rewards for the signature. Yupki already confirmed this but I thought a second verification email couldn't hurt:

Thank you for contacting Pentagon Federal Credit Union.

We apologize for any previous incomplete or unclear communication.

You are correct regarding the Platinum Rewards Signature Card -- the point schedule offered will initially match your current Platinum Rewards Card, but will be reduced after October 31, 2013.

However, the point schedule for the Platinum Rewards Card, your current card, is not a promotional schedule, and as such does not currently have an expiration date. Please note that PenFed does reserve the right to modify this program at any time.

For detailed information, you may also refer to the Cardholder Agreement and Disclosure Statement, which is available at:

https://www.penfed.org/1203/

Rudey said:   Please note that PenFed does reserve the right to modify this program at any time.

Translation: enjoy it while it lasts.

Has anyone received any acknowledgement from PenFed after sending the opt-out email? I sent mine, but didn't hear anything back.

MidnightLight said:   Has anyone received any acknowledgement from PenFed after sending the opt-out email? I sent mine, but didn't hear anything back.

I did not receive a response or any acknowledgement - I do have a copy of the e-mail, just in case they try to switch me.

CPAESQ said:   MidnightLight said:   Has anyone received any acknowledgement from PenFed after sending the opt-out email? I sent mine, but didn't hear anything back.

I did not receive a response or any acknowledgement - I do have a copy of the e-mail, just in case they try to switch me.


Same here no response though only sent about 24 hours ago. I did retain a copy of the email, though I will probably send a snail mail opt out too.

MidnightLight said:   Has anyone received any acknowledgement from PenFed after sending the opt-out email? I sent mine, but didn't hear anything back.

I just sent the email today, however I requested a return email with confirmation. If I don't hear back, I will email them back tomorrow asking again.

Rudey said:   MidnightLight said:   Has anyone received any acknowledgement from PenFed after sending the opt-out email? I sent mine, but didn't hear anything back.

I just sent the email today, however I requested a return email with confirmation. If I don't hear back, I will email them back tomorrow asking again.


I've emailed them 3 times over the past week with this same request - no response and based on everyone else, I'm not expecting them to ever respond.

gloreglabert said:   Rudey said:   Please note that PenFed does reserve the right to modify this program at any time.

Translation: enjoy it while it lasts.

Find me a rewards credit card that guarantees their rewards program will remain the same for the lifespan of the program, and I'll show you a short-lived credit card.

My Points rewards card has a CL of ~$45k and I've received no offer to upgrade to siggy. I have a friend who has two points rewards cards (both converted from cash cards for the bonus). One has a CL of $2500, the other greater then $9k. He received a letter informing him of the upgrade on the 9k card and of course nothing on the little one.

I guess my point is, having a card with a CL $5k or greater doesn't automatically mean they will try to dog you. Although I'm watching the mail for the Scarlet Letter and will opt out if I get it.

Rudey said:   MidnightLight said:   Has anyone received any acknowledgement from PenFed after sending the opt-out email? I sent mine, but didn't hear anything back.

I just sent the email today, however I requested a return email with confirmation. If I don't hear back, I will email them back tomorrow asking again.


I also asked for email reply/confirmation and did not get anything back yet.

new user name KC130

I opted out on the 2nd, no confirmation, sent two emails to OSC@Omaha.PenFed.org
osc@omaha.penfed.org just in case the caps made a difference... just followed up with a contact us on the pfcu web site.. with this... I'll post if i get a response...

Question about a Pentagon Federal product or service :
Please confirm receipt of my platinum rewards signature card opt out email. sent on 02 May 2013 mike frioli osc@omaha.penfed.org Subject: opt out - Member xxxxxx-xx-x I am opting out - I do not want to be upgraded to the penfed platinum rewards signature card. Card number ending xxxx Member number xxxxxx-xx-x Name : Michael E. Frioli

-Last Update-
PenFed Member Service <info@hq.penfed.org>

2:11 PM (18 hours ago)

to me
Thank you for contacting Pentagon Federal Credit Union.

We've received your email, and it has been forwarded to the Credit Card
Department for review.

If you need further assistance, please contact us.

Sincerely,

Dave Everson
Pentagon Federal Credit Union

I opted out via emails to the regular Penfed support e-mail on 4/29 and 4/30. Then, I e-mailed osc@omaha.penfed.org on 5/1. I just received the opt-out letter of confirmation in the mail dated 5/2. Here's the pic: http://imgur.com/p8Ue97s



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