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I have the Penfed Platinum Rewards Visa 5 point gas, 3 point grocery, and 1 point card. Today I got the following in the mail

PenFed said:
IT'S TIME TO REWARD YOURSELF

Dear CycloneFW,

Congratulations! We are inviting you to upgrade to the new PenFed Platinum Rewards Visa Signature® Card. You will continue to enjoy 5 points on gas purchases at the pump, 3 points on supermarket purchases and 1 point on all other purchases.

WHAT'S NEW, AT NO COST
As a PenFed Platinum Rewards Visa Signature® cardholder, you will enjoy new benefits, such as:

* Complimentary 24/7 Concierge Service. Simply call the Visa Signature Concierge for help booking travel, obtaining popular sports and entertainment tickets, making restaurant reservations and much more. Call the Visa Signature Concierge anytime at (800) 953-7392. For calls outside the United States, call us collect at (630) 350-4551

* Dozens of Perks. Indulge your passions with dozens of perks like complimentary wine tastings, shopping discounts and special treatment at some of the world's finest hotels, resorts and spas. Exclusive ticket discounts are also available to you!

PLUS
* Your rewards points will automatically be transferred to the new card so you don't lose your accumulated points!
* Your account number and APR will not change.

TO UPGRADE YOUR CARD
Simply look out for a new card in the mail in the coming weeks and activate it as soon as you receive it. Your existing card must be destroyed. Your new PenFed Platinum Rewards Visa Signature® card will replace your existing PenFed Platinum Rewards Visa® card. You're now on your way to receiving upgraded benefits!

If you do not want to be upgraded to the PenFed Platinum Rewards Visa Signature® card, please send written notification by May 10, 2013 via email to OSC@Omaha.PenFed.org or to the following address: Pentagon Federal Credit Union, Attn: Credit Card Dept., Box 247009, Omaha, NE 68124-7009.


Don't know if this is targeted or they are changing all the cards to get a higher interchange rate. Does anyone have an existing PenFed signature card and can tell if, like traditional cards, it shows up with no credit limit on your report (uses high balance as your "limit" for calculating utilization)?


FYI, another poster mentions the link to this card on PenFed's site that says the 5% and 3% categories go down to 3% and 2%, respectively, in October.
http://www.fatwallet.com/forums/finance/1268616/m17713360/#m1771...

Member Summary
Most Recent Posts
Old News.   See FW Discussion at http://www.fatwallet.com/forums/finance/1292477/

NEDeals (Sep. 05, 2013 @ 3:04p) |

blueknine (Oct. 25, 2013 @ 1:01p) |

blueknine,

You are posting about the Platinum CASH Rewards card in a thread about the Platinum Rewards Signature upgrade.... (more)

NEDeals (Oct. 25, 2013 @ 1:11p) |

email to send to opt out

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
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I also received this in mail today. Other than cool looking card, I'm not sure what extra would be there.

Don't do it unless you don't mind the available balance disappearing from your credit reports.
Your scores may take a hit.

KYBOSH said:   Don't do it unless you don't mind the available balance disappearing from your credit reports.
Your scores may take a hit.

I think that most issuers started reporting Visa Sig credit lines within the last few years. I don't know of any offhand that don't. Since PenFed hasn't issued Sig cards before, though, it's hard to say whether they'll report it or not.

For those who have received the letter, is your current card an EMV (Chip and PIN) card? I didn't get a letter, but am wondering if they want to reissue cards so soon after sending the new chip cards, which cost more to produce.

It's interesting that the card numbers are remaining the same. Other issuers have given me new numbers when changing to Signature or World.

NEDeals said:   For those who have received the letter, is your current card an EMV (Chip and PIN) card? I didn't get a letter, but am wondering if they want to reissue cards so soon after sending the new chip cards, which cost more to produce.

It's interesting that the card numbers are remaining the same. Other issuers have given me new numbers when changing to Signature or World.

Sig cards result in more fees for PenFed. Even if there's an upfront cost, they'll recoup it over time.

I think there's probably more benefit to PenFed than the cardholder for doing this. Visa Signature perks rarely amount to much.

NEDeals said:   For those who have received the letter, is your current card an EMV (Chip and PIN) card? I didn't get a letter, but am wondering if they want to reissue cards so soon after sending the new chip cards, which cost more to produce.

It's interesting that the card numbers are remaining the same. Other issuers have given me new numbers when changing to Signature or World.


My Chase Freedom (1 of 3) went to World MC last year without changing the acct #. The Visa and the other MC are still "platinum".

Do you have chip & pin and did it mention whether the new card would have it?

MmmmJoel said:   Do you have chip & pin and did it mention whether the new card would have it?

My current card is not a chip and pin. No mention of if the new one will have it.

gloreglabert said:   KYBOSH said:   Don't do it unless you don't mind the available balance disappearing from your credit reports.
Your scores may take a hit.

I think that most issuers started reporting Visa Sig credit lines within the last few years. I don't know of any offhand that don't. Since PenFed hasn't issued Sig cards before, though, it's hard to say whether they'll report it or not.


I have a few Signature cards that don't report.
I recently got a Fidelity CC. I first opted for the AMEX and it reported the CL as soon as I activated it.
A month later I decided I would have better spend opportunities with a Visa so I converted.
As soon as I activated my shiney new Visa Signature Fidelity card the CL disappeared and it was replaced with the word FLEXIBLE SPENDING ACCOUT or something like that.

My Siggy with local CU doesn't report a limit, but my US Bank one does. It varies.

I'm still on the old Cash Back card so I doubt they will upgrade me. Not giving up 5% Cash Back.

PatrickBateman said:   I'm still on the old Cash Back card so I doubt they will upgrade me. Not giving up 5% Cash Back.

The Signature is a benefit level, not the reward type. You have to explicitly apply for the Platinum Rewards card. A while ago, I split my Cash Rewards credit limit in half, to get the Platinum Rewards card (and the 25,000 pt bonus). We'll see if I get offered for Signature for either or both of the cards.

So what I'm basing my decision on is:

1. The benefits of the Signature card aren't all that impressive, but might be worth it to some people for the rental car coverage;

2. If you already have a Signature card - then you aren't gaining anything from the benefits and are actually risking a slight downgrade in your credit score due to the no limit (possibly) being reported instead of your old credit limit.

Am I missing anything?

I got the letter as well (today). Only thing that changes this discussion is I believe the letter said I WAS getting "upgraded"..... not asking me if I wanted to.

EDIT: Nevermind, I see the opt out option at the bottom of the email, so yeah -- time to make a decision (I think that since I only use this card for gas and groceries it really does not matter)...

Just got the letter as well. A few months ago I converted to the Chip & Pin card. From the picture, it doesn't look like this Visa Signature card is a Chip & Pin card, which would make it a downgrade to me. I'm probably going to opt out.

ThiftySpender said:   Just got the letter as well. A few months ago I converted to the Chip & Pin card. From the picture, it doesn't look like this Visa Signature card is a Chip & Pin card, which would make it a downgrade to me. I'm probably going to opt out.

One would think that chip and pin is a design of card and can be applied to any of their card classes, including this Visa Signature. That said, this could be applying logic where none exists.

I got the mailer last week too. I decided to optout as i am not ready to take a credit hit until we know for sure that PenFed will report the credit limit on signatures too. I just called the 800 number on the back of the card to opt out of the upgrade.

I haven't received anything yet, but did get a 15k complimentary bump on the credit limit from them over the weekend.

I also got the letter today. I'm not sure what I'm going to do, but I'm not all that worried about a small credit hit. I came here to see if there is a big disadvantage and it doesn't appear there is. I guess I'll probably convert, just talked myself into it .

CL reporting isn't a big worry for me. And Signature benefits, some of which are nice (hotel room finding concierge are awesome when you're delayed and miss connections), are something that I do use whenever I travel.

And many issuers have been handing out Visa Signature or World MC lately while keeping the same old number. I guess both Vis and MC have figured out a better way to determine whether a card is Signature or something else.

I have two Platinum Rewards cards, one is chip & pin, the other isn't. I got the same letter today for the non-C&P card, nothing for the C&P card.

I got the same letter. I don't want to take the credit hit, so I'll probably just opt out.
Does anybody know another way we can find out in advance if they report or not?

gloreglabert said:   KYBOSH said:   Don't do it unless you don't mind the available balance disappearing from your credit reports.
Your scores may take a hit.

I think that most issuers started reporting Visa Sig credit lines within the last few years. I don't know of any offhand that don't. Since PenFed hasn't issued Sig cards before, though, it's hard to say whether they'll report it or not.


Bank of America doesn't report limits on their siggys.

FutureBillionaire said:   gloreglabert said:   KYBOSH said:   Don't do it unless you don't mind the available balance disappearing from your credit reports.
Your scores may take a hit.

I think that most issuers started reporting Visa Sig credit lines within the last few years. I don't know of any offhand that don't. Since PenFed hasn't issued Sig cards before, though, it's hard to say whether they'll report it or not.


Bank of America doesn't report limits on their siggys.




I just checked a very recent Experian report. BOA did not report a limit on my 1-2-3 card that replaced an old FIA/Schwab card. However, they did report the credit limit on my new Better Balance "Visa" card that I just converted another 1-2-3 card to recently.

I got the signature offer/letter today. I have Plat. Cash Rewards, My concern is if I will still be able to redeem my points for the visa cash cards (50,100,250,500), I don't need a new drill or whatever... I called PFCU no one I spoke with (three) was able to answer my ??? no sure what I'll do yet. I might call back to see if the CL question can be ans....

SF mef

I actually want the credit hit. That will hlep me get more cards. I have enough available credit that it won't hurt me too bad.

mikefrioli said:   I got the signature offer/letter today. I have Plat. Cash Rewards, My concern is if I will still be able to redeem my points for the visa cash cards (50,100,250,500), I don't need a new drill or whatever... I called PFCU no one I spoke with (three) was able to answer my ??? no sure what I'll do yet. I might call back to see if the CL question can be ans....

SF mef


Based on this line in the letter, I don't see why not:

Your rewards points will automatically be transferred to the new card so you don't lose your accumulated points!

On CreditBoards someone mentioned they called customer service and they said the Signature card is not available with chip and pin. I haven't received any mail about switching. I won't bother to change for the chip and pin reason, and whatever Signature card benefits there are, I wouldn't be using them.

happypants said:   mikefrioli said:   I got the signature offer/letter today. I have Plat. Cash Rewards, My concern is if I will still be able to redeem my points for the visa cash cards (50,100,250,500), I don't need a new drill or whatever... I called PFCU no one I spoke with (three) was able to answer my ??? no sure what I'll do yet. I might call back to see if the CL question can be ans....

SF mef


Based on this line in the letter, I don't see why not:

Your rewards points will automatically be transferred to the new card so you don't lose your accumulated points!


Just wanted the make sure that the rewards program/options were not being changed... I called back and was confer mend the program will remain the same... Still no answer to the CL question, so I sent and email asking, What will my CL be... Will my available balance/ CL still show.... and How will/does PFCU report to the credit org's... got a canned response.... so we wait... SF mef... BTW My card is Plat Rewd... Card say cash it was never changed after the last up grade....

Thank you for contacting Pentagon Federal Credit Union.

Currently PenFed is in process of releasing a new PenFed Platinum Rewards VISA
Signature credit card product, which will include additional benefits to our
PenFed Platinum Rewards card. More information will be available regarding this
new product on our website shortly.

If you need further assistance, please contact us.

Sincerely,

Tap Bowman
Pentagon Federal Credit Union

Hi CycloneFW,
That is a great question. Let us explain. Our new PenFed Platinum Rewards Visa Signature® Card will have a defined spending limit feature. Every cardholder’s credit limit will be reported to all credit bureaus just as it is for any other PenFedcredit card.

If you have any other questions, please give us a call Monday – Friday 7:00 am to 11:00pm EST or Saturday –Sunday 8:00 am to 11:00 pm EST at 1-800-247-5626.

--PenFed

I asked them if the new card would be a chip and pin like my current (recently rcvd) card - I'll post when I hear back.

Looks like at the end of October gas will be reduced to 3pts and grocery down to 2 Link

At this time there is no mention of this happening to the CashBack or non-siggy versions. Just a matter of time though.

clutchcargo777 said:   Looks like at the end of October gas will be reduced to 3pts and grocery down to 2 Link

At this time there is no mention of this happening to the CashBack or non-siggy versions. Just a matter of time though.


Sorry to see this as I've loved my no-nonsense PenFed card for 5% and 3%. Thank you for sharing. I may need to reconsider which card is my daily spender (I normally just put everything on my PenFed Visa). Oddly enough, if you go here (https://www.penfed.org/Platinum-Rewards/), the big print says 5 pts with no mention of this being temporary and the asterisk below leads to...

PenFed said:
*The PenFed Platinum Rewards Visa Signature® Card program is issued and administered by PenFed. Refer to Benefits Information (PDF - https://www.penfed.org/VPS_Benefits_Guide/) for complete program rules, terms and conditions.


Odd that this page kinda contradicts the page you posted. That said, I wouldn't be surprised if your premonition is correct, as much as I don't want it to be!

No 5% on gas = no use in my wallet. I often used this for grocery / other but only because it was worth keeping in my wallet with the 5% gas.

CycloneFW said:   clutchcargo777 said:   Looks like at the end of October gas will be reduced to 3pts and grocery down to 2 Link

At this time there is no mention of this happening to the CashBack or non-siggy versions. Just a matter of time though.


Sorry to see this as I've loved my no-nonsense PenFed card for 5% and 3%. Thank you for sharing. I may need to reconsider which card is my daily spender (I normally just put everything on my PenFed Visa). Oddly enough, if you go here (https://www.penfed.org/Platinum-Rewards/), the big print says 5 pts with no mention of this being temporary and the asterisk below leads to...

PenFed said:
*The PenFed Platinum Rewards Visa Signature® Card program is issued and administered by PenFed. Refer to Benefits Information (PDF - https://www.penfed.org/VPS_Benefits_Guide/) for complete program rules, terms and conditions.


Odd that this page kinda contradicts the page you posted. That said, I wouldn't be surprised if your premonition is correct, as much as I don't want it to be!


In the "details and disclosures" page for the regular platinum points card it repeatedly mentions the signature card. As if they will share the same terms.

As for the fate of the non-siggy points card, I'd look to what happens to to people who didn't convert their CashBack versions. They are one opt-out before this one. Normally Penfed likes to lead with a carrot and not a stick (the bonus to switch to points). I'm really curious to see if the people who opt-out of the siggy get to keep the 5pts longer then the siggies or if they get it removed sooner (the stick). Remember, a few days ago Penfed called this an "upgrade". What will a non-upgrade look like?

kwest said:   No 5% on gas = no use in my wallet. I often used this for grocery / other but only because it was worth keeping in my wallet with the 5% gas.

Agreed. If the 5% goes away, I will sock drawer it. I can do better than 3% (the potential new PenFed gas CB percentage) with other options.

Here is the e-mail response I received from PenFed

Thank you for contacting Pentagon Federal Credit Union.

Yes, we confirm that the 5:3:1 point structure will be reduced to 3:2:1
following October 31, 2013. However, unlike the PenFed Platinum Rewards card,
the Visa Signature Card offers many benefits in addition to point rewards,
including a concierge service and exclusive discounts.

Please let us know how you wish to proceed and we will be more than happy to
assist.

If you need further assistance, please contact us.

Sincerely,

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

Skipping 93 Messages...
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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