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Rudey said:   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

Glad to see PenFed is sending out such letters. I opted out via the email in the Op and submitted a Contact Us opt-out at the same time. That said, I only just submitted those on Friday.

I believe I specifically asked for confirmation in my e-mail.

kc130 here just rx this

PenFed Member Service <info@hq.penfed.org>

6:10 PM (1 hour ago)

to me
Thank you for contacting Pentagon Federal Credit Union.

We apologize for the delay in our response. Our Credit Card Department has
confirmed that your are currently on our opt-out list, and will not be upgraded
to the new Visa Signature Card.

If you need further assistance, please contact us.

Sincerely,

Briana Halleman
Pentagon Federal Credit Union

seems like there's no change, except another card to get BOGO Fandango tix

I got this response.

Thank you for contacting Pentagon Federal Credit Union.

Our Card Services department has received your request.
They have requested I reply that your opt-OUT for the upgrade has been noted, thank you.

If you need further assistance, please contact us.


Sincerely,

Deb Lee

Pentagon Federal Credit Union

Those whom are sending the opt-out emails: are you doing this proactively? I didn't get a letter regarding the conversion. I wonder if I should wait to see, or send one now. (CL over $5K).

antifaith said:   Those whom are sending the opt-out emails: are you doing this proactively? I didn't get a letter regarding the conversion. I wonder if I should wait to see, or send one now. (CL over $5K).

FYI.... I rx the letter,cl 5k+... probably would not hurt to send the email/contact us on the pfcu website...

SF

KC130 said:   antifaith said:   Those whom are sending the opt-out emails: are you doing this proactively? I didn't get a letter regarding the conversion. I wonder if I should wait to see, or send one now. (CL over $5K).

FYI.... I rx the letter,cl 5k+... probably would not hurt to send the email/contact us on the pfcu website...

SF


Did you letter say opt-out by May 10th like my letter did?

I have a PenFed Platinum Rewards Visa and it's got a chip, can't remember if there's a pin with it or if it's a chip and sign.

Somewhat off-topic, but can anyone confirm this for the Cash Rewards card?

5% Cash Back on gas purchases paid at the pump**

I'm interested in making large purchases not at the pump.

I've done this, sometimes it works and gives me 5% back, sometimes it doesn't. I would say that most of the time I do get 5% for purchases at gas stations not paid at the pump.

Missed all the discussion of reward rates going down after October

I just performed a conversion to chip and pin too, on top of that. Might have to call in on Tuesday to see if they're still accepting opt-out requests.

TheWalL said:   Missed all the discussion of reward rates going down after October

I just performed a conversion to chip and pin too, on top of that. Might have to call in on Tuesday to see if they're still accepting opt-out requests.


I don't think anybody with the EVN card has received a letter about this. We seem to be grandfathered in our non-Signature cards so our rewards will remain unaffected, at least for now.

ElJayL said:   TheWalL said:   Missed all the discussion of reward rates going down after October

I just performed a conversion to chip and pin too, on top of that. Might have to call in on Tuesday to see if they're still accepting opt-out requests.


I don't think anybody with the EVN card has received a letter about this. We seem to be grandfathered in our non-Signature cards so our rewards will remain unaffected, at least for now.


From the first page in this thread: http://www.fatwallet.com/forums/finance/1268616/m17700145/#m1770...
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.

Penfed are you kindding me ? 99% they ask you send you income tax return

I'm curious what happens if you get the Signature card and THEN request the Chip and PIN EMV card.

ElJayL said:   TheWalL said:   Missed all the discussion of reward rates going down after October

I just performed a conversion to chip and pin too, on top of that. Might have to call in on Tuesday to see if they're still accepting opt-out requests.


I don't think anybody with the EVN card has received a letter about this. We seem to be grandfathered in our non-Signature cards so our rewards will remain unaffected, at least for now.


The gravy train is about to come to an end for everyone. I called earlier this morning to do the opt out over phone. The lady said I've missed the May 10th deadline. But the bigger news is that Platinum Rewards card will cease taking new applications on June 1st. When the promotional period for the Visa Signature ends, the Platinum rewards program will also be sunset. Between then and the end of the year, all Platinum rewards card members will be either moved to the Visa Signature or to a similar-reward program without the Signature benefits. And finally, I was told that the max credit line combined across all credit cards for one member is 50K moving forward. Enforcement date for that is TBD.

TheWalL said:   

The gravy train is about to come to an end for everyone. I called earlier this morning to do the opt out over phone. The lady said I've missed the May 10th deadline. But the bigger news is that Platinum Rewards card will cease taking new applications on June 1st. When the promotional period for the Visa Signature ends, the Platinum rewards program will also be sunset. Between then and the end of the year, all Platinum rewards card members will be either moved to the Visa Signature or to a similar-reward program without the Signature benefits. And finally, I was told that the max credit line combined across all credit cards for one member is 50K moving forward. Enforcement date for that is TBD.


Sad if true but I am not surprised. I suspect folks have been hitting PenFed pretty hard for gift card churn these days given the 3% grocery CashBack.

Any news on whether the Cash Rewards card is affected too?

TheWalL said:   ElJayL said:   TheWalL said:   Missed all the discussion of reward rates going down after October

I just performed a conversion to chip and pin too, on top of that. Might have to call in on Tuesday to see if they're still accepting opt-out requests.


I don't think anybody with the EVN card has received a letter about this. We seem to be grandfathered in our non-Signature cards so our rewards will remain unaffected, at least for now.


The gravy train is about to come to an end for everyone. I called earlier this morning to do the opt out over phone. The lady said I've missed the May 10th deadline. But the bigger news is that Platinum Rewards card will cease taking new applications on June 1st. When the promotional period for the Visa Signature ends, the Platinum rewards program will also be sunset. Between then and the end of the year, all Platinum rewards card members will be either moved to the Visa Signature or to a similar-reward program without the Signature benefits. And finally, I was told that the max credit line combined across all credit cards for one member is 50K moving forward. Enforcement date for that is TBD.


I thought $50K limit has already been enforced. This is what they have been telling to me since last 2 years.

If the Platinum Rewards program is sunset - I wonder what will happen to those of us who have the AMEX card, which also is included in the Platinum Rewards program. I doubt if the Platinum Rewards program will be sunset this year.

martig4 said:   If the Platinum Rewards program is sunset - I wonder what will happen to those of us who have the AMEX card, which also is included in the Platinum Rewards program. I doubt if the Platinum Rewards program will be sunset this year.

Have you heard something different than the rest of us? Haven't rate of the Platinum Rewards program being sunset, just the earnings rate being changed. Have you heard anything different?

It looks like the regular Visa Platinum rewards with 3% CB at grocery stores and 5% CB at gas stations is no longer available on the website. In place of that card, there is a regular Visa Platinum rewards 5% CB at gas stations card without the 3% CB at grocery stores.

martig4 said:   If the Platinum Rewards program is sunset - I wonder what will happen to those of us who have the AMEX card, which also is included in the Platinum Rewards program. I doubt if the Platinum Rewards program will be sunset this year.

On the contrary, unless you have a special AMEX card, the AMEX card is under the Premium Rewards site.

penfedplatinumrewards.com - Platinum Visa Card(s)
penfedpremiumrewards.com - Travel Rewards AMEX

I once asked them why the two programs were different, despite offering almost identical items. They couldn't give me a reason.

I sent my opt out email on May 13. I have not received any confirmation that they received my request, so I just called.

First the rep informed me that they were the same card, with more benefits. He checked and said I had missed their deadline. I informed them that the new card would be 3/2/1 rewards. He said no. Anyway, after some back and forth he said I had met their "extended deadline" and I would keep the plat rewards card.

okashiraaa said:   I sent my opt out email on May 13. I have not received any confirmation that they received my request, so I just called.

First the rep informed me that they were the same card, with more benefits. He checked and said I had missed their deadline. I informed them that the new card would be 3/2/1 rewards. He said no. Anyway, after some back and forth he said I had met their "extended deadline" and I would keep the plat rewards card.
Wasn't the deadline May 10?

Yeah, i discovered that in some paperwork I was going through. Thought I would share for everyone FYI - you may still be able to opt out.

If you have a qualifying product from Penfed, you can still keep the 5/3/1 rewards structure. Checking account with DD and any closed-end loan qualify.

FWFfollower said:   If you have a qualifying product from Penfed, you can still keep the 5/3/1 rewards structure. Checking account with DD and any closed-end loan qualify.

Link for more details?

It's been hard to get any solid info from PenFed directly on this.


*Accounts earning 3 points on gas purchases at the pump, 2 points on supermarket purchases and 1 point on all other purchases will be evaluated on a monthly basis to determine if the member has a qualifying product. Accounts with qualifying products will be upgraded so that the member will earn 5 points on gaspurchases at the pump, 3 points on supermarket purchase and 1 point on all other purchases.

**A qualifying PenFed product is defined as one of the following: active checking account with direct deposit ($250 minimum); any PenFed closed-end loan, Money Market Certificate or IRA Certificate, or Equity Line of Credit with a balance as of the date of review. Credit cards and lines of credit are not included.

FWFfollower said:   https://www.penfed.org/visasignaturepoints/

Thanks. As long as I don't switch to the Signature version of the card, I would seem to be OK then?

If you already have the PenFed Platinum Cash Rewards (5% gas rebate) and an American Express Blue Everyday (3% groceries), then obtaining a PenFed checking account to retain the 5/3/1 rewards on the PenFed Platinum Rewards (signature) doesn't seem too necessary. I'm still disappointed PenFed is watering down this card so soon after it debuted to great fanfare.
Note to self: Cash in Platinum Rewards points.

NEDeals said:   If you already have the PenFed Platinum Cash Rewards (5% gas rebate) and an American Express Blue Everyday (3% groceries), then obtaining a PenFed checking account to retain the 5/3/1 rewards on the PenFed Platinum Rewards (signature) doesn't seem too necessary. I'm still disappointed PenFed is watering down this card so soon after it debuted to great fanfare.
Note to self: Cash in Platinum Rewards points.

They did the same thing with their Travel Rewards card. Cut the flight redemption rate by 33%.

mikeg1 said:   FWFfollower said:   https://www.penfed.org/visasignaturepoints/

Thanks. As long as I don't switch to the Signature version of the card, I would seem to be OK then?


I would think so. However, I had sent out the opt-out email too (never got a reply though), but saw this yesterday. Since, I have a auto loan with them, I am confident I can talk to CS and get back 5/3/1 if and when the change happens...

FWFfollower said:   mikeg1 said:   FWFfollower said:   https://www.penfed.org/visasignaturepoints/

Thanks. As long as I don't switch to the Signature version of the card, I would seem to be OK then?


I would think so. However, I had sent out the opt-out email too (never got a reply though), but saw this yesterday. Since, I have a auto loan with them, I am confident I can talk to CS and get back 5/3/1 if and when the change happens...
I never received any email about the Signature version. Maybe it is because I converted to the Chip version.

I've spoken with the PenFed CSR today in regards to opting-out from the Signature upgrade. As other here have reported, it's unfortunately too late to do so. However, the CSR did say that I should keep my 5/3/1 CashBack as I'd be grandfathered in. I've asked him if he can send me anything in writing to support that. He put me on hold for a few minutes to talk with the "Credit Card Department"; when he came back he told me they confirmed this information and that a letter outlining the CashBack percentages will be sent out together with my new Signature CC.

Any thoughts in if First Mortgages will count as a closed-end loan? Many financial institutions do not count mortgages or only partially count them for qualifying promotional pricing. In any event, I at least opted out and received confirmation, so my Platinum Visa should stay at 5/3/1. Yay!

totally missed this and never got a letter from PenFed.
last night, got new Visa signature card (man, it looks weired )
emailed PenFed to go back to my old one, but afraid its too late... now, will have to find new gas card...

What exactly do they mean by closed end loan? The balance cannot increase?



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