Yup - this sux. the splash screen still says "awards begin at 5,000 points" but when you click redeem the new rate schedule comes up
dammn - I was thinking the other day - I should cash out what I have and get a visa card and I can use that for car repair / oil changes etc. All in I think the free $250 was worth the switch - but now I need a new go to card.
That is their cash rewards card. It does not use points, just straight 5% Cash Back for gas. As far as I know, that program has not been changed this time. I took their bonus offer to switch can I resign up for the cash one?
I guess I am not surprised but this is a reason I always cash my rewards out ASAP unless there is some major incentive to do otherwise. Going to have to do some calculations on whether this is worth it still for grocery Cash Back. For gas I am covered by another card that has monthly limits but that limit is enough for our gas expenses. Clearly not worth it for regular purchases now so that leaves groceries which again I have another card that gives 5% back but that is capped fairly low per month.
Have to rethink this card. Was good for the WAF. Do the Freedom/Discover/Cit category cards for 5% CB on gas when offered or maybe just the Amex Costco for 3% on gas all the time. Need as much of a one card does all for the SO as they do not like to keep track of which card to use when.
mathfaster said: Have to rethink this card. Was good for the WAF.
I have the same issue with WAF and PenFed was my go to card for that. Out of my existing cards I'll have her use Priceline 2% (now dead for new users) for everything other than gas which I will have her use the 5% Sallie Mae (capped at $250 in fuel purchases per month but enough for us). Two cards will probably be ok for WAF. I had already shifted my gas purchases to Sallie Mae because I prefer their statement credit vs PenFed Visa gift cards. I might keep PenFed in the loop for groceries but I am not sure 2.54% is worth it over the 2% from Priceline if I have to wait until I have $500 CB.
bkann said: I was able to cash out 30,000 points for 3 $100 visa gift cards just a few minutes ago. Got the confirmation email as well. Looks like the new valuation is not in effect yet.In effect here. Just checked. This not only sucks it smacks of unethical but I'm sure there is a clause saying they have the right to change the terms any time they feel like it without notice. Checked last 2 cc statements and nothing is mentioned about rewards changeover. Of course not. Unethical ba.. didn't want people cashing out at the lower rates.
my penfed platinum rewards account was still able to get cards at the old price (50 gc for 5,000 points)
my penfed premium rewards account, which i have more points in, sadly doesnt even have the option for visa prepaid cards and the other options (Amazon etc) did in fact go up in points. should have cashed out!
I just got a Navy Fed card with 1% rewards up to $10,000 and 1.5% above $10,000 per year. According to my calculations I would do slightly better with it than my current LMCU 3/2/1 card (3% gas, 2% groceries, 1% other).
Okay, now this is really weird. Yesterday, it was showing the higher point totals for the VISA gift cards, but now its back to what it was previously (e.g., 5000 points for a $50 VISA gift card). But the other gift cards are still at the higher price for me (e.g., 5900 points for a Amazon $50 gift card).
GeoC said: I used to charge everything on PenFed card until I realized they "discount" the Cash Back by a high percentage. Maybe others do that, but each of my other cards redeems at a full, honest rate. Now I only charge groceries on PF, but go with another card (Chase) when its "rotating" three-month cycle hits groceries at 5%. Are you talking about how they round reward points downward in their favor? I always thought that it was because their programmers were secretly skimming fractions of a cent into their own account. Like in the movie "Office Space", or Richard Pryor in the movie "Superman III".
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