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rated:
We knew it was coming, here it is:

$50 Visa Prepaid Card = 6100 points

$100 Visa Prepaid Card = 12000 points

$250 Visa Prepaid Card = 29600 points


I assume the cash card people who didn't take the $250 incentive may now be forced to switch to points?

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You're right, of course; they can do whatever they want. I guess I'll just wait and see how it rolls out this year. At t... (more)

irobot (Jun. 13, 2014 @ 8:07a) |

Interesting they say that since I got my replacement card (for old expiration) in May. My old card was a Platinum Reward... (more)

CycloneFW (Jun. 13, 2014 @ 10:02a) |

My citi forward isn't a signature.  Nice that you were able to get that.  My cash + doesn't report.  My US Bank card did... (more)

FutureBillionaire (Jul. 01, 2014 @ 9:35a) |


rated:
That stinks. I'm glad I kept the Cash Rewards card.

rated:
I just kept the 5% cash reward for gasoline.

rated:
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.

rated:
Uggh... Visa alternatives like Amazon and WalMart are more points now as well ($100 = 11,800).

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Might need to start looking for an alternative card, esp since it looks like the 5/3/1 structure will expire at the end of the year (3/2/1).

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i am glad i cashed out $100 card mid july... now regretting leaving 6000+ points in it. sock drawer the card now...
bluecash here i come!

rated:
Thanks for the notice.

For me at least, a few of their "hot items" are still 2400 points for a $25 gift card:


Gap Gift Card $25

Jiffy Lube Gift CardŽ $25

Nike Gift Card $25

Red RobinŽ Gift Card $25

Staples Gift Card $25

rated:
They still offer the $500 prepaid card, which is 59,000 points.

So based on these new rewards, if you hold out to the $500 visa card, or a $50/$100 Amazon gift certificate, the effective point conversion is:

5 points gas = 4.2373%
3 points groceries = 2.5424%
1 point all else = 0.8475%

rated:
When credit card company switch from Cash Back to Points, you know it is going to happen.

rated:
So now it's only a 2.5% card at grocery stores and a 4.16% card for gas. Still usable, but only barely better than Cap1 Venture now....

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Glad I cashed out last week (for fear of the program ending soon, re: Signature conversion)

rated:
They at least need to update their signup page: https://www.penfed.org/Platinum-Cash-Rewards/

rated:
mikefxu said:   They at least need to update their signup page: https://www.penfed.org/Platinum-Cash-Rewards/

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.

rated:
Let's hope they don't touch the Cash Rewards card. I kept that for the easy automatic 5% each month.

rated:
glad i always cashed out my points as soon as i hit $50...
do they still let you product change back to cash rewards?

rated:
no notice??

rated:
NEDeals said:   mikefxu said:   They at least need to update their signup page: https://www.penfed.org/Platinum-Cash-Rewards/

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?

rated:
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.

rated:
nwill002 said:   glad i always cashed out my points as soon as i hit $50...
do they still let you product change back to cash rewards?


They never allowed that. That's what clued me in to knowing this was a trap.

I took the chance and took the carrot, now we'll see if the non-takers get the stick.

Penfed obviously doesn't want to pay 5% on gas, whether it be on the cash card or the points card.

I predict they will focus their vengeance on the cash people next. Probably by either forcing them into points or reducing the %.

rated:
I'm hoping that they managed to convince a lot of people to switch to their points card and just leave the cash rewards alone.

rated:
I expressed my displeasure with the "contact us" link to start with..

rated:
vickh said:   no notice??

Are you kidding? PenFed never gives notice. Penfed's customer service sucks.

I only reason do business with this ass-backwards credit union is the incredible credit card Cash Back rate.
(The loan rates are good, but the same as you can get from many other credit unions.)

Penfed's customer service sucks, so hopefully they don't mess with the (formerly) 5% credit card too much more.

rated:
This really sucks

rated:
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.

rated:
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.

rated:
Where's the notice?

rated:
This sucks! Should have cashed out last month....what's the best option now?

wth? I can't find the visacards

rated:
look4deals said:   Where's the notice?

I have not seen one, nor have I seen anybody report one either in this thread or the Bogleheads one.

rated:
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.

rated:
I have 2 accounts, one for my platinum rewards 5/3/1 - this is not devalued. My account for my 5% airfare is devalued. uncool

rated:
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.

rated:
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!

rated:
Also did not apply to my Platinum Reward account. Thanks OP for the heads up, I'm sure nerfing the Platinum Reward account is not far in the future. Cash out while you can.

rated:
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).

rated:
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.

That's interesting. I wonder if its still at its old value for certain members, such if you only have $XXX in your checking account or direct deposit, or something similar.

rated:
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).

rated:
I'm seeing the same thing. For those wishing they had redeemed at 1:1, here's your chance!

rated:
Duplicate.

Skipping 324 Messages...
rated:
antifaith said:   
NEDeals said:   Is the Signature version of this card not reporting credit limits?
  
It's hit or miss with siggys.  I have some that do report (Citi Forward) some that don't (US Bank Cash+).

  My citi forward isn't a signature.  Nice that you were able to get that.  My cash + doesn't report.  My US Bank card didn't report for a long time.

I have two of these cards and use them at grocery stores.  I'll continue to use them until the points are devalued.

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