NEDeals said: They don't need to do either, but last August several CSRs said that they were told that the points earning would be reduced (on top of the redemption devaluation) in the 2014 time frame. So far, that has not happened. 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 this point it's of no use to me anyway. Possibly I'll wait until after the change and hope that they ease up on the point devaluation after they reduce the earnings so that I can cash out my points. Hard do visualize the appeal of a CC with that combo of perks. That said, there are plenty of total crap cards out there, and people apply for them. Maybe they're moving toward the sucker demographic. Wonder what the payment/default rate looks like for that sector?
downhillskier said: As a follow-up, I asked them to clarify if they were offering to close the upgraded card or close my account altogether. This is the response:
At this time the upgrade cannot be stopped or canceled as we are no longer offering the PenFed Platinum Rewards Visa Card. Please rest assured that you will keep the same credit card number, that your point balances will transfer over, and that your current card will continue to work until you receive and activate your new card.
I hardly even use it now, but the card will definitely sock-drawer it if the 5/3/1 points get reduced in the future.
Interesting they say that since I got my replacement card (for old expiration) in May. My old card was a Platinum Rewards Visa non-EMV (opted out of Signature last year). My new card is a Platinum Rewards Visa w/ EMV (NOT Signature). Interesting they say they no longer offer it anymore, but issued the new card under the old program. Oh well. I actually wouldn't have minded the Signature Visa card as I already have two World MC. However, Chase is converting one of my World MCs to a Visa Signature, so I guess I got both now.
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.
Disclaimer: By providing links to other sites, FatWallet.com does not guarantee, approve or endorse the information or products available at these sites, nor does a link indicate any association with or endorsement by the linked site to FatWallet.com.
Members of our community may attach files to a post in accordance with the User Agreement. FatWallet is not responsible for the content, accuracy, completeness or validity of any information contained in any attached file. Files have *not* been scanned for viruses. Be especially wary of Excel files which may contain malicious content.
Earn Cash Back while you shop - just 3 simple steps.
1. Sign Up so we know who to pay! (It's FREE.)
2. Shop through FatWallet for deals from your favorite stores. Your online purchases earn Cash Back that builds in your FatWallet account.
3. Get Paid by requesting a payment via check or PayPal.
FatWallet coupons help you save more when shopping online. Use our Coupons Search to browse coupons and offers from thousands of stores, gathered into one convenient location.
As part of our FatWallet Community, you can share deals with almost a million shoppers in our forums. Forum content is generated by consumers for consumers. Share deals, money-saving tips, and more. It's FREE, fun, and addicting.
Our customer experience team is here around the clock - real people ready to assist.